SOFAZ Increases Allocation to Gold, Stocks and Real Estate
A new investment policy was adopted by the State Oil Fund of Azerbaijan (SOFAZ) with the purpose of enhancing profitability and diversification. SOFAZ can now invest up to 5% each in gold, equities, and real estate. In the month of December 2012, SOFAZ made a number of European real estate purchases. Beginning February 1, 2012, SOFAZ began the purchase of 25 gold bars (conforming to London Bullion Market Association standards) per week from market-maker member banks of the LBMA.
As of December 31, 2012, SOFAZ has 480,146 troy ounces of gold in their portfolio. The gold is temporarily stored in vaults at JP Morgan in London as SOFAZ plans to import physical gold into the Azerbaijan. SOFAZ plans to build a vault for such holdings.Tweet
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