Baku, Azerbaijan, May 19
By Maksim Tsurkov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) intends to increase its participation in the share capital of portfolio companies, SOFAZ told Trend.
The Fund’s investment policy for 2017 was approved by a decree of Azerbaijan’s President Ilham Aliyev.
According to the policy, the share of investments in assets in SOFAZ’s investment portfolio has been increased from 15 to 25 percent.
According to SOFAZ, the fund has been investing in assets since 2012.
“Currently, the Fund is at the stage of selecting new managers to manage the share portfolio and, thus, SOFAZ intends to increase the participation in the share capital of portfolio companies. The Fund intends to continue investing in companies that are a part of the world’s leading indices and representing the most developed and industrialized countries of the world,” said SOFAZ.
The forecast aggregate value (weighted average volume) of SOFAZ’s investment portfolio for 2017 was set at 51.24 billion manats.
Under the decree, the currency structure of SOFAZ’s investment portfolio is as follows: up to 50 percent of assets can be in US dollars, 35 percent in euros, 5 percent in British pounds and 10 percent in other currencies.
Meanwhile, SOFAZ’s investment portfolio can consist of four sub-portfolios: a portfolio of debt instruments and money market instruments – 60 percent of total portfolio value, a portfolio of shares – 25 percent, a portfolio of real estate – 10 percent, and a portfolio of gold – 5 percent.
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