Baku:The value of the State Oil Fund of Azerbaijan’s (SOFAZ) investments in listed equities in developed markets increased during the first half of 2026, with significant changes observed in the structure of its portfolio comprising the largest companies.
According to Azeri-Press news agency, SOFAZ’s equity portfolio grew from $16.5 billion at the end of 2025 to $18 billion by mid-2026, marking an increase of $1.5 billion or 9.1%. Additionally, the total value of the Fund’s 10 largest equity positions rose by $200 million, reaching $4.132 billion by the end of June 2026.
NVIDIA maintained its position as the largest equity holding, with its value increasing from $785 million at the end of 2025 to $817 million in June 2026. Despite this growth, NVIDIA’s share in the total equity investments fell from 5.4% to 4.5%. Apple also saw an increase in its value from $699 million to $752 million, yet its share in the portfolio decreased from 4.8% to 4.2%.
Google, represented by Alphabet entities, remained among the top three positions, although its value dropped from $581 million to $466 million. Microsoft experienced a significant decline, with its position decreasing by $184 million to $408 million, reducing its share from 4.1% to 2.3%.
Amazon’s holdings fell by $15 million to $369 million, while Broadcom experienced growth, increasing by $31 million to $300 million, though its share in the portfolio slightly declined. New additions to the top 10 included Micron Technology and ASML Holding, with each accounting for 1.6% of the investments.
Meta Platforms saw its value decrease by $18 million, and Tesla’s position remained nearly unchanged. The United States continued to dominate the geographical distribution of SOFAZ’s equity portfolio, with technology companies holding a significant share alongside other sectors such as finance and industrials.