The value of US government bonds held by SOFAZ declined by AZN 2.452 billion in 2025, to AZN 4.847 billion. The holding was worth AZN 7.299 billion at the end of 2024, implying a 33.6% decrease.
The United States nevertheless remained the largest issuer in the fund’s bond portfolio. Its share fell from 17.1% to 13.7%.
Five largest sovereign issuers at end-2025
| Country, AZN million | 2024 | 2025 |
|---|---|---|
| United States | 7,299.088 | 4,846.758 |
| Italy | 4,035.645 | 4,031.908 |
| United Kingdom | 3,586.831 | 2,974.938 |
| France | 2,745.184 | 2,866.439 |
| Spain | 2,793.442 | 1,927.390 |
Italy, the United Kingdom and France followed the United States. The Italian holding was broadly stable, the French position increased, and the British and Spanish positions decreased.
The fund’s entire bond portfolio, which includes different issuer categories, declined from AZN 42.583 billion to AZN 35.281 billion.
A smaller holding is not automatically a loss
The table compares values on two reporting dates, not the outcome of individual transactions. Maturities, sales, asset reallocation, market valuations and currency effects can all change a holding’s value. Their contributions cannot be identified from this table alone.
The figures therefore do not establish that SOFAZ lost AZN 2.45 billion or sold precisely that amount of bonds. They establish a lower reported value of US government securities at the end of 2025.
Source: SOFAZ Annual Report 2025, printed pages 110. Comparison: Annual Report 2024, printed page 113. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.