Investment Funds Performance Tracker (May 26)

Research evidence excerpt

Investment Funds Performance Tracker (May 26)

.1%. investment fund by banking group, bn EUR

Santander grew AUMs 1.5% m/m in May, losing another 8bps of market share in May (and May-26 YTD 2026

24bps YTD). Unicaja displayed strong momentum m/m, with AUMs up 2.4% m/m. Bankinter CaixaBank 0.1 0.5

grew almost in line with the system. (Exhibit 1). Bankinter 0.1 0.4

Unicaja 0.2 0.9

Investors keep preferring variable income. BBVA saw particularly strong inflows in May. In BBVA 0.3 1.2

0.1 0.7May, local-domiciled mutual funds saw inflows of 1.9bn EUR. By fund class, variable income Santander

-0.3 -0.1funds remained preferred by investors, with 1.0bn EUR of inflows in the month. Fixed income Sabadell

and Global funds also saw positive inflows, with Money market funds seeing 0.5bn EUR out of . -1.0 -0.5 0.0 0.5 1.0 1.5

Source: Inverco data, Jefferies

outflows (Exhibit 2). In terms of dynamics by Banking Group, BBVA saw the strongest inflows

in May, at 0.3bn, with Unicaja and Ibercaja just below, at 0.2bn EUR. Santander, CaixaBank, and Exhibit 4 - May and YTD returns for investment

Bankinter also saw some slight positive outflows (Exhibit 3). funds by type, %

May-26 YTD 2026

VI SpainGood market performance in May, driven by equities. Global funds also displayed a solid VI Japan

performance. Investment funds delivered a return of +1.78% on average in May and 7.68% in VI EuropeVI EM

the last 12m. In May, EM equities saw the best returns (10.93%), followed by Japanese equities VIGlobalUSA

(+9.78%), US equities (+5.28%) and Spanish equities (+3.02%). Money Market funds performed FI Euro - long durationTotal

worse (+0.17%). On a 12m basis, EM equities are the best performing funds with a return of FI Euro - short durationMM

53.13%, followed by Japanese equities (+45.78%) (Exhibit 4).