Azerbaijan’s state oil fund to increase share of stocks by 5 per cent

Azerbaijan’s State Oil Fund (SOFAZ) plans to increase the share of stocks in its holdings to 10 percent from 5 percent.SOFAZ is also going to cut the portion of bonds to 80 percent from 85 percent, Shahmar Movsumov, the fund’s executive director, told Trend news agency.The sovereign wealth fund, which manages the country’s income from the sale of oil and gas, is seeking to increase investment in stocks as the global economy is emerging from the crisis, Movsumov said.

SOFAZ, established in 1999, had $35.8 billion of assets as of Oct. 1, according to data on the fund’s website.

ANN.Az