NVIDIA became SOFAZ’s largest listed equity holding at the end of 2025. Its value reached AZN 1.335 billion, compared with AZN 947.7 million a year earlier. Apple moved from first to second place, while Microsoft remained third.
The comparison uses the State Oil Fund of Azerbaijan’s annual reports and measures holdings at 31 December 2024 and 31 December 2025.
The ten largest positions
| Rank | Company | Holding, AZN million |
|---|---|---|
| 1 | NVIDIA | 1,334.954 |
| 2 | Apple | 1,188.649 |
| 3 | Microsoft | 1,006.143 |
| 4 | Alphabet | 988.271 |
| 5 | Amazon | 652.179 |
| 6 | Broadcom | 456.727 |
| 7 | Meta | 422.056 |
| 8 | Tesla | 374.439 |
| 9 | JPMorgan | 261.331 |
| 10 | ASML | 257.866 |
The value of the NVIDIA holding increased by 40.9%. Apple’s holding also increased, from AZN 1.096 billion to AZN 1.189 billion, despite losing the top spot.
Alphabet moved ahead of Amazon, reaching AZN 988.3 million from AZN 595.4 million. ASML also appears in the 2025 top ten. Its absence from the previous top ten does not establish that SOFAZ held no ASML shares at that time.
Why it matters
Part of Azerbaijan’s accumulated savings is exposed to the performance of major global companies. Changes in international stock markets therefore affect the value of these assets.
A change in a holding’s value is not the same as its investment return. Market prices, purchases, sales and currency translation can all affect the reported amount. The top-holdings table does not isolate their respective contributions.
Source: SOFAZ Annual Report 2025, printed pages 111. Comparison: Annual Report 2024, printed page 114. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.
