C-Quadrat Ampega Pension Funds Performance Commentary Summary

The first quarter of 2026 was marked by elevated uncertainty and volatility across global financial markets. Geopolitical tensions in the Middle East, rising energy prices, inflationary concerns, and cautious monetary policy expectations negatively affected both global equity and bond markets. Against this backdrop, the pension funds managed by C-Quadrat Ampega demonstrated resilience, supported primarily by the stable performance of local fixed-income investments and the diversified structure of the portfolios.

During the quarter, the CQFIX fund delivered a positive return of 1.2%, while CQCON and CQBAL recorded near-flat results of -0.2% and -0.4%, respectively. The weaker performance of global equity markets, particularly in developed markets, together with the appreciation of the Armenian dram against major foreign currencies, created short-term pressure on international portfolio returns. At the same time, local government bonds, corporate bonds, and deposits generated strong positive returns, partially offsetting the volatility observed in foreign markets.

Importantly, pension investing should be viewed from a long-term perspective rather than through short-term market fluctuations. Since inception, all pension funds have maintained average annual returns of approximately 8.2%–8.3%, which significantly exceeds cumulative inflation over the same period, resulting in increasing purchasing power for participants. This highlights the importance of disciplined long-term investing, portfolio diversification, and professional risk management in preserving and growing retirement savings over time.

As of March 2026, the total value of pension assets under management reached AMD 742 billion, of which approximately AMD 216 billion represented investment income generated through fund management. The funds continue to maintain broad diversification across local and international asset classes, balancing stability, liquidity, and long-term growth opportunities for more than 454 thousand participants in Armenia’s mandatory funded pension system.

Despite periods of short-term volatility, long-term pension investing remains focused on sustainable capital growth, inflation protection, and the gradual accumulation of retirement savings through diversified exposure across economic cycles and market environments.