Which Mapfre AM fund performed best in 2025? — Keys to its success
Redacción Mapfre
The year 2025 has been extraordinary for the Spanish stock market. You only need to look at the data to see that this is true. The Ibex 35 closed 2025 as its best year since 1993, finishing above 17,000 points. In fact, the Spanish stock market was the most profitable in Europe in 2025.
The Spanish index was driven mainly by the strong recovery of the domestic banking sector, whose stocks rose by more than 100%, as well as by the solid performance of sectors such as energy and construction.
In this context of stock market euphoria, many investors found significant opportunities, but only those vehicles that combined active stock selection with disciplined management were able to fully capitalize on the rally.
One of those funds was Fondmapfre Bolsa Iberia, which had the best performance of all Mapfre AM funds in 2025.
Fondmapfre Bolsa América, the best of Mapfre AM
Fondmapfre Bolsa Iberia is an investment vehicle that has proven to be a sound choice for investors interested in the Spanish market, achieving a profitability of 32.78% in 2025.
This fund has been driven, in general terms, by the performance of the Spanish stock market, which, as we have explained, has been exceptional overall during the year 2025. However, as manager Javier Miralles asserts, there are other factors behind the success of Fondmapfre Bolsa Iberia. “The fund has benefited from the strong overall momentum of the Spanish stock market, as well as from more specific investment choices such as positions in Técnicas Reunidas, Greenergy, or the Portuguese company Sonae, among others,” he explains.
Fondmapfre Bolsa Iberia has been able to take advantage of both the general rise in the market and specific opportunities within Iberian equities.
Investment strategy
This Mapfre AM investment vehicle allocates a large part of its portfolio to the industrial sector, with a weight of 22.5% as of December 31, 2025. However, other significant sectors are also represented, such as cyclical consumption with 17.6%, followed by the financial sector with 13.3%, and health with 9.7%, among others.
In terms of market capitalization, nearly half of the portfolio consists of mid-cap companies (47.1%), followed by small caps at 17.2% and large caps at 12.9%.
As for the largest positions in the portfolio, also at December 31, 2025, Almirall SA is first with 5.05%, Banco Santander SA is second with 5.02%, followed by Laboratorios Farmaceuticos Rovi SA with 4.60%.
| Position | ISIN | Value (€) | % |
|---|---|---|---|
| Almirall SA | ES0157097017 | 1.780.163 € | 5,05% |
| Banco Santander SA | ES0113900J37 | 1.768.493 € | 5,02% |
| Laboratorios Farmacéuticos Rovi SA | ES0157261019 | 1.622.425 € | 4,60% |
| Viscofan SA | ES0184262212 | 1.614.122 € | 4,58% |
| Construcciones y Auxiliar de Ferrocarriles SA | ES0121975009 | 1.555.549 € | 4,41% |
| Global Dominion Access SA | ES0105130001 | 1.451.869 € | 4,12% |
| Sacyr SA | ES0182870214 | 1.334.311 € | 3,79% |
| Ebro Foods SA | ES0112501012 | 1.274.388 € | 3,62% |
| Tubacex SA | ES0132945017 | 1.271.772 € | 3,61% |
| Iberdrola SA | ES0144580Y14 | 1.192.617 € | 3,38% |
In this regard, as Miralles explains, the fund’s philosophy is based on “active and prudent management of Iberian equities, focused on gaining an in-depth understanding of each company—its management teams, operations, and commitment to sustainability—in order to build a solid and balanced portfolio that prioritizes long-term quality and consistency over the pursuit of short-term market movements.”
In addition, the manager announces that the fund has recently incorporated the possibility of investing in European companies that have commercial or industrial interests in Spain, thus expanding its investment universe without losing the Iberian focus. “This gives us a little more flexibility to look for new investment ideas without losing the essence,” he comments.
Will it continue to shine in 2026?
When asked about the current fiscal year and how the national market will behave, the manager comments that “everything seems to indicate that the good momentum of the Spanish stock market could continue in 2026,” and continues to assure that, despite the substantial returns obtained in recent years, there is still a lot of potential in some companies.
However, he expresses concern about the risks that remain present such as: geopolitical tensions, inflation, interest rates, or tariffs (among others). But he ensures that risks are inherent to asset management; the challenge is to identify them in time and try to minimize their negative impact.
