Clearly BBVA Asset Management does not need a presentation, although we will highlight some figures. The managed heritage amounted to 44,703 million euros (data from the CNMV statistical report as of June 2021), a annual increase of 9.9%. Despite the fact that management fees are only up 15.2% compared to June 2020, the manager reached Benefits from 82.4 million euros, which represents a annual increase of 61.3%, when that of the industry as a whole was 29%.
2021 has been a best year for BBVA in terms of subscriptions, reaching about 2,500 million euros as of November 2021 (according to Inverco data), when in 2020 saw reimbursements of almost € 2 billion, mainly in the category of funds Global for more than 1,300 million euros and 450 million in the category Short Term Fixed Income.
Furthermore, despite having less managed assets than Caixa or Santander, the manager led by Paloma Piquera, Global Director of BBVA AM, achieved higher management commissions that those two entities and 15% more than those reached in 2020.
Among the categories where more net inflows registered by BBVA during 2021 (until November 2021 according to Inverco) highlights the International Variable Income (1,300 million euros) and Global (968 million), while the Short-Term Fixed Income continued to drip outflows, this time for 431 million.
And of the more than 100 investment funds of BBVA AM, which have been the most profitable in 2021?
Among the funds with the best returns of BBVA we see Bindex USA Index, with a 12-month return of 40.29%, which allows it to be placed in the second quartile in 2021. It is an index fund, that is, it replicates the S&P 500 Net Return, with which it can exceed the general limits of diversification. It was launched in October 2017, reaching a net worth of 830 million euros, with 4 Morningstar stars and 3 carbon globes. The sectoral composition is highly biased towards technology, and therefore Microsoft, Apple, Alphabet, Amazon and Tesla stand out among the main positions.
There is also the active management fund, BBVA Technology and Telecommunications Exchange, with a 12-month return of 34.19%. It was created in September 1997 as recorded in the CNMV records, taking as a reference the performance of the FTSE World Tech Telco 100 index. A fund that is around 1,300 million euros of equity, with three Morningstar stars, and located at the end of November in the first places of the second quartile. The portfolio is made up of 131 equity positions and as the prospectus indicates, it also has exposure to fixed income, being able to invest up to more than 35% in securities issued or guaranteed by an EU State, Autonomous Community, local entity, etc. with solvency not less than that of Spain. The latest Morningstar data shows a 29% exposure to fixed income. The technology sector represents almost 60% of investment, followed by 24% in communication services. The main equity positions include Apple, Alphabet and Meta.
Thematic backgrounds are also observed, such as BBVA Stock Exchange Sustainable Development SRI, BBVA Planet Earth Megatrend and BBVA Demography MegatrendThe latter fund being the one that is the worst positioned compared to its competitors, ranking at the 78th percentile and only one Morningstar star. The other two funds mentioned rank in the 29th and 33rd percentile respectively in 2021, and have 3 Morningstar stars. The three portfolios are characterized by having little concentration, mainly that of Sustainable Development, which even touches 300 positions, so we cannot say that it is a high-conviction portfolio.