Banco Santander, S.A.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Banco Santander, S.A. reported 470 stock positions worth $11.3 billion. Its top holding was Banco Santander Brasil-ADS (BSBR) at 25.8% of the portfolio, followed by Nvidia (NVDA, 5.1%) and Microsoft (MSFT, 3.8%). Compared with Q2 2025, it opened 50 new positions, sold out of 59, added to 176 and reduced 194. The biggest buy was Nvidia (NVDA, shares +20%) and the biggest sale an exit from NRG Energy (NRG).
- Most Recent 13F
- Q2 2026
- Location
- Madrid, U3
- CIK
- 0000891478
- Portfolio Value
- $11.3B (Q3 2025)
- SEC Filing
- 0000891478-25-000141 ↗ filed Nov 12, 2025
Holdings Value
Holdings 470 stocks · $11.3B
| BSBR Banco Santander Brasil-ADS | 25.82% | 520,218,168 | $2.9B | No change |
| NVDA Nvidia Corp. | 5.06% | 3,055,183 | $570.0M | Add +20.0% |
| MSFT Microsoft Corp. | 3.83% | 831,873 | $430.9M | Add +4.8% |
| AMZN Amazon.com Inc. | 3.00% | 1,537,460 | $337.6M | Add +32.0% |
| AAPL Apple Inc. | 2.96% | 1,308,481 | $333.2M | Add +13.2% |
| RACE Ferrari NV | 2.49% | 578,124 | $280.5M | Reduce -0.6% |
| FER Ferrovial NV | 2.01% | 3,868,128 | $226.7M | Reduce -8.8% |
| META Meta Platforms Inc. Class A | 1.84% | 282,739 | $207.6M | Add +2.1% |
| TSLA Tesla Inc. | 1.75% | 442,745 | $196.9M | Add +61.2% |
| GOOGL Alphabet Inc. Class A | 1.75% | 809,043 | $196.7M | Reduce -5.5% |
| AVGO Broadcom Inc. | 1.45% | 493,991 | $163.0M | Add +0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.44% | 243,745 | $162.4M | Reduce -6.5% |
| JPM JPMorgan Chase & Co. | 1.27% | 452,612 | $142.8M | Add +9.1% |
| DB Deutsche Bank AG-Registered | 1.22% | 3,884,422 | $137.5M | Add +4258.7% |
| VOO Vanguard S&P 500 ETF | 1.20% | 220,543 | $135.1M | Add +22.8% |
| GLD SPDR Gold Shares | 1.02% | 322,778 | $114.7M | Add +20.9% |
| GOOG Alphabet Inc. Class C | 1.01% | 464,938 | $113.2M | Reduce -5.1% |
| QQQM Invesco Nasdaq 100 ETF | 0.93% | 425,120 | $105.1M | Reduce -4.2% |
| COTY Coty Inc. Class A | 0.83% | 23,112,758 | $93.4M | No change |
| STLA Stellantis NV | 0.79% | 9,525,584 | $89.0M | Reduce -11.3% |
| WMT Walmart Inc. | 0.78% | 853,104 | $87.9M | Add +30.1% |
| LLY Eli Lilly & Co. | 0.75% | 111,267 | $84.9M | Add +28.5% |
| ORCL Oracle Corp. | 0.73% | 293,874 | $82.6M | Reduce -1.1% |
| V Visa Inc. Class A | 0.73% | 242,027 | $82.6M | Reduce -2.1% |
| NFLX Netflix Inc. | 0.71% | 66,650 | $79.9M | Reduce -5.6% |
| MS Morgan Stanley | 0.60% | 421,618 | $67.0M | Add +6.6% |
| IVV iShares Core S&P 500 ETF | 0.57% | 95,756 | $64.1M | Add +4.8% |
| C Citigroup Inc. | 0.56% | 617,651 | $62.7M | Add +14.4% |
| EEM iShares MSCI Emerging Market | 0.53% | 1,111,478 | $59.4M | Add +3.5% |
| MA Mastercard Inc. Class A | 0.52% | 103,620 | $58.9M | Add +3.0% |
| HD Home Depot Inc. | 0.51% | 143,057 | $58.0M | Reduce 0.0% |
| XOM Exxon Mobil Corp. | 0.51% | 509,150 | $57.4M | Reduce -11.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 1,103,862 | $56.9M | Reduce -26.4% |
