SOFAZ’s financial-sector equity holdings were valued at AZN 5.437 billion at the end of 2025. That was 31.7% above the AZN 4.129 billion reported a year earlier.
Technology and telecom remained the largest sector, at AZN 8.986 billion compared with AZN 7.563 billion in 2024, an increase of 18.8%.
The sector breakdown
| Sector, AZN million | 2024 | 2025 |
|---|---|---|
| Technology and telecom | 7,563.476 | 8,986.116 |
| Financial sector | 4,128.886 | 5,437.402 |
| Consumer sector | 4,023.364 | 4,399.254 |
| Industrials | 2,016.740 | 2,596.755 |
| Healthcare | 2,202.709 | 2,501.515 |
| Utilities | 829.348 | 1,605.057 |
| Materials | 1,098.063 | 1,493.987 |
| Energy | 847.691 | 934.755 |
Financial companies accounted for about 19.5% of listed equities. JPMorgan was one of the largest individual holdings, at AZN 261.3 million compared with AZN 197.1 million a year earlier.
A larger value can mean a smaller share
Total listed equities increased by 23.1%, from AZN 22.710 billion to AZN 27.955 billion. Technology and telecom’s share consequently fell from about 33.3% to 32.1%, even though its reported value rose.
This is why both amounts and portfolio weights matter. A sector can increase in value while becoming a smaller proportion of the overall portfolio if other exposures grow faster.
Changes in reported holdings are not equivalent to investment returns or new purchases. Market prices, transactions and currency translation can all affect the amounts.
Source: SOFAZ Annual Report 2025, printed pages 111. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.
