Funds selected by Quality Funds

• AXA Europe Short Duration High Yield (01/02/2018) - Fund that invests in fixed-income securities of high-yield European companies. The investments are focused in short-term bonds, which usually carry a lower risk than this segment's average. It is, therefore, a conservative investment in the world of high-yield securities.
• BGF Euro Short Duration (01/02/2018) - Short-term European fixed-income fund which combines securities issued by both governments and companies (commonly known as Aggregate bonds) in the eurozone. Its objective is to maximize the investment's returns through capital growth and obtaining returns from the fund's assets.
• GAM Local Emerging Bond (01/02/2018) - Emerging-market fixed-income fund. It offers exposure to the debt market of governments of emerging countries that issue bonds in their local currency, through investing in both local currencies and interest rates. In addition, and to a very limited extent, it can include in the portfolio corporate bonds and issues of supranational agencies and organizations.
• Goldman Sachs Japan Portfolio (01/02/2018) - Fund that invests in stocks of large and medium-sized Japanese companies. Its portfolio is made up of between 60 and 120 securities. It is managed by a team with very good knowledge of Japanese companies, meaning that its returns are similar in the long term to those of the Japanese stock market as a whole.
• Janus Henderson UK Absolute Return (01/02/2018) - This is an Absolute Return "long short" fund (equities fund with a dynamic exposure) with a High risk profile. It seeks absolute positive returns, regardless of the market conditions, without following any reference index. Its returns are produced both by rises in stocks (long positions), and in their declines (short positions).
• JPM US Short Duration (01/02/2018) - It invests in short-term fixed-income securities denominated in U.S. dollars. The objective of the fund is to maximize the returns of the investment (capital and yields) through an optimal combination of securities from different sectors of the U.S. fixed-income market at any given time.
• MFS European Research (01/02/2018) - Fund that invests in stocks of large and medium-sized European companies, although mostly in large ones. Its portfolio is made up of between 60 and 90 securities. Its management team, made up of analysts, looks for high-quality companies. In practice, this translates into a somewhat more conservative profile than that of the European stock market.
• MFS Global Total Return (01/02/2018) - Global balanced fund which invests in a diversified portfolio that includes stocks and bonds from different geographical areas, mostly of developed countries. It focuses on high-capitalization and high-quality equity securities that are undervalued. Within fixed-income securities, it invests mostly in investment-grade issues of both corporate and government debt.
• MFS Meridian Global Equity (01/02/2018) - This fund is representative of investment in global equities. It invests in a diversified portfolio of between 80 and 120 companies, mostly large in size. It pays close attention to the quality of the companies, meaning that the fund performs relatively better than comparable funds in bear markets, while accompanying bull markets in their growth.
• Nordea Stable Return (01/02/2018) - Balanced global fund that invests in a combination of different assets, including equities, money-market assets, public debt instruments, corporate issues and convertible bonds. It adopts a global approach, mostly focusing on developed countries, although it also maintains exposure to emerging markets. It can also hold currencies other than the Euro in its portfolio.
• PIMCO Global Investment Grade Credit Fund (01/02/2018) - Fixed-income fund that invests mostly in investment-grade corporate bonds. It applies a global approach, has a diversified portfolio and is actively managed, all overseen by a team with extensive experience.
• Schroder ISF Emerging Markets (01/02/2018) - This fund is representative of investment in emerging market equities. It invests in a diversified portfolio consisting of between 90 and 130 companies, mostly large in size.
• Robeco New World Financials (01/02/2018) - It is one of the pioneers in themed investment in finance, as it has been applying this approach since 2008, differentiating it from other funds in the finance sector. It is managed by a team with extensive experience in the sector and good results since it has been in charge.
• BGF World Gold (01/02/2018) - Fund that invests in companies dedicated to the gold business, especially gold-mining companies. Companies of this kind are highly sensitive to the price of physical gold, both in its positive and negative fluctuations. A large part of the portfolio is invested in medium and small-sized companies.
