SOFAZ diversifies portfolio with 3,400 investments across 17 currencies – EXCLUSIVE
Baku, December 30, AZERTAC
“The State Oil Fund of Azerbaijan (SOFAZ) constitutes a crucial component of an effective macroeconomic framework. Since its inception, SOFAZ, with a primarily fixed-income securities portfolio, has made significant strides in asset management. As a global investor, SOFAZ is currently implementing nearly 3,400 investments across various assets denominated in 17 currencies spanning over 60 countries,” the State Oil Fund of the Azerbaijan Republic told AZERTAC.
“The portfolio of SOFAZ, which had funds totalling $270 million in 2001, reached a total of $55.52 billion as of September 30 of this year. All this amount is stored in foreign currency.
To cover the fund's budgetary expenses, a specific portion of its funds is kept in Azerbaijani manat, not included in the investment portfolio. The difference between the total assets and the investment portfolio size is precisely for this reason. From January to September 2023, an income of 2.65 billion manats ($1.56 billion) was obtained from the management of the fund`s revenue," SOFAZ added.
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