Manager
BESTINVER GESTION, S.A., S.G.I.I.C.
See the CNMV manager universe →
Fund page
BESTINVER MIXTO, FI
Category
—
Latest period
H2 2025
Positions
138
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.
138
Company
Type
Country
Weight
Price
Otra RV cotizada en USD
— · USD
Renta Variable Cotizada
—
12.05%
—
Otra RF cotizada a más de 1 año en EUR
— · EUR
Renta Fija Cotizada Mas 1 Anio
—
5.20%
—
ACCIONES|KONINKLIJKE (ROYAL) PHILIPS ELE
NL0000009538 · EUR
Renta Variable Cotizada
NL
2.62%
23.61 EUR
Otra RV cotizada en EUR
— · EUR
Renta Variable Cotizada
—
1.60%
—
Otra RV cotizada en GBP
— · GBP
Renta Variable Cotizada
—
0.66%
—
Otra RF cotizada a menos de 1 año en EUR
— · EUR
Renta Fija Cotizada Menos 1 Anio
—
0.52%
—
Otra Deuda Pública a más 1 año en EUR
— · EUR
Deuda Publica Cotizada Mas 1 Anio
—
0.40%
—
Otra RF cotizada a más de 1 año en EUR
— · EUR
Renta Fija Cotizada Mas 1 Anio
—
0.39%
—
ACCIONES|SEMAPA SOCIEDADE DE INVESTIMENT
PTSEM0AM0004 · EUR
Renta Variable Cotizada
PT
0.24%
20.70 EUR
Otra Deuda Pública a más 1 año en EUR
— · EUR
Deuda Publica Cotizada Mas 1 Anio
—
0.21%
—
Otra RF cotizada a menos de 1 año en EUR
— · EUR
Renta Fija Cotizada Menos 1 Anio
—
0.19%
—
Otra Deuda Pública a menos 1 año en EUR
— · EUR
Deuda Publica Cotizada Memos 1 Anio
—
0.06%
—
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 32
Exits: 33
Increases: 13
Cuts: 8
+ ACCIONES|ARCELORMITTAL
Enters the portfolio at 2.32% weight.
ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.
View company page →+ ACCIONES|ANGLO AMERICAN PLC
Enters the portfolio at 1.36% weight.
Anglo American plc, a mining company, produces copper, iron ore, and crop nutrients in the United Kingdom and internationally. The company operates through the Premium Iron Ore and the Copper segments. It also explores for nickel, diamonds, steelmaking coal, and manganese ore. The company was founded in 1917 and is headquartered in London, the United Kingdom.
View company page →+ ACCIONES|RENTOKIL INITIAL PLC
Enters the portfolio at 1.24% weight.
Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, Europe, the United Kingdom, Asia, the Middle East, North Africa, Turkey, and Pacific. The company offers a range of pest control services for rodents, and flying and crawling insects, as well as other forms of wildlife management. It provides hygiene services, including the provision and maintenance of products, such as soap and hand sanitizer dispensers, hand dryers, air care and purification, cubicle and surface sanitizers, feminine hygiene units, toilet paper dispensers, and floor protection mats. In addition, the company engages in the supply and laundering of garments for commercial organizations. Further, the company provides a range of specialist cleaning services, such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, and flood or fire damage cleaning, as well as specialist deep cleaning services. Rentokil Initial plc was founded in 1903 and is headquartered in Crawley, the United Kingdom.
View company page →+ ACCIONES|DSV A/S
Enters the portfolio at 1.11% weight.
DSV A/S offers freight forwarding and logistics services in Europe, the Middle East, Africa, North America, South America, Asia, Australia, and the Pacific. It operates through three segments: Air & Sea, Road, and Solutions. The company provides air freight, charter, and sea-air freight services, as well as unit load devices; sea freight services, including less-than-container load services, sea freight services, break bulk, sea containers, and DSV LCL sailing schedule services; and warehousing, e-commerce fulfilment, supply chain, contract logistics, and logistics solutions. It also offers road freight services, such as full load, part load, and groupage; conventional freight forwarding services and tailored project cargo solutions; and freight management, customs clearance, decarbonising logistics, order management, insurance, and e-commerce solutions. The company serves the automotive, technology, healthcare, energy, industrial, consumer, defense, aerospace, and chemical industries. The company was formerly known as DSV Panalpina A/S and changed its name to DSV A/S in September 2021. DSV A/S was incorporated in 1976 and is based in Hedehusene, Denmark.
