Manager
INTERMONEY GESTION, S.G.I.I.C., S.A.
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Fund page
AVANCE MULTIACTIVOS, FI
Category
—
Latest period
H2 2025
Positions
75
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.
75
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 28
Exits: 36
Increases: 16
Cuts: 5
+ ROMANIA
Enters the portfolio at 1.49% weight.
Societatea Comerciala Compania Hoteliera Intercontinental Romania S.A. provides hotel accommodation and other related services in Romania. It also offers dine and drink services; spa wellness facilities; conference and banquet services, such as event rooms and wedding. The company is based in Bucharest, Romania.
View company page →+ AMPER SA
Enters the portfolio at 0.98% weight.
Contemporary Amperex Technology Co., Limited, together with its subsidiaries, engages in the research, development, production, and sale of electric vehicle and energy storage system batteries in China and internationally. The company offers power battery systems, including cells, modules/battery boxes, and battery packs, as well as lithium iron phosphate, ternary high-voltage medium-nickel, ternary high-nickel, super hybrid, sodium-ion, and condensed matter batteries; energy storage battery systems, such as cells, battery cabinets, energy storage containers, and system integration; and battery material products comprising lithium salts, precursors, and cathode materials. It also processes, purifies, and synthesizes metal materials, which include nickel, cobalt, manganese, lithium, phosphorus, iron, aluminum, copper, and other materials from spent batteries. In addition, the company provides passenger vehicles solutions, such as electric private and operating vehicles, as well as hybrid; commercial application solutions comprising road passenger transport, urban delivery, heavy-duty transport, urban street cleaning, construction machinery, two-wheeled vehicle, vessel, and special vehicle; energy storage solutions on power generation, transmission and distribution, and consumption; and battery recycling solutions. Further, it is involved in investment activities. The company was incorporated in 2011 and is headquartered in Ningde, China.
View company page →+ ACCIONES|Nestlé Reg.
Enters the portfolio at 0.82% weight.
Nestlé S.A., together with its subsidiaries, manufactures and distributes food and beverage, and nutritional science products in the United States, Brazil, Mexico, Greater China, the Philippines, India, the United Kingdom, France, Germany, Switzerland, and internationally. The company offers cereals, chocolate and confectionery, coffee, culinary, chilled and frozen food, dairy, drinks, food service, ice cream, nutrition and health, petcare, water, plant-based portfolio, and recipe products. It sells its products under the Nesquik Cereal, Fitness, Cheerios, Lion Cereals, Cini Minis, KitKat Cereal, Chocapic, Koko Krunch, Shreddies, Shredded Wheat Original, Corn Flakes, Trix Cereal, Aero, Baci Perugina, KitKat, Milkybar, Smarties, Cailler, Quality Street, Garoto, Nestlé Toll House, Munch, Damak, Hsu Fu Chi, Sahne Nuss, Nestlé Sustainably Sourced Cocoa, Blue Bottle Coffee, Nescafé, Nescafé Dolce Gusto, Nespresso, Starbucks Coffee At Home, DiGiorno, Garden Gourmet, Maggi, Thomy, Stouffer's, Hot Pockets, Lean Cuisine, Life Cuisine, Buitoni, Nestlé carnation, Nestlé Coffee Mate, and Nestea brands. The company also offers its products under the Roastelier by Nescafé, Plant-based and so good!, Milo, Chef, Maggi Professional, La Lechera, Minor's, Antica Gelateria Del Corso, Drumstick, Extrême, Häagen-Dazs, Maxibon, Mövenpick, Nancare, Gerber, Cerelac, Nestum, Alfaré HMO, Athéra HMO, Alfamino HMO, Bear Brand, Nido, Orgain, Nestlé Vital, Garden of Life, Pure Encapsulations, Solgar, Compleat, Impact, Peptamen, Vitaflo, Resource, Cat Chow, Dentalife, Dog Chow, Fancy Feast, Felix, Friskies, Gourmet, Purina, Purina ONE, Purina Pro Plan, Purina Pro Plan Veterinary Diets, Acqua Panna, Nestlé Pure Life, Perrier, S.Pellegrino, Sanpellegrino, Buxton, Erikli, Levissima, Vittel, Contrex, HENNIEZ, Hépar, La Vie, Naleczowianka, and Essentia brands. The company was founded in 1866 and is headquartered in Vevey, Switzerland. Aimmune Therapeutics, Inc. operates as a subsidiary of Nestlé S.A.
