Results of the investment portfolios of the Pension Fund of Georgia for the month of September 2026

All three Pension Fund portfolios closed the first nine months of 2026 with positive nominal and inflation-adjusted returns. The Dynamic portfolio continued to lead year-to-date performance.

From January through September, the portfolios recorded the following returns:

🔹 Dynamic Portfolio: 8.87% (real return: 4.01%)

🔹 Balanced Portfolio: 8.75% (real return: 3.90%)

🔹 Conservative Portfolio: 8.46% (real return: 3.61%)

September brought mixed monthly results as higher bond yields weighed on international equity markets. Domestic fixed-income instruments contributed positively, while the Georgian lari’s approximately 0.28% appreciation against the US dollar reduced returns on foreign currency-denominated assets.

Consequently, the Conservative portfolio led September performance with a 0.37% gain. The Balanced and Dynamic portfolios, with higher allocations to international equities, declined by 0.11% and 0.62%, respectively.

Since their respective inception dates, the Dynamic portfolio has delivered an annualized return of 13.72% (real annualized return: 9.43%), compared with 12.77% (real: 8.52%) for the Balanced portfolio and 10.26% (real: 4.40%) for the Conservative portfolio.

As of the end of September, total assets of the Pension Fund of Georgia exceeded GEL 10.1 billion, with cumulative investment returns approaching GEL 3.0 billion.