Manager
TRESSIS GESTION, S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
ADRIZA GLOBAL, FI
Category
—
Latest period
H2 2025
Positions
122
Portfolio as of 2025-12-31. Source: periodic filing with the CNMV. View original filing (PDF)
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.
122
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 35
Exits: 26
Increases: 5
Cuts: 12
+ ACCIONES|Schlumberger
Enters the portfolio at 0.37% weight.
SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.
View company page →+ ACCIONES|Saipem SpA
Enters the portfolio at 0.28% weight.
Saipem SpA provides energy and infrastructure solutions worldwide. It operates through Asset Based Services, Offshore Drilling, and Energy Carriers segments. The company offers development of subsea fields and pipelaying; installation and lifting of offshore structures; engages in engineering, implementation, installation, maintenance, modification, and decommissioning activities, as well as offshore engineering and construction, and wind activities. It is also involved in onshore engineering and construction, sustainable infrastructures, and robotics and industrialized solutions; and design and construction of infrastructure projects, such as railway lines in high speed/high capacity lines. In addition, the company provides procurement, project management, and construction services to oil and gas, civil and marine infrastructure, and environmental markets. The company was founded in 1957 and is headquartered in Milan, Italy.
View company page →+ ACCIONES|Smurfit WestRock PLC
Enters the portfolio at 0.22% weight.
Smurfit Westrock Plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in North America, South America, Europe, Asia, Africa, Australia, and internationally. The company produces containerboard and paperboard; packaging of corrugated containers; consumer packaging; and offers solid board, kraft paper, and graphic board, as well as other packaging products, such as solidboard packaging, paper sacks and bag-in-box. It produces linerboard and corrugated medium and paperboard; and other paper-based packaging, such as folding cartons, inserts, labels and displays. The company primarily serves food and beverage, healthcare, beauty and personal care, garden, consumer goods, industrial, and foodservice markets. It markets its products through its own sales force, independent sales representatives, and independent distributors. Smurfit Westrock Plc was founded in 1934 and is headquartered in Dublin, Ireland.
View company page →+ ACCIONES|Barratt Developments
Enters the portfolio at 0.14% weight.
Barratt Redrow plc engages in the housebuilding business in the United Kingdom. The company is also involved in the commercial development business, which includes offices, retail, leisure, industrial, and distribution properties under the Wilson Bowden Developments brand; and land development activities. In addition, it manufactures timber frames under the Oregon Timber Frame brand; and furniture under the BD Living brand. The company offers its homes under the Barratt Homes, David Wilson Homes, Redrow, and Barratt London brands. The company was formerly known as Barratt Developments plc and changed its name Barratt Redrow plc in October 2024. Barratt Redrow plc was founded in 1953 and is headquartered in Coalville, the United Kingdom.
View company page →+ ACCIONES|Canadian Natural Res
Enters the portfolio at 0.14% weight.
Canadian Natural Resources Limited engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa. The company offers synthetic crude oil (SCO), mining bitumen, light and medium crude oil and NGLs, thermal bitumen, primary heavy crude oil and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. The company was formerly known as AEX Minerals Corporation and changed its name to Canadian Natural Resources Limited in December 1975. Canadian Natural Resources Limited was incorporated in 1973 and is headquartered in Calgary, Canada.
View company page →+ ACCIONES|PrairieSky Royalty
Enters the portfolio at 0.11% weight.
PrairieSky Royalty Ltd. holds crude oil and natural gas royalty interests in Canada. It holds an interest in approximately 9.9 million acres with petroleum and/or natural gas rights, 8.7 million acres of gross overriding royalty interests, and other acreage. The company was incorporated in 2013 and is based in Calgary, Canada.
View company page →− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 2.58% of weight.
− TREASURY BILL
Leaves the portfolio; it was 2.18% of weight.
− TREASURY BILL
Leaves the portfolio; it was 2.18% of weight.
− TREASURY BILL
Leaves the portfolio; it was 2.08% of weight.
− TREASURY BILL
Leaves the portfolio; it was 1.31% of weight.
