Azerbaijan State Oil Fund’s investment portfolio structure disclosed

Baku, Azerbaijan, March 1
By Maksim Tsurkov - Trend:

Some 72.9 percent of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) was invested in financial tools for up to five years in 2015, SOFAZ's report as of 2015 said March 1.

As of January 1, 2016, the total volume of SOFAZ investment portfolio is $33.45 billion or 99.6 percent of the total volume of assets, the report said.

Around 30.76 percent of SOFAZ investment portfolio is placed in securities for a one-year period, 26.21 percent for one to three years, 15.96 percent for three to five years and 9.19 percent for more than five years. Some 17.89 percent is kept in real estate, assets and gold, the report said.

SOFAZ assets are partially placed in securities, tools of the monetary market such as deposits and bank accounts.

Some 79.4 percent of the investment portfolio is placed in bonds. Around 14.29 percent accounted for the securities with 'AAA' ratings, 27.49 percent in 'AA', 30.59 percent in 'A', and 27.63 percent in 'BBB'. SOFAZ assets cannot be placed in securities with a lesser investment rating.

Currently, 13.2 percent of SOFAZ investment portfolio is placed in bonds of agencies and international organizations, 8 percent - sovereign debt securities, 20.8 percent - financial bonds, 44.2 percent - corporate bonds, 8.5 percent - short term commercial securities, 1 percent - guaranteed bonds.

Around 7 percent of the investment portfolio is placed in deposits and monetary market tools, gold - 3.1 percent, real estate- 4.6 percent, assets - 7.7 percent, investments in the projects - 2.5 percent.

The assets of the investment fund were placed as follows: 58.46 percent in European countries, 21.51 percent in North America, 3.57 percent in Australia, 11.92 percent in the Asia-Pacific Ocean region, 0.92 percent in the Middle East, 0.27 percent in South America, 3.34 percent in international financial organizations, Africa - 0.01 percent.

As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.

SOFAZ was established in 1999 with assets of $271 million.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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