Amundi-Acba Asset Management presents the results for 2025 and 2026 pension funds outlook

On the eve of its 2026 Investment Outlook, Amundi-Acba Asset Management presents the achievements of 2025 and outlines new initiatives aimed at expanding opportunities for pension beneficiaries.

Amundi-Acba Asset Management is the leading asset manager in Armenia’s funded pension system, with approximately AMD 750 billion in assets under management as of December 2025. Following the close of the 2025 fiscal year, the Company presents the main results and investments allocations of its three pension funds.

Since launching the funds in January 2014, Amundi-Acba combines global asset management expertise with deep local market knowledge to manage the assets of funds for pension funds’ holders. Over more than a decade of operations, the Company builds a strong track record of steady growth and has played a significant role in shaping Armenia’s financial landscape, currently managing pension assets for approximately 558,000 individuals.

Key Highlights

• Leadership and trust: Over the past 12 years, Amundi-Acba has established itself as the market leader and the trusted partner of choice for pension participants. The Company has consistently prioritized capital preservation, transparency, and sustainable long-term returns.
• 2025 in review: 2025 was marked by resilient performance and disciplined investment management. Amundi-Acba continued to diversify portfolios, maintained a material allocation to domestic assets, and actively managed currency and market risks through disciplined risk strategies. These efforts supported results aligned with beneficiaries’ long-term objectives.

For the full year 2025, fund returns were as follows:

Amundi-Acba Conservative (AMCON): +12.0%

Amundi-Acba Balanced (AMBAL): +12.4%

Amundi-Acba Fixed Income (AMFIX): +10.1%

• Long-term track record: as of December 30, 2025, assets under management of Amundi-Acba funds have reached approximately AMD 750 billion, of which 26% of this asset base coming from investment return. Around 64% of assets are invested in Armenia, with the remainder diversified across international markets. 
• Expansion of local investments: During 2025, Amundi-Acba broadened local investment activity and invested in corporate bonds issued by non-financial issuers, expanded FX hedging capacity via new ISDA-governed cross-currency swaps, enhanced yield and liquidity management through new GMRA-governed reverse repos and leveraged capabilities in direct private investments.

Looking ahead, Amundi-Acba aims to deepen tactical collaborations with various institutions to foster capital market development and create new investment opportunities for pension funds, as well as contribute to long-term local economic growth.

Amundi-Acba Asset Management was founded in 2013. The company manages three mandatory pension funds having more than 772 billion assets under its management as of January 30th, 2026. 

The company’s shareholders are the French Amundi, Europe’s leading Asset Manager with more than 2.3 trillion Euros in assets under management as of September 30th, 2025 (Source IPE “Top 500 asset managers” published in June 2025 and based on AUM as at December 2024), and Acba Bank, being one of the largest financial institutions in Armenia, represented throughout the country with 66 branches.