View company page →+ ACCIONES|AIRBUS GROUP NV
Enters the portfolio at 1.02% weight.
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.
View company page →+ ACCIONES|HUNTSMAN
Enters the portfolio at 0.32% weight.
Huntsman Corporation manufactures and sells diversified organic chemical products worldwide. The company operates in three segments: Polyurethanes, Performance Products, and Advanced Materials. The Polyurethanes segment offers polyurethane chemicals, including methyl diphenyl diisocyanate, polyether and polyester polyols, and thermoplastic polyurethane; and aniline, benzene, nitrobenzene and other co-products. The Performance Products segment manufactures amines, such as polyetheramines, ethyleneamines, DGA Agent, JEFFCAT catalysts, and E-GRADE specialty amines and carbonates. The Advanced Materials segment offers epoxy, phenoxy, acrylic, polyurethane, and acrylonitrile-butadiene-based polymer formulations; and thermoset resins, curing and toughening agents, and carbon nanomaterials. The company provides pre-and post-sales technical service support to customers. Its products are used in a range of applications, including adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, packaging, coatings and construction, power generation, and refining, as well as serves the elastomers, insulation, footwear, furniture, industrial, oil and gas, liquid natural gas transport, printed circuit boards, consumer, appliances, electrical power transmission and distribution, recreational sports equipment, food and beverage packaging, and medical appliances markets. It sells its products through a network of distributors and agents. The company was founded in 1970 and is headquartered in The Woodlands, Texas.
View company page →− ACCIONES|TAIWAN SEMICONDUCTOR MANUFACTUR
Leaves the portfolio; it was 1.71% of weight.
View company page →− ACCIONES|ASHTEAD GROUP PLC
Leaves the portfolio; it was 1.62% of weight.
− ACCIONES|Lundin Mining
Leaves the portfolio; it was 1.50% of weight.
− ACCIONES|OUTOTEC
Leaves the portfolio; it was 1.29% of weight.
− ACCIONES|JERONIMO MARTINS SGPS SA
Leaves the portfolio; it was 1.22% of weight.
− ACCIONES|ASM Intl
Leaves the portfolio; it was 1.19% of weight.
− ACCIONES|UNITY SOFTWARE INC
Leaves the portfolio; it was 0.88% of weight.
Unity Software Inc. operates a platform to develop, deploy, and grow games and interactive experiences for mobile phones, PCs, consoles, and extended reality devices in the United States, China, Hong Kong, Taiwan, Europe, the Middle East, Africa, the Asia Pacific, Canada, and Latin America. The company's platform offers artificial intelligence solutions that support developers through the entire development lifecycle, which includes prototyping, live service operation, user acquisition, and monetization. It also provides Create Solutions, a set of tools and services used to build, ship, and run real-time 2D and 3D content; and Grow Solutions, which allows customers to grow and engage their user base and monetize their content. In addition, the company offers enterprise support and consumption services; professional services, including consulting, platform integration, training, and custom application and workflow development services; and advertising and game publishing services. It provides its solutions directly through its online store, field sales operations, independent distributors, and resellers. The company serves enterprises, mid-market companies, government, and non-profit institutions; mid-sized, small, and independent businesses; and individuals from various industries. Unity Software Inc. was founded in 2004 and is headquartered in San Francisco, California.
View company page →− ACCIONES|DAVIDE CAMPARI-MILANO SP
Leaves the portfolio; it was 0.67% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.64% of weight.
− ACCIONES|CELLNEX TELECOM SAU
Leaves the portfolio; it was 0.59% of weight.
− LLOYDS TSB BANK
Leaves the portfolio; it was 0.38% of weight.
− ENEL SPA
Leaves the portfolio; it was 0.17% of weight.
− TELEFONICA EUROP
Leaves the portfolio; it was 0.17% of weight.
− AIB GROUP PLC
Leaves the portfolio; it was 0.17% of weight.
− LA POSTE
Leaves the portfolio; it was 0.16% of weight.
− RWE AG
Leaves the portfolio; it was 0.16% of weight.
− PANDORA A/S
Leaves the portfolio; it was 0.16% of weight.
− TENNET BV
Leaves the portfolio; it was 0.16% of weight.
− KRAFT FOODS GROU
Leaves the portfolio; it was 0.16% of weight.
− VEOLIA ENVIROMEN
Leaves the portfolio; it was 0.16% of weight.
