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BESTINVER BOLSA, FI

Category
Latest period
H2 2025
Positions
30

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.

30
Company Type Country Weight Price
ACCIONES|BBVA-BBV ES0113211835 · EUR Renta Variable Cotizada ES 8.96%
ACCIONES|ZEGONA COMMUNICATIONS PLC GB00BVGBY890 · GBP Renta Variable Cotizada GB 8.86% 1588.00 GBp
ACCIONES|INDRA SISTEMAS SA ES0118594417 · EUR Renta Variable Cotizada ES 8.14%
ACCIONES|BANCO SANTANDER ES0113900J37 · EUR Renta Variable Cotizada ES 5.87%
SPAIN GOVERNMENT B ES0000012M51 · EUR Adquisicion Temporal Activos ES 4.77%
ACCIONES|GRIFOLS SA ES0171996087 · EUR Renta Variable Cotizada ES 4.64% 9.91 EUR
ACCIONES|INDITEX SA ES0148396007 · EUR Renta Variable Cotizada ES 4.48%
ACCIONES|CAIXABANK,S.A. ES0140609019 · EUR Renta Variable Cotizada ES 4.45%
ACCIONES|DISTRIBUIDORA INTERNACIONAL DE ES0126775008 · EUR Renta Variable Cotizada ES 4.24% 38.95 EUR
ACCIONES|BANCO SABADELL ES0113860A34 · EUR Renta Variable Cotizada ES 4.03%
ACCIONES|AIRBUS GROUP NV NL0000235190 · EUR Renta Variable Cotizada NL 3.40% 203.70 EUR
ACCIONES|BANCO COMERCIAL PORTUGUES PTBCP0AM0015 · EUR Renta Variable Cotizada PT 3.12%
ACCIONES|AMADEUS IT HOLDING SA ES0109067019 · EUR Renta Variable Cotizada ES 2.96%
ACCIONES|FERROVIAL SE NL0015001FS8 · EUR Renta Variable Cotizada NL 2.72%
ACCIONES|ALMIRALL SA ES0157097017 · EUR Renta Variable Cotizada ES 2.29% 10.46 EUR
ACCIONES|IBERDROLA ES0144580Y14 · EUR Renta Variable Cotizada ES 2.21%
ACCIONES|INTERNATIONAL CONSOLIDATED AIRL ES0177542018 · EUR Renta Variable Cotizada ES 2.19%
ACCIONES|ALLFUNDS GROUP PLC (ALLFG NA) GB00BNTJ3546 · EUR Renta Variable Cotizada GB 2.01% 8.95 EUR
ACCIONES|ACERINOX SA ES0132105018 · EUR Renta Variable Cotizada ES 1.94% 17.15 EUR
ACCIONES|PUIG BRANDS SA ES0105777017 · EUR Renta Variable Cotizada ES 1.90%
Otra RV cotizada en EUR — · EUR Renta Variable Cotizada 1.83%
ACCIONES|NEINOR HOMES SLU ES0105251005 · EUR Renta Variable Cotizada ES 1.78%
ACCIONES|MERLIN PROPERTIES SOCIMI SA ES0105025003 · EUR Renta Variable Cotizada ES 1.77% 14.10 EUR
ACCIONES|JERONIMO MARTINS SGPS SA PTJMT0AE0001 · EUR Renta Variable Cotizada PT 1.68%
ACCIONES|IBERSOL SGPS SA PTIBS0AM0008 · EUR Renta Variable Cotizada PT 1.57%
ACCIONES|LABORATORIOS FARMACEUTICOS ROVI ES0157261019 · EUR Renta Variable Cotizada ES 1.49%
ACCIONES|TECNICAS REUNIDAS SA ES0178165017 · EUR Renta Variable Cotizada ES 1.43% 27.36 EUR
ACCIONES|SEMAPA SOCIEDADE DE INVESTIMENT PTSEM0AM0004 · EUR Renta Variable Cotizada PT 1.19% 20.70 EUR
ACCIONES|REPSOL SA GB00BNXJB679 · EUR Renta Variable Cotizada GB 1.13%
ACCIONES| AENA, S.M.E.,S.A. ES0105046017 · EUR Renta Variable Cotizada ES 0.94%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 8 Exits: 7 Increases: 6 Cuts: 13
+ SPAIN GOVERNMENT B

Enters the portfolio at 4.77% weight.

