BAKU, Azerbaijan, July 24. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has increased the share of investment instruments rated “AA,” “A,” and “BBB” in its bond portfolio.
Data obtained by Trend from the Fund indicates that 46.4 percent of SOFAZ's investments in bonds and other money market instruments were rated “AA” as of July 2025, marking a 27.8 percentage points rise compared to the same period last year.
Meanwhile, the Fund reduced its exposure to top-rated “AAA” instruments from 63.8 percent to 21.5 percent.
In place of that, the share of “A” rated instruments rose from 10.3 percent to 19.1 percent, while “BBB” rated instruments increased from 7 percent to 12.6 percent. Holdings in non-investment grade instruments also saw a slight uptick from 0.3 percent to 0.4 percent.
Based on maturity distribution, 29.6 percent of SOFAZ's bond and money market investments were placed for periods ranging from one to three years, 29.4 percent for over five years, 26.2 percent for three to five years, and 14.8 percent for up to one year. A year earlier, these figures stood at 27.1, 28.1, 24.3, and 20.5 percent, respectively.
