“C-Quadrat Ampega” reports results for the second quarter of 2025

In the second quarter of 2025, the pension funds managed by “C-Quadrat Ampega” recorded the following returns:

• Conservative Income Fund (CQFIX): 1.6%
• Conservative Fund (CQCON): 3.4%
• Balanced Fund (CQBAL): 4.3%

At the end of the quarter, the total assets of the funds amounted to AMD 595 billion, of which AMD 145 billion was generated through investment management.

Since inception, the average annual return of the funds has ranged from 8.0% to 8.1%, while over the past five years it has ranged from 4.9% to 6.6%.

Among local investments, the highest returns came from corporate bonds and bank deposits. In the international portfolio, equity investments were the most effective.

Due to the appreciation of the dram, foreign currency investments reduced fund returns by an average of 0.1%–0.5% during the quarter.

The structure of the funds’ assets was as follows:

• 64–73% invested in Armenia’s financial market (government and corporate bonds, deposits, equities, alternative investments)
• 27–36% in foreign equities and bonds

International markets were highly volatile during the quarter but ended with positive trends:

• U.S. equity return: 10.9%
• Developed markets equity return: 11.6%
• Return on major tech companies' stocks: up to 18.6%

Armenia’s economy grew by 5.3% in the second quarter of 2025. Annual inflation stood at 3.9%. The Central Bank of Armenia’s policy rate remained at 6.75%.

The details are in the video.