TES holders: portfolio adjustment due to higher interest rate expectations

TES holders: portfolio adjustment due to higher interest rate expectations

In January 2026, TES holdings increased by COP$4.43 trillion, equivalent to a monthly change of 0.61%, bringing the total balance from COP$722.64 trillion in December to COP$727.07 trillion at the end of January. While the overall growth was moderate, a significant redistribution was observed among the various market participants.

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| Hector Wilson Tovar Garcia: Research Manager – wtovar@accivalores.com

| Maria Alejandra Martinez Botero: Research Director – maria.martinez@accivalores.com

| Laura Sophia Fajardo Rojas: IE Analyst - Laura Fajardo@accivalores.com

| Hugo Camilo Beltran Gomez: IE Analyst – hugo.beltran@accivalores.com

| Lyhz Valentina Tovar Rodriguez: Practitioner – lyhz.tovar@accivalores.com