View company page →+ ACCIONES|United Parcel Servic
Enters the portfolio at 0.82% weight.
United Parcel Service, Inc., a package delivery and logistics provider, offers transportation and delivery services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery services for express letters, documents, packages and palletized freight through air and ground services. The International Package segment provides small package operations in Europe, the Middle East and Africa, Canada and Latin America, and Asia. The company offers a range of guaranteed day- and time-definite international transportation services; day-definite services; cross-border ground package delivery; contract-only, e-commerce solutions for non-urgent, and cross-border shipments; and international service for urgent and palletized shipments. It also provides international air and ocean freight forwarding, contract logistics, customs brokerage and insurance, mail services, healthcare logistics, distribution, and post-sales services. United Parcel Service, Inc. was founded in 1907 and is headquartered in Atlanta, Georgia.
View company page →+ ACCIONES|Canadian Pacific Kan
Enters the portfolio at 0.61% weight.
Canadian Pacific Kansas City Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada, the United States, and Mexico. The transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; merchandise freight consists of industrial and consumer products, such as forest products, energy, chemicals and plastics, metals, minerals, consumer products, and automotive; and intermodal traffic comprising retail goods in overseas containers. The company also provides rail and intermodal transportation services through a network of approximately 20,000 miles serving business centers. The company was formerly known as Canadian Pacific Railway Limited and changed its name to Canadian Pacific Kansas City Limited in April 2023. Canadian Pacific Kansas City Limited was founded in 1881 and is headquartered in Calgary, Canada.
View company page →+ BRASKEM NETHERLANDS
Enters the portfolio at 0.60% weight.
Braskem S.A., together with its subsidiaries, engages in the manufacture, sale, import, and export of chemicals, petrochemicals, and fuels in Brazil. The company supplies electricity and other inputs to second-generation producers; sells utilities, such as steam, water, compressed air and industrial gases; industrial services; and engages in the production, supply, and sale of electric energy and gas. It also produces and sells polyethylene, including the production of green PE made from renewable resources, and polypropylene; and polyvinyl chloride and caustic soda. In addition, the company provides thermoplastic resins; and other basic petrochemicals. It has operations in the United States, Europe, Asia, and internationally. The company was formerly known as Copene Petroquímica do Nordeste S.A. and changed its name to Braskem S.A. in 2002. Braskem S.A. was founded in 1972 and is headquartered in São Paulo, Brazil.
View company page →+ ACCIONES|Chipotle Mexican Gri
Enters the portfolio at 0.46% weight.
Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. The company sells food and beverages, such as burritos, burrito bowls, quesadillas, tacos, and salads, as well as kids' meals, chips, and sides. It also offers Mexican-inspired meals using responsibly sourced meats, such as chicken, beef, and pork under the Responsibly Raised brand. In addition, the company provides digital ordering through its website, mobile app, and third-party delivery platforms. It operates in the United States, Canada, France, Germany, South Korea, and the United Kingdom. Chipotle Mexican Grill, Inc. was founded in 1993 and is headquartered in Newport Beach, California.
View company page →+ ACCIONES|Six SE
Enters the portfolio at 0.34% weight.
Sixt SE, through its subsidiaries, provides mobility services through a corporate and franchise branch network for private and business customers. It offers its products through the SIXT app, which comprises SIXT rent, a car rental service; SIXT van and truck for commercial vehicle rental; SIXT share, a car sharing service, as well as offering micromobility services through e-scooters, e-mopeds, and e-bikes; SIXT+ for car subscriptions/long-term rentals; and SIXT ride, which includes transfer services, brokerage of professional driver and chauffeur services, and event transport services; and SIXT charge, a charging solutions for e-vehicles. It operates in Germany, Europe, North America, and internationally. It serves private customers, tourists, business and corporate clients, and intermediary partners, distributing its offerings through direct (B2C), business (B2B), and partner (B2P) sales channels. The company was founded in 1912 and is headquartered in Pullach, Germany. Sixt SE is a subsidiary of Erich Sixt Vermögensverwaltung GmbH.
View company page →− US TREASURY N/B
Leaves the portfolio; it was 2.44% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 2.37% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 2.37% of weight.
− INTESA SANPAOLO SPA
Leaves the portfolio; it was 2.28% of weight.
