All three Pension Fund portfolios post positive returns in first nine months of 2026

All three portfolios of Georgia’s Pension Fund ended the first nine months of 2026 with positive nominal and real returns, the Pension Fund said.

According to the fund, the Dynamic Portfolio continued to lead based on results recorded since the beginning of the year.

The portfolios’ returns for the first nine months of 2026 were:

• Dynamic Portfolio: 8.87% (real return, adjusted for inflation: 4.01%)
• Balanced Portfolio: 8.75% (real return: 3.90%)
• Conservative Portfolio: 8.46% (real return: 3.61%)

As for September, the Pension Fund said the portfolios posted different results.

“International equity markets were negatively affected by rising bond yields, while local fixed-income instruments had a positive impact on portfolio performance. At the same time, the lari’s approximately 0.28% appreciation against the US dollar reduced the lari-denominated returns of assets denominated in foreign currencies.

As a result, the Conservative Portfolio posted the best performance in September, increasing by 0.37%. The Balanced and Dynamic portfolios declined by 0.11% and 0.62%, respectively. The relatively lower share of equities in the Conservative Portfolio limited the impact of the decline in equity markets,” the Pension Fund said.

According to the fund, since their inception, the Dynamic Portfolio’s annualized return has reached 13.72% (real annualized return: 9.43%), while the Balanced and Conservative portfolios have recorded annualized returns of 12.77% (real: 8.52%) and 10.26% (real: 4.40%), respectively.

As of the end of September, the assets of Georgia’s Pension Fund exceeded GEL 10.1 billion, while total investment returns approached GEL 3.0 billion.