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+ ACCIONES|BANCO SABADELL

Enters the portfolio at 4.03% weight.

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+ ACCIONES|ALLFUNDS GROUP PLC (ALLFG NA)

Enters the portfolio at 2.01% weight.

Allfunds Group plc, together with its subsidiaries, operates as a B2B WealthTech company that connects fund houses and distributors in the United Kingdom and internationally. It operates through two segments, Net Platform, and Net Subscription and Other Revenues. The company offers Connect, an Allfunds professional workstation; and Nextportfolio, a portfolio management system; and end-investor platform for wealth management needs of asset managers, banks, wealth managers, and insurance companies. It also provides ESG solutions, such as ESG scoring, reporting, portfolio advisory and construction, audit and certification, analysis, investment proposal generator, reporting generator, and monitoring; model portfolio advisory, bespoke reporting, private assets, audit and certification, fund selection, and regulatory implementation services; and Sustainability Navigator, a tool for constructing sustainable investment portfolios in line with SFDR regulation. In addition, the company offers regulatory reporting corner, a specialized platform to provide fund registration, regulatory reporting, and distribution, as well as generate fund regulatory reporting. Further, it provides investment solutions for Distributors and Fund Houses, including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds; White Label Fund Hosting Platform that provides supports mutual funds and ETFs; Allfunds Navigator which provides market insights and identify opportunities; and Allfunds Blockchain solutions. The company serves private bank, insurance, asset management, bank, custodian, and other customers. The company was founded in 2000 and is based in London, the United Kingdom.

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+ ACCIONES|ACERINOX SA

Enters the portfolio at 1.94% weight.

Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.

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+ ACCIONES|PUIG BRANDS SA

Enters the portfolio at 1.90% weight.

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+ ACCIONES|LABORATORIOS FARMACEUTICOS ROVI

Enters the portfolio at 1.49% weight.

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+ ACCIONES|TECNICAS REUNIDAS SA

Enters the portfolio at 1.43% weight.

Técnicas Reunidas, S.A., an engineering and construction company, designs and manages industrial plant projects worldwide. It operates through Upstream & Refining, Natural gas, Petrochemical, Low-carbon technologies, and Other segments. The Refining segment offers management, engineering, procurement, construction and commissioning services for facilities along the entire value chain to produce fuels. The Natural gas segment provides direction, management, engineering, procurement, construction and commissioning services for facilities throughout the supply chain, from natural gas production to regasification terminals; and treatment and processing plants, compressor and liquefaction stations, storage tanks, and final regasification facilities. The Petrochemical segment provides direction, management, engineering, procurement, construction and startup services for facilities dedicated to the production of basic chemical materials used in water distribution, pharmaceuticals, health, food, energy efficiency in buildings and transport systems, and others. The Low-carbon technologies segment offers hydrogen, carbon capture and storage, circular economy and bioproducts; produces biomethane and converts biomass and waste into fuels, biodiesel, biokerosene, chemicals, and power and steam generation. The Other segment offers water treatment, port infrastructures, and oil production. In addition, the company is involved in real estate-related activities, consultancy and assistance in international engineering projects, project execution, and machinery wholesale business. Técnicas Reunidas, S.A. was formerly known as Lummus Española, S.A. and changed its name to Técnicas Reunidas, S.A. in 1972. The company was incorporated in 1960 and is headquartered in Madrid, Spain.

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+ ACCIONES| AENA, S.M.E.,S.A.

Enters the portfolio at 0.94% weight.

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− ACCIONES|ENDESA S.A.

Leaves the portfolio; it was 4.20% of weight.

− SPAIN LETRAS DEL T

Leaves the portfolio; it was 3.12% of weight.

− ACCIONES|EDP ENERGIAS DE PORTUGAL SA

Leaves the portfolio; it was 2.56% of weight.

− ACCIONES|FLUIDRA SA

Leaves the portfolio; it was 1.36% of weight.

− ACCIONES|EDREAMS ODIGEO SL

Leaves the portfolio; it was 0.98% of weight.

− ACCIONES|INMOBILIARIA COLONIAL SA

Leaves the portfolio; it was 0.95% of weight.

Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.

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− ACCIONES|REN - REDES ENERGETICAS NACIONA

Leaves the portfolio; it was 0.49% of weight.