Intesa Sanpaolo S.p.A. engages in the provision of various financial products and services in Italy, Central/Eastern Europe, the Middle East, and North Africa. It operates through six segments: Banca dei Territori, IMI Corporate & Investment Banking, International Banks, Asset Management, Private Banking, and Insurance. The company offers lending and deposit products; private and commercial banking, corporate and transaction banking, structured finance, investment banking, public finance, and capital market services; life and non-life insurance and pension products; asset and wealth management services; private investments; and bancassurance products. It also provides industrial loans, leases, and factoring services, as well as digital banking services. The company serves individuals, small and medium-sized businesses, non-profit customers, corporates and financial institutions, public administration, private clients and high net worth individuals, and other customers. Intesa Sanpaolo S.p.A. is headquartered in Turin, Italy.
− US TREASURY N/B
Leaves the portfolio; it was 2.10% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 2.04% of weight.
− BARCLAYS
Leaves the portfolio; it was 1.76% of weight.
Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK; Barclays UK Corporate Bank; Barclays Private Bank and Wealth Management; Barclays Investment Bank; and Barclays US Consumer Bank segments. It offers financial services, such as current accounts, savings accounts, mortgages and unsecured lending, such as credit cards and loans retail banking, wholesale banking, investment banking, wealth management, and investment management services, as well as lending products. In addition, the company engages in securities dealing activities and issuing of credit cards. The company was formerly known as Barclays Bank public limited company and changed its name to Barclays PLC in January 1985. Barclays PLC was founded in 1690 and is headquartered in London, the United Kingdom.
− US TREASURY N/B
Leaves the portfolio; it was 1.75% of weight.
− US TREASURY N/B
Leaves the portfolio; it was 1.69% of weight.
− COMMERZBANK AG
Leaves the portfolio; it was 1.64% of weight.
Commerzbank AG provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia. It operates through two segments, Private and Small-Business Customers, and Corporate Clients. The company offers current, money market, checking, business accounts; insurance products; credit and debit cards; pension scheme; card payment terminal; and various loans. It also offers installment loans; renovation loans, debt structuring, car loan, overdraft facility; real estate financing; term deposits; and online banking services, as well as trades securities, such as shares, funds, ETFs, certificates, options and futures, and bonds. In addition, the company provides wealth management services. Commerzbank AG was founded in 1870 and is headquartered in Frankfurt am Main, Germany.
− ams-OSRAM AG
Leaves the portfolio; it was 1.07% of weight.
ams-OSRAM AG engages in the design, manufacture, and sale of LED and optical sensor solutions in Europe, the Middle East, Africa, the United States, and the Asia/Pacific. The company operates through Opto Semiconductors (OS); CMOS Sensors & ASICs (CSA); and Lamps & Systems (L&S) segments. It offers white, color, UV-C, IR, and multi color LEDs, as well as LED modules and accessories; color and IR lasers; photodiodes and phototransistors; optical modules; and automotive and digital systems and lamps, as well as power management ICs, LED driver and analog frontend ICs, and sensor interfaces. In addition, the company provides ambient light, color, and spectral and proximity sensors; direct time-of-flight sensors; position and capacitive sensors; CMOS image sensors; temperature sensors; active noise cancellation solutions; and boards, kits, and related accessories. Its products are used in automotive and mobility, industrial, medical and health, mobile and wearables, lighting, and computing applications. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. The company was founded in 1981 and is headquartered in Premstätten, Austria.
− COMMERZBANK AG
Leaves the portfolio; it was 1.03% of weight.
Commerzbank AG provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia. It operates through two segments, Private and Small-Business Customers, and Corporate Clients. The company offers current, money market, checking, business accounts; insurance products; credit and debit cards; pension scheme; card payment terminal; and various loans. It also offers installment loans; renovation loans, debt structuring, car loan, overdraft facility; real estate financing; term deposits; and online banking services, as well as trades securities, such as shares, funds, ETFs, certificates, options and futures, and bonds. In addition, the company provides wealth management services. Commerzbank AG was founded in 1870 and is headquartered in Frankfurt am Main, Germany.
− QUILTER PLC
Leaves the portfolio; it was 1.02% of weight.
Quilter plc provides advice-led investment solutions in the United Kingdom and internationally. It operates through High Net Worth and Affluent segments. The High Net Worth segment provides discretionary investment management services to high-net worth clients, charities, companies, and institutions through a network of branches; and financial advice services for protection, mortgages, savings, investment, and pensions primarily to high-net-worth clients. Its Affluent segment comprises Quilter Investment Platform, an investment platform for advice-based wealth management products and services; Quilter Investor, which offers investment solutions in the form of funds for the group and third-party clients; and Quilter Financial planning, a restricted and independent financial adviser network that provides mortgage and financial planning advice, and solution for individuals and business through a network of intermediaries. The company was incorporated in 2007 and is based in London, the United Kingdom.
