Sofaz Boosts 2012 Investments in Emerging-Market Stocks, Bonds - Bloomberg:
"Azerbaijan’s State Oil Fund increased investment in emerging markets and lower-rated bonds last year to boost returns as the Caspian Sea nation cut crude production for a third year.
The fund raised its emerging-markets holdings to about 14 percent in 2012 from 9.5 percent the year before, the Baku-based Sofaz, as it’s known, said today on its website. The European Union remained the largest destination for its investments at the end of the year, it said.
Purchases of Turkish and Russian bonds contributed to a “significant rise” in debt holdings rated A or lower, Sofaz said. Investments in bonds with the highest AAA rating accounted for almost 33 percent of Sofaz’s holdings, down from 36 percent the previous year, and AA-rated notes fell to 11 percent from 14.3 percent in 2011, it said."
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