BAKU: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a significant increase in the value of its investments in major IT companies, Apple and NVIDIA, contributing to a 31% rise in the fund’s total listed shares over the past year. This growth has resulted in the fund’s portfolio reaching $13.5 billion, up from $10.3 billion in the same period last year.

According to Azeri-Press News Agency, SOFAZ’s investment in Apple Inc. saw a notable increase of $134 million in the third quarter compared to the same period last year, bringing the total to $574 million. This rise elevated Apple’s share in SOFAZ’s stock portfolio from 4.3% to 4.9%.

The fund also recorded substantial growth in its holdings of NVIDIA shares. Since the first half of 2023, SOFAZ’s investment in NVIDIA, a leading U.S. chip and graphics processor manufacturer, has significantly increased. By the third quarter of this year, the value of SOFAZ’s shares in NVIDIA surged from $175 million to $505 million, marking an increase of
$330 million over the past year. This growth allowed NVIDIA to surpass other major tech firms like Google and Amazon in the fund’s portfolio.