Before the pandemic wreaked havoc on the market, it was easy to have a mental scheme of which Spanish stock funds were the largest by assets. The first and second positions have long belonged to two products of Banco Santander’s manager: Santander Acciones Españolas, which exceeded 1,000 million euros in assets at the end of February and now manages 600, and the well-known Santander Small Caps Spain, from Lola Solana, who came to star in the first television ad after the chimes of two years ago and who treasures just over 380 million. Since then, changes have been happening. A few months ago, another fund from this manager, this time passively managed, . And now, another fund of this type, which replicates the Ibex, rises to fourth, thus surpassing EDM Inversión and Fidelity Iberia.
In this case, the owner of this product is the manager of CaixaBank, and the fund in question is Caixabank Bolsa Índice España, which manages 261 million euros. Almost 10 million more than the oldest Spanish stock market fund, EDM Inversión -now in fifth place- and 18 million more than Fidelity Iberia -in sixth-. The latter became in its day the first fund in this category that managed to overcome the barrier of 1,000 million euros in assets under management at the hands of its previous manager, Firmino Morgado, now in the British manager Man GLG.
Although Fidelity Iberia occupies the sixth position, with its 242.8 million, the truth is that another Spanish stock market index fund threatens to take it away. This is ING Direct FN Ibex 35, which manages 242.1 million.
More and more offer
In a year in which roboadvisors have fueled the price war with their automated portfolios of investment funds with continuous reductions in their commissions, banks have not missed the opportunity to strengthen their offer of index funds this year, with the registration of new –.
Bankinter registered the Bankinter Health Index last week, with a management fee of 0.7% for the retail class; while Santander AM also launched another index fund at the beginning of October: Santander Índice USA, created for its portfolio management service at a cost of 0.35%. The Bankia manager has also launched four new index funds this year, which leave its list of this type of funds, called Bankia Index, made up of eight products in total.
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