BAKU, Azerbaijan, January 29. For the first 9 months of 2024, unrealized profit in the amount of $3,282.3 million, or 5,579.9 million manats, was received from managing the Azerbaijan State Oil Fund's (SOFAZ) assets (for the investment portfolio: $3,275.3 million, or 5,568.0 million manats), the Accounts Chamber reported to Trend.
As noted, according to the fund's investment policy adopted for 2024, 50 percents of the sub-portfolio consisted of debt obligations and money market instruments with a maximum low deviation interval of 5 percents, up to 25 percents - of shares (shares), up to 10 percents - of real estate with a maximum upper deviation interval of 2 percents, and up to 15 percents - of gold with a maximum upper deviation interval of 3 percents.
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
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