ArmInfo. Amundi-ACBA Asset Management believes that AI is currently overvalued and the ongoing boom cannot be a determining factor for increasing its investment shares in the US. Despite the turbulence in the European economy, the company is inclined toward growing investments in that direction, as stated by the company's Chief Investment Officer, Hrayr Aslanyan, at a press conference on February 3, in response to a question from ArmInfo.
Recently, US President Donald Trump reported on the social network TruthSocial that the S&P 500 index, which includes shares of over 500 of the largest American companies, has exceeded 7,000 points for the first time. The S&P 500 index includes 503 companies with the largest market capitalization traded on US stock exchanges. According to the Financial Times, American AI startups raised a record $150 billion in 2025 amid growing concerns about a decline in the hype surrounding new technologies.
According to Aslanyan, the geography of Amundi-ACBA's investments is constantly changing. However, a single statement from the US president alone is not enough to decide whether to invest in the US or redirect European investments toward American ones. The decision will be based on various factors and specific analysis.
"In 2025, US markets "took the lead" due to the AI boom. However, the company does not intend to revise its investment geography in favor of the US. We believe this sector may currently be overvalued. It is also possible that at this stage, a reorientation to other markets, particularly European ones, would be more appropriate. That is, not towards the United States, but from the United States to Europe, where we see growth potential in terms of capital markets," he noted.
It should be noted that since the introduction of the system, there have only been two managers of mandatory pension funds (MPFs) in Armenia who received licenses from the Central Bank of Armenia in 2013 to manage pension funds: "Amundi-ACBA Asset Management" and "C-Quadrat Ampega Asset Management Armenia." The shareholders of the first are the French company Amundi, which manages over 2.32 trillion euros in 35 countries, and the Armenian Acba Bank; the second is the Austrian investment company C-Quadrat Investment AG and the German Talanx Asset Management. By asset size (about 150 billion euros), Talanx Asset Management GmbH is one of the largest insurance and financial groups in Europe, represented in 150 countries.
As of December 2025, the number of participants in the three Amundi-ACBA funds reached 558,000, with assets under management reaching 750 billion drams. Since the introduction of the cumulative pension system in Armenia, the average annual yield of pension accounts managed by the company has reached 7.5-8.2%. Of the 750 billion drams in foreign investments, 20% went to North America (in debt instruments and stocks in the US and Canada). 2% was invested in the EU, 10% in the Eurozone, 3% in developing countries, and 1% in Japan.
