GIP purchase gives BlackRock nearly 4% weighting in Ibex | Financial markets

Step by step, BlackRock, the world’s largest asset manager, has been increasing its weight on the Ibex 35. Since it announced its purchase of infrastructure fund GIP Naturgy on January 12, the firm’s core asset has been under threat. . With this transaction, the firm led by Larry Fink will now own 20% of Naturgy’s capital. At market prices, this participation is valued at $4.906 million. Spanish gas company…

Step by step, BlackRock, the world’s largest asset manager, has been increasing its weight on the Ibex 35. Since it announced its purchase of infrastructure fund GIP Naturgy on January 12, the firm’s core asset has been under threat. . With this transaction, the firm led by Larry Fink will now own 20% of Naturgy’s capital. At market prices, this participation is valued at $4.906 million. The Spanish gas company, considered strategic, is the main position of the American manager, but not the only one. Together with Naturgy, through its index funds, BlackRock is present in the capital of 19 members of the Ibex 35, whose shares are valued at market prices at 24,172.8 million. This is equivalent to 3.8% of the 634,076 million capitalized by the index. Despite this prominence, the manager does not typically sit on the boards of companies in which he is involved (he plans to keep GIP’s two current directors at Naturgy) because a large portion of his assets are tied up in indexed funds.

BlackRock’s presence in the remaining listed companies is much more modest, with ownership ranging from 3.07% of Aena to 6.2% of Fluidra. Of course, the hallmark is diversification. The American manager owns significant stakes in banks, energy, tourism, real estate, infrastructure and pharmaceutical firms.

At market prices, Iberdrola will be one step below Naturji. According to CNMV records, since 2010, the first date for which data is available, the manager has strengthened its position in the Spanish electricity company and in July last year increased its weighting in the capital to the current 5.395%, equivalent to about $3.844 million. . The acquisitions made six months ago make BlackRock its second-largest shareholder. Only above the American firm is the Qatar Investment Authority with 8.694% of the capital.

Santander and BBVA, two colossi of the Spanish financial system, could not be missing from the list of top jobs at Larry Fink’s firm. The last capital increase of the company chaired by Ana Botín dates back to October 2019, when it increased its stake from 5.412% to the current 5.426%. At market prices, his participation is valued at 3.258 million euros. US managers appear to have confidence in Santander, as the second benchmark shareholder is Dodge & Cox. In June 2022, the American firm, founded in 1930 by Van Duyne Dodge and E. Morris Cox, became part of the enterprise and has since maintained a 3.038% share of the capital.

Behavior very similar to what was observed in Santander is also observed in BBVA. Since April 2019, BlackRock controls 5.917% of the capital, equivalent to approximately $2.760 million. In November 2023, coinciding with the rally that the banks were experiencing and taking advantage of the fact that the enterprise had said goodbye to the discount to book value, the pension manager of Capital Research and Management Company joined the stake in the enterprise and became part of it. its capital with 3.01%.

But the presence of the world’s largest manager of Spanish capital is not limited to Santander and BBVA. In CaixaBank he controls 4.994% (EUR 1,434.9 million), while his stake in Sabadell is limited to 3.965% (EUR 248 million). They remain outside the tentacles of BlackRock Unicaja and Bankinter.

Managers’ interests in the energy sector vary widely. Although with the entry into Naturgy and maintaining a position in Enagas (5.422%), the gas sector will become the business with the largest presence, BlackRock retains influence in the oil sector through Repsol. Since May 2022, the American manager owns 5.475% of the capital of the company headed by Antonio Brufau.

While listed commodities-related companies play a prominent role in the portfolio, the manager recognizes that in an increasingly environmentally conscious world, clean energy has a prominent role to play. With interest rates at a two-decade high and expectations that they will remain high for even longer, it is not the most ideal climate for investing in renewable energy. In addition to participation in Iberdrola, the manager controls 4.16% (74.25 million) of Solaria’s capital.

Interest in infrastructure is nothing new. While the GIP purchase is BlackRock’s largest transaction in more than a decade, the manager has a presence in ACS (5,838%) and Acciona (3,325%). In the field of energy infrastructure, the best example is the electricity system operator Redeia (4.995%), while in the field of telecommunications Cellnex stands out, where its share reaches 5.05%. Together with the tower operator, the manager owns 4.983% of Telefónica.

Among listed travel companies that have yet to recover to pre-pandemic levels, the manager favors Aena (3,071%) and Amadeus (5,249%). The firm also credits the real estate sector, which is destined to regain its lost luster as central banks cut rates. With a 5% stake, BlackRock is one of Merlin’s three main shareholders, along with Santander (22%) and businessman Manuel Lao Hernandez (6.271%). In Colonial, its participation reaches 3.929%, a far cry from the 19% of the Qatari investment body.

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