CIK: 0000842180
Total reported value
$14.3B
Reporting period: 2026-03-31 · Number of holdings: 726
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. disclosed 726 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.3B and a quarterly turnover rate of 27.1%.
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Banco Bilbao Vizcaya Argentaria, S.a.'s disclosed holdings carry a Herfindahl concentration index of 0.048 — mathematically equivalent to about 21 equally-sized positions, well below its 726 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.81), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 64% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SPY
+34.0% $553.8M
Trim IWM
-83.4% -$106.1M
Trim XLK
-93.4% -$96.5M
Trim EWP
-87.0% -$87.9M
Trim GOOG
-24.5% -$87.9M
Trim AAPL
-6.8% -$80.5M
Banco Bilbao Vizcaya Argentaria is consolidating capital into a record-high SPY allocation while aggressively trimming sector-specific ETFs (IWM, XLK, EWP) and large-cap tech singles like AAPL and GOOG. This is a deliberate rotation from active stock and sector selection to a pure beta bet on S&P 500 index momentum, sacrificing alpha potential for index-level exposure.
The heavy accumulation of SPY paired with the near-liquidation of small-cap (IWM), tech-sector (XLK), and regional Spain (EWP) exposure telegraphs a conviction that large-cap US equities will continue to absorb global liquidity and sustain their leadership. The regime being priced is momentum-driven, low-volatility, index-centric market structure. The opposing thesis is that this is a late-cycle cluster—when breadth cracks or factor rotation begins, the entire portfolio is exposed to a single directional wager with no active underweights to buffer the shift.
The momentum-contrarian score at 100 combined with a 19% weight in the most crowded ETF in the world creates a structural vulnerability to factor reversal. This is not diversification—it is a leveraged bet on trend persistence. With every visible trade removing potential hedges, a sharp de-rating in momentum or a sudden spike in volatility would trigger synchronized beta compression across all 726 holdings, turning breadth into a liability rather than a shield.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 726 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 19.16% | +3.94% | +33.97% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.86% | — | +6.75% | |
| 3 | AAPL | Apple INC | Stock-Tech | 3.70% | -0.55% | -6.78% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 3.66% | -0.37% | +18.74% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.54% | -0.33% | -3.82% | |
| 6 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 2.28% | +0.53% | +30.02% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.27% | +0.13% | +18.21% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 2.21% | — | +16.77% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.18% | — | +14.67% | |
| 10 | GLD | Spdr Gold Shares | ETF-Commodities | 1.39% | +0.27% | +16.34% | |
| 11 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.37% | -0.60% | -24.49% | |
| 12 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.32% | +0.18% | +22.55% | |
| 13 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 1.21% | — | +10.90% | |
| 14 | SHV | Ishares 0-1 Year Treasury Bo | ETF-Gov Bonds | 1.10% | — | +7.60% | |
| 15 | PSNY | Polestar Automotive-cl A Ads | Stock-Other | 0.94% | +0.94% | NEW | |
| 16 | NFLX | Netflix INC | Stock-Comm Services | 0.92% | +0.21% | +26.97% | |
| 17 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.76% | — | +28.33% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.76% | — | +22.97% | |