| CRM Salesforce Inc. | 0.48% | 227,153 | $53.8M | Add +3.3% |
| PFE Pfizer Inc. | 0.45% | 1,973,135 | $50.3M | Add +4.4% |
| NOW ServiceNow Inc. | 0.44% | 54,314 | $50.0M | Add +14.8% |
| CAT Caterpillar Inc. | 0.41% | 97,659 | $46.6M | Add +17.2% |
| RSP Invesco S&P 500 Equal Weight | 0.39% | 234,163 | $44.4M | Reduce -32.2% |
| URTH iShares MSCI World ETF | 0.38% | 236,426 | $42.9M | Add +14.6% |
| ACWI iShares MSCI Acwi ETF | 0.37% | 301,217 | $41.6M | Reduce -21.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 82,510 | $41.5M | Add +8.9% |
| QCOM Qualcomm Inc. | 0.36% | 242,711 | $40.4M | Add +0.0% |
| REGN Regeneron Pharmaceuticals | 0.36% | 71,135 | $40.0M | Add +263.7% |
| SHV iShares 0-1 Year Treasury Bo | 0.35% | 355,905 | $39.3M | Add +15.2% |
| KO The Coca-Cola Co. | 0.35% | 586,340 | $38.9M | Add +4.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.34% | 332,972 | $38.1M | Add +18.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.34% | 135,043 | $38.1M | Add +26.0% |
| UBER Uber Technologies Inc. | 0.34% | 386,409 | $37.9M | Reduce -14.7% |
| ADBE Adobe Inc. | 0.34% | 107,122 | $37.8M | Add +52.3% |
| GE General Electric filed as GE AEROSPACE | 0.33% | 125,262 | $37.7M | Add +20.4% |
| VWO Vanguard Ftse Emerging Marke | 0.33% | 689,109 | $37.3M | Add +72.5% |
| MRVL Marvell Technology Inc. | 0.33% | 439,783 | $37.0M | Add +62.5% |
| ICE Intercontinental Exchange Inc. | 0.33% | 219,392 | $37.0M | Reduce -5.7% |
| ISRG Intuitive Surgical Inc. | 0.33% | 82,563 | $36.9M | Add +22.5% |
| TMO Thermo Fisher Scientific Inc. | 0.33% | 75,588 | $36.7M | Reduce -19.5% |
| GS Goldman Sachs Group Inc. | 0.32% | 45,221 | $36.0M | Reduce -4.6% |
| ABBV Abbvie Inc. | 0.32% | 153,367 | $35.5M | Add +0.7% |
| LRCX Lam Research Corp. | 0.30% | 251,765 | $33.7M | Add +19.6% |
| PG The Procter & Gamble Co. | 0.29% | 215,318 | $33.1M | Add +15.7% |
| VGK Vanguard Ftse Europe ETF | 0.29% | 409,819 | $32.7M | Reduce -12.7% |
| ITRI Itron Inc. | 0.29% | 258,500 | $32.2M | Add +33.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.28% | 52,063 | $31.3M | Add +17.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.28% | 79,406 | $31.1M | Add +13.1% |
| IEF iShares 7-10 Year Treasury B | 0.27% | 314,031 | $30.3M | Reduce -24.6% |
| WM Waste Management Inc. | 0.27% | 135,616 | $29.9M | Add +16.6% |
| COST Costco Wholesale Corp. | 0.26% | 31,367 | $29.0M | Add +41.0% |
| SPAB SS SPDR P Agg Bond ETF | 0.26% | 1,117,585 | $28.9M | Reduce -0.6% |
| WAB Wabtec Corp. | 0.26% | 143,509 | $28.8M | Add +23.4% |
| PH Parker Hannifin Corp. | 0.25% | 37,090 | $28.1M | Add +4.1% |
| CSCO Cisco Systems Inc. | 0.24% | 400,352 | $27.4M | Add +3.1% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.24% | 586,360 | $27.2M | Add +16.5% |
| CME Cme Group Inc. | 0.24% | 100,510 | $27.2M | Reduce -0.5% |
| IEI iShares 3-7 Year Treasury Bo | 0.24% | 225,493 | $26.9M | Add +4.9% |
