Azerbaijan State Oil Fund invests almost only in fixed income assets
Baku, Fineko/abc.az. As part of its investment policy the State Oil Fund of Azerbaijan (SOFAZ) gives preference to fixed-income assets.
The report on Fund’s activity for the first 3 quarters of 2013 says that SOFAZ kept 85.4% of its portfolio in fixed income assets. Another 6% of the portfolio is placed on deposits and money market instruments. 3.6% of the Funds portfolio account for stocks, gold - 3.2%, real estate - 1.8%.
At that, bonds are dominating among the fixed income assets. The advantage here belongs to corporate bonds (31.6%) and bonds of agencies and supranationals (23.4%). At that, financial bonds form 11% and covered bonds - 5.8%. Sovereigns make up 10.5% of Funds portfolio and municipal bonds 0.1%. 17.6% of the portfolio accounts for medium-term commercial papers.
Basically, SOFAZ invests in bonds with rating A (31.1% of portfolio), AAA (29.7%) and BBB (20.2%).
As of 1 October Funds assets totaled $35.809 bn and its investment portfolio $35.5 bn.
Tags: State Oil Fund
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