− UNITED KINGDOM GILT
Leaves the portfolio; it was 0.95% of weight.
− CREDIT AGRICOLE SA
Leaves the portfolio; it was 0.94% of weight.
Crédit Agricole S.A. provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan. It operates in five segments: Asset Gathering, Large Customers, Specialized Financial Services, French Retail Banking LCL, and International Retail Banking. The company offers savings/retirement, death and disability/creditor/group, and property and casualty insurance products; asset management; investment solutions; banking products and services, savings, wealth management, payment, cash flow management, and online banking services; personal finance and mobility; and specialized financial services. It also provides investment banking, structured finance, international trade finance, commercial banking, capital market, and syndication services; leasing, factoring, and energy and territorial financing; and asset servicing solutions for investment products, as well as various asset classes, such as execution, clearing, forex, security lending, custody, depositary banking, fund administration, middle-office outsourcing, fund distribution, and issuer services. In addition, the company offers property services, including transactions, rental, rental management, condominium trustee, and renovation under the Square Habitat brand; property development and management; and low-carbon electricity production. The company serves individuals, SMEs, small businesses, corporates, farmers, financial institutions, local authorities, asset managers, insurance companies, institutional investors, pension and unlisted funds, banks, and brokers. Crédit Agricole S.A. was founded in 1894 and is headquartered in Montrouge, France. Crédit Agricole S.A. operates as a subsidiary of SAS Rue La Boetie.
− CO-OPERATIVE BANK HO
Leaves the portfolio; it was 0.93% of weight.
− IBERCAJA BANCO SA
Leaves the portfolio; it was 0.90% of weight.
− CRL CREDITO AGRICOLA
Leaves the portfolio; it was 0.86% of weight.
− AA BOND CO LTD
Leaves the portfolio; it was 0.84% of weight.
− PIRAEUS FINANCIAL HL
Leaves the portfolio; it was 0.83% of weight.
− Maxam Corp
Leaves the portfolio; it was 0.83% of weight.
− HEATHROW FINANCE PLC
Leaves the portfolio; it was 0.83% of weight.
− UNICREDIT SPA
Leaves the portfolio; it was 0.80% of weight.
UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions. It also provides corporate finance advisory, rating advisory, financial sponsor, patient capital, capital structure advisory, and sustainable finance solutions, as well as securities services. In addition, the company offers transactional and risk management, structured finance, debt funding, equity funding, project finance, commodity trade finance, and trade and export finance services; group trade and correspondent banking services; and payments solutions. It serves SME, corporate, multinational corporate, financial institution, and public sector clients, as well as retail, private banking, wealth management, and family office clients. It has a strategic collaboration with Accenture plc and International Business Machines to establish a new technology operating model combining the resilience of mission-critical systems with the flexibility of cloud, data, and artificial intelligence. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.
− UNICAJA BANCO SA
Leaves the portfolio; it was 0.80% of weight.
Unicaja Banco, S.A. engages in the retail banking business in Spain. The company offers current, savings, young person, and payment accounts; term deposits; debit, business, and credit cards; mortgages; study, eco-mobility, mobility vehicle, reform, and home loans; and home, car, health, accident, funeral, company and agro uni, company health, SME and retail damage, corporate liability, agricultural, and life insurance products. It also provides pension plans; investment funds; bill and tax payment, and collection management services; payments; POS products; short-term and medium/long-term financing; ATM, foreign trade facility, and currency management and exchange services; and private and personal banking services, as well as digital and mobile banking services. The company was founded in 1991 and is headquartered in Málaga, Spain.
− LLOYDS BANKING GROUP
Leaves the portfolio; it was 0.70% of weight.
Lloyds Banking Group plc, together with its subsidiaries, provides a range of banking and financial products and services for retail and commercial customers in the United Kingdom. It operates in three segments: Retail; Commercial Banking; and Insurance, Pensions and Investments. The Retail segment offers a range of financial service products, including current accounts, savings, mortgages, credit cards, unsecured loans, motor finance, and leasing solutions to personal customers. Its Commercial Banking segment provides lending, transactional banking, working capital management, debt financing, and risk management services to small and medium businesses, corporates, and institutions. The Insurance, Pensions and Investments segment offers insurance, investment, and pension management products and services. It also provides life assurance; and digital banking services. The company offers its products and services under the Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows, MBNA, Schroders Personal Wealth, Black Horse, Lex Autolease, Birmingham Midshires, LDC, AMC, Embark Group, Lloyds Living, Cavendish Online, Tusker, and HGP brands. The company was formerly known as Lloyds TSB Group plc and changed its name to Lloyds Banking Group plc in January 2009. Lloyds Banking Group plc was founded in 1695 and is headquartered in London, the United Kingdom.
