Why Koplowitz's Morinvest Sold Indra and Rotated Into Repsol and Aena

Morinvest, the Spanish SICAV through which Alicia Koplowitz manages part of her family wealth, has reshaped its equity portfolio during the first half of the year, according to filings submitted to the CNMV. The vehicle, which oversees roughly €620m, took profits on a strong performer and redirected the proceeds into energy, airports and, in the international book, a much larger position in Berkshire Hathaway.

The clearest domestic shift was the full sale of Indra. The Spanish technology and defense group has been one of the most visible ways for investors to gain exposure to the structural increase in European defense spending. Since 2025, its shares have climbed almost 270%. Morinvest also closed its position in travel technology group Amadeus in the period.

The liquidity was redeployed into Repsol and Aena, which have become the SICAV's main Spanish equity positions in the half-year. Internationally, technology remains a large allocation, but the portfolio has begun to broaden beyond the biggest mega-cap names. Microsoft, Amazon, Alphabet and ASML remain top positions, while the Nvidia stake was reduced, and a new position was opened through the Invesco CoinShares Global Blockchain fund.

The standout international move was a near-fivefold increase in Berkshire Hathaway, lifting the stake from 0.29% of total assets to 1.51%, or more than €9.3m, after Warren Buffett's effective departure as chief executive of the conglomerate.

Reading the Morinvest Rotation: Indra, Repsol, Aena and the Berkshire Bet

The Indra Exit Locks In a Defense-Fueled Gain

The decision to sell the entire Indra stake after a rally of roughly 270% is a straightforward example of profit-taking at the top of a thematic trade. Indra became a favored proxy for European rearmament after 2025, attracting large investors looking to benefit from higher defense budgets. By exiting completely, Morinvest's managers are signaling that, after the share price re-rating, the risk-return balance in the position had changed enough to prefer cash and other uses.

This does not mean Indra's underlying defense business has weakened; holdings data alone cannot show that. But the full exit is more aggressive than a modest trim and suggests the SICAV did not want to retain exposure while waiting for the next leg of defense-spending news.

Repsol and Aena: A Pivot Toward Cash-Generative Assets

By making Repsol and Aena its main Spanish equity bets, Morinvest has shifted toward two companies with different risk profiles from an already re-rated defense technology stock. Repsol is an integrated oil and gas group whose returns are tied to hydrocarbon prices, refining margins and shareholder distributions. Aena runs airports and generates revenue from long-dated infrastructure and regulated or quasi-monopoly positions in Spanish aviation.

The rotation suggests the portfolio is seeking more defensive, cash-generative exposure at home, although Repsol remains commodity-sensitive. The exact sizing was not disclosed, but the change in ranking within the Spanish portfolio is meaningful.

Berkshire Hathaway: A Post-Buffett Conviction Build

The near-fivefold increase in Berkshire Hathaway is notable because it came after the departure of Warren Buffett from the chief executive role. Raising the weight from 0.29% to 1.51% — above €9.3m — signals that Morinvest's managers see Berkshire as a diversified, cash-generative anchor even without its longtime leader. It is now the largest single bet in the SICAV.

The move also fits the broader pattern: rotating from high-momentum, valuation-rich technology and defense names toward diversified, asset-heavy businesses and infrastructure-like cash flows.

Tech Stays Central, but the Edges Are Broadening

Technology remains a large portfolio bias, but Morinvest is no longer concentrating solely in the seven mega-caps that dominated institutional portfolios in recent years. Microsoft, Amazon, Alphabet and ASML remain top positions, while Nvidia has been reduced. The new blockchain fund position is a small diversifier rather than a replacement for core tech; it indicates appetite for exposure beyond the established mega-cap complex.

What Morinvest's Latest Holdings Signal for Market Positioning

For investors and market professionals, the disclosure is a positioning signal rather than a recommendation. Three details stand out:

  • Indra was sold after a 270% gain. That is a concrete example of taking the full position off the table after a thematic rally, not just trimming. It shows how one large investor treated European defense exposure after the re-rating ran far ahead.
  • Repsol and Aena became the main Spanish holdings. The allocation shift points to cash flow, dividends and regulated infrastructure as the preferred domestic exposure after moving out of a high-momentum defense name.
  • Berkshire Hathaway is now the largest position at 1.51% of assets. The fivefold increase to more than €9.3m occurred after Warren Buffett stepped back as CEO, suggesting the managers are betting on Berkshire's decentralized earnings base rather than its former leader's influence.

The next Morinvest filing to the CNMV will indicate whether Repsol, Aena and the blockchain fund are early-stage positions or durable additions.