SOFAZ investments in shares increase

SOFAZ investments in shares increase

Baku, Azerbaijan, Oct. 21

By Maksim Tsurkov – Trend:

As much as 13.7 percent of investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) was invested in shares in January-September 2017, while the figure was 12.8 percent in January-June 2017, SOFAZ said in its report.

According to the report, as of October 1, 2017, the total volume of SOFAZ’s investment portfolio amounted to $36.02 billion or 100 percent of the total volume of assets.

Meanwhile, 84.7 percent of SOFAZ’s investment portfolio was placed in monetary market tools for a period of up to five years, 32.8 percent of which was placed for a one-year-period, 33.6 percent for one to three years, 18.3 percent for three to five years and 15.3 percent for more than five years. Moreover, 22 percent was kept in real estate, assets and gold, said the report.

Currently, 3.4 percent of SOFAZ investment portfolio is placed in gold, 4.9 percent – in real estate, 78 percent – in bonds and other tools of monetary market.

SOFAZ’s assets were placed as follows: 41.2 percent in European countries, 26.1 percent in North America, 2.8 percent in Australia, 25 percent in Asia-Pacific Ocean region, 0.1 percent in the Middle East, 4.6 percent in international financial organizations.

As of October 1, 2017, SOFAZ’s assets increased by 8.7 percent as compared to early 2017 ($33.147 billion) and amounted to $36.02 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 effect 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.

(1.7001 manats = $1 on Oct. 20)

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Follow the author on Twitter: @MaksimTsurkov

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