Institutional Manager · CIK 0000842180

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Madrid, U3 · File #028-19997

Latest AUM

$14.35B

Positions

724

Top-10 Concentration

63.7%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	NVIDIA CORPORATION	NVDA	+1,262,524	+$236.5M	+$2.9M
ADD	SPDR S&P 500 ETF TRUST	SPY	+286,508	+$196.3M	+$63.8M
NEW	POLESTAR AUTOMOTIVE HLDG UK	731105201	+7,755,946	+$160.2M	$0
NEW	ISHARES MSCI SPAIN ETF	464286764	+1,870,139	+$101.1M	$0
ADD	NETFLIX INC	NFLX	+1,046,696	+$98.3M	-$45.6M
ADD	BROADCOM INC	AVGO	+215,411	+$74.6M	+$11.1M
REDUCE	ISHARES CORE S&P 500 ETF	464287200	-108,227	-$74.4M	+$6.9M
REDUCE	ISHARES MSCI EMERGING MARKETS ETF	464287234	-1,336,039	-$73.2M	+$2.4M
REDUCE	FINANCIAL SELECT SECTOR SPDR FUND	81369Y605	-1,209,156	-$66.5M	+$1.6M
REDUCE	APPLE INC	AAPL	-240,306	-$65.4M	+$43.4M

Sector Allocation

Technology

25.1%$3.61B

Healthcare

5.6%$808.5M

Consumer Discretionary

5.1%$735.0M

Financials

4.4%$632.4M

Communication Services

4.3%$615.2M

1.9%$268.0M

1.8%$259.2M

0.9%$129.9M

0.4%$56.8M

0.4%$55.9M

0.3%$42.8M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025724 pos · $14.35B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 2025727 pos · $13.07B
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 2025691 pos · $11.03B
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025719 pos · $9.93B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024690 pos · $9.52B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024706 pos · $10.00B
Nov 12, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202471 pos · $1.34B
Nov 12, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202473 pos · $1.30B
Nov 12, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202466 pos · $1.64B
Aug 6, 202413F HOLDINGS REPORTQ/E Jun 2024662 pos · $7.90B
May 13, 202413F HOLDINGS REPORTQ/E Mar 2024688 pos · $7.38B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023724 pos · $7.43B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TRUST	SPY	3,186,896	$2.18B	22.83%
2	NVIDIA CORPORATION	NVDA	4,535,908	$849.8M	8.88%
3	APPLE INC	AAPL	2,239,057	$609.3M	6.37%
4	MICROSOFT CORP	MSFT	1,194,041	$578.0M	6.04%
5	ALPHABET INC	GOOG	1,316,317	$412.3M	4.31%
6	META PLATFORMS INC	META	478,145	$316.1M	3.30%
7	AMAZON COM INC	AMZN	1,326,094	$306.6M	3.20%
8	BROADCOM INC	AVGO	874,300	$302.8M	3.17%
9	ALPHABET INC	GOOG	902,470	$283.2M	2.96%
10	SPDR BLOOMBERG BARCLAYS 1-3 MONTH T-BILL ETF	78468R663	2,741,333	$251.0M	2.62%
11	ISHARES CORE S&P 500 ETF	464287200	237,461	$163.2M	1.71%
12	SPDR GOLD SHARES	GLD	403,937	$160.9M	1.68%
13	POLESTAR AUTOMOTIVE HLDG UK	731105201	7,755,946	$160.2M	1.67%
14	VANGUARD SHORT-TERM CORPORATE BOND ETF	92206C409	1,979,951	$158.2M	1.65%
15	ISHARES SHORT TREASURY BOND ETF	464288679	1,331,705	$147.0M	1.54%
16	ISHARES RUSSELL 2000 ETF	464287655	513,755	$126.8M	1.33%
17	TESLA INC	TSLA	252,005	$114.0M	1.19%
18	PALANTIR TECHNOLOGIES INC	PLTR	583,904	$104.0M	1.09%
19	TECHNOLOGY SELECT SECTOR SPDR FUND	81369Y803	711,921	$102.7M	1.07%
20	VISA INC	V	291,559	$102.4M	1.07%