Return on SOFAZ’s main equity portfolio declined in 2024

The return on the main equity portfolio of Azerbaijan’s State Oil Fund (SOFAZ) declined in 2024 compared to the previous year, the country’s Audit Chamber said in its annual opinion.

The core sub-portfolio yielded 19.8%, down from 22.9% in 2023. The steepest drop was seen in the “UBS EU Ex UK” portfolio, which fell from 18% to 7.2%.

In 2024, SOFAZ allocated 200 million euros to a new investment manager, JP Morgan Asset Management, accounting for 3.5% of its portfolio.

Overall equity return was 17.8%, with listed equities earning 19.4% and equity mutual funds returning 9.1%.