Kutxabank Fund Suffers 55% Loss Since 2010 Amid Market Surge

Kutxabank Fund Loses While Market Soars 400%

€678 million under management. An accumulated loss of 55% since 2010. And, in the same period, global markets that, according to the information sparking debate, gained 400%. The Kutxabank 0/100 Carteras FI (ISIN ES0113053005) is not an exotic product from a boutique manager: it is marketed within the delegated portfolios of the Basque bank, meaning clients do not purchase it directly.

A Track Record That Leaves No Room for Doubt

Since 2016, the fund has closed the year in positive territory only once: in 2020, with a +0.26%. The other nine years saw losses. Between 2022 and 2025, it has recorded four consecutive years in the red, with annual drops between 7% and 12%. And 2026 is heading in the same direction. The comparison is more painful given the context: some argue that any global index fund, without a star manager or quarterly meetings, would have left investors in the green over the same period. Losing systematically for ten years takes a certain skill.

What Does a Losing Fund Do When Everything Else Rises?

Morningstar describes its strategy with ESG criteria: human rights, environment, good governance, and anti-corruption efforts, a sustainability addendum that sounds impeccable. In practice, according to participants criticizing the product, the fund holds bonds and cash while charging management fees for it. A forum user points out that its holdings include a German bond issued at 1.98% (DE000BU0E337).

The Precedent No One Wants to Remember

This is not the first time. According to a forum user's account, about 25 years ago, BBVA sold telecommunications and technology funds to its clients at the peak of the dot-com bubble in 2000. The value plummeted 90% and took years to recover; stock markets reached new all-time highs, and that fund remained crushed at the bottom of the rankings. The names and years change, but the mechanism remains the same: a product packaged by the salesperson, a client who signs without reading, and fees collected regardless of whether the client wins or loses.

What Remains Unexplained

What holdings make up the portfolio is the question that goes unanswered. A product with €678 million under management should have a public explanation of how it has lost 55% while the rest of the world gained 400%. It does not. And as long as there isn't one, a significant portion of those in the debate suspect it's not an accident.