Las grandes fortunas que más partido han sacado a este verano

This summer, two of Spain's wealthiest families have managed to navigate the market's uncertainty with their Sicavs. Despite volatility, they achieved returns exceeding 1% since the start of July. The market has been volatile, and investors had to deal with fluctuations in indices, including the top Spanish fortunes.

Alberto Palatchi, founder of Pronovias, leads the way with Gesprisa, Spain's largest investment society with assets over 1,700 million euros mid-August. It's the only Spanish Sicav close to 2,000 million in assets. Managed by Santander Asset Management, it gained 2.5% since June-end. The Sicav invests 93.05% in variable income. In the first half, it underwent significant rotation in its portfolio, according to the latest CNMV data.

Palatchi remains confident in AI potential in the stock market but differs from his previous strategy. Gesprisa has reduced exposure to the 'Seven Magnificent', such as Microsoft, Apple, Amazon, Meta, and Alphabet, while increasing its weight in AI-related companies. Taiwan Semiconductor, Macron Technology, and Lam Research are among its main positions. Spain only invests in Santander, with a 1.37% weight.

The March family has several Sicavs in co-investment with some clients, with Torrenova as its largest investment vehicle at 1,269 million euros. Since summer's start, it gained 1.5%, earned 5.6% a year, and 14.56% over three years. This Sicav is much more conservative, with 78.6% in fixed income. Variable income accounts for 19.61%, and 2.09% is in money market instruments.

Its stock investments have increased in the first six months of 2026 in big names like Nvidia, Apple, Microsoft, Amazon, and Alphabet. They have also shown interest in other segments of the semiconductor industry, from chip design and manufacturing to memory. Other major bets include TSMC, ASML, Micron, and Texas Instruments. In Spain, their stock positions are limited to Inditex, at 0.31%, Criteria Caixa at 0.38%, and Iberdrola at 0.32%.