Azerbaijan's Chamber of Accounts recommends SOFAZ maintain asset diversification

Azerbaijan's Chamber of Accounts has recommended that the State Oil Fund of Azerbaijan, SOFAZ, maintain asset diversification amid a significant increase in the share of gold assets in its investment portfolio, Report informs.

This was stated in the chamber's report on the results of an audit of the formation and use of SOFAZ funds in key areas.

According to the document, the value of SOFAZ's investment portfolio reached $73.54 billion at the end of 2025. This is $13.51 billion, or 22.5%, more than at the end of 2024.

The value of gold assets in the portfolio increased from $12.35 billion to $28.06 billion. As a result, the share of gold assets in the investment portfolio reached 38.2%, making gold the largest asset class.

Taking into account the significant increase in the share of gold assets over a short period and their emergence as the main asset class in the portfolio, the Chamber of Accounts considered it appropriate to preserve the principle of asset diversification, assess concentration risks related to gold assets and regularly review strategic asset allocation.