Following the negative results of the first quarter, markets rebounded as military tensions in the Middle East eased and oil prices declined, while renewed investor interest in artificial intelligence drove significant gains in technology shares. Amid these developments, the pension funds managed by C-Quadrat Ampega delivered strong quarterly results, supported by both local and foreign investments.
During the quarter, the CQFIX fund recorded 2.1%, CQCON 5.3%, and CQBAL 6.5% returns. The largest contributions to performance came from local government bonds and deposits, as well as foreign equity holdings, while the appreciation of the Armenian dram against the US dollar and the euro had a negative impact on the funds' quarterly returns.
This quarter's strong results build on the funds' solid long-term performance record. Since inception, all pension funds have delivered average annual returns of approximately 8.2%–8.7%, significantly exceeding recorded inflation over the same period and contributing to an increase in participants' purchasing power. These results underscore the importance of disciplined long-term investing, portfolio diversification, and prudent risk management in supporting the long-term growth of retirement savings.
As of June 2026, the total value of pension assets under management reached AMD 774 billion, of which approximately 30%, AMD 232 billion, represented investment income generated through fund management. The funds remain broadly diversified across local and foreign assets, balancing stability, liquidity, and long-term growth opportunities for more than 462 thousand participants in Armenia's mandatory funded pension system.
Looking ahead, the funds will continue to follow a disciplined long-term investment approach focused on sustainable capital growth, portfolio diversification, and prudent risk management. While market conditions are expected to remain dynamic, the diversified portfolio structure is intended to help navigate evolving economic and market environments, with the objective of preserving purchasing power over time and supporting the long-term accumulation of participants' retirement savings.