| 19 | MU | Micron Technology INC | Stock-Tech | 0.74% | +0.37% | +69.56% | |
| 20 | SLV | Ishares Silver Trust | ETF-Commodities | 0.68% | +0.18% | +32.94% | |
| 21 | ACWI | Ishares Msci Acwi ETF | ETF-Other | 0.65% | — | +1.20% | |
| 22 | SIVR | Abrdn Physical Silver Shares | ETF-Commodities | 0.65% | +0.14% | +24.66% | |
| 23 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.64% | +0.17% | +59.33% | |
| 24 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.62% | +0.13% | +5.83% | |
| 25 | WMT | Walmart INC | Stock-Consumer Staples | 0.59% | — | -5.75% | |
| 26 | MA | Mastercard INC - A | Stock-Financials | 0.57% | — | +10.46% | |
| 27 | LRCX | Lam Research CORP | Stock-Tech | 0.57% | +0.15% | +7.67% | |
| 28 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.54% | — | -3.10% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.51% | — | -0.08% | |
| 30 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.51% | -0.14% | -7.80% | |
| 31 | KLAC | Kla CORP | Stock-Tech | 0.50% | +0.13% | +11.00% | |
| 32 | CSCO | Cisco Systems INC | Stock-Tech | 0.48% | — | -4.08% | |
| 33 | COIN | Coinbase Global INC -class A | Stock-Financials | 0.46% | — | +25.93% | |
| 34 | AMAT | Applied Materials INC | Stock-Tech | 0.46% | +0.28% | +90.95% | |
| 35 | AMD | Advanced Micro Devices | Stock-Tech | 0.44% | — | -2.10% | |
| 36 | IEI | Ishares 3-7 Year Treasury Bo | ETF-Gov Bonds | 0.44% | — | +10.26% | |
| 37 | WFC | Wells Fargo & Co | Stock-Financials | 0.43% | — | +4.53% | |
| 38 | IBM | Intl Business Machines CORP | Stock-Tech | 0.42% | — | -2.45% | |
| 39 | TSLA | Tesla INC | Stock-Consumer Disc | 0.40% | -0.39% | -37.88% | |
| 40 | GLW | Corning INC | Stock-Tech | 0.40% | — | -6.90% | |
| 41 | GS | Goldman Sachs Group INC | Stock-Financials | 0.39% | — | +31.29% | |
| 42 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.39% | — | +25.88% | |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.39% | — | -14.52% | |
| 44 | ORCL | Oracle CORP | Stock-Tech | 0.38% | — | +20.05% | |
| 45 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.36% | — | +11.29% | |
| 46 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.36% | -0.13% | -35.73% | |
| 47 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.36% | — | +40.42% | |
| 48 | ADI | Analog Devices INC | Stock-Tech | 0.35% | +0.20% | +102.92% | |
| 49 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.34% | — | -13.44% | |
| 50 | INTC | Intel CORP | Stock-Tech | 0.34% | — | -20.18% |
Performance for Q3 2026
+2%
Performance Last 4 Quarters
+19.9%
Based on 85% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 726 | $14.3B | 27 | |
| 2025-12-31 | 724 | $14.4B | 24 | |
| 2025-09-30 | 727 | $13.1B | 45 | |
| 2025-06-30 | 691 | $11.0B | 0 | |
| 2025-03-31 | 719 | $9.9B | 100 | |
| 2024-12-31 | 690 | $9.5B | 0 | |
| 2024-09-30 | 706 | $10.0B | 0 | |
| 2024-06-30 | 66 | $1.6B | 0 | |
| 2024-03-31 | 688 | $7.4B | 0 | |
| 2023-12-31 | 658 | $7.1B | 0 | |
| 2023-09-30 | 724 | $7.4B | 0 | |
| 2023-06-30 | 705 | $7.7B | 0 | |
| 2023-03-31 | 715 | $8.0B | 0 | |
| 2022-12-31 | 712 | $6.9B | 0 | |
| 2022-09-30 | 718 | $6.2B | 0 | |
| 2022-06-30 | 693 | $6.6B | 0 | |
| 2022-03-31 | 706 | $7.4B | 0 | |
| 2021-12-31 | 775 | $7.5B | 0 | |
| 2021-09-30 | 762 | $6.4B | 0 | |
| 2021-06-30 | 764 | $5.6B | 95 | |
| 2021-03-31 | 747 | $5.1B | 35 | |
| 2020-12-31 | 696 | $4.3B | 31 | |
| 2020-09-30 | 672 | $3.5B | 31 | |
| 2020-06-30 | 755 | $3.1B | 48 | |
| 2020-03-31 | 678 | $2.8B | 44 | |
| 2019-12-31 | 716 | $3.2B | 0 |
