Azerbaijan, Baku, Oct. 22 /Trend E.Ismayilov/
In January-September 2012, the State Oil Fund of Azerbaijan (SOFAZ), continued the policy of placing the fund's investment portfolio in short-term instruments, SOFAZ report stated on Monday.
The share of funds invested for a period of up to five years accounted 94.61 per cent of the investment portfolio. In the first nine months, the total amount of the SOFAZ investment portfolio amounted to about $33.07 billion, or 99.63 per cent of total assets.
Some 49.74 per cent of the investment portfolio are available in securities (CB) for up to one year, 38.67 per cent - from one to three years, 6.2 per cent - from three to five years, 2.17 per cent - for more than five years, and 3.22 per cent - in stocks and gold.
As of September 30, some 34.11 per cent of the investment portfolio are available at the Central Bank with 'AAA' rating, 12.36 per cent - with 'AA' rating, 31.82 percent - with 'A' rating, 20.51 percent - 'BBB', 1 , 2 percent - in other securities. The fund assets, which are below investment grade, may not be placed in the CB.
SOFAZ assets are located partly in securities and money market instruments (deposits, bank accounts). At present, some 22.94 per cent of the investment portfolio are invested in the bonds of agencies and international organizations, 11.66 per cent - the sovereign debt securities, 11.77 per cent - financial bonds, 18.06 per cent - corporate bonds , 22.54 percent -short-term commercial paper, 5.36 per cent - guaranteed bonds , 0.09 per cent - municipal bonds , 4.37 per cent - deposits, money market instruments , 1.86 per cent -gold and 1.35 percent - shares.
The geography of the investment fund's asset allocation is : 57.75 per cent - in European countries, 14.03 per cent - in North America, 13.83 per cent - in developing countries, 7.09 per cent - in Asia, 0.71 percent - in the Middle East , 6.59 per cent - in international financial institutions.
SOFAZ assets as of October 1, 2012 were $ 33 192.4 million.