At the end of June 2026, international investors held 50.4% of the value of Spain’s listed companies, the highest figure on record. The BME Research Service reported the figure in its Report on the ownership of listed Spanish shares.
The rise has continued after several years of strong gains. Global asset managers are still adding to their positions in Spain, driven partly by higher share prices and partly by new money entering the market.
BlackRock, Vanguard, Capital Group and Fidelity have all expanded their presence. In just over a year, the number of large managers with more than 500 million euros invested in the Ibex 35 rose from 72 to 106. The number with positions in all 35 companies in the index increased from 11 to 15.
The 25 largest international managers held €205.294 billion in Ibex 35 shares, up 45.9% from €140.732 billion, information from the BME Research Service. Their combined share eased to 66.7% as the overall market value grew.
The figures point to continued confidence among large investors in Spain’s economic growth, corporate earnings and the index’s sector mix. They have kept buying even as the rally pushed valuations higher.
Small investors are joining in through funds, which let them buy a diversified portfolio with smaller amounts and avoid picking individual shares.
Passive funds top the performance tables. CaixaBank Bolsa 150 España has been the strongest performer in recent years. The fund tracks the Ibex by market capitalisation and uses derivatives to reach exposure of about 150% of its assets. That use cuts both ways: the fund’s return usually moves about 50% more than the index, whether the market rises or falls.
BlackRock remains the largest international manager in the Ibex 35, with €46.560 billion and a 15.1% share. Vanguard has increased its holding to €38.295 billion, or 12.4%, while Capital Group ranks third with €15.227 billion, information from the BME report. Spanish managers are also active: Santander Asset Management, CaixaBank Asset Management and BBVA Asset Management together hold €4.392 billion in Ibex 35 shares, while Bestinver has positions worth €679 million in 25 index companies.
CaixaBank Bolsa 150 España delivered an average return of 46% over three years and gained 20.34% in 2026. Other index funds have also performed well. Bindex Índice España, Santander Índice España, CaixaBank Bolsa Índice España, ING Direct Fondo Naranja Ibex 35 and BBVA Bolsa Índice recorded average three-year returns of about 30%.
The market has already risen sharply. Specialists quoted in the source material advise investors to be more selective when choosing exposure to Spanish equities. A fund that magnifies the Ibex magnifies losses, too.
Active managers are taking a different path. CaixaBank Bolsa Gestión España returned 31% over three years and more than 10% in 2026. Run by CaixaBank Asset Management, the fund’s largest positions are in BBVA, Inditex, Iberdrola, Santander, CaixaBank and Bankinter.
Okavango Delta produced an annualised return of 30% over three years and is up 7.25% this year. Its manager, José Ramón Iturriaga, still sees an attractive chance in Spain.
Iturriaga points to economic growth exceeding that of most European economies, positive earnings surprises and valuations he considers reasonable. Banks make up much of the portfolio: Santander, BBVA, Bankinter, Sabadell, Unicaja and CaixaBank account for 28%.
The manager does not expect the fund to repeat its earlier gains at the same pace. Instead, he is looking at industrial, tourism, real estate and energy companies, whose current valuations may still reflect overly pessimistic scenarios.
The contrast with the political uncertainty described in an earlier report is sharp. Here, ownership data and fund returns provide the evidence.
Santander Small Caps España rounds out the leading group among active funds, with average three-year gains above 29%. Manager Lola Solana has cut financial stocks to 4.97% of the portfolio. Its largest positions are Indra, Elecnor, Atalaya Mining, Almirall and Técnicas Reunidas. The fund has gained 13% this year.
Fidelity Funds Iberia Fund, Occident Bolsa española, Solventis Aura Iberia Equity and Bestinver Bolsa have also exceeded 26% annualised over three years. Institutional demand remains strong, but entering the market is no easy decision.
Passive funds give investors efficient access to the Ibex, while active managers look beyond the most obvious winners. For investors in Spain, rising participation is only part of the story; past returns alone no longer suffice when choosing a fund.
On 28 September 2026, the CNMV recognised the Ibex 35 as a impressive benchmark index under the European Benchmarks Regulation. The decision strengthens the index’s institutional importance for funds and passive products.
