2025 faces its final stretch with positive markets and a clear message: The risk has compensated… but not everything goes. The clave has been knowing balance. Mixed funds, quality equities, wealth advice, banking and global vision: five experts tell us how they are positioning the portfolios for the end of the year and what they expect from 2026.
From Santander Asset Management, Pablo de Cea explains why he still maintains a pro-risk bias in his mixed funds: “We believe that the current environment is still one of risky assetsand this is how we have been positioned since before the summer. Of course, with a certain tactical adjustment after a year of strong profitability. Seeing the good year we have had, we place little by little more defensive positionsbut we continue overweight risk assets.”
And in an environment of uncertainty, the oro is consolidated as refuge valuealthough you also have to be careful according to Alejandro Vidal of Deutsche Bank; and also maintains a constructive view on bankseven though they are no longer the bargain they were a few years ago: «The financial sector is still interesting. A bank is once again a profitable businessand we maintain a positive view on the sector.”
In renta variablethe focus is once again on the quality and global leadershipaccording to Santalucía AM. Furthermore, Juan Llona defends his commitment to big technologicalwithout fear of a bubble: “We are invested in Apple, Nvidia, Microsoft, Alphabet and Amazon. Do we see a bubble? Not at all. Our metrics show ability to create value in the long term.”
For the moderate profilesfinancial advisor Xavi Pérez, from iCapital, emphasizes the diversificationthe liquidity and the alternatives: «We appreciate excess valuation in some assets, which is why diversification is the best way to minimize risks. Incorporate uncorrelated assetsas alternatives or liquidity, are very good options in their correct proportions.”
And finally, for José María Luna, of Luna & Sevilla Asesores Patrimoniales, 2025 has had a cara…and one cruz: “If you were in North American equities and technology, with the hedged currencyyou have gone very good; the cruz has been not having covered the currency risk.”
Five different visions, the same message: The market continues to offer opportunities, but with a head. Selective pro-risk, tactical liquidity and diversifying assets. The challenge of 2026 will be to stay calm… when the next correction arrives.
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