Funds selected by Quality Funds

• AB SICAV I - Low Volatility Equity Portfolio - Global equity fund with a defensive approach, aimed at reducing volatility and providing better protection in market downturn scenarios. It is selected based on the management team's experience, the consistency of its strategy and its capacity to offer exposure to equities with a more controlled risk profile.
  
• Amundi Enhanced Ultra Short Term Bond Select -Very short-term fixed income fund that invests in high credit quality bonds and money market instruments denominated in euros. It is selected for its robust investment process, strict risk control and the experience of the management team to offer an alternative in the short-term segment.
• Candriam Bonds - Candriam Bonds EURO Government - Fixed income fund that invests in euro-denominated public debt from investment-grade issuers. It is selected for its robust investment process, its active duration management and risk control, offering a consistent alternative for investing in European sovereign debt with a focus on capital preservation.
• Dpam L - Bonds Government Sustainable - Fixed income fund that invests mainly in public debt of OECD countries with investment-grade ratings, integrating an advanced sustainability approach in the selection of sovereign issuers. It is selected for its robust investment process, the management team's experience and its own ESG analysis method, which allows combining active management with strict risk control.
• DWS Eurozone Bonds Flexible - A flexible European fixed income fund with a total return approach, which can invest in different market segments to adapt to each environment. It is selected based on the management team's experience, the flexibility of its investment process and its capacity to generate risk-adjusted returns through active management.
• Fidelity Funds - Global Technology Fund - Global equity fund that invests in leading technology companies. It is selected for the quality of its management and its fundamental approach supported by an extensive team of analysts.
• Goldman Sachs Emerging Market Core - Emerging markets equity fund that combines a quantitative model with systematic analysis to identify quality companies and attractive valuations. It is selected for its robust investment process, the management team's experience and its capacity to generate consistent results with strict risk control in different market environments.
• Goldman Sachs Europe Core Equity I Inc EUR - European equity fund that combines an advanced quantitative model with fundamental analysis to select quality companies. It is selected for its consistency, strict risk control and a robust investment process supported by analytical tools and artificial intelligence.
• Jpm Funds - Global Corporate Bond Fund - A global fixed income fund that invests in investment-grade corporate bonds through a broadly diversified portfolio. It is selected for the management team's experience, its robust investment process and strict risk control, offering exposure to high-quality global credit.
• MFS Blended Research European Equity - European equity fund that combines fundamental analysis and a quantitative model to identify quality companies with attractive valuations. It is selected for the consistency of its results, its robust hybrid investment process and its capacity to adapt to different phases of the cycle while maintaining strict risk control.
• Pictet Clean Energy Transition - Global equity fund specializing in the energy transition, with exposure to the entire clean energy value chain. It is selected for its comprehensive approach, its robust investment process and the management team's experience.
• Schroder ISF - US Large Cap - A US equity fund that invests in large-cap companies using a fundamental approach focused on identifying companies with sustainable growth and attractive valuations. It is selected based on the management team's experience, its robust investment process and its capacity to generate value through strict risk management.
• T. Rowe Price Funds SICAV - US Structured Research Equity Fund - US equity fund managed by an extensive team of analysts that combines a structured approach to stock selection with strict risk control relative to the index. It is selected for the consistency of its investment process, its strong management team and its capacity to generate value with limited deviations from the market.

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 Sustainable Fixed Income Strategies (05/16/2024) - The Blackrock fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
  
• Blackrock BGF - World Gold Fund (03/12/2024) - The Blackrock fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Blackrock BGF - World Healthscience (03/12/2024) - The Blackrock fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Bluebay Investment Grade EURO Government Bond Fund - The Bluebay fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• DWS INVEST - Top Dividend (03/12/2024) - The DWS fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• FF - European Larger Companies Fund (03/12/2024) - The Fidelity fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• GAM Multibond - Local Emerging Bond (03/12/2024) - We are replacing it due to significant changes in the corporate and financial situation of the parent company GAM Holding.
• Goldman Sachs F. SICAV - Global Millennials Equity Portfolio (03/12/2024) - The Goldman Sachs fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Goldman Sachs Funds III - Goldman Sachs Green Bond (03/12/2024) - The Goldman Sachs fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Invesco Funds SICAV - Japanese Equity Advantage Fund (03/12/2024) - The Invesco fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• MFS Meridian Funds - Global Equity (03/12/2024) - The MFS fund continues to be a good fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Morgan Stanley Investment Funds - Global Sustain Fund (03/12/2024) - The Morgan Stanley fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• MFS Meridian Funds - European Research A1 - The MFS fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Nordea 1 - European Covered Bond Fund (03/12/2024) - The Nordea fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• PIMCO Funds: Global Inv. Series PLC - Emerging Mar. Bond ESG (03/12/2024) - The Pimco fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Polar Capital Funds PLC - Global Technology (03/12/2024) - The Polar fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Schroder ISF - Global Energy Transition (03/12/2024) - The Schroders fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.
• Vontobel Fund - US Equity H (hedged) - The Vontobel fund continues to be an outstanding fund; however, within this selection, we chose to replace it with another fund that better diversifies the products available.