C-Quadrat Ampega Delivers Top Performance Across All Pension Funds. 2025 Annual Results.
Article published: April 2026
In 2025, the pension funds managed by C-Quadrat Ampega Asset Management Armenia delivered strong performance amid favorable market conditions. Recognized as 1st Place, Investments Category, World Pension Summit 2025, C-Quadrat Ampega once again demonstrated performance excellence.
All three funds delivered strong returns in 2025:
• Fixed Income Fund (CQFIX): +10.8%
• Conservative Fund (CQCON): +12.8%
• Balanced Fund (CQBAL): +13.8%
All three funds generated solid gains, reflecting their diversified asset allocation and disciplined investment approach. These results place C-Quadrat Ampega funds at the position of the top-performing pension funds in Armenia, reflecting strong execution across different risk profiles and asset allocation strategies. As published by the Central Depositary of Armenia (cda.am), CQBAL’s annualised return since inception exceeds all other mandatory pension funds in Armenia.
What Drove This Performance?
Both local and global markets contributed positively, with declining domestic yields and strong global equity returns supporting results. The primary drivers of performance were:
• the emphasized drop in medium to long-term Armenian government bond yields, which generated returns of approximately 6.1–6.5% across the pension funds,
• strong performance of the global equity markets, supported by resilient corporate earnings, continued optimism around AI-driven productivity gains, and expectations of a more accommodative monetary policy environment led by the Federal Reserve, leading to global equities contributing an additional 4.0–5.6% gains across the pension funds.
Other asset classes had a more limited but stable impact. Global fixed income and foreign currency movements were largely negligible, while local corporate exposures, including investments in the banking sector and the real economy, provided steady positive contributions.
Active Management as a Key Advantage
A key pillar of C-Quadrat Ampega's investment strategy is active management, implemented through a disciplined strategic and tactical asset allocation approach.
During 2025, portfolios:
• Reduced exposure to short-term Armenian government bonds in favor of the medium segment of the yield curve,
• Increased allocations to the local banking sector,
• Reduced global fixed income exposure,
• Increased global equity positions,
• Maintained stable foreign currency holdings.
This flexible approach enabled the funds to adapt to market changes and capture opportunities more effectively, contributing to returns that have consistently ranked among the strongest in Armenia's pension system since inception. [1]
How to Read Pension Fund Performance Data and How to Decide Which Pension Fund to Choose in Armenia
Choosing a pension fund in Armenia should be based on investment strategy, long-term performance and consistency. For pension fund participants in Armenia looking to make an informed choice, a reliable signal comes from a more long-term performance data.
C-Quadrat Ampega, Armenia's award-winning pension fund manager, has managed three funds since 2014, each designed for a different risk profile.
C-Quadrat Ampega has managed its funds since 2014, delivering consistent results:
• Balanced Fund (CQBAL): 8․6% annualized – moderate risk with up to 50% equity investments
• Conservative Fund (CQCON): 8․4% annualized – low to moderate risk with up to 35% equity investments
• Fixed Income Fund (CQFIX): 8․3% annualized – low risk with fixed investments only
The following chart illustrates relevant risk-return for last 5 years.
When choosing a pension fund, participants who prioritize expected higher long-term returns and are comfortable with slightly higher short-term volatility commonly choose CQBAL. CQBAL's annualized return since inception as of 2025 exceeds all other mandatory pension funds in Armenia. CQBAL also can be considered the strongest choice for younger participants. Participants that are close to retirement and who have lower tolerance to volatility may prefer CQFIX. CQCON sits between the two.
It is important to note that even small differences in annual performance can result in significantly higher retirement savings over time due to compounding. Over a long investment horizon, consistent performance differences, even of 0.2-0.3% annually, can lead to substantial differences in retirement outcomes.
This illustrative example shows that over a 40-year period, a hypothetical 1% difference in the expected annual return of a pension fund can result in more than AMD 32 million difference in accumulated retirement savings for an individual with an average salary[2], translating into an estimated AMD 265K difference in monthly pension received, which is significant.
Making an informed choice can therefore have a meaningful long-term impact. It is recommended to use the calculator we have built, where every individual can estimate their own pension based on individual data and assumptions.
Based on both historical results and recent performance, pension funds managed by C-Quadrat Ampega stand out among the top-performing options in Armenia, delivering strong and consistent returns across all risk levels through active and disciplined portfolio management.
Investment Philosophy & Our Commitment
C-Quadrat Ampega manages pension assets in line with:
• Long-term investment objectives
• Prudent risk management
• Diversification principles
• Strict fiduciary responsibility
As part of Austrian C-Quadrat Investment Group, the company brings global expertise and institutional standards to Armenia.
Today, C-Quadrat Ampega, trusted by more than 450,000 participants across Armenia, excels in pension investments, through stable strategic asset allocation framework, combined with disciplined execution. The funds’ real-sector investment track record independently recognized as the 1st Place, Investments Category, World Pension Summit 2025.
[1] To compare all pension funds historic performances and risk profiles please visit www.cda.am
[2] Average salary – 303.000 AMD as of 2025, according to the Time Series of Wage and Salary Indicators of RA published by the Statistical Committee Republic of Armenia
Disclaimer: Fund selection should reflect individual risk tolerance and financial circumstances.C-Quadrat Ampega Asset Management Armenia LLC is a mandatory pension fund manager. The fund and the fund manager do not guarantee the achievement of the fund’s declared objectives. The fund and the fund manager do not guarantee the projected or expected growth of the assets of the managed funds, the amount of dividends payable, or the projected amounts of accumulated pensions. The performance data presented reflects past performance and is not a reliable indicator of future performance. Every investment involves risks. The company is supervised by the Central Bank of the Republic of Armenia.