By the end of 2025, the value of the State Oil Fund of Azerbaijan’s (SOFAZ) listed shares amounted to $16.5 billion, SOFAZ said in response to an inquiry from APA-Economics.
Global information technology companies again led the TOP-10 companies in which the State Oil Fund has invested the most.
NVIDIA remains the leader in the share portfolio
Since the first half of 2023, the share of NVIDIA, the largest US chip manufacturer, in the Fund's portfolio has been increasing. The value of the Fund’s shares in the global company rose from $557 million in 2024 to $785 million last year. That is, investments in NVIDIA increased by $228 million in one year. Although the share of the IT giant in the Fund’s stock portfolio decreased from 5.5% to 5.4%, it retained its leading position on the list once again.
Assets in Microsoft approached $600 million, while in Apple they neared $700 million
SOFAZ’s investments in Apple Inc increased from $645 million to $699 million over the past year. In other words, the value of investments in Apple Inc rose by 8.4% or $44 million.
The value of the Fund’s investments in Microsoft increased by 17.5% or $88 million over one year, reaching $592 million. In 2024, this figure amounted to $504 million. However, the company’s share in the Fund’s stock portfolio decreased from 4.3% to 4.1%.
An upward dynamics was also observed in the value of shares in Amazon. Over the past year, SOFAZ’s assets in the company increased from $351 million to $384 million. At the same time, Amazon’s share in the Fund’s stock portfolio stood at 2.7%.
Google in the top five
The Fund’s assets in two Google-related companies increased by $230 million over one year.
The value of assets in these companies rose from $188 million to $315 million and from $163 million to $266 million, respectively.
Assets in one of the global technology leaders, Broadcom Inc, increased by $95 million over one year, reaching $269 million.
SOFAZ has also increased its assets in Mark Zuckerberg’s company
The company of Mark Zuckerberg, which was among the top five most invested companies in 2024, dropped to 8th place last year. Nevertheless, SOFAZ’s investments in Meta Platforms shares increased by 14.3%, rising from $217 million to $248 million. Its share in the portfolio stood at 1.7%.
Investments in Tesla exceeded $220 million
SOFAZ’s investments in Tesla increased from $197 million to $220 million.
At the same time, investments in financial giant JP Morgan Chase & Co, which entered the TOP-10 in 2024, rose from $116 million to $154 million. The company’s share in the stock portfolio increased from 1% to 1.1%.
Assets in the TOP-10 global giants increased by $1 billion in one year
Note that SOFAZ’s investments in shares of the TOP-10 global giants amounted to $3 billion 932 million in 2025, which is 34% or $994 million more compared to the previous year.
In 2024, this figure was $2 billion 938 million.
Recall that this portfolio covers the Fund’s equity investments quoted on the MSCI World index. The Fund’s portfolio tracking the MSCI Europe ex UK index, as well as its cash holdings, increased by $100 million in 2025, reaching $2 billion.
