The value of the State Oil Fund of Azerbaijan’s (SOFAZ) investments in listed equities in developed markets increased in the first half of 2026, while notable changes were recorded in the structure of its portfolio of the largest companies, APA reports.
SOFAZ told APA-Economics in response to an inquiry that the current value of its equity portfolio rose from $16.5 billion at the end of 2025 to $18 billion in the first half of this year.
Thus, the portfolio increased by $1.5 billion, or 9.1%, over six months.
Value of TOP-10 equity positions exceeds $4.1 billion
The total value of the Fund’s 10 largest equity positions stood at $4.132 billion at the end of June 2026.
At the end of 2025, the figure was $3.932 billion.
Thus, the value of the TOP-10 equity positions increased by $200 million, or 5.1%, over six months.
NVIDIA maintains lead, Apple position increases
At the end of June 2026, NVIDIA remained the largest position in the top 10, with a value of $817 million.
At the end of 2025, the figure stood at $785 million. Thus, the value of the position increased by $32 million, or 4.1%.
However, NVIDIA’s share in listed equity investments declined from 5.4% to 4.5%. This means that despite the increase in dollar terms, the company’s relative weight in the overall portfolio decreased.
The value of SOFAZ’s position in Apple shares increased from $699 million to $752 million, representing growth of $53 million, or 7.6%.
At the same time, Apple’s share in the portfolio declined from 4.8% to 4.2%.
By the end of June, the combined value of SOFAZ’s equity positions in NVIDIA and Apple alone reached $1.569 billion.
Google among top three
At the end of 2025, the combined value of shares in two Alphabet entities associated with Google stood at $581 million.
In the TOP-10 list for June 2026, a single Alphabet position worth a total of $466 million was recorded.
Thus, the value of the position declined by $115 million. Nevertheless, Google remained among the Fund’s three largest positions.
Sharpest decline recorded in Microsoft
One of the most significant changes among the companies in the top 10 was recorded in Microsoft.
At the end of 2025, the value of SOFAZ’s position in Microsoft shares stood at $592 million, placing the company third.
By the end of June 2026, the value of the position had fallen to $408 million.
This represents a decrease of $184 million, or 31.1%.
Microsoft’s share in the portfolio also declined from 4.1% to 2.3%.
Amazon declines, Broadcom posts double-digit growth
The value of SOFAZ’s position in Amazon shares decreased from $384 million to $369 million.
Over six months, the position declined by $15 million, or 3.9%.
Amazon’s share in the portfolio also fell from 2.7% to 2%.
Broadcom, meanwhile, recorded double-digit growth.
The value of the Fund’s equity position in the company increased from $269 million to $300 million, representing growth of $31 million, or 11.5%.
Despite this increase, Broadcom’s share in the overall portfolio declined from 1.9% to 1.7%.
Micron Technology and ASML Holding enter TOP-10 for first time
The composition of the TOP-10 also changed by the end of the first half of 2026.
Micron Technology and ASML Holding entered the list of the Fund’s largest equity positions.
At the end of June, the value of SOFAZ’s position in ASML Holding stood at $289 million, while its position in Micron Technology was valued at $282 million.
Each position accounted for 1.6% of listed equity investments.
Meanwhile, JPMorgan Chase & Co, which was among the top 10 at the end of 2025, was no longer included in the TOP-10 disclosed for June 2026.
At the end of last year, the value of the Fund’s position in JPMorgan Chase & Co stood at $154 million, accounting for 1.1% of the portfolio.
Meta Platforms declines, Tesla remains almost unchanged
The value of SOFAZ’s position in Meta Platforms shares declined from $248 million to $230 million.
This represents a decrease of $18 million, or 7.3%.
The company’s share in the portfolio also fell from 1.7% to 1.3%.
No significant change was recorded in Tesla in dollar terms.
The value of the position declined slightly from $220 million to $219 million, while its share in the portfolio fell from 1.5% to 1.2%.
US and technology dominate portfolio
The United States remained the clear leader in the geographical structure of SOFAZ’s equity portfolio.
As of June 30, 2026, US companies accounted for approximately 63.2% of the portfolio.
Japan followed with a 5% share, France with 4.4%, Switzerland with 4.3%, and Germany with nearly 3.9%.
By sector, information technology ranked first with a 24.3% share.
The financial sector accounted for 18.4%, industrials for 10.3%, consumer discretionary for 8.8%, and communication services for 8%.This structure was also reflected in the TOP-10, with technology and semiconductor-related companies such as NVIDIA, Apple, Microsoft, Broadcom, ASML Holding and Micron Technology among the Fund’s largest equity positions.
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