BlackRock made headlines on Tuesday by reaching a new milestone: becoming the first manager in the world to surpass the 12 trillion dollar mark in assets under management at the end of the first half of the year. The all-time highs of US stocks and a strong 18% increase in net client inflows to 68 billion dollars have propelled the company led by Larry Fink to a new record, which, of course, includes its undisputed leadership in the Spanish stock market.
A “Discreet” Giant: BlackRock’s Strategy in Spain
With a “discreet” profile characterized by stable, long-term positions that do not come with board seats, the world’s largest fund has established itself in Spain as a trusted investor in approximately twenty of the 35 stocks that make up the most important Spanish selective index, the Ibex 35. According to data compiled by La Información Económica at the National Securities Market Commission (CNMV), the company’s scale is so vast that its current stock portfolio is valued at 39.348 billion euros, representing 4.5% of the index’s capitalization (856.194 billion at the close of trading on Tuesday).
This makes BlackRock the reference shareholder on the Spanish stock exchange, where it holds more than 3% of the capital of 23 listed Ibex companies, even surpassing large Spanish companies like Amancio Ortega. Among them, the focus is on the energy and banking sectors, two of the drivers of the selective index, which have experienced remarkable appreciation in recent months. This has not only enriched its positions, which were almost 25 billion a year ago, but has also led the company to readjust its holdings upwards.
Latest Restructuring: Focus on the Banking Sector
The last restructuring occurred precisely at the beginning of the month, parallel to the completion of the acquisition of investment firm HPS Investment Partners. As part of this operation, the US giant increased its weighting in the banking sector, paying particular attention to the banks involved in the takeover bid: its stake in BBVA rose from 6.8% to 7.158%, the highest since records began with the CNMV, and in Banco Sabadell from 6.624% to 6.759%.
BlackRock’s Presence in the Ibex 35 after Adjustment:
- NATURGY: 18.831%
- REPSOL: 7.176%
- BBVA: 7.158%
- BANCO SANTANDER: 6.861%
- BANCO SABADELL: 6.759%
- IBERDROLA: 6.254%
- ENAGÁS: 5.979%
- BANKINTER: 5.967%
- AMADEUS: 5.498%
- REDEIA: 5.225%
- ACS: 5.057%
- CELLNEX: 5.013%
- TELEFÓNICA: 4.955%
- CAIXABANK: 4.68%
- MERLIN PROPERTIES: 4.632%
- ACCIONA ENERGÍA: 4.562%
- FLUIDRA: 4.304%
- GRIFOLS: 4.274%
- AENA: 4.193%
- IAG: 3.646%
- FERROVIAL: 3.6%
- COLONIAL: 3.465%
- ACCIONA: 3.525%
Spain’s Stock Exchange: BlackRock’s “Favorite” in the Eurozone
However, its reach on the Spanish stock exchange is not limited to these securities, as the company also holds positions below 3% and therefore does not bear the “significant stake” label granted by the Spanish regulator. This is the case, for example, with other companies such as Inditex or Puig, where the American fund is present, but whose data is not officially disclosed to the regulator. Furthermore, it should be noted that BlackRock’s majority stake in these securities is due to passive investments (ETFs), meaning that many of these holdings are not the result of discretionary decisions but rather the automatic replication of stock market indices. Therefore, adjustments, such as the one mentioned above, optimize their positions in an aligned manner. The truth is that its commitment to the Spanish stock exchange is no coincidence. This was at least reflected in its outlook for the second half of the year, where the group’s experts recommended their clients to “overweight” Spanish equities “due to the solid fundamentals of the economy.” Their analysis becomes even more relevant when it comes to the only country in the Eurozone where BlackRock maintains its positive assessment.
Global Strength: BlackRock’s Resilience in Uncertain Times
Returning to its global business: BlackRock’s latest half-year report underscores the company’s resilience to the uncertainty accompanying the global economy due to geopolitical and trade tensions that have shaken stock markets worldwide, with the White House being the epicenter of the earthquake. Far from slowing down, the bank accelerated its profits to 1.593 billion dollars (1.364 billion euros), 7% more than in the comparable period of 2024. Looking ahead to the rest of the year, the directors are not short of optimism. “We are heading into what is historically our strongest second half of the year with considerable momentum and a solid pipeline of opportunities,” Fink said in the subsequent presentation to his investors.