− ADECOAGRO SA
Leaves the portfolio; it was 0.69% of weight.
Adecoagro S.A., engages in agricultural and agro-industrial activities in Argentina, Brazil, Chile, and Uruguay. The company operates through three segments: Sugar, Ethanol and Energy, Fertilizers and Farming. The company is involved in the production of a range of agricultural commodities, including soybean, corn, wheat, peanut, sunflower, cotton, and others; planting, harvesting, processing, and marketing of white, brown, and rough rice; genetic development of seeds; and production of dairy products, such as raw milk, ultra-high temperature milk, powdered milk, semi-hard cheese, cream, cream and cocoa flavored milk, chocolate and fluid milk, and other dairy products. It also generates electricity through burning biogas extracted from effluents produced by its dairy cattle; and provides grain warehousing and conditioning, and handling and drying services. In addition, the company cultivates andharvests sugarcane to produce ethanol, sugar, and bioelectricity; and sells carbon credits. Further, it engages in land transformation activities, such as the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land; and the implementation of production technology and agricultural practices. The company was founded in 2002 and is based in Luxembourg, Luxembourg. As of May 1, 2025, Adecoagro S.A. operates as a subsidiary of Tether Investments, S.A. De C.V.
− Softb
Leaves the portfolio; it was 0.68% of weight.
SoftBank Group Corp. provides telecommunication services in Japan and internationally. It operates through Holding Company Investment Business, SoftBank Vision Funds, SoftBank, AI Computing Business, and Other segments. The company engages in Consumer Business, mobile services and broadband; mobile services and solutions; ICT service materials to corporate clients; media, advertising, and related services; and payment and financial services. It also offers semiconductor IP, chips, and related technologies, and software tools and related services; development, construction, and operation of solar power plants; and data center development and construction, as well as robotics-related and Hawks-related businesses. It also provides online advertising and e-commerce services; payment and financial services; information and communication technology services products to enterprise customers; and communication device-related products and Internet of Things equipment to retail customers. In addition, the company engages in alternative investment management; ownership of professional baseball team; operation of baseball games; management and maintenance of baseball stadium and other sports facilities; genetic testing, medical data utilization; and distribution of video, voice, and data content via media businesses. Further, it is involved in the certification services, security solutions, and Linux/OSS businesses; operation of comprehensive IT information site ITmedia; internet advertising agency business; facility management; planning and operation of fashion e-commerce website; operational support of brands' own e-commerce website; operation of fashion coordination app; banking; mail order sale of stationery and services; and provision of autonomous forklifts. The company was formerly known as SoftBank Corp. and changed its name to SoftBank Group Corp. in July 2015. SoftBank Group Corp. was incorporated in 1981 and is headquartered in Tokyo, Japan.
− INTERNATIONAL PETROL
Leaves the portfolio; it was 0.68% of weight.
International Petroleum Corporation explores for, develops, and produces oil and gas. The company holds a portfolio of oil and gas production assets and development projects in Canada, Malaysia, and France. International Petroleum Corporation was incorporated in 2017 and is based in Vancouver, Canada.
− ROTHESAY LIFE
Leaves the portfolio; it was 0.65% of weight.
− DIG HLDNG/DIG FIN/DI
Leaves the portfolio; it was 0.65% of weight.
− Ecopetrol SA
Leaves the portfolio; it was 0.53% of weight.
Ecopetrol S.A. operates as an integrated energy company. It operates through four segments: Exploration and Production; Transport and Logistics; Refining and Petrochemicals; and Energy transmission and Toll Roads Concessions. The Exploration and Production segment engages in the exploration and production of oil and gas. The Transport and Logistics segment is involved in the transportation of crude oil, motor fuels, fuel oil, and other refined products, including diesel, jet, and biofuels. The Refining and Petrochemicals segment refines and processes crude oil at the Barrancabermeja and Cartagena refineries; and distributes natural gas and LPG. The energy Transmission and Toll Roads Concessions segment supplies transmission and information technology and telecommunications services, as well as designs, develops, constructs, operates, and maintains road and energy infrastructure projects. The company operates in Colombia, the United States, China, Brazil, India, Singapore and other Asian countries, Peru, Chile, Other South America countries, Central America and the Caribbean, and Europe. The company was formerly known as Empresa Colombiana de Petróleos and changed its name to Ecopetrol S.A. in June 2003. Ecopetrol S.A. was incorporated in 1948 and is based in Bogotá, Colombia.
