ACTIVE VALUE SELECTION, FI: full portfolio filed with the CNMV

Full portfolio

Every position in the latest periodic filing, largest weight first. Aggregates ("other equities...") are baskets of small positions the filing itself does not break out line by line.

9

Company Type Country Weight Price

Acciones|ISHARES IE00B4ND3602 · EUR Renta Variable Cotizada IE 3.73% —

BEN OLDMAN EUROPEAN XS2962123852 · EUR Renta Fija Cotizada Mas 1 Anio XS 3.22% —

Acciones|WISDOMTREE INVESTMENTS GB00B15KY328 · USD Renta Variable Cotizada GB 1.97% —

TECNICAS REUNIDAS ES0378165015 · EUR Renta Fija Cotizada Mas 1 Anio ES 1.34% —

BEN OLDMAN EUROPEAN XS2223767778 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.31% —

EUSKALTEL SA ES0505075574 · EUR Renta Fija No Cotizada ES 1.27% —

MASMOVIL IBERCOM SA ES05846960X5 · EUR Renta Fija No Cotizada ES 1.26% —

MOBICO GROUP XS2259808702 · GBP Renta Fija Cotizada Menos 1 Anio XS 0.77% —

Acciones|MILLENIUM HOSPITALITY REAL EST ES0105407003 · EUR Renta Variable Cotizada ES 0.73% —

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 0 Exits: 2 Increases: 2 Cuts: 5

− TALGO SA

Leaves the portfolio; it was 1.47% of weight.

− EUSKALTEL SA

Leaves the portfolio; it was 1.46% of weight.

▲ BEN OLDMAN EUROPEAN

Goes from 1.88% to 3.22%.

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▲ Acciones|WISDOMTREE INVESTMENTS

Goes from 1.16% to 1.97%.

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▼ BEN OLDMAN EUROPEAN

Goes from 3.95% to 1.31%.

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▼ Acciones|ISHARES

Goes from 4.92% to 3.73%.

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▼ Acciones|MILLENIUM HOSPITALITY REAL EST

Goes from 1.03% to 0.73%.

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▼ MOBICO GROUP

Goes from 1.05% to 0.77%.

View company page →

▼ TECNICAS REUNIDAS

Goes from 1.57% to 1.34%.

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Fixed income

Declared FI exposure

700,990 €

% of portfolio

9.2%

Positions

6

Issuers

5

Sovereign: 0 € Corporate: 700,990 €

Maturity ladder

Observed contractual maturity of each position, repos excluded. Matured/≤3 months includes bonds maturing in the first days after the period close.

28% 14% 50%

Matured or ≤3 months · 27.6%6-12 months · 14.3%2-5 years · 49.8%> 10 years · 8.4%

Maturity Positions Exposure %

Matured or ≤3 months 2 193,262 € 27.6%

3-6 months 0 0 € 0.0%

6-12 months 1 100,056 € 14.3%

1-2 years 0 0 € 0.0%

2-5 years 2 348,852 € 49.8%

5-10 years 0 0 € 0.0%

> 10 years 1 58,820 € 8.4%

Unknown 0 0 € 0.0%

Top issuers

The 10 issuers with the largest declared exposure in this fund, repos excluded.

Issuer Type ISINs Exposure Next maturity

BEN OLDMAN EUROPEAN Corporate 2 346,410 € 2026-10-29

TECNICAS REUNIDAS Corporate 1 102,498 € 2028-04-24

Euskaltel SA Corporate 1 97,029 € 2026-01-27

Masmovil Ibercom Corporate 1 96,233 € 2026-01-15

MOBICO GROUP PLC Corporate 1 58,820 € 2057-02-26

Top instruments

The 10 instruments with the largest declared exposure. No yield, IRR or rating: there's no reliable data to compute them.

ISIN Coupon Maturity Exposure

XS2962123852 BEN OLDMAN EUROPEAN 10.00% 2030-12-12 246,354 €

ES0378165015 TECNICAS REUNIDAS 5.40% 2028-04-24 102,498 €

XS2223767778 BEN OLDMAN EUROPEAN 10.00% 2026-10-29 100,056 €

ES0505075574 Euskaltel SA 3.39% 2026-01-27 97,029 €

ES05846960X5 Masmovil Ibercom 3.87% 2026-01-15 96,233 €

XS2259808702 MOBICO GROUP PLC 4.25% 2057-02-26 58,820 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %

EUR 642,170 € 91.6%

GBP 58,820 € 8.4%

This period's fixed-income moves

Compares the current fixed-income portfolio with the previous period, by ISIN. An exit that coincides with maturity isn't a sale: the bond reached its contractual date.

New positions: 0 Exits at maturity: 2 Exits not explained by maturity: 0

◦ TALGO SA

Leaves the portfolio; it was 1.47% of weight.

◦ EUSKALTEL SA

Leaves the portfolio; it was 1.46% of weight.

Disclaimer

This is not financial advice. The portfolio comes from the periodic report the fund files with the CNMV and lags the real close of the period: it is a snapshot of the end of each half-year, not a real-time portfolio.