− TREASURY BILL
Leaves the portfolio; it was 1.30% of weight.
− IBERDROLA
Leaves the portfolio; it was 1.28% of weight.
− ArcelorMittal
Leaves the portfolio; it was 1.28% of weight.
− SCF
Leaves the portfolio; it was 1.27% of weight.
− TREASURY BILL
Leaves the portfolio; it was 1.09% of weight.
− INTER-AMERICAN DEVE
Leaves the portfolio; it was 1.08% of weight.
− ACCIONES|CATALANA OCC.
Leaves the portfolio; it was 0.63% of weight.
− ENEL FINANCE INTL NV
Leaves the portfolio; it was 0.60% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 0.44% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 0.44% of weight.
− TREASURY BILL
Leaves the portfolio; it was 0.43% of weight.
− TREASURY BILL
Leaves the portfolio; it was 0.43% of weight.
− UK TREASURY BILL GBP
Leaves the portfolio; it was 0.30% of weight.
− VOLKSWAGEN INTL FIN
Leaves the portfolio; it was 0.26% of weight.
− ACCIONES|Oryzon Genomics, S.A
Leaves the portfolio; it was 0.25% of weight.
− INTL CONSOLIDATED AI
Leaves the portfolio; it was 0.24% of weight.
− ACCIONES|Taylor Wimpley PLC
Leaves the portfolio; it was 0.18% of weight.
− ACCIONES|UniCont
Leaves the portfolio; it was 0.17% of weight.
− ACCIONES|DEFI TECHNOLOGIES IN
Leaves the portfolio; it was 0.16% of weight.
− ACCIONES|Tullow Oil plc
Leaves the portfolio; it was 0.08% of weight.
Tullow Oil plc, an energy company, develops, produces, and sells oil and gas resources in Ghana and Côte d'Ivoire. The company was founded in 1985 and is headquartered in London, the United Kingdom.
View company page →− ACCIONES|Amentum Holdings Inc
Leaves the portfolio; it was 0.08% of weight.
▼ ACCIONES|Microsoft Corp
Goes from 2.50% to 1.80%.
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. The Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
View company page →▼ ACCIONES|Renault
Goes from 0.91% to 0.71%.
Renault SA engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas. The company operates through Automotive, Sales Financing, and Mobility Services segments. The Automotive segment produces, sells, and distributes passenger cars and light commercial vehicles. The Sale Financing segment is involved in the sales financing, rental, maintenance, and service contracts under the Mobilize Financial Services trade name. The Mobility Services segment provides mobility and energy solutions for electric vehicle users under the Mobilize Beyond Automotive brand. It offers used vehicles and spare parts; and engages in the business-to-business powertrain activities, and research and advanced engineering activities. The company also engages in the design and production of parts and equipment used for manufacturing and operation of vehicles. It serves commercial, light commercial and passenger vehicles, tractors, farm machinery and construction equipment under the Renault, Dacia, and Alpine brands. The company was founded in 1898 and is based in Boulogne-Billancourt, France.
View company page →Fixed income
Declared FI exposure
19.0 M €
% of portfolio
36.1%
Positions
37
Issuers
16
Sovereign: 10.5 M €
Corporate: 5.1 M €
Repos / treasury management: 3.4 M €
Maturity ladder
Observed contractual maturity of each position, repos excluded. Matured/≤3 months includes bonds maturing in the first days after the period close.
Matured or ≤3 months · 64.5%3-6 months · 6.1%6-12 months · 9.5%1-2 years · 2.1%2-5 years · 15.1%5-10 years · 2.7%
Maturity
Positions
Exposure
%
Matured or ≤3 months
14
10.1 M €
64.5%
3-6 months
6
953,483 €
6.1%
6-12 months
4
1.5 M €
9.5%
1-2 years
2
329,469 €
2.1%
2-5 years
6
2.4 M €
15.1%
5-10 years
4
425,073 €
2.7%
> 10 years
0
0 €
0.0%
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
TREASURY BILL
Sovereign
8
8.6 M €
2026-01-08
United States Treasury
Sovereign
8
1.6 M €
2026-03-31
INTL CONSOLIDATED AI
Corporate
1
500,069 €
2030-09-11
IBERDROLA
Corporate
1
498,380 €
2026-01-19
FCC
Corporate
1
497,719 €
2026-02-23
ABERTIS INFRAESTRUCT
Corporate
1
496,761 €
2026-03-19
BANKINTER, S.A.
