BAKU - The value of the State Oil Fund of Azerbaijan’s listed-equity portfolio in developed markets rose by $1.5 billion in the first half of 2026 to $18 billion, while NVIDIA remained the fund’s largest individual holding at $817 million.
SOFAZ provided the portfolio breakdown in response to a request from APA-Economics, according to Vesti Baku. The portfolio increased 9.1% from $16.5 billion at the end of 2025.
NVIDIA and Apple Remain the Largest Holdings
The value of SOFAZ’s NVIDIA stake increased by $32 million, or 4.1%, during the six-month period. Its share of the portfolio nevertheless declined to 4.5% from 5.4%.
The fund’s Apple holding rose by $53 million to $752 million, while its portfolio weight fell to 4.2% from 4.8%. Together, NVIDIA and Apple accounted for $1.569 billion.
Alphabet ranked third at $466 million, although the value of that position declined by $115 million during the first half of the year.
Microsoft Position Falls; ASML and Micron Enter Top 10
Microsoft recorded the largest decline among the fund’s biggest holdings. The position fell by $184 million, or 31.1%, to $408 million.
SOFAZ’s Amazon holding declined to $369 million, while its investment in Broadcom rose 11.5% to $300 million.
ASML Holding, valued at $289 million, and Micron Technology, at $282 million, entered the fund’s 10 largest equity positions for the first time.
The combined value of SOFAZ’s top 10 holdings reached $4.132 billion, an increase of $200 million over the six-month period.
U.S. companies accounted for 63.2% of the fund’s listed-equity portfolio. Information technology represented 24.3%, financial companies 18.4% and industrials 10.3%.