| DNUT Krispy Kreme Inc. | 0.24% | 6,916,972 | $26.8M | No change |
| AMD Advanced Micro Devices | 0.24% | 164,871 | $26.7M | Add +1.6% |
| SPG Simon Property Group Inc. | 0.23% | 140,905 | $26.4M | Reduce -0.1% |
| ETR Entergy Corp. | 0.23% | 282,155 | $26.3M | No change |
| BKNG Booking Holdings Inc. | 0.23% | 4,768 | $25.7M | Add +16.6% |
| ADI Analog Devices Inc. | 0.22% | 102,262 | $25.1M | Add +28.1% |
| APH Amphenol Corp. Class A | 0.22% | 199,512 | $24.7M | Add +3.8% |
| COIN Coinbase Global Inc. Class A | 0.22% | 72,886 | $24.6M | Reduce -22.6% |
| SCHW Schwab (charles) Corp. | 0.21% | 250,706 | $23.9M | Add +56.6% |
| PYPL PayPal Holdings Inc. | 0.21% | 347,143 | $23.3M | Add +99.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.21% | 160,368 | $23.2M | Add +24.6% |
| MSI Motorola Solutions Inc. | 0.20% | 50,153 | $22.9M | Reduce -13.2% |
| IQV Iqvia Holdings Inc. | 0.20% | 120,226 | $22.8M | Add +0.8% |
| BMY Bristol-Myers Squibb Co. | 0.20% | 503,925 | $22.7M | Add +108.6% |
| UNH Unitedhealth Group Inc. | 0.20% | 64,146 | $22.1M | Reduce -24.5% |
| CTAS Cintas Corp. | 0.20% | 107,709 | $22.1M | Add +1.4% |
| CMCSA Comcast Corp. Class A | 0.19% | 663,712 | $20.9M | Reduce -3.2% |
| TMUS T-Mobile US Inc. | 0.18% | 86,839 | $20.8M | Add +4.9% |
| HON Honeywell International Inc. | 0.18% | 95,861 | $20.2M | New |
| INTU Intuit Inc. | 0.18% | 29,364 | $20.1M | Add +164.1% |
| EWJ iShares MSCI Japan ETF | 0.18% | 249,039 | $20.0M | Reduce -34.0% |
| BA The Boeing Co. | 0.17% | 91,100 | $19.7M | Reduce -4.9% |
| EIX Edison International | 0.17% | 353,631 | $19.5M | Add +0.1% |
| PGR Progressive Corp. | 0.17% | 79,065 | $19.5M | Reduce -9.8% |
| COF Capital One Financial Corp. | 0.17% | 89,916 | $19.1M | Add +23.3% |
| UNP Union Pacific Corp. | 0.17% | 80,682 | $19.1M | Add +1326.5% |
| PLTR Palantir Technologies Inc. Class A | 0.17% | 103,696 | $18.9M | Reduce -31.4% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $432K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 6,203 | $432K | New |
Total filed on the 13F, all lines: $11.3B.
Portfolio Sells Q2 2025 → Q3 2025
| NRG NRG Energy Inc. | Sold out | 0.00% | −3.37 |
| STLA Stellantis NV | Reduce -11.3% | 0.79% | −0.23 |
| RACE Ferrari NV | Reduce -0.6% | 2.49% | −0.22 |
| RSP Invesco S&P 500 Equal Weight | Reduce -32.2% | 0.39% | −0.20 |
| NFLX Netflix Inc. | Reduce -5.6% | 0.71% | −0.19 |
| TLT iShares 20+ Year Treasury BD | Reduce -79.2% | 0.04% | −0.18 |
| BAC Bank of America Corp. | Reduce -26.4% | 0.51% | −0.17 |
| MRK Merck & Co. Inc. | Reduce -58.3% | 0.12% | −0.16 |
| ADSK Autodesk Inc. | Reduce -51.5% | 0.14% | −0.16 |
| FER Ferrovial NV | Reduce -8.8% | 2.01% | −0.15 |
| MDLZ Mondelez International Inc. Class A | Reduce -74.9% | 0.03% | −0.12 |
| PM Philip Morris International | Reduce -39.4% | 0.12% | −0.12 |
| EPC Edgewell Personal Care Co. | Sold out | 0.00% | −0.11 |
