SOFAZ’s holdings in seven major US companies were worth AZN 5.967 billion at the end of 2025. NVIDIA, Apple, Microsoft, Alphabet, Amazon, Meta and Tesla accounted for 21.3% of its listed equity portfolio, according to FinFly’s calculation from the annual report.
The relevant table values total listed equities at AZN 27.955 billion. The 21.3% share applies to this asset class, not to all SOFAZ assets.
The seven holdings
| Company | AZN million |
|---|---|
| NVIDIA | 1,334.954 |
| Apple | 1,188.649 |
| Microsoft | 1,006.143 |
| Alphabet | 988.271 |
| Amazon | 652.179 |
| Meta | 422.056 |
| Tesla | 374.439 |
| Total | 5,966.691 |
The role of index investing
SOFAZ says its listed equity portfolio is primarily benchmarked to MSCI World. Large companies carry substantial weight in this approach because of their size in equity markets.
The seven holdings should therefore not automatically be read as separate active bets on each company. The report describes listed equity exposure across 23 developed markets and the use of six external managers.
What the concentration means
The seven names account for a substantial portion of listed equities; other positions make up the remaining 78.7%. They also operate in different businesses, from semiconductors and software to retail and electric vehicles.
The figures show how part of Azerbaijan’s savings is connected to global businesses. Portfolio weights alone do not indicate the future returns these holdings will generate.
Source: SOFAZ Annual Report 2025, printed pages 28–29, 111. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.
