Norges Bank (the Norwegian sovereign wealth fund) has just published all its holdings in the five continents at the end of 2021. Europe’s largest investor has shares in up to 74 Spanish listed companies, 10% of which are in the real estate sector. Specifically, it is committed to the developers Aedas, Neinor, Metrovacesa and Insur and the socimis Merlin Properties, Inmobiliaria Colonial and Lar España. However, it has only increased its positions in Aedas and Lar.
The total weighting of Spanish assets represents 1.3% of the Norwegian fund’s portfolio. Apart from real estate, Norges Bank has shares in other Spanish companies such as Repsol, FCC, Siemens Gamesa, Catalana Occidente, Alba, Naturgy and Soltec.
The percentage increase of the Norwegian fund’s stake in Aedas Homes is the highest among the 22 bullish positions it has taken in Spanish stocks in the past year. After the developer, other notable bets include Repsol, FCC, Siemens Gamesa and Catalana Occidente, although to a lesser extent.
The negative angle comes on the divestment side: the fund has almost completely reduced its stake in Alba, as well as in Naturgy and Soltec.