| VCIT Vanguard Int-Term Corporate | Reduce -48.8% | 0.11% | −0.11 |
| IEF iShares 7-10 Year Treasury B | Reduce -24.6% | 0.27% | −0.11 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.11 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.10 |
| ACWI iShares MSCI Acwi ETF | Reduce -21.9% | 0.37% | −0.10 |
| V Visa Inc. Class A | Reduce -2.1% | 0.73% | −0.10 |
| PEP Pepsico Inc. | Reduce -84.9% | 0.02% | −0.10 |
| COIN Coinbase Global Inc. Class A | Reduce -22.6% | 0.22% | −0.10 |
| HAL Halliburton Co. | Reduce -98.2% | 0.00% | −0.09 |
| EWJ iShares MSCI Japan ETF | Reduce -34.0% | 0.18% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -6.5% | 1.44% | −0.09 |
| KR Kroger Co. | Reduce -44.8% | 0.08% | −0.09 |
| IWM iShares Russell 2000 ETF | Reduce -80.6% | 0.02% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -11.9% | 0.51% | −0.08 |
| ICE Intercontinental Exchange Inc. | Reduce -5.7% | 0.33% | −0.08 |
| VTR Ventas Inc. | Reduce -89.0% | 0.01% | −0.08 |
| VERX Vertex Inc. Class A | Reduce -47.4% | 0.04% | −0.07 |
| ARMK Aramark | Sold out | 0.00% | −0.07 |
| TXRH Texas Roadhouse Inc. | Sold out | 0.00% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -14.7% | 0.34% | −0.07 |
| VT Vanguard Tot World STK ETF | Reduce -54.6% | 0.05% | −0.06 |
| EXPD Expeditors Intl Wash Inc. | Reduce -64.3% | 0.03% | −0.06 |
| NEM Newmont Corp. | Reduce -88.1% | 0.01% | −0.06 |
| MELI MercadoLibre Inc. | Reduce -81.2% | 0.01% | −0.06 |
| SNOW Snowflake Inc. | Reduce -59.4% | 0.04% | −0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -42.9% | 0.04% | −0.06 |
| VGK Vanguard Ftse Europe ETF | Reduce -12.7% | 0.29% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -24.5% | 0.20% | −0.06 |
| DTE DTE Energy Company | Sold out | 0.00% | −0.05 |
| CL Colgate-Palmolive Co. | Reduce -9.8% | 0.15% | −0.05 |
| PGR Progressive Corp. | Reduce -9.8% | 0.17% | −0.05 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -3.2% | 0.19% | −0.05 |
| HOOD Robinhood Markets Inc. Class A | Reduce -87.9% | 0.01% | −0.05 |
| EWZ iShares MSCI Brazil ETF | Reduce -50.8% | 0.04% | −0.04 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.04 |
| NVS Novartis AG-Sponsored ADR | Reduce -51.4% | 0.03% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +20.0% | 5.06% | +1.24 |
| DB Deutsche Bank AG-Registered | Add +4258.7% | 1.22% | +1.20 |
| TSLA Tesla Inc. | Add +61.2% | 1.75% | +0.92 |
| AAPL Apple Inc. | Add +13.2% | 2.96% | +0.70 |
| AMZN Amazon.com Inc. | Add +32.0% | 3.00% | +0.57 |
| REGN Regeneron Pharmaceuticals | Add +263.7% | 0.36% | +0.26 |
| GLD SPDR Gold Shares | Add +20.9% | 1.02% | +0.25 |
| VOO Vanguard S&P 500 ETF | Add +22.8% | 1.20% | +0.23 |
| HON Honeywell International Inc. | New | 0.18% | +0.18 |
| WMT Walmart Inc. | Add +30.1% | 0.78% | +0.17 |
| KKR KKR & Co. Inc. | Add +5405.9% | 0.17% | +0.16 |
| AVGO Broadcom Inc. | Add +0.5% | 1.45% | +0.16 |
| UNP Union Pacific Corp. | Add +1326.5% | 0.17% | +0.16 |
