The State Oil Fund of Azerbaijan’s holdings in stocks listed on developed markets rose by $1.5 billion in the first half of 2026 to reach $18 billion. Nvidia remained the fund’s largest single holding among its top 10 positions, though its share of the portfolio shrank.
According to the fund, the equity portfolio, which stood at $16.5 billion at the end of 2025, grew by 9.1% over the six-month period. The combined value of the top 10 holdings rose from $3.932 billion to $4.132 billion, an increase of 5.1%.
The value of the fund’s Nvidia position rose from $785 million to $817 million, but the company’s share of the overall portfolio fell from 5.4% to 4.5%. Apple’s position moved in the opposite direction in relative terms: its value climbed from $699 million to $752 million, while its portfolio share slipped from 4.8% to 4.2%. Combined, the two holdings reached $1.569 billion by the end of June.
The value of the fund’s stake in Alphabet (Google) fell from $581 million to $466 million, though the company held onto its place in the top three. The steepest decline was recorded at Microsoft, where the position dropped from $592 million to $408 million, a fall of 31.1%, with its portfolio share shrinking from 4.1% to 2.3%.
Amazon’s position slipped from $384 million to $369 million, while Broadcom’s rose from $269 million to $300 million, up 11.5%. Meta Platforms fell from $248 million to $230 million, while Tesla’s position saw no significant change in dollar terms.
Micron Technology ($282 million) and ASML Holding ($289 million) entered the top 10 for the first time. JPMorgan Chase & Co, which had been in the top 10 at the end of 2025 with $154 million, dropped out of the list.
By geography, U.S. companies lead the portfolio with a 63.2% share, followed by Japan, France, Switzerland and Germany. By sector, information technology tops the list at 24.3%, followed by financials at 18.4% and industrials at 10.3%.
