Vanguard, the US manager specializing in index-linked funds, is raising its weight in Telefónica’s shareholding to the highest level since records have been recorded and for the first time exceeds 3% of the operator’s capital, the threshold that would require notification it to the CNMV. This is the aggregate position of all its funds that have shares of the owner of O2 and Movistar and is valued at current prices at around 630 million euros.
In the last month, Vanguard declares an increase in its stake in the company of 28 million shares valued at more than 100 million euros, which leads it to surpass the holding Criteria Caixa as the fourth largest shareholder in the company (2.4%) . It is placed only behind the participation by this Caixabank (3.5%), the Blackrock manager (4.48%) and the BBVA bank (4.87%), according to Bloomberg data.
There are five Vanguard funds among the 20 that have the most Telefónica shares in their portfolio. The indexed Vanguard Total International Stock stands out, which has a portfolio of more than 50,000 million euros and alone holds 1% of the capital. Other funds with different approaches and indices that they replicate also stand out, such as V. Developed Markets, V. Institutional Stock Market, V. European Stock Investors or the ETF V. Ftse All-World ex-US.
Raises its position by 40% in 2023
The increase in Vanguard’s participation occurred until July 31, which coincided with the collapse suffered by Telefónica’s share price after its rival Vodafone’s pact with 1&1, one of its main partners in Germany. However, the rise in participation is not just a matter of last month, but has drawn an upward trend since January. So far in 2023, the American giant has gone from having 124 to 174 million Telefónica shares, 40% more.
In terms of participation in the Spanish company, Vanguard’s percentage has risen from 2.1% at the end of 2022 to the current 3.02%. 5,775 to 5,750 million.
Together with Vanguard, Criteria Caixa has continued to buy Telefónica shares both in July and at the beginning of August and is on track to exceed 2.5% of the capital. So far this summer, it has acquired around 2.4 million shares of the operator after investing 8.5 million euros, according to CNMV records. In addition, the La Caixa Foundation holding company has an indirect interest through its contributor Caixabank, which still has 3.5% after the 2022 divestment.
Beyond the trail of shares in banks, pension plans and investment fund managers, Telefónica has an individual person among its 20 largest shareholders. This is the magnate of the automobile industry Francisco Riberas Mera, member of the board of directors chaired by José María Álvarez-Pallete and owner of 0.21% of the company’s capital. He is not only the director with the most shares, but one of the 20 largest shareholders in the group.