− FRESENIUS MED CARE I
Leaves the portfolio; it was 0.42% of weight.
− Banco Credito Social
Leaves the portfolio; it was 0.41% of weight.
− BLACKSTONE HOLDINGS
Leaves the portfolio; it was 0.35% of weight.
Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. Within fund of fund investments, it seeks to invest in private equity funds, venture capital funds, mezzanine funds, distressed debt/turnaround funds, secondary investment funds & real estate funds. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, recapitalization, special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, cargo, data processing, oil & gas production, oil & gas refining, oil & gas storage, building products, home entertainment, B2B, consumer electronics, home supply store, lodging, commercial services & supplies, metal & mineral mining machinery, coal, hazardous waste collection, solid waste collection, waste water treatment, renewable electricity, equity REITs, power generation by nuclear & fossil fuels, personal loan services, chemicals, other specialty retail, biotech, pharmaceuticals, metal, aerospace, healthcare, cable, entertainment services, infrastructure services, transportation infrastructure, exhaust, life sciences, alternative carriers, infrastructure, system software, manufacturing services, enterprise tech and consumer, enterprise software & application, as well as consumer technologies. The firm considers investment in Asia, Latin America, Japan, Australia, South Korea, Singapore, Hong Kong, Africa, Middle East, Beijing, Shanghai, India, Belgium, France, Ireland, Luxembourg, Monaco, Netherlands, United Kingdom, North America and South America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It makes equity investments up to $300 million through fund of fund investments. It has a three year investment period. The firm prefers to take majority and minority stakes. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. through its subsidiary South City Projects (Kolkata) Limited offers residential and commercial real estate development services that include development of township, residential towers, malls, IT parks, stadiums, resorts, hospitals, and schools. Blackstone Inc. was founded in 1985 and is based in New York, New York with additional offices across Asia, Europe, North America and Central America.
− Brooge Petro
Leaves the portfolio; it was 0.22% of weight.
− ACCIONES|Atos
Leaves the portfolio; it was 0.07% of weight.
Atos Group provides digital transformation solutions and services in France and internationally. It offers cloud and infrastructure services, such as sovereign cloud, multi cloud, private cloud and edge services, modern infrastructure, modern mainframe, and managed edge services, and cloud and modern infrastructure advisory; digital business platforms; digital workplace comprising accessibility services, platforms, intelligent care center, intelligent collaboration, digital workplace advisory, and sustainability. The company also provides integration and value added resell, technology consulting, customized, and maintenance and support services. In addition, it offers advanced computing, cloud solutions, digital security, generative artificial intelligence (AI), security solutions, smart platforms, and transformation acceleration solutions. Further, the company provides decarbonization, cybersecurity products and services, mission-critical systems, advanced computing, and AI and automation services. Additionally, the company provides digital applications such as application services, digital assurance, industry 360 & plm services, intelligent automation, internet of things, and low code solutions; and smart platforms. It serves public sector and defense, manufacturing, financial services and insurance, telecom, media and technology, energy and utilities, retail, transportation and logistics, and healthcare and life science industries. The company was formerly known as Atos SE and changed its name to Atos Group in May 2026. The company was incorporated in 1982 and is headquartered in Bezons, France.
▲ ROMANIA
Goes from 1.09% to 1.93%.
Societatea Comerciala Compania Hoteliera Intercontinental Romania S.A. provides hotel accommodation and other related services in Romania. It also offers dine and drink services; spa wellness facilities; conference and banquet services, such as event rooms and wedding. The company is based in Bucharest, Romania.
View company page →▲ FRANCE (GOVT OF)
Goes from 0.55% to 1.17%.
Saccheria F.lli Franceschetti S.p.A. produces and markets bags and packaging products in Italy. The company offers big, raffia, fertilizer, saddle, tele, and polyethylene bags, as well as belts, ribbons, yarns, and kits. It also provides customized and educational products. The company's products are used in agriculture, plastic, asbestos, steel, rubble, food, waste, and mineral industries; and sacks and saddlebags for use in post offices. The company was founded in 1970 and is based in Provaglio d'Iseo, Italy.