▲ ACCIONES|BBVA-BBV

Goes from 3.17% to 8.96%.

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▲ ACCIONES|ZEGONA COMMUNICATIONS PLC

Goes from 6.60% to 8.86%.

Zegona Communications plc engages in the provision of integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services. It serves business-to-consumer and business-to-business markets. The company was incorporated in 2015 and is based in London, the United Kingdom. Zegona Communications plc operates as a subsidiary of Ejlshm Funding Limited.

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▲ ACCIONES|AIRBUS GROUP NV

Goes from 2.20% to 3.40%.

Airbus SE, together with its subsidiaries, engages in the design, manufacture, and delivery of aeronautics and aerospace products, services, and solutions worldwide. It operates through three segments: Airbus, Airbus Helicopters, and Airbus Defence and Space. The Airbus segment develops, manufactures, markets, and sells commercial jet passenger aircraft, freighter aircraft, regional turboprop aircraft, and aircraft components, as well as provides aircraft conversion and related services. The Airbus Helicopters segment develops, manufactures, markets, and sells civil and military helicopters; and provides uncrewed aerial systems and their related services. The Airbus Defence and Space segment designs, develops, delivers, and supports crewed and uncrewed military air systems and related services. This segment also offers civil and defence space systems for telecommunications, earth observations, navigation, and science and orbital systems; and services around data processing from platforms, secure communication, and cyber security. The company was formerly known as Airbus Group SE and changed its name to Airbus SE in April 2017. The company was incorporated in 1998 and is headquartered in Leiden, the Netherlands.

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▲ ACCIONES|INTERNATIONAL CONSOLIDATED AIRL

Goes from 1.02% to 2.19%.

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▲ ACCIONES|BANCO COMERCIAL PORTUGUES

Goes from 1.99% to 3.12%.

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▲ ACCIONES|CAIXABANK,S.A.

Goes from 3.52% to 4.45%.

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▼ ACCIONES|GRIFOLS SA

Goes from 8.48% to 4.64%.

Grifols, S.A., together with its subsidiaries, engages in the research, development, production, and marketing of plasma-derived medicines in the United States, Canada, Spain, Europe, and internationally. It operates through four segments: Biopharma, Diagnostic, Bio Supplies, and Others. The company offers various hemoderivatives from human plasma for immunology, infectious diseases, hepatology, intensive care, pulmonology, hematology, and neurology treatment areas; and markets diagnostic testing equipment, reagents, and other equipment, as well as provides transfusion medicine, clinical diagnostics, and testing services. It also offers biological products, including albumin, albumin-derived products, immunoglobulins, thrombin, other proteins, and intermediate plasma products to pharma and biotech companies for biopharma use; and whole blood, blood components, processed plasma, and clinical samples to life-science research and in-vitro diagnostic companies for diagnostic use. In addition, the company provides healthcare solutions for hospitals, such as intravenous solutions to maintain or restore fluids and electrolyte balance in patients; high-tech solutions to automate hospital processes; clinical nutrition to deliver nutrition and medication; and medical devices comprising instrumentation and disposable materials for various hospital services, which include interventional neuroradiology, hemodynamics, urology, anesthesiology and cardiovascular surgery, as well as manufacturing services to third parties and research activities. Further, it is involved in engineering services; packaging, labelling, storage, distribution, manufacturing, and development of pharmaceutical products; import, export, and commercialization activities; travel agency services; reinsurance of insurance policies; support services; law business; and consultation, administration, and financing services. The company was founded in 1909 and is headquartered in Barcelona, Spain.

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▼ ACCIONES|IBERDROLA

Goes from 4.45% to 2.21%.

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▼ ACCIONES|JERONIMO MARTINS SGPS SA

Goes from 3.85% to 1.68%.

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▼ ACCIONES|FERROVIAL SE

Goes from 4.55% to 2.72%.

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▼ ACCIONES|BANCO SANTANDER

Goes from 7.59% to 5.87%.

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▼ ACCIONES|AMADEUS IT HOLDING SA

Goes from 4.41% to 2.96%.

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▼ ACCIONES|SEMAPA SOCIEDADE DE INVESTIMENT

Goes from 2.49% to 1.19%.

