Exceptional Returns of inbestMe Portfolios at Year-End 2025

2025 Market Commentary.

The year 2025 was very favorable for financial assets. Equity indices, such as the MSCI ACWI (+23%), and fixed income (+8% in 10-year U.S. Treasury bonds) also closed with gains, largely ignoring concerns about Trump’s tariffs.

Precious metals (gold +64%, silver +148%) delivered the best performance, driven by central bank purchases and the search for protection against monetary devaluation.

Cryptocurrencies, however, disappointed, with Bitcoin falling by around 35% after reaching all-time highs above $120,000.

The dollar depreciated by 13.4% against the euro as a result of the depreciation policy promoted by the Trump administration, which reduced the returns of major global indices — including the S&P 500 — once converted into euros.

Some analysts express concern about whether this positive trend can continue. At the end of 2025, U.S. equity valuations are high, but they are supported by strong earnings growth from large technology companies. The big unknown is the extent of the positive impact of artificial intelligence beyond the “Magnificent 7.”

Europe and emerging markets outperformed the U.S. this year, although the United States has maintained leadership in innovation and profit generation since 2008. Europe aims to narrow the valuation gap by investing in infrastructure and strategic industries.

Despite rising geopolitical tensions (such as the recent U.S. intervention in Venezuela), markets did not panic immediately afterward and the S&P 500 reached new highs, as investors focused on economic consequences (for example, control of Venezuelan reserves could stabilize oil prices) rather than on the events themselves.

The Average inbestMe Investor Accumulates a 79% Return or 6.6% CAGR

At inbestMe, the average investor profile is 7 (7/10)*. This average investor profile has remained almost unchanged since we began our activity, and therefore we consider it highly representative.

In the top-left chart, we observe that the average inbestMe investor profile* has accumulated a return of 79.1% from 01/01/2017 to 31/12/2025, that is, 55 percentage points more than the “Mixed Equity” category according to Inverco*, which we estimate will be 23,8%.

On the right, we see that the average inbestMe investor profile achieves an annualized return (CAGR) of 6.6%, which is 3.9 percentage points higher than the “Mixed Equity” category according to inbestMe’s estimate for Inverco, which stands at 2.7% over the same period.

Without a doubt, these returns are exceptional both in absolute and relative terms compared to the reference index**, and this satisfies us because it is one of the reasons that motivated us to create inbestMe: to help our clients invest better, that is, to obtain good returns with a high degree of adaptation to their individual circumstances.

* To calculate this, we weight the number of “investor” clients by profile over the total. For this purpose, we consider the different indexed fund profiles ranging from 1 to 10. The savings portfolio, target portfolios, and bond portfolios are excluded from the calculation of the average investor profile.

** The reference index for profile 7/10 is the “Mixed Equity” category from Inverco.

The return of the average investor profile (7/10) was 9.6% in 2025, benefiting from the exceptional performance of our portfolios.

Below, we review more details of what occurred in 2025.

Exceptional Returns of inbestMe’s Standard Diversified Indexed Fund Portfolios in 2025

Despite the year’s volatility, all our diversified indexed fund and standard ETF portfolios recorded very positive returns in 2025.

Diversified portfolios are designed for investors who want to invest for the long term. The broad diversification they provide across different asset classes helps make them resilient under most market conditions, and thanks to our optimal allocation, this has also held true during this complex period.

Our main indexed fund (and ETF) portfolios include partial (yet significant) currency hedging, which is higher in lower-risk profiles and gradually reduced in higher-risk profiles. This has enabled strong performance despite the depreciation of the dollar.

Many indexed fund portfolios in 2025 appear not to have had the most appropriate allocation, leading to significant divergences in results in favor of our portfolios, reaching 2 to 3 percentage points in the most common profiles. As Warren Buffett famously said, “Only when the tide goes out do you discover who’s been swimming naked.”

As shown in the chart above, the returns of all standard indexed fund portfolios at inbestMe were exceptional, ranging from 4.5% (profile 1) to 13.9% (profile 10) in 2025, with an average of 8.7%.

