In the third quarter of 2025, the value of the listed equities of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) amounted to USD 15.9 billion, SOFAZ said in response to an inquiry from APA-Economics.
It was noted that during this period, global information technology companies once again topped the list of the TOP-10 companies in which the State Oil Fund invested the most. No significant changes were observed in the equity portfolio of the TOP-10 companies in which SOFAZ has the largest investments.
The value of the Fund’s NVIDIA shares approached USD 800 million
Since the first half of 2023, the share of the largest U.S. chip manufacturer, NVIDIA, in the Fund’s portfolio has continued to increase. In the second quarter of this year, the chip giant even surpassed Apple to take first place and has maintained its leadership. Specifically, SOFAZ’s investments in NVIDIA increased from USD 663 million in the first half of the year to USD 787 million in the third quarter. This represents an increase of USD 124 million, or approximately 19%, over three months. The company’s weight in the Fund’s equity portfolio decreased from 5.1% to 5%.
The value of Apple shares increased by USD 130 million over three months
In parallel, Apple’s share in the portfolio rose from USD 530 million to USD 657 million. In other words, the quarterly increase amounted to USD 127 million, or approximately 24%. With this result, the smartphone market giant once again overtook Microsoft in the third quarter, unlike the previous quarter. Apple’s weight in the portfolio remained at 4.1%.
Investments in Microsoft Corp. also maintained an upward trend. The Fund’s investments in Microsoft increased by USD 28 million to reach USD 632 million. The company’s weight in the portfolio remained at 4%.
SOFAZ’s investments in Amazon recorded a relative increase and stood at 362 million USD in the third quarter. Its weight in the portfolio was 2.3%.
Meta retains its TOP-5 position
Since the first quarter of 2024, Meta Platforms has also been included among the top five most invested companies. SOFAZ’s investments in Mark Zuckerberg’s company had increased from USD 217 million at the end of last year to USD 278 million in the second quarter. In the third quarter, however, they declined slightly to USD 276 million. The company’s share in the equity portfolio decreased from 2.1% to 1.7%.
Investments in Google companies approach USD 400 million
Investments in Broadcom Inc. increased from USD 212 million to USD 254 million. The State Oil Fund’s separate investments in two Google-related companies also rose in the third quarter compared to the second quarter, increasing from USD 177 million to USD 245 million and from USD 152 million to USD 207 million, respectively.
100 million USD increase in the Tesla portfolio
Investments in Tesla began to increase again. SOFAZ’s holdings in Tesla rose from USD 124 million in the first half of the year to USD 158 million, and further to USD 222 million in the third quarter, while their weight in the equity portfolio increased from 1.2% to 1.4%. In other words, there was an increase of USD 98 million over half a year.
In the third quarter of the year, JPMorgan Chase & Co. retained its position in the top ten. The Fund’s investments in the financial giant increased from USD 140 million to USD 152 million, while its weight in the portfolio rose from 1.1% to 1.2%.
Investments in TOP-10 companies increased by USD 500 million over three months
It should be noted that as of October 1 of this year, SOFAZ’s investments in the shares of the TOP-10 global giants amounted to USD 3.8 billion, which is 15%, or USD 500 million, more compared to the first half of the year.
It should be recalled that this portfolio represents the State Oil Fund’s equity investments quoted under the MSCI World index. The volume of the portfolio tracking the MSCI Europe ex UK index and cash assets increased by USD 100 million in the second quarter, reaching USD 1.9 billion.
