40 analysis firms and fund managers have designed the ideal Spanish stock portfolio for July, August, and September. Meliá Hotels and IAG replace Repsol and Acerinox, while Inditex remains the stock with the highest weight.
The consensus of 40 analysis houses and fund managers has spoken: the Eco10 portfolio for the third quarter of 2026 reinforces the tourism bias and leaves behind commodities. Meliá Hotels and IAG enter as new additions, replacing Repsol and Acerinox, in a composition that keeps Inditex as the star stock, with a weight of 7.4% and fourteen firms betting on the textile giant.
A portfolio with a taste of summer
The Eco10, which celebrates 20 years since its creation in June 2006, is made up of Inditex, Santander, BBVA, CaixaBank, Grifols, Indra, Iberdrola, Amadeus, Meliá, and IAG. Banking continues to be a key player with three entities: Santander, BBVA, and CaixaBank. The Ibex 35, which is already nearing 20,000 points after rising more than 14% in the semester, seems to have more room to grow according to these forecasts.
Meliá returns to the Eco10 five years later. The hotel group has accumulated a stock market revaluation of nearly 51% in 2026, although the average of analysts believes it has exhausted its upward potential. Some more optimistic entities, however, see it trading above 15 euros, compared to the current 12.
IAG, the low-priced stock with potential
IAG, the holding company of Iberia, British Airways, and Vueling, has risen 17% this year but remains one of the cheapest companies in the Ibex 35, with a P/E ratio of less than 9 times. The FactSet consensus recommends buying its shares. Nicolás López, head of equity analysis at Singular Bank, explains that "in the short term, the end of the war in Iran and the moderation of fuel prices could give a new boost to the stock."
"In the short term, the end of the war boosts IAG; in the long term, traffic growth is solid," explains Nicolás López from Singular Bank
López adds that "the situation in the Middle East will enhance the appeal of tourism in Spain, and the World Cup will reactivate transatlantic tourism." The company reported record results in the first quarter, with a net profit of 301 million euros, 71% more, although the risks from rising jet fuel are dissipating now that the conflict in Iran seems to be stabilising.
What does this mean for investors?
For individual investors, this consensus portfolio offers a clear roadmap: bet on banking and tourism stocks, leaving behind oil and steel that dominated the previous quarter. The Ibex 35, which has risen more than 14% in the semester, could continue its rally if Bankinter's forecasts are met, which sees the index above 22,000 points. The Brent barrel, which reached 118 dollars in March, is now around 72 dollars, easing pressure on airlines and hotels.
The Eco10 portfolio is reviewed every quarter, so the selected stocks are a snapshot of the moment. Those who wish to follow this strategy should pay attention to the upcoming reviews, which could adjust according to market developments and the geopolitical context.
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