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A., through its subsidiaries, engages in the production and sale of pulp, printing and writing papers, and tissues in Portugal, the rest of Europe, the United States, Africa, Asia, and Oceania. It operates through Pulp and Paper, Cement, and Other Businesses segments. The company produces and sells writing and printing thin paper, tissue paper, and moulded fibre packaging; researches, develops, produces, and sells forestry and agricultural products; and produces and sells bleached eucalyptus kraft pulp (BEKP), cork, and pine wood products, as well as electric and thermal energy. It is also involved in the production and sale of cement, ready-mixed concrete, aggregates, mortars, precast concrete, and hydraulic lime. In addition, the company engages in the production of aluminium e-bike frames; and the provision of services related to the recovery of animal by-products and food products containing animal-origin substances to produce fertilizers, animal feed, and biodiesel. The company was incorporated in 1991 and is based in Lisbon, Portugal.

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▼ ACCIONES|REPSOL SA

Goes from 2.34% to 1.13%.

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▼ ACCIONES|INDRA SISTEMAS SA

Goes from 9.06% to 8.14%.

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▼ ACCIONES|DISTRIBUIDORA INTERNACIONAL DE

Goes from 4.77% to 4.24%.

Distribuidora Internacional de Alimentación, S.A. engages in the wholesale and retail of food products in Spain and Argentina. The company offers products and services through owned or franchised self-service stores. It is also involved in the distribution of food and toiletries; leasing of business premises; provision of services to suppliers. In addition, the company is involved in lending and credit operations, including consumer loans, mortgages, and financing of commercial transactions, as well as issuing and managing of credit and debit cards. Further, it engages in import, export, acquisition, distribution and wholesale, and retail sale of beverages, household goods, general, and other products for domestic use and consumption. Distribuidora Internacional de Alimentación, S.A. was incorporated in 1966 and is headquartered in Madrid, Spain.

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▼ ACCIONES|IBERSOL SGPS SA

Goes from 2.03% to 1.57%.

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▼ ACCIONES|MERLIN PROPERTIES SOCIMI SA

Goes from 2.22% to 1.77%.

MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.

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▼ ACCIONES|ALMIRALL SA

Goes from 2.52% to 2.29%.

Almirall, S.A. operates as a skin health-focused biopharmaceutical company in Spain, Europe, the Middle East, the United States, Asia, and Africa. The company offers its products for skin diseases comprising Psoriasis, atopic dermatitis, acne, actinic keratosis, onychomycosis, androgenic alopecia, oncodermatology, and orphan indications, as well as for alimentary tract and metabolism, anti-infective for systemic use, cardiovascular system, dermatological, genito urinary system and sex hormones, immunostimulants, metabolism, musculo-skeletal system, nervous system, respiratory system, systemic hormonal preparations. It also develops tirbanibulin for actinic keratosis, and tildrakizumab for psoriatic arthritis under the registration phase, as well as lebrikizumab for atopic dermatitis pediatric in phase 2; Anti-IL-1RAP mAb for hidradenitis suppurativa, anti-IL-1RAP mAb for inflammatory skin disease, Anti-IL-21 mAb for hidradenitis suppurativa, IL-2muFc for alopecia areata, IL-2muFc for atopic dermatitis, and IL-2muFc for inflammatory skin disease in phase 2; readthrough inducer for rare dermatology in phase 1; and anti-IL-13/OX40L BsAb for atopic dermatitis, SMOL oral for Th2-driven diseases, and mRNA/LNP for non-melanoma skin cancer in preclinical stage. It has research and development agreements with Evotec, Ichnos, Simcere, Etherna, Novo Nordisk, and Eloxx. The company was formerly known as Laboratorios Almirall, S.A. and changed its name to Almirall, S.A. in May 2009. Almirall, S.A. was founded in 1943 and is headquartered in Barcelona, Spain.

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Fixed income

Declared FI exposure
12.1 M €
% of portfolio
4.8%
Positions
1
Issuers
0
Sovereign: 0 € Corporate: 0 € Repos / treasury management: 12.1 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.

Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 0 0 € 0.0%
6-12 months 0 0 € 0.0%
1-2 years 0 0 € 0.0%
2-5 years 0 0 € 0.0%
5-10 years 0 0 € 0.0%
> 10 years 0 0 € 0.0%
Unknown 0 0 € 0.0%

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.