We estimate that in 2025, on average, our portfolios achieved returns 3.8 percentage points higher than the average return of investment funds in Spain, which we estimate to be around 4.9% (according to Inverco).

In fact, as early as September we anticipated these excellent results to remind investors that even when returns exceed expectations, you should stick to your plan.

Exceptional Returns of inbestMe’s Diversified ETF Portfolios in 2025

Diversified portfolios can be built using either indexed funds or ETFs. The level of risk and exposure for the corresponding profiles is similar, but performance may differ slightly due to differences in the availability of investment vehicles.

More specifically, our ETF portfolios include some exposure to gold, which performed exceptionally well this year. On the other hand, we also believe that one should not be dazzled by this result, as all that glitters is not gold.

Thanks to the strong performance of gold (in addition to the factors mentioned above), our standard ETF portfolios benefited: returns ranged from 4.2% (profile 1) to an extraordinary 17.7% (profile 10), with an average of 11.2%.

We estimate that, on average, our ETF portfolios achieved returns more than 6 percentage points higher than the average return of investment funds in Spain (according to Inverco and pending the final figure).

The average ETF investor profile (7/10) achieved a return of 12.3% in 2025.

Comparative Returns of inbestMe’s Different Investment Portfolios at Year-End 2025

At the end of 2025, the returns of all inbestMe portfolios aimed at medium- and long-term investment (i.e., excluding Savings, Target, and Bond portfolios, which we analyze separately) were very positive.

This year, the best-performing portfolios were generally ETF portfolios. In particular, value ETF portfolios stood out, with returns — from highest to lowest risk — of 21.5% for the maximum profile (10), 15.7% for the average inbestMe profile (7), and 4.7% for the most conservative profile (1).

Next came dollar-denominated ETF portfolios, with returns of 19.6%, 16.1%, and 9.1%, followed by the standard ETF portfolios reported above, with 17.7%, 12.3%, and 4.2%, respectively.

Standard indexed fund portfolios, following in the ranking, also delivered excellent returns, as previously reported, with 13.9%, 9.6%, and 4.6%, respectively.

ISR portfolios clearly underperformed, as ISR funds had relatively weaker performance during 2025 (continuing a trend seen in recent years). The return of the global ISR equity index was between 6 and 7 percentage points lower than the general index, and this difference extended to our portfolios.

Pension plan portfolios delivered performance similar to their corresponding fund/ETF portfolios.

You can view additional specific reports for the following investment portfolios:

• Excellent returns of inbestMe value ETF portfolios in 2025
• Exceptional returns of inbestMe dollar ETF portfolios in 2025
• Pension plan returns in 2025.

Excellent Cumulative Returns from Inception to December 2025

Our diversified indexed fund and ETF portfolios are designed for medium- and long-term investment, and it is in this context that they should be primarily evaluated.

In the following chart, we see a comparison of all our portfolio profiles (bright blue bars) against the different categories from Inverco’s statistics on investment funds in Spain (lighter blue bars), from 2017 through the end of 2025, allowing us to compare our portfolios with investment funds covering the same asset classes and having similar risk profiles.

The cumulative return of our portfolios ranges from 12.3% for profile 1 to 119.2% for profile 10.

On average, our portfolios achieved a cumulative return of 62.3% compared to Inverco, representing a difference of 39.5 percentage points.

This translates into an average annualized return (CAGR) of 5.2% for our portfolios. This figure is significantly higher than the estimated average of Spanish investment funds at 2.6%, and for each risk profile, returns are well above their respective reference indices, meaning that both low-risk and high-risk portfolios outperform the average of comparable investment funds.

On average, therefore, our portfolios achieve an annualized return of 5.2% (CAGR) compared to Inverco, i.e., 2.6 percentage points more — exactly double.

It is noteworthy that in all categories, our portfolios outperform their respective benchmarks. This difference is particularly pronounced (in percentage points) in profiles 6 to 9, where the majority of our clients are concentrated, with differences ranging from 3 to 5.8 percentage points. Differences in lower-risk profiles are also significant in relative terms, multiplying returns by three to four times.