SOFAZ’s Record Year Comes With a Caveat: Gold Concentration is Key Risk

24th October, 2025
Azerbaijan’s State Oil Fund (SOFAZ) has powered through 2025 with the strongest balance-sheet expansion in its history, but the very engines of that growth – notably its high concentration in gold – also sharpen the downside if conditions turn.As of end-September, assets rose 16.9% year-to-date to US$70.2 billion, supported more...
Azerbaijan’s State Oil Fund (SOFAZ) has powered through 2025 with the strongest balance-sheet expansion in its history, but the very engines of that growth – notably its high concentration in gold – also sharpen the downside if conditions turn.As of end-September, assets rose 16.9% year-to-date to US$70.2 billion, supported more...

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