Top IT stocks in SOFAZ portfolio shrink as investments in Apple, NVIDIA decline

Top IT stocks in SOFAZ portfolio shrink as investments in Apple, NVIDIA decline
# 05 May 2025 14:13 (UTC +04:00)

In Q1 2025, the value of listed stocks held by the State Oil Fund of Azerbaijan (SOFAZ) totaled $13.4 billion, SOFAZ told APA.

Global information technology companies continued to dominate the Fund’s top 10 stock investments during the reporting period.

Changes were observed in the composition of the top 10 companies most heavily invested in by SOFAZ.

Investments in Apple Inc. dropped by $89 million compared to the end of last year, falling to $556 million. Consequently, Apple’s share in the Fund’s portfolio decreased from 5.5% to 4.9%.

Since the first half of 2023, the share of U.S. chip giant NVIDIA had been growing, peaking at $557 million last year. However, investments fell by $113 million over the past three months to $444 million, reducing its portfolio weight from 4.7% to 3.9%. Despite this, NVIDIA remains in the top ranks.

Investments in Microsoft have also continued to decline since Q3 of last year, dropping from $504 million to $441 million. The company's share in the portfolio went from 4.3% to 3.9%.

Although Amazon investments had risen to $351 million by the end of 2024, they dropped to $300 million in Q1 2025. Its portfolio share decreased from 3% to 2.6%.

Meta Platforms entered the top five in early 2024. Investments in the company fell from $217 million to $209 million, though its portfolio weight remained steady at 1.8%.

Investments in Google’s two holding companies dropped from $188 million to $150 million and from $163 million to $130 million, respectively.

The most notable decline was in Tesla investments. The Fund's stake dropped from $197 million to $124 million, reducing its share from 1.7% to 1.1%—a $73 million fall in three months.

The Broadcom Inc. portfolio also declined from $174 million to $124 million.

By the end of last year, Berkshire Hathaway Inc. joined the Fund’s top 10 most invested companies, with $118 million in investments and a 1% portfolio share.

Overall, the decline in investments across the top 10 companies is largely attributed to the downturn in capital markets since the beginning of the year.

As of April 1, SOFAZ's investments in these 10 global giants totaled $2.711 billion—down 12.9% from $3.112 billion on January 1, 2025.

This portfolio includes SOFAZ’s equity investments listed under the MSCI World Index. The Fund’s portfolio following the MSCI Europe ex UK Index and cash holdings amount to $1.5 billion.

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