Baku: The value of the listed shares of the State Oil Fund of Azerbaijan (SOFAZ) by the end of 2024 was reported to be $13.4 billion, as stated by SOFAZ to APA-Economics.
According to Azeri-Press News Agency, the report highlighted that the top ten companies in which SOFAZ has invested the most continue to be dominated by global information technology giants. There has also been a shift in the stock portfolio of these top companies. SOFAZ’s investments in Apple Inc. saw a $71 million increase compared to the third quarter of the previous year, reaching $645 million by the year’s end. Consequently, Apple Inc.’s share in SOFAZ’s stock portfolio rose from 4.9% to 5.5%.
NVIDIA, the largest US chip manufacturer, has also seen an increase in its share within the Fund’s portfolio since the first half of 2023. The value of SOFAZ’s shares in NVIDIA grew from $505 million to $557 million last year, marking a $52 million increase over three months. This shift saw IT giants Google and Amazon surpass Microsoft, positioning them second on the list, with their portfolio weight increasing from 4.3% to 4.7%.
In contrast, the value of the Fund’s investments in Microsoft decreased from $513 million to $504 million, although its share in the stock portfolio remained stable at 4.3%. SOFAZ’s investments in Amazon rose from $295 million to $351 million in the last quarter of the previous year, with Amazon’s share in the Fund’s stock portfolio increasing from 2.5% to 3%.
Meta Platforms joined the top five most invested companies since the first quarter of 2024. Investments in Mark Zuckerberg’s company increased from $212 million to $217 million compared to the third quarter of last year, maintaining a portfolio weight of 1.8%. Additionally, investments in Tesla increased from $127 million to $197 million, with its stock portfolio weight rising from 1.1% to 1.7%, indicating a $60 million investment over three months.
SOFAZ’s separate investments in two Google-related companies amounted to $188 million and $163 million, respectively, while investments in Broadcom Inc. reached $174 million. By the end of last year, JP Morgan Chase and Co entered the top ten most invested companies, with the Fund’s investments in the financial giant totaling $116 million, representing a 1% portfolio weight.
In total, SOFAZ’s investments in the shares of the top ten global giants reached $3.112 billion. It is important to note that this portfolio comprises equity investments quoted on the State Oil Fund’s MSCI World index. The Fund’s portfolio tracking the MSCI Europe ex UK index and the volume of cash amounted to $1.6 billion.