• Amundi Global Aggregate Bond (04/27/2018) - This is a global fixed-income fund. It has a highly-flexible distribution of assets, seeking to take advantage of any opportunity that the fixed-income market has to offer. Its objective is to beat the yield obtained by the reference index.
• Jpm Global Short Duration Bond Fund (04/27/2018) - This fund explores short-term, fixed-income opportunities (governments, agencies, CDOs and corporate bonds) with a high credit rating. The duration will be between 1 and 3 years.
• Bluebay IG Euro Aggregate Bond (02/02/2021) - Through a diversified portfolio of government bonds and corporate fixed-income securities, the fund seeks to leverage market inefficiencies to generate alpha, minimizing the downward volatility of the portfolio.
• Bluebay IG Euro Government Bond (02/02/2021) - This fund invests predominantly in European fixed-income assets (governments and corporate) with an investment-grade credit rating.
• BNP Paribas Insticash - EUR 1d Short Term Vnav (02/02/2021) - The fund's investment goal is to preserve capital through a diversified portfolio of monetary instruments and fixed-income, short-term, high credit quality assets (deposits, letters, commercial paper).
• Capital Group New Perspective (lux) (02/02/2021) - Invests in global stocks in search of quality companies with increased profits, multinationals that are leaders in their respective markets.
• DWS Floating Rate Notice (02/02/2021) - Invests mostly in floating bonds from high-quality companies denominated in EUR. The duration is actively managed over 0-12 months, and the credit over 0-36 months.
• Fidelity European Larger companies (02/02/2021) - Invests in European companies that combine low valuation multiples (cheap companies) and high quality (low debt), investing in them as determined by the management team.
• Iberia Fidelity (02/02/2021) - Invests in companies with the potential for profit growth above the market average. Although the benchmark of its category is the IBEX 35, it is compared to an index consisting of MSCI Spain (80%) and MSCI Portugal (20%).
• Invesco Japanese Equity Advantage Fund (02/02/2021) - The fund focuses on high-quality Japanese stocks that have intangible assets that generate significant and sustainable free cash flows. It is more exposed to small companies than the Japanese stock exchange index.
• JPM US Select (02/02/2021) - Invests in American stocks without diverting significantly from the sectors in the index. The added value comes from the selection of the stocks.
• Nordea Covered Bond (02/02/2021) - Actively invests in the universe of European covered bonds, identifying risk-adjusted, relative-value opportunities.
• PIMCO Income Fund (02/02/2021) - This fund explores opportunities in fixed-income securities (governments, MBS, corporate bonds, high yield) in an effort to obtain high and consistent returns. It may invest in currencies and emerging markets to diversify its portfolio.
• Robeco Robecosam EURO Sdg Credits (02/02/2021) - High credit rating European credit fund that invests in companies that contribute to achieving the United Nations Sustainable Development Goals.
• Vontobel US Equity (02/02/2021) - Invests in american companies adhering to quality criteria such as low debt and stable profits, but not at any price. It has performed particularly well during market falls.
• AB Sustainable Global Thematic Portfolio (02/02/2021) - Absolute return, high-risk "equity market neutral" fund (equity fund with no market exposure). It seeks absolute positive returns, regardless of the market conditions, without following any reference index, using "Big Data" techniques. Its returns are produced both by rises in stocks (long positions), and in their declines (short positions).
• Candriam SRI Bond Euro Short Term (02/02/2021) - Fund that applies a themed approach, investing only in companies that benefit from the growth of consumption on a global level, generally investing in large companies.
• DWS Top Dividend (02/02/2021) - Fund that applies a themed approach, investing in companies of all sizes that benefit from the efforts carried out to adapt or mitigate the effects of climate change at a global level.
• NN Green Bonds (02/02/2021) - The manager of the fund has been involved in it ever since its launch and has prior experience investing in this field. Over the long term, it is the fund that has produced the best results relative to other comparable funds.