Bank
1
496,566 €
2026-01-14
ARCELORMITTAL
Corporate
1
496,183 €
2026-01-12
PHILIP MORRIS INTL I
Corporate
1
495,893 €
2029-06-06
BERKSHIRE HATHAWAY I
Corporate
1
494,461 €
2028-03-15
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
US912797RH21 TREASURY BILL
—
2026-01-08
2.1 M €
US912797RH21 TREASURY BILL
—
2026-01-08
1.6 M €
US912797SB42 TREASURY BILL
—
2026-03-12
972,416 €
US912797PD35 TREASURY BILL
—
2026-01-22
849,536 €
US912797SG39 TREASURY BILL
—
2026-01-20
594,797 €
US912797SG39 TREASURY BILL
—
2026-01-20
594,797 €
US91282CLS88 United States Treasury
4.13%
2026-10-31
512,203 €
XS3170907060 INTL CONSOLIDATED AI
3.35%
2030-09-11
500,069 €
XS3238396975 IBERDROLA
2.02%
2026-01-19
498,380 €
XS3215431621 FCC
2.28%
2026-02-23
497,719 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
USD
10.2 M €
53.8%
EUR
8.8 M €
46.2%
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: 19
Exits at maturity: 17
Exits not explained by maturity: 1
+ TREASURY BILL
Enters the portfolio at 3.07% weight.
+ TREASURY BILL
Enters the portfolio at 1.84% weight.
+ TREASURY BILL
Enters the portfolio at 0.81% weight.
+ TREASURY BILL
Enters the portfolio at 1.13% weight.
+ INTL CONSOLIDATED AI
Enters the portfolio at 0.95% weight.
+ IBERDROLA
Enters the portfolio at 0.95% weight.
+ FCC
Enters the portfolio at 0.94% weight.
+ Abertis Infraestruct
Enters the portfolio at 0.94% weight.
+ BANKINTER S.A.
Enters the portfolio at 0.94% weight.
+ ArcelorMittal
Enters the portfolio at 0.94% weight.
+ BERKSHIRE HATHAWAY I
Enters the portfolio at 0.94% weight.
+ TREASURY BILL
Enters the portfolio at 0.79% weight.
+ TREASURY BILL
Enters the portfolio at 0.64% weight.
+ TREASURY BILL
Enters the portfolio at 0.56% weight.
+ Gestamp Auto
Enters the portfolio at 0.37% weight.
+ US TREASURY N/B
Enters the portfolio at 0.32% weight.
+ TREASURY BILL
Enters the portfolio at 0.16% weight.
+ US TREASURY N/B
Enters the portfolio at 0.24% weight.
+ US TREASURY N/B
Enters the portfolio at 0.24% weight.
− INTL CONSOLIDATED AI
Leaves the portfolio; it was 0.24% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 0.43% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 2.18% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 2.18% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 2.08% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 1.31% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 1.30% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 0.43% of weight.
◦ IBERDROLA
Leaves the portfolio; it was 1.28% of weight.
◦ ArcelorMittal
Leaves the portfolio; it was 1.28% of weight.
◦ SCF
Leaves the portfolio; it was 1.27% of weight.
◦ TREASURY BILL
Leaves the portfolio; it was 1.09% of weight.
◦ INTER-AMERICAN DEVE
Leaves the portfolio; it was 1.08% of weight.
◦ ENEL FINANCE INTL NV
Leaves the portfolio; it was 0.60% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 0.44% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 0.44% of weight.
◦ UK TREASURY BILL GBP
Leaves the portfolio; it was 0.30% of weight.
◦ VOLKSWAGEN INTL FIN
Leaves the portfolio; it was 0.26% 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.