International investors held 50.4% of Spain’s listed companies at the end of June 2026. Passive and active funds have posted strong returns, while fund managers are looking beyond the market’s biggest winners.
At the end of June 2026, international investors held 50.4% of the value of Spain’s listed companies. It was the highest figure ever reported. The BME Research Service recorded 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. The increase comes partly from higher share prices and partly from new money entering the market.
BlackRock, Vanguard, Capital Group and Fidelity have all expanded their presence. The number of large managers with more than 500 million euros invested in the Ibex 35 rose from 72 to 106 in just over a year. Managers 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. Their combined share nevertheless eased to 66.7% as the overall market value grew.
The signal is clear. Large investors still trust Spain’s economic growth, corporate earnings and the sector mix in the index. They have kept buying even after the rally pushed valuations higher.
Small investors are taking part through funds. They can buy a diversified portfolio with smaller amounts and avoid picking individual shares themselves.
Passive funds lead the performance tables. CaixaBank Bolsa 150 España has been the strongest performer in recent years. The fund follows the Ibex by market capitalisation and uses derivatives to gain exposure of about 150% of its assets.
That leverage cuts both ways. The fund’s return usually moves by 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. 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 in 25 index companies worth €679 million.
CaixaBank Bolsa 150 España delivered an average return of 46% over three years. It 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 warning is simple. 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 also magnifies its losses.
Active managers are taking a different path. CaixaBank Bolsa Gestión España returned 31% over three years and more than 10% in 2026. CaixaBank Asset Management runs the fund. Its largest positions are in BBVA, Inditex, Iberdrola, Santander, CaixaBank and Bankinter.
Okavango Delta produced an annualised return of 30% over three years. It is up 7.25% this year. Its manager, José Ramón Iturriaga, still sees an attractive opportunity in Spain.
Iturriaga points to economic growth above 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. He is looking instead at industrial, tourism, real estate and energy companies. Their current valuations may still reflect overly pessimistic scenarios.
The contrast with the political uncertainty described in an earlier report is sharp. Here, the evidence comes from ownership data and fund returns.
Santander Small Caps España completes the leading group among active funds. Its average three-year gains are above 29%. Manager Lola Solana has cut financial stocks to 4.97% of the portfolio. The 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 the market is not an easy entry point.
Passive funds give investors efficient access to the Ibex. Active managers must search beyond the most obvious winners. For investors in Spain, rising participation is only part of the story. Past returns alone are no longer enough to choose a fund.
On 28 September 2026, the CNMV recognised the Ibex 35 as a significant benchmark index under the European Benchmarks Regulation. The decision adds to the index’s institutional importance for funds and passive products.