View company page →▲ ARYZTA AG
Goes from 1.87% to 2.23%.
ARYZTA AG provides products and services for in-store bakery solutions in Europe and internationally. It offers pastries, cookies, buns, breads, rolls, artisan loaves, sweet baked goods, morning goods, and savoury and other products. The company is also involved in asset management services; and distribution of food products. In addition, it serves grocery, convenience, and independent retailers, as well as quick service restaurants (QSR) and other foodservice customers under the Hiestand, Mette Munk, Pre Pain, Cuisine de France, Coup de Pates, La Carte, Oh My Sweetness, and Fornetti brands. ARYZTA AG was incorporated in 2023 and is headquartered in Schlieren, Switzerland.
View company page →▲ Obrascón Huarte Laín
Goes from 1.18% to 1.39%.
Obrascón Huarte Lain, S.A. operates as an infrastructure company primarily in the United States, Europe, and Latin America. The company operates through Construction, Industrial, and Other segments. The company carries civil engineering and building construction works for public and private customers. It is also involved in the design, construction, maintenance, and operation of oil and gas, renewable, mining and cement, solids engineering, and fire-fighting systems. In addition, the company engages in the development and operation of premium or luxury mixed-use hotels, and leisure centers; construction, execution, operation, and conservation of various types of infrastructure and works; real estate project development activities; and provision of financial studies and management consultancy services. The company was formerly known as Sociedad General de Obras y Construcciones Obrascón, S.A. Obrascón Huarte Lain, S.A. was incorporated in 1911 and is based in Madrid, Spain.
View company page →Fixed income
Declared FI exposure
18.1 M €
% of portfolio
88.1%
Positions
69
Issuers
54
Sovereign: 7.2 M €
Corporate: 10.9 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 · 13.4%3-6 months · 12.3%6-12 months · 7.5%1-2 years · 5.5%2-5 years · 19.4%5-10 years · 6.8%> 10 years · 35.1%
Maturity
Positions
Exposure
%
Matured or ≤3 months
5
2.4 M €
13.4%
3-6 months
4
2.2 M €
12.3%
6-12 months
4
1.4 M €
7.5%
1-2 years
6
995,068 €
5.5%
2-5 years
21
3.5 M €
19.4%
5-10 years
6
1.2 M €
6.8%
> 10 years
23
6.4 M €
35.1%
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
United States Treasury
Sovereign
5
2.9 M €
2026-01-31
FRANCE (GOVT OF)
Sovereign
4
2.0 M €
2026-05-25
European Union
Supranational
4
1.6 M €
2026-02-06
ROMANIA
Sovereign
3
902,131 €
2032-05-30
UNITED KINGDOM GILT
Sovereign
3
673,360 €
2029-07-22
Mitsubishi Bank
Corporate
1
526,548 €
2050-12-15
ARYZTA AG
Corporate
1
460,195 €
2049-04-28
STANDARD PROFIL AUTO
Corporate
2
426,049 €
2030-01-01
ATHORA NETHERLANDS
Corporate
1
414,913 €
2048-11-18
INVESTEC BANK PLC
Corporate
1
385,036 €
2029-08-28
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
US9128286S43 United States Treasury
2.38%
2026-04-30
757,945 €
FR0014004J31 FRANCE (GOVT OF)
0.75%
2053-05-25
698,778 €
US91282CBT71 United States Treasury
0.75%
2026-03-30
662,053 €
FR001400FYQ4 FRANCE (GOVT OF)
2.50%
2026-09-24
603,082 €
US91282CBW01 United States Treasury
0.75%
2026-04-30
579,088 €
XS0413650218 Mitsubishi Bank
6.55%
2050-12-15
526,548 €
US91282CKB62 United States Treasury
4.63%
2026-02-28
513,259 €
EU000A4D7LB6 European Union
—
2026-03-06
498,235 €
FR0013131877 FRANCE (GOVT OF)
0.50%
2026-05-25
493,303 €
CH0253592783 ARYZTA AG
4.18%
2049-04-28
460,195 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
10.3 M €
56.6%
USD
6.0 M €
33.3%
GBP
1.4 M €
7.6%
CHF
460,195 €
2.5%
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: 23
Exits at maturity: 10
Exits not explained by maturity: 25
+ US TREASURY N/B
Enters the portfolio at 3.68% weight.
+ FRANCE (GOVT OF)
Enters the portfolio at 2.93% weight.