− COCA COLA EUROPA
Leaves the portfolio; it was 0.16% of weight.
− ACS ACTIVIDADES
Leaves the portfolio; it was 0.15% of weight.
− CPI PROPERTY GRO
Leaves the portfolio; it was 0.15% of weight.
− TOTAL SA (PARIS)
Leaves the portfolio; it was 0.15% of weight.
− KONINKLIJKE DSM
Leaves the portfolio; it was 0.15% of weight.
− ACCOR SA
Leaves the portfolio; it was 0.15% of weight.
− CAIXA GERAL DE D
Leaves the portfolio; it was 0.15% of weight.
− STELLANTIS NV
Leaves the portfolio; it was 0.14% of weight.
− ACCIONES|SILTRONIC AG
Leaves the portfolio; it was 0.13% of weight.
− BUNDESREPUBLIK D
Leaves the portfolio; it was 0.02% of weight.
▲ ACCIONES|AMRIZE LTD
Goes from 0.84% to 1.78%.
Amrize AG engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America and Canada. It operates through two segments, Building Materials and Building Envelope. The Building Materials segment offers cement and aggregates, as well as ready-mix concrete, asphalt, and other construction materials. The Building Envelope segment provides advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing, waterproofing, and protective coatings; and adhesives, tapes, and sealants. The company was formerly known as Holcim North America Finance Ltd and changed its name to Amrize AG in December 2013. Amrize AG was incorporated in 2023 and is based in Zug, Switzerland.
View company page →▲ ACCIONES|BARCLAYS BANK PLC
Goes from 1.45% to 2.13%.
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.
View company page →▲ ACCIONES|CIE DE ST GOBAIN
Goes from 1.64% to 2.13%.
Compagnie de Saint-Gobain S.A., together with its subsidiaries, designs, manufactures, and distributes materials and solutions for the construction and industrial markets worldwide. It operates in five segments: High Performance Solutions; Northern Europe; Southern Europe Middle East (ME) Americas; and Asia-Pacific. The company offers plaster-based products and systems for the construction and renovation markets under the Placo, Rigips, and Gyproc brands; insulation solutions for a range of applications, such as heating and air conditioning systems, insulation of pipes in industrial installations, engine and interior compartments of vehicles, household appliances, and photovoltaic panels under the Isover, CertainTeed, and Izocam brands; and mortars and construction chemicals under the Weber, Chryso, and GCP brands. It also provides ceilings under the Ecophon, CertainTeed, Eurocoustic, Gyptone, and Vinh Tuong brands; glazing solutions for buildings and mobility, including flat glass under the Saint-Gobain Glass, GlassSolutions, Vetrotech, and SageGlass brands; ductile cast iron pipe systems, covers, and gratings under the PAM brand; glass fiber materials and technical textiles; and abrasives, adhesives, sealants, adhesive tapes, foams, and films. In addition, the company offers ceramics and polymers; and exterior products comprising asphalt and composite shingles, solar roofing solutions, roll roofing systems, accessories, polymer shakes and shingles, and insulation cladding solutions under the CertainTeed brands. Further, it distributes heavy building materials; plumbing, heating, ventilation, and sanitaryware products; construction products; office partitions; timber and byproducts; home improvement products and services; bathrooms and kitchens; steel; and site equipment, PPEs, and tools. Compagnie de Saint-Gobain S.A. was founded in 1665 and is headquartered in Courbevoie, France.
View company page →▲ ACCIONES|EXPEDIA INC
Goes from 1.08% to 1.55%.
Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through B2C, B2B, and trivago segments. The B2C segment includes Brand Expedia, a full-service online travel brand offers various travel products and services; Hotels.com for lodging accommodations; Vrbo, an online marketplace for the alternative accommodations; and Orbitz, Travelocity, ebookers, and Wotif Group. The B2B segment provides various travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management, and financial institutions who leverage its travel technology and tap into its diverse supply to augment their offerings and market Expedia Group rates and availabilities to its travelers. The trivago segment sends referrals to online travel companies and travel service providers from hotel metasearch websites. In addition, it provides brand advertising through online and offline channels, loyalty programs, mobile apps, and search engine marketing, as well as metasearch, social media, direct and personalized traveler communications on its websites, and through direct e-mail communication with its travelers. The company was formerly known as Expedia, Inc. and changed its name to Expedia Group, Inc. in March 2018. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.
View company page →▲ ACCIONES|NORDEA BANK AB
Goes from 1.50% to 1.91%.