Banco Bilbao Vizcaya Argentaria, S.a.'s most significant position changes for 2026-03-31: Sold out: Polestar Automotive Holding UK PLC (PSNY); New buy: Polestar Automotive-cl A Ads (PSNY); Add: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares +33.97%; Trim: Ishares Russell 2000 ETF (IWM) — shares -83.44%; Trim: Ss Technology Select Sector (XLK) — shares -93.39%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +3.9% | +33.97% | Add |
| 2 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.5% | +30.02% | Add |
| 3 | MU | Micron Technology INC | +0.4% | +69.56% | Add |
| 4 | AMAT | Applied Materials INC | +0.3% | +90.95% | Add |
| 5 | GLD | Spdr Gold Shares | +0.3% | +16.34% | Add |
| 6 | NFLX | Netflix INC | +0.2% | +26.97% | Add |
| 7 | ADI | Analog Devices INC | +0.2% | +102.92% | Add |
| 8 | NVO | Novo-nordisk A/s-spons Adr | +0.2% | +264.43% | Add |
| 9 | IVV | Ishares Core S&p 500 ETF | +0.2% | +22.55% | Add |
| 10 | SLV | Ishares Silver Trust | +0.2% | +32.94% | Add |
| 11 | AGG | Ishares Core U.s. Aggregate | +0.2% | +232.89% | Add |
| 12 | SHY | Ishares 1-3 Year Treasury Bo | +0.2% | +785.59% | Add |
| 13 | LLY | Eli Lilly & Co | +0.2% | +59.33% | Add |
| 14 | C | Citigroup INC | +0.2% | +108.66% | Add |
| 15 | LRCX | Lam Research CORP | +0.2% | +7.67% | Add |
| 16 | SOXX | Ishares Semiconductor ETF | +0.1% | +103.23% | Add |
| 17 | SIVR | Abrdn Physical Silver Shares | +0.1% | +24.66% | Add |
| 18 | GSK | Gsk Plc-spon Adr | +0.1% | +7199.81% | Add |
| 19 | CEG | Constellation Energy | +0.1% | +191.79% | Add |
| 20 | RIO | Rio Tinto Plc-spon Adr | +0.1% | +1251.76% | Add |
| 21 | EWZ | Ishares Msci Brazil ETF | +0.1% | +5.83% | Add |
| 22 | AMZN | Amazon.com INC | +0.1% | +18.21% | Add |
| 23 | KLAC | Kla CORP | +0.1% | +11.00% | Add |
| 24 | GILD | Gilead Sciences INC | -0.1% | -35.73% | Trim |
| 25 | VT | Vanguard Tot World Stk ETF | -0.1% | -34.84% | Trim |
| 26 | BIIB | Biogen INC | -0.1% | -71.10% | Trim |
| 27 | TMUS | T-mobile US INC | -0.1% | -80.65% | Trim |
| 28 | DIS | Walt Disney Co/the | -0.1% | -7.80% | Trim |
| 29 | ADBE | Adobe INC | -0.1% | -12.46% | Trim |
| 30 | CCI | Crown Castle INC | -0.1% | -94.60% | Trim |
| 31 | AMGN | Amgen INC | -0.1% | -41.58% | Trim |
| 32 | APP | Applovin Corp-class A | -0.2% | +1.64% | Add |
| 33 | NBIX | Neurocrine Biosciences INC | -0.2% | -98.97% | Trim |
| 34 | VTIP | Vanguard Short-term Tips | -0.2% | -91.75% | Trim |
| 35 | MS | Morgan Stanley | -0.2% | -44.37% | Trim |
| 36 | EWY | Ishares Msci South Korea ETF | -0.2% | -58.97% | Trim |
| 37 | VRTX | Vertex Pharmaceuticals INC | -0.2% | -56.54% | Trim |
| 38 | COF | Capital One Financial CORP | -0.2% | -50.50% | Trim |
| 39 | RSP | Invesco S&p 500 Equal Weight | -0.2% | -73.64% | Trim |
| 40 | GOOGL | Alphabet Inc-cl A | -0.3% | -3.82% | Trim |
| 41 | MSFT | Microsoft CORP | -0.4% | +18.74% | Add |
| 42 | TSLA | Tesla INC | -0.4% | -37.88% | Trim |
| 43 | XLC | Ss Comm Select Sector Spdr | -0.5% | -92.41% | Trim |
| 44 | AAPL | Apple INC | -0.6% | -6.78% | Trim |
| 45 | GOOG | Alphabet Inc-cl C | -0.6% | -24.49% | Trim |
| 46 | EWP | Ishares Msci Spain ETF | -0.6% | -86.96% | Trim |
| 47 | XLK | Ss Technology Select Sector | -0.7% | -93.39% | Trim |
| 48 | IWM | Ishares Russell 2000 ETF | -0.7% | -83.44% | Trim |
| 49 | PSNY | Polestar Automotive Holding UK PLC | — | EXIT | Sold out |
| 50 | PSNY | Polestar Automotive-cl A Ads | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-11-12 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-06 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-11-12 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-11-12 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-04 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
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