The State Oil Fund of Azerbaijan (SOFAZ) has earned $22.7 billion from investment activity over the past five years.
According to Report, the fund's total investment revenues exceeded net oil and gas inflows by threefold.
In addition to highlighting the crucial role of investment income in the growth of reserves, exchange rate fluctuations and gold-related revenues also played a significant part in this increase. Achieving these results amid high volatility in global financial markets, inflationary pressures, and sharp changes in interest rates demonstrates the effectiveness of the SOFAZ's long-term, risk-sensitive, and balanced investment strategy.
As a result, over the last five years, the fund's assets grew by $29.9 billion, or 70%, rising from $43.6 billion to $73.5 billion.
Of this increase, $22.7 billion came from investment activity (including exchange rate and gold price gains), while $7.2 billion was generated from net oil and gas inflows. This dynamic shows that the role of investment activity has significantly strengthened, becoming one of the main sources of sustainable value creation for the SOFAZ.