• Nordea Global Climate and Environment Fund (02/02/2021) - Fund that has trended similarly to global equities while also performing better than comparable funds, all of which are committed to socially responsible investing.
• Polar Capital Global Technology (02/02/2021) - A fund that invests mainly in the technology sector, but with a thematic focus, investing only in those companies that, within this area, exhibit a high growth potential.
• Schroder ISF - Global Energy Transition (01/29/2022) - The fund invests in equities and securities related to equities in companies across the world that, in the adviser's opinion, are associated with the global transition towards low-carbon energy sources, such as production, distribution, storage, transportation and the associated low-carbon energy supply chain.
• PIMCO Funds: Global Inv. Series PLC - Dynamic Multi-asset (05/04/2022) - The fund has an active and flexible investment process in the distribution of assets, the aim of which is to maximize total return, in combination with capital preservation, and prudent management. To do this, it invests in different types of assets, including equities, fixed-income, currencies or real assets.
• Jpmorgan Investment Funds - Global Income (05/04/2022) - Its objective is to generate income, through investment in assets such as high yield bonds, stocks with high dividend yields, real estate, emerging debt and investment-grade corporate bonds.
• ROBECO High Yield Bond (05/04/2022) - The fund invests in bonds of companies with high yield ratings. This fund takes great care in selecting its investments within this world, adopting a conservative approach and focusing on quality in the long term.
• PIMCO Emerging Markets Bond ESG (05/04/2022) - Invests in assets issued by emerging countries in hard currency (dollar/euro) with a focus on ESG factors. It focuses on stock selection, together with a macro view and the internal ESG rating, which includes exclusions, evaluation and engagement.
• MAN AHL TargetRisk (05/04/2022) - The fund invests in four classes of assets: equities, credit, governments and inflation. The objective is to offer constant volatility, for which it will assign the weight to each type of asset in an evenly weighted manner from a risk point of view.
• Edmond de Rothschild - Big Data (05/04/2022) - Invests in companies worldwide that involve Big Data solutions, distributors or users. It usually has a diversified portfolio (not only technology), which reduces its risk.
• Goldman Sachs F. SICAV - Global Millennials Equity (05/04/2022) - It invests in companies with a global presence that benefit from the consumption patterns of the Millennial generation, focusing on two main characteristics: digital natives and different lifestyles. It has an aggressive profile.
• M&G Global Sustain Paris Aligned (01/03/2023) - Invests in a concentrated portfolio of global companies and those expected to contribute to the climate targets of the Paris Agreement. Its portfolio is divided between companies with stable growth and opportunities.
• Candriam Sustainable Equity Europe (01/03/2023) - Invests in European stocks with a sustainable approach, applying principles of integration, exclusions, regulatory compliance and "best in class" philosophy. It is a defensive fund biased toward Quality-Growth.
• BSF Fixed Income Strategies Fund (02/22/23): the fund has shown good capital preservation in environments of generalized declines in traditional assets. The management team has been able to adapt to the current situation of uncertainty, most notably through its duration management strategy.
• BGF World Healthscience (02/22/23): this fund is being added in order to be able to offer a product with a defensive strategy in relation to the global stock exchange indices.

NOTE: The CIIs managed by Blackrock INC. together they have a joint shareholding that exceeds 5% of the total share capital issued by BBVA S.A.

• Blackrock European Absolute Return (02/22/2023): worse relative performance versus other comparable funds in the category.
• Pictet - Security (02/22/2023): the Pictet fund continues to be a good fund; however, similar funds are already available on the list, so we chose to replace it with a fund that better diversifies the products available.
• MS Global Sustain (01/03/2023):Replaced by a fund with a minimum % committed to higher sustainability
• Pictet - Quest Europe Sustainable Equities P EUR (01/03/2023): Replaced by a fund with a % minimum commitment to higher sustainability. AXA World Funds.