| EL Estee Lauder Companies Class A | Add +3798.4% | 0.15% | +0.15 |
| VWO Vanguard Ftse Emerging Marke | Add +72.5% | 0.33% | +0.14 |
| XSVM Invesco S&P Smallcap Value W | New | 0.13% | +0.13 |
| MRVL Marvell Technology Inc. | Add +62.5% | 0.33% | +0.13 |
| JPM JPMorgan Chase & Co. | Add +9.1% | 1.27% | +0.12 |
| C Citigroup Inc. | Add +14.4% | 0.56% | +0.12 |
| IR Ingersoll-Rand Inc. | Add +537.8% | 0.14% | +0.12 |
| LLY Eli Lilly & Co. | Add +28.5% | 0.75% | +0.11 |
| FAST Fastenal Co. | New | 0.11% | +0.11 |
| CTVA Corteva Inc. | New | 0.11% | +0.11 |
| CAT Caterpillar Inc. | Add +17.2% | 0.41% | +0.11 |
| LRCX Lam Research Corp. | Add +19.6% | 0.30% | +0.10 |
| BMY Bristol-Myers Squibb Co. | Add +108.6% | 0.20% | +0.10 |
| INTU Intuit Inc. | Add +164.1% | 0.18% | +0.09 |
| PYPL PayPal Holdings Inc. | Add +99.0% | 0.21% | +0.08 |
| GE General Electric | Add +20.4% | 0.33% | +0.08 |
| ANET Arista Networks Inc. | Add +458.7% | 0.09% | +0.08 |
| ADBE Adobe Inc. | Add +52.3% | 0.34% | +0.08 |
| DOV Dover Corp. | New | 0.08% | +0.08 |
| LILAK Liberty Latin Americ Class C | Add +899.7% | 0.08% | +0.08 |
| NEE Nextera Energy Inc. | Add +110.0% | 0.14% | +0.07 |
| MSFT Microsoft Corp. | Add +4.8% | 3.83% | +0.07 |
| SCHW Schwab (charles) Corp. | Add +56.6% | 0.21% | +0.07 |
| MS Morgan Stanley | Add +6.6% | 0.60% | +0.07 |
| HUBS HubSpot Inc. | New | 0.06% | +0.06 |
| MLI Mueller Industries Inc. | New | 0.06% | +0.06 |
| DRI Darden Restaurants Inc. | New | 0.06% | +0.06 |
| CSX CSX Corp. | Add +1333.2% | 0.06% | +0.06 |
| TJX TJX Companies Inc. | Add +24.6% | 0.21% | +0.05 |
| RL Ralph Lauren Corp. | Add +656.1% | 0.06% | +0.05 |
| SHY iShares 1-3 Year Treasury Bo | New | 0.05% | +0.05 |
| FIX Comfort Systems USA Inc. | New | 0.05% | +0.05 |
| URTH iShares MSCI World ETF | Add +14.6% | 0.38% | +0.05 |
| HAS Hasbro Inc. | New | 0.05% | +0.05 |
| COST Costco Wholesale Corp. | Add +41.0% | 0.26% | +0.05 |
| ABBV Abbvie Inc. | Add +0.7% | 0.32% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +17.0% | 0.28% | +0.04 |
Notes & Other Activity Q2 2025 → Q3 2025
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | Sold out | 38,700 | $4.5Mbefore exit |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Sold out | 50,000 | $2.4Mbefore exit |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 6,203 | $432K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 509 | $16.1B | BSBR, MSFT, NVDA, FER, AAPL |
| Q1 2026 | 468 | $12.4B | BSBR, MSFT, FER, NVDA, TTE |
| Q4 2025 | 458 | $13.4B | BSBR, FER, NVDA, MSFT, AAPL |
| Q3 2025 | 470 | $11.3B | BSBR, NVDA, MSFT, AMZN, AAPL |
| Q2 2025Amended | 479 | $10.5B | BSBR, NVDA, MSFT, NRG, RACE |
| Q1 2025 | 476 | $9.1B | BSBR, FER, NVDA, MSFT, NRG |
| Q4 2024 | 447 | $8.3B | BSBR, NVDA, FER, MSFT, NRG |
| Q3 2024 | 443 | $8.5B | BSBR, MSFT, NVDA, NRG, AAPL |
| Q2 2024 | 402 | $8.1B | BSBR, MSFT, NVDA, COTY, NRG |
| Q1 2024 | 417 | $8.3B | BSBR, MSFT, RACE, COTY, NVDA |