In 2025, the Spanish market is going through one of its brightest moments since the early 1990s. Spanish stock market was driven by a strong investment flow, a more stable macroeconomic environment and the recovery of key sectors such as manufacturing, air transport and defense.
In this context, the
Funds that beat the market in 2025
Active management once again demonstrates its ability to generate value. Vehicles such as Bestinver Bolsa, Okavango Delta or Santander Small Caps España accumulate revaluations of more than 50% in the year, placing them among the most profitable products on the national market.
Although their styles are not identical, they all share one fundamental characteristic: a strong belief in a small group of values. This concentrated approach was essential to amplifying the impact of stock market recoveries.
A common pattern in portfolios
Analysis of the positions reveals a coincidence that is difficult to ignore. Three companies appear repeatedly among the main bets of these funds and also benefit from the majority support of market analysts.
These companies not only dominated profitability for the year, but also maintain expectations for further growth in the medium term, based on current valuations.
Indra, the great driving force behind exercise
The company has managed to position itself as one of the main beneficiaries of the Special Modernization Programs, with the expectation of doubling its volume of contracts in the coming years. This scenario explains why it continues to occupy a prominent place in the portfolios of the most profitable funds.
Despite the strong rally, the market consensus places its price target above current levels, leaving additional double-digit potential in the coming twelve months.
IAG and the structural recovery of the airline sector
The airline stands out for its cost discipline, geographic diversification and a valuation that remains demanding compared to its own historical average. Analysts point out that it trades at lower multiples than its main European competitors.
Among the most cited catalysts are possible share buybacks, the strength of transatlantic demand and the entry into service of new, more efficient aircraft, factors which reinforce its attractiveness for managers.
CIE Automotive, smooth growth
The third pillar of this trio is
Its growth on the stock market was more moderate in 2025, although sustained, supported by strategic acquisitions and solid cash generation. The acquisition of Aludec strengthens its positioning in segments with higher added value.
The consensus believes that the stock still has additional upside potential, supported by reasonable multiples and a financial structure that does not compromise its future investment capacity.
A trio that sets the tone when it comes to handbags
The coincidence of Indra, IAG and CIE Automotive in the portfolios of the most profitable funds of the year does not respond to a precise trend. It reflects a shared reading of the market: structural growth, obvious competitive advantages and valuations which still offer margin.
In a historic year for the Spanish stock market, this trio has established itself as one of the axes on which great managers have built their best results and continues to be a key reference to understand where market conviction is concentrated in 2025.
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