BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Real Assets

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. is a Real Assets based in Miami, FL led by Nadav Nmn Goshen, managing $13.1B across 729 long positions as of Q3 2025 with SPY as the largest holding (15% allocation).

PartnerNadav Nmn Goshen

Portfolio Value: $13.1B
Positions: 729
Top Holding: SPY at 14.72%
Last Reported: Q3 2025

Address40 Sw 13th Street, Suite 1002, Miami, FL, 33130, United States

Top Holdings

Largest long holdings in BANCO BILBAO VIZCAYA ARGENTARIA, S.A.'s portfolio (41.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$1.9B	14.72%	+$760.5M Bought	— 2.9M shares	Q4 2019 Held for 5y 11m
2 Apple AAPL	Consumer Electronics Technology	$631.3M	4.83%	+$87.0M Bought	0.02% 2.5M shares	Q4 2019 Held for 5y 11m
3 Nvidia NVDA	Semiconductors Technology	$610.3M	4.67%	+$9.6M Bought	0.01% 3.3M shares	Q4 2019 Held for 5y 11m
4 Microsoft MSFT	Software - Infrastructure Technology	$603.8M	4.62%	+$31.9M Bought	0.02% 1.2M shares	Q4 2019 Held for 5y 11m
5 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$342.8M	2.62%	-$23.6M Sold	0.01% 1.4M shares	Q4 2019 Held for 5y 11m
6 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$340.3M	2.60%	+$26.3M Bought	0.02% 463.4K shares	Q4 2019 Held for 5y 11m
7 Amazon AMZN	Specialty Retail Consumer Cyclical	$291.1M	2.23%	+$33.0M Bought	0.01% 1.3M shares	Q4 2019 Held for 5y 11m
8 iShares Core S&P 500 ETF IVV	ETF ETF	$230.7M	1.76%	+$149.8M Bought	— 345.7K shares	Q4 2019 Held for 5y 11m
9 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$230.7M	1.76%	+$3.0M Bought	0.01% 947.3K shares	Q4 2019 Held for 5y 11m
10 Broadcom Inc. AVGO	Semiconductors Technology	$217.2M	1.66%	+$4.1M Bought	0.01% 658.9K shares	Q4 2019 Held for 5y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in BANCO BILBAO VIZCAYA ARGENTARIA, S.A.'s latest filing

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Market Value

$13.1B

Prior: $11.0B

Q/Q Change

+18.52%

+$2.0B

Net Flows % of MV

+8.02%

Turnover Ratio

12.93%

New Purchases

8 stocks

$16.4M

Added To

474 stocks

+$2.2B

Sold Out Of

22 stocks

$61.4M

Reduced Holdings

188 stocks

-$1.1B

Increased Positions

Position	Shares Δ	Change
1 VanEck Semiconductor SMH	New	0 → 24.3K +$7.9M
2 PSKY Paramount Skydance Corporation Class B Common Stock PSKY	New	0 → 211.3K +$3.7M
3 Astera Labs, Inc. ALAB	New	0 → 9.5K +$1.8M
4 Chemours CC	New	0 → 72.3K +$1.1M
5 Duolingo DUOL	New	0 → 2.6K +$839.5K

Decreased Positions

Position	Shares Δ	Change
1 Fiserv FI	Sold	136.9K → 0 −$23.6M
2 iShares Floating Rate Bond FLOT	Sold	122.4K → 0 −$6.2M
3 Markel MKL	Sold	2.8K → 0 −$5.5M
4 Illumina ILMN	Sold	47.2K → 0 −$4.5M
5 Ansys ANSS	Sold	12.0K → 0 −$4.2M