Azerbaijani State Oil Fund determines investment portfolio structure for 2013

Azerbaijani State Oil Fund determines investment portfolio structure for 2013

Azerbaijan, Baku, Jan. 2 / Trend /

Some 85 per cent of the total value of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2013 will be formed by monetary market instruments and the debt market. This is stipulated by the investment policy for 2013, approved by President Aliyev.
Up to five per cent of the investment portfolio may be invested in stocks, up to five per cent in real estate and five per cent in gold, the document says.

The projected total cost (average amount) of SOFAZ's investment portfolio for 2013 was set at 25.2 billion manat, while as of late 2012 it was projected at 23 billion manat.

As last year the currency structure of SOFAZ's investment portfolio is determined as follows: 50 per cent of the assets can be placed in U.S. dollars, 40 per cent in euros and five per cent in pounds sterling. The remaining five per cent of the total value of SOFAZ's investment portfolio may be placed in assets in the currencies specified in subparagraph 2.2.1 of the 'Rules of storing, placing and governing the currency of the State Oil Fund of the Azerbaijan Republic', approved by Presidential decree No 511 as of June 19, 2001.

The three-month LIBOR rate for the relevant currency (except the euro), published by the British Banks Association, the portfolio in euros for the three month interest rate EURIBOR and the portfolio of shares - MSCI World İndexA, are a basic indicator (benchmark) to determine the yield on SOFAZ's portfolio of money market instruments and debt market.

It is predicted that by late 2012, SOFAZ assets will reach the level of $34 billion.

SOFAZ was established in 1999 when its assets amounted to $271 million.

The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimise the negative impact on the economy preventing a 'Dutch syndrome' to ensure savings for future generations and to maintain the current socio-economic standard in the country.

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