Nordea Bank Abp offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally. It operates through Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management segments. The company provides various financial services to customers through mobile banking, over the phone, online meetings, and branch offices. It also offers payments, cash management, cards, working capital management, and cards and finance solutions. In addition, the company provides financing, payment, investment banking, capital market products, and securities services; and investment, savings, and risk management solutions. Further, it offers savings products and asset management, including investment funds, discretionary management, portfolio advice, and equity trading and pension accounts; and asset-based financing through leasing, hire purchase, factoring, and sales to finance partners, such as dealers, vendors and retailers, as well as life insurance and pension products and services. The company was founded in 1820 and is headquartered in Helsinki, Finland.
View company page →▲ ACCIONES|LIVANOVA PLC
Goes from 0.92% to 1.29%.
LivaNova PLC, a medical technology company, designs, develops, manufactures, markets, and sells products, therapies, and services. The company operates in two segments, Cardiopulmonary and Neuromodulation. The Cardiopulmonary segment provides cardiopulmonary products, including heart-lung machines, oxygenators, autotransfusion systems, perfusion tubing systems, cannula, and other related accessories, as well as services related products. The Neuromodulation segment offers VNS Therapy System, an implantable pulse generator and connective lead that stimulates the vagus nerve, surgical equipment to assist with the implant procedure, and equipment and instruction manuals; and devices that deliver neuromodulation therapy for treating drug-resistant epilepsy and depression. This segment also includes the development and clinical testing of aura6000 system for treating obstructive sleep apnea. It serves perfusionists, neurologists, neurosurgeons, hospitals, other healthcare professionals and medical institutions, and healthcare providers. The company sells its medical devices through direct sales representatives, agents, and independent distributors in the United States, the United Kingdom, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, Denmark, and internationally. LivaNova PLC was incorporated in 2015 and is headquartered in Gloucester, the United Kingdom.
View company page →▲ ACCIONES|BRENNTAG AG
Goes from 0.84% to 1.18%.
Brenntag SE distributes chemicals and ingredients in Germany, the United States, the United Kingdom, China, Canada, Italy, Poland, France, and internationally. The company operates in two segments, Brenntag Essentials and Brenntag Specialties. It provides just-in-time delivery, product mixing, blending, repackaging, inventory management, and drum return handling, as well as application, marketing and supply chain solutions, technical and formulation support, comprehensive regulatory know-how, and digital solutions, such as digital sales channels and product platforms. The company serves customers in various industries, including nutrition, pharma, beauty and care, and water treatment; and industrial markets, as well as coatings, adhesives, sealants and elastomers, and constructions, polymers, and rubber industries. The company was founded in 1874 and is headquartered in Essen, Germany.
View company page →▲ ACCIONES|SMURFIT WESTROCK PLC
Goes from 1.11% to 1.45%.
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|GLAXOSMITHKLINE (GBP)
Goes from 1.44% to 1.73%.
GSK plc, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, specialty medicines, and general medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through Commercial Operations and Total R&D segments. The company offers specialty medicines that include oncology, respiratory/immunology, inflammation, and inhaled medicines for HIV, respiratory eosinophildriven diseases, lupus and lupus nephritis, ovarian cancer, and endometrial cancer. It also provides vaccines for Shingles, Meningitis, RSV, Seasonal Influenza, Hepatitis, Diphtheria, Tetanus, Acellular Pertussis, Rotavirus, Pertussis, Polio, Haemophilus, Invasive Diseases, Pneumonia, Acute Otitis Media, Measles, Mumps, Rubella and Chickenpox, and Human Papilloma Virus. Additionally, the company offers general medicines for asthma, COPD, bacterial infection, benign prostatic hyperplasia, allergic rhinitis, and inflammatory skin conditions. It also focuses on the discovery, development, and commercialization of oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases. It has a collaboration agreement with CureVac to develop mRNA vaccines for infectious diseases; and strategic research collaboration with Engitix Ltd. to identify and validate novel therapeutic targets driving liver fibrosis regression. The company has a strategic alliance with AN2 Therapeutics, Inc. for the development of new therapies for TB. GSK plc was formerly known as GlaxoSmithKline plc and changed its name to GSK plc in May 2022. The company was founded in 1715 and is headquartered in London, United Kingdom.
View company page →▲ ACCIONES|KONINKLIJKE (ROYAL) PHILIPS ELE
Goes from 2.34% to 2.62%.
