Institutional Manager · CIK 0000891478

Banco Santander, S.A.

Madrid, U3 · File #028-04177

Latest AUM

$13.35B

Positions

901

Top-10 Concentration

66.3%

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
REDUCE	FERROVIAL SE	FER	-3,867,528	-$249.9M	+$23.2M
REDUCE	DEUTSCHE BANK A G	D18190898	-3,883,392	-$149.7M	+$12.2M
ADD	STELLANTIS N.V	STLA	+9,520,576	+$103.7M	+$14.8M
ADD	NETFLIX INC	NFLX	+736,357	+$69.0M	-$72.0M
REDUCE	ISHARES TR	464287234	-956,611	-$52.3M	+$1.3M
ADD	BROADCOM INC	AVGO	+145,128	+$50.2M	+$6.9M
ADD	MICRON TECHNOLOGY INC	MU	+153,296	+$43.8M	+$7.5M
ADD	ISHARES TR	464288679	+378,595	+$41.7M	-$12,445
ADD	ALPHABET INC	GOOG	+132,442	+$41.6M	+$31.0M
ADD	ISHARES TR	464288661	+264,745	+$31.6M	-$580

Sector Allocation

Financials

28.0%$3.74B

Technology

18.6%$2.49B

Consumer Discretionary

8.9%$1.19B

Industrials

6.5%$866.3M

Healthcare

4.3%$575.6M

Energy

3.4%$460.1M

Communication Services

3.3%$438.0M

2.2%$296.1M

0.4%$50.6M

0.3%$35.5M

0.2%$33.0M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025901 pos · $13.35B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025948 pos · $11.26B
Aug 1, 202513F HOLDINGS REPORTQ/E Jun 2025914 pos · $10.53B
May 9, 202513F HOLDINGS REPORTQ/E Mar 2025915 pos · $9.06B
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 2024832 pos · $8.31B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024853 pos · $8.48B
Jul 29, 202413F HOLDINGS REPORTQ/E Jun 2024806 pos · $8.07B
May 10, 202413F HOLDINGS REPORTQ/E Mar 2024779 pos · $8.30B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023763 pos · $7.05B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	BANCO SANTANDER BRASIL S A	BSBR	520,218,168	$3.18B	33.11%
2	FERROVIAL SE	FER	9,677,092	$625.2M	6.51%
3	NVIDIA CORPORATION	NVDA	2,681,497	$500.1M	5.21%
4	MICROSOFT CORP	MSFT	904,792	$437.6M	4.56%
5	APPLE INC	AAPL	1,299,528	$353.3M	3.68%
6	AMAZON COM INC	AMZN	1,312,435	$302.9M	3.16%
7	TOTALENERGIES SE	TTE	4,615,613	$302.0M	3.14%
8	FERRARI N V	RACE	641,971	$237.2M	2.47%
9	META PLATFORMS INC	META	336,674	$222.2M	2.31%
10	ALPHABET INC	GOOG	667,214	$208.8M	2.18%
11	STELLANTIS N.V	STLA	19,046,160	$207.4M	2.16%
12	BROADCOM INC	AVGO	570,240	$197.4M	2.06%
13	ALPHABET INC	GOOG	574,051	$180.1M	1.88%
14	DEUTSCHE BANK A G	D18190898	4,066,456	$156.8M	1.63%
15	SPDR GOLD TR	GLD	346,902	$137.5M	1.43%
16	JPMORGAN CHASE & CO.	VYLD	345,638	$111.4M	1.16%
17	ELI LILLY & CO	LLY	101,886	$109.5M	1.14%
18	VANGUARD INDEX FDS	922908363	171,553	$107.6M	1.12%
19	INVESCO EXCH TRADED FD TR II	IVZ	417,000	$105.5M	1.10%
20	TESLA INC	TSLA	224,583	$101.0M	1.05%