• Framlington Robotech (04/11/2022) - AXA's fund remains a good fund, but we prefer an alternative like Edmond de Rothschild Big Data, which, within the same growth strategy, has demonstrated a better capacity to adapt to market situations where the "value" strategy has shown the best performance.
• Robeco CGF - Robeco Global Consumer TRENDS (04/11/2022) - Robeco's fund remains a good fund, but we prefer an alternative such as GS Global Millennials, which, within the same growth strategy, has demonstrated a better capacity to adapt to market situations where the "value" strategy has shown the best performance.
• Morgan Stanley Investment Funds - Global Balanced Income (04/11/2022) -The Morgan Stanley fund is still a good fund, although it has reduced its assets, which means that we prefer other alternatives with a greater amount of assets under management.
• PIMCO Funds: Gls PLC - Global High Yield Bond (04/11/2022) - The Pimco fund is still a good fund, although we prefer to change it to the Robeco High Yield Bond fund, which after a few months closed, is available again for new customers, and we believe it obtains better risk-adjusted results.
• Goldman Sachs F. SICAV - Emerging Markets DEBT (04/11/2022) - The Goldman Sachs fund continues to be a good fund, although we prefer to replace it with the Pimco Emerging Markets Bond ESG fund, which is a good alternative to take exposure to the emerging fixed income market in hard currency, but incorporating sustainable factors.
• Blackrock BSF - Fixed Income Strategies (04/11/2022) - The continued high volatility in the Fixed income markets, fueled by rising inflation and discrepancies in monetary policies, may undermine the fund's consistency, which is why we opted for other strategies within the main absolute return highlights.
• Amundi 6M (02/02/2021) - The Amundi fund is still a good fund, although it has been replaced by BNP Paribas Insticash - EUR 1d Short Term Vnav, which is more representative of the category and also offers a somewhat more conservative profile.
• Invesco Pan European Equity (02/02/2021) - Loss of consistency due to its modest profitability trend. The fund has been replaced by Fidelity European Larger Companies, as it is more representative of the category.
• Parvest Bond Euro Government (02/02/2021) - The BNP Parvest fund remains a good fund, although it has been replaced by the Bluebay IG Euro Government Bond Income, which is more representative of the category and has better results.
• Robeco High Yield (02/02/2021) - The Robeco fund remains a good fund, but because it is closed to new investments, it has been replaced by the PIMCO Global High Yield Bond Fund.
• Robeco US Premium (02/02/2021) - Loss of consistency due to the small growth of its profitability. The fund has been replaced by two alternatives, namely Vontobel US Equity and JPM US Select.
• BSF Americas Diversified Equity Absolute Return (02/02/2021) - Blackrock's fund remains a good fund, but it has not managed to adapt to all market environments, which is why we decided to seek a better alternative.
• M&G Optimal Income (02/02/2021) - The M&G fund remains a good fund, although it has been replaced by Morgan Stanley Global Balanced Income, which is more representative of the category.
• Amundi US Fundamental Growth (04/01/2020) - The Amundi fund is still a good fund, although it has been replaced by Vontobel US Equity, which is more representative of the category and also offers a somewhat more conservative profile.
• Robeco QI Global Developed Sustainable Enhanced Index Equities (04/01/2020) - The Robeco fund is still a good fund, but it is being replaced by the Morgan Stanley Global Sustain and AB Sustainable Global Thematic funds, which are more restrictive of the industries they allow.
• Vontobel Clean Technology (04/01/2020) - The Vontobel fund is still a good fund, although it has been replaced by Nordea Global Climate & Environment, which invests in a wide range of themes, and thus in more sectors and industries.
• GAM Multistock Japan Equity (03/11/2020) - The GAM fund is still a good fund, but due to the significant reduction in its level of assets under management in recent months, we have decided to look for a better alternative.
• Robeco BP Global Premium Equities (03/11/2020) - Loss of consistency due to the discreet trend in its profitability after shifting its position to more of a value style at levels not seen in the past since being taken over by the new management team (2008).