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment, Connected Care, and Personal Health segments. The company provides diagnostic imaging solutions, includes ultrasound business unit, magnetic resonance imaging, computed tomography, and diagnostic x-ray; Image Guided Therapy, including image guided therapy systems and image guided therapy devices. It also offers monitoring, enterprise informatics, and sleep and respiratory care, as well as personal health. Koninklijke Philips N.V. has strategic alliance with WellSpan Health to advanced imaging and diagnostics technology products and platforms. The company was formerly known as Koninklijke Philips Electronics N.V. and changed its name to Koninklijke Philips N.V. in May 2013. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
View company page →▲ ACCIONES|STELLANTIS NV
Goes from 0.94% to 1.15%.
Stellantis N.V. engages in the designing, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, and mobility services worldwide. It provides luxury and premium vehicles; sport utility vehicles; and parts and accessories. The company also provides contract services; retail and dealer financing services; and vehicle leasing and rental services, as well as engages in after-market parts and service businesses and data businesses. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS Automobiles, Dodge, Fiat, Jeep, Maserati, Ram Trucks, Opel, Lancia, Vauxhall, Peugeot, Free2move, Share Now, Leasys, and Comau brand names through distributors and dealers. The company has a strategic collaboration with Microsoft Corporation for the development of AI initiatives across sales, customer care, and operations. The company operates in North America, France, Brazil, Italy, Germany, the United Kingdom, Turkiye, Spain, Argentina, Belgium, Austria, the Netherlands, Portugal, Poland, Algeria, Morocco, Japan, China, and internationally. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.
View company page →▼ ACCIONES|MERLIN PROPERTIES SOCIMI SA
Goes from 0.98% to 0.46%.
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.
View company page →▼ ACCIONES|SHELL PLC
Goes from 1.18% to 0.79%.
Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas. It operates through the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company explores for and extracts natural gas to produce liquefied natural gas or convert it into gas-to-liquids (GTL) fuels and other products; explores for and extracts crude oil, natural gas, and natural gas liquids; and operates marketing and transportation of oil, gas, and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemical manufacturing plants and refineries. It is also involved in marketing, which includes mobility, lubricants, and sectors focused on decarbonization; operates a retail network, including electric vehicle charging, convenience retail, and the wholesale commercial fuels business for transport and industry; sells products for road transport and machinery in manufacturing, mining, power generation, agriculture, and construction; and provides low-carbon energy solutions, such as biofuels, to a broad range of commercial customers, including those in the aviation, marine, and agriculture sectors. In addition, the company offers chemicals and products, including chemicals manufacturing plants with their own marketing network, and refineries that turn crude oil and other feedstocks into a range of oil products, which are moved and marketed around the world for domestic, industrial, and transport use; and operates a pipeline business, trading, and optimization of crude oil, oil products, and petrochemicals. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1897 and is headquartered in London, United Kingdom.
View company page →▼ ACCIONES|CNH INDUSTRIAL NV
Goes from 0.99% to 0.65%.
CNH Industrial N.V., an equipment company, engages in the develops, manufacture, and sale agricultural and construction equipment in North America, Europe, the Middle East, Africa, South America, and the Asia Pacific. The company operates through three segments: Agriculture, Construction, and Financial Services. The Agriculture segment develops, manufactures, distributes, and supports agriculture equipment, implements, and precision agriculture solutions, such as tractors, harvesters, hay and forage equipment, seeding and planting equipment, and self-propelled sprayers under Case IH, New Holland, STEYR, and Raven brands. The Construction segment develops, manufactures, distributes, and supports construction equipment comprising excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders under the New Holland Construction, Case Construction, and Eurocomach brands. The Financial Services segment provides and administers financing to end-use customers for the purchase of new and used agricultural and construction equipment and components, as well as revolving charge account financing and other financial services under the Banco CNH brand. This segment also offers wholesale financing to CNH dealers and distributors, as well as trade receivables factoring services. CNH Industrial N.V. was founded in 1842 and is headquartered in Basildon, the United Kingdom
View company page →▼ ACCIONES|ELEVANCE HEALTH INC
Goes from 1.94% to 1.61%.
Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits. The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers. In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.
View company page →▼ ACCIONES|SENDAS DISTRIBUIDORA SA
Goes from 0.63% to 0.37%.