+ EUROPEAN UNION BILL
Enters the portfolio at 2.42% weight.
+ FRANCE (GOVT OF)
Enters the portfolio at 2.40% weight.
+ ATHORA NETHERLANDS
Enters the portfolio at 2.01% weight.
+ EUROPEAN UNION BILL
Enters the portfolio at 1.93% weight.
+ EUROPEAN UNION BILL
Enters the portfolio at 1.91% weight.
+ EUROPEAN UNION BILL
Enters the portfolio at 1.70% weight.
+ ROMANIA
Enters the portfolio at 1.49% weight.
+ STANDARD PROFIL AUTO
Enters the portfolio at 1.48% weight.
+ AMPER SA
Enters the portfolio at 0.98% weight.
+ IBERCAJA BANCO SA
Enters the portfolio at 0.98% weight.
+ ROMANIA
Enters the portfolio at 0.96% weight.
+ INEOS FINANCE PLC
Enters the portfolio at 0.83% weight.
+ ARAGVI FINANCE INTL
Enters the portfolio at 0.82% weight.
+ MC BRAZIL DWNSTRM
Enters the portfolio at 0.65% weight.
+ BRASKEM NETHERLANDS
Enters the portfolio at 0.60% weight.
+ STANDARD PROFIL AUTO
Enters the portfolio at 0.59% weight.
+ TVL FINANCE PLC
Enters the portfolio at 0.56% weight.
+ LCPR SR SECURED FIN
Enters the portfolio at 0.52% weight.
+ TYRE MIDCO LIMITED
Enters the portfolio at 0.52% weight.
+ CERVED INFORMATION S
Enters the portfolio at 0.45% weight.
+ REKEEP SPA
Enters the portfolio at 0.43% weight.
− INTESA SANPAOLO SPA
Leaves the portfolio; it was 2.28% of weight.
− COMMERZBANK AG
Leaves the portfolio; it was 1.64% of weight.
− ams-OSRAM AG
Leaves the portfolio; it was 1.07% of weight.
− COMMERZBANK AG
Leaves the portfolio; it was 1.03% of weight.
− QUILTER PLC
Leaves the portfolio; it was 1.02% of weight.
− CREDIT AGRICOLE SA
Leaves the portfolio; it was 0.94% of weight.
− CO-OPERATIVE BANK HO
Leaves the portfolio; it was 0.93% of weight.
− IBERCAJA BANCO SA
Leaves the portfolio; it was 0.90% of weight.
− CRL CREDITO AGRICOLA
Leaves the portfolio; it was 0.86% of weight.
− AA BOND CO LTD
Leaves the portfolio; it was 0.84% of weight.
− PIRAEUS FINANCIAL HL
Leaves the portfolio; it was 0.83% of weight.
− Maxam Corp
Leaves the portfolio; it was 0.83% of weight.
− HEATHROW FINANCE PLC
Leaves the portfolio; it was 0.83% of weight.
− UNICREDIT SPA
Leaves the portfolio; it was 0.80% of weight.
− UNICAJA BANCO SA
Leaves the portfolio; it was 0.80% of weight.
− LLOYDS BANKING GROUP
Leaves the portfolio; it was 0.70% of weight.
− ADECOAGRO SA
Leaves the portfolio; it was 0.69% of weight.
− Softb
Leaves the portfolio; it was 0.68% of weight.
− INTERNATIONAL PETROL
Leaves the portfolio; it was 0.68% of weight.
− ROTHESAY LIFE
Leaves the portfolio; it was 0.65% of weight.
− DIG HLDNG/DIG FIN/DI
Leaves the portfolio; it was 0.65% of weight.
− Ecopetrol SA
Leaves the portfolio; it was 0.53% of weight.
− FRESENIUS MED CARE I
Leaves the portfolio; it was 0.42% of weight.
− Banco Credito Social
Leaves the portfolio; it was 0.41% of weight.
− BLACKSTONE HOLDINGS
Leaves the portfolio; it was 0.35% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 2.44% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 2.37% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 2.37% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 2.10% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 2.04% of weight.
◦ BARCLAYS
Leaves the portfolio; it was 1.76% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 1.75% of weight.
◦ US TREASURY N/B
Leaves the portfolio; it was 1.69% of weight.
◦ UNITED KINGDOM GILT
Leaves the portfolio; it was 0.95% of weight.
◦ Brooge Petro
Leaves the portfolio; it was 0.22% 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.