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The Future of Capital: Key Takeaways from Cbonds Conference

Last week Wilco Wealth Management participated as General Partner of the IV Conference Capital Markets Armenia, organised by Cbonds.

We opened the programme with pre-party by Wilco — an informal evening ahead of the conference where market participants continued professional conversations in a relaxed setting.

Capital Markets Armenia has become one of the key professional platforms discussing the development of the capital market in the country and the wider region.

The conference brought together: regulatory authorities, leading banks, wealth management and investment companies, international financial institutions.

As Armenia continues implementing its strategy to expand the capital market and strengthen international financial cooperation, the conference provided an opportunity to exchange views, discuss market prospects and explore new investment opportunities.

The conference was opened with welcoming remarks by Olga Omelchenko, Deputy CEO of Wilco Wealth Management, who highlighted the importance of such platforms for the development of financial markets:
"Events like this create the space for professional dialogue and the exchange of ideas. They help us move faster by sharing experience, discussing new opportunities and shaping the future of capital markets together".
During the conference, Denis Agaponov, Head of Portfolio Management at Wilco, shared our team’s perspective on several themes shaping global markets in the coming year.

Among the topics discussed:

  • AI investment cycle

Hyperscalers’ spending on AI infrastructure continues to expand rapidly: projected to grow from $149bn in 2023 to around $659bn by 2026. While chip and infrastructure companies have been clear beneficiaries, parts of the software sector have seen deep corrections, potentially creating selective value opportunities over time.

  • International equities returning to focus

After years of US market dominance, international markets, particularly in Asia and parts of Europe, are regaining attention as valuation gaps, diversification flows and structural trends such as de-dollarisation reshape global portfolios.

  • Macro uncertainty and rates

Questions around the future path of US interest rates, tariff policy and possible shifts in Federal Reserve leadership remain important drivers for markets in the coming quarters.

  • Gold in a new macro environment

Central bank demand, geopolitical uncertainty and currency diversification continue to support the role of gold in portfolios.

As Denis noted during the discussion:
“Gold will likely remain a volatile asset. It can play an important role in portfolios, but the key is to approach it thoughtfully and often with some form of hedging.”
For Wilco, participation in conferences like Capital Markets Armenia is not only about presenting views. It is part of the broader dialogue within the global investment community — an opportunity to exchange perspectives, challenge assumptions and stay close to the developments shaping financial markets.
2026