Sendas Distribuidora S.A. engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. The company offers grocery, food, perishable, beverage, wrapping, and hygiene products; and parking, air-conditioned, well-lit environments, and butcher services. It serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals. The company sells its products through brick-and-mortar stores, as well as telesales. The company was founded in 1974 and is headquartered in Rio De Janeiro, Brazil.
View company page →▼ ACCIONES|HELLOFRESH SE
Goes from 0.79% to 0.56%.
HelloFresh SE, together with its subsidiaries, operates as meal kit provider in the United States, Canada, and internationally. The company provides meal kits; add-on products including soups, desserts, bakery products, salads, and surcharge products; ready-to-eat meals; and other products. It operates under the HelloFresh, Chefs Plate, Good Chop, Pets Table, EveryPlate, Factor, Green Chef, and YouFoodz brand names. HelloFresh SE was founded in 2011 and is headquartered in Berlin, Germany.
View company page →▼ ACCIONES|EXOR N.V.
Goes from 0.94% to 0.73%.
Exor N.V. engages in the automotive, agriculture and construction, sports car, commercial vehicle, health technology, football and powertrain businesses in the Netherlands and internationally. The company designs, engineers, produces, and sells luxury performance sports cars under the Ferrari brand. It also provides automotive vehicles and mobility solutions under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall brands; diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatic, and personal health equipment under Philips brand; agricultural and construction equipment and services; heavy, medium, and light-duty trucks; powertrain technologies; mass-transit and premium buses and coaches; defense and civil protection equipment; heavy-duty quarry and construction vehicles; and firefighting vehicles and equipment, as well as financing services. In addition, the company offers men's footwear, leather goods, beauty, and accessories; equipment for the building and repairing of oil and gas wells; clean energy solutions; data, insights and analytics, expert, and workflow solutions; information through newspapers and magazines to conferences and electronic services and publishes The Economist; and apparel, furniture, homeware, and jewelry products. Further, it engages in the management of professional football teams under the Juventus Football Club name; and hospitals and outpatient clinics, as well as operates as investment management company and technology company specializing in the data-driven optimization of public mobility systems. Exor N.V. was founded in 1899 and is headquartered in Amsterdam, the Netherlands. Exor N.V. is a subsidiary of Giovanni Agnelli B.V.
View company page →Fixed income
Declared FI exposure
21.0 M €
% of portfolio
28.4%
Positions
89
Issuers
71
Sovereign: 2.9 M €
Corporate: 12.8 M €
Repos / treasury management: 5.3 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.
1-2 years · 1.1%2-5 years · 21.4%5-10 years · 39.2%> 10 years · 5.4%Unknown · 32.9%
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
1
179,553 €
1.1%
2-5 years
28
3.4 M €
21.4%
5-10 years
45
6.2 M €
39.2%
> 10 years
7
846,070 €
5.4%
Unknown
7
5.2 M €
32.9%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
Otra RF cotizada a más de 1 año en EUR
Corporate
0
4.1 M €
—
Bundesrepublik Deutschland
Sovereign
5
1.1 M €
2027-12-16
Otra RF cotizada a menos de 1 año en EUR
Corporate
0
531,570 €
—
Otra Deuda Pública a más 1 año en EUR
Sovereign
0
447,698 €
—
Repubblica Italiana
Sovereign
2
389,278 €
2031-04-01
NETHERLANDS GOVE
Sovereign
2
387,147 €
2030-01-15
European Union
Supranational
1
361,830 €
2034-12-04
Reino de España
Sovereign
2
303,501 €
2033-10-31
GROUPE BPCE
Corporate
2
301,240 €
2034-04-30
INTESA SANPAOLO SPA
Corporate
1
290,576 €
2029-03-14
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
DE000BU2Z023 Bundesrepublik Deutschland
2.20%
2034-02-15
383,428 €
EU000A3K4ES4 European Union
3.00%
2034-12-04
361,830 €
XS2598063480 INTESA SANPAOLO SPA
6.50%
2029-03-14
290,576 €
NL0015001XZ6 NETHERLANDS GOVE
2.50%
2034-07-15
217,933 €
FR001400H7V7 République Française
3.00%
2033-05-25
217,088 €
DE000BU2Z031 Bundesrepublik Deutschland
2.60%
2034-08-15
205,033 €
DE000BU2Z015 Bundesrepublik Deutschland
2.60%
2033-08-15
198,488 €
FR0014005V34 GROUPE BPCE
1.50%
2042-01-13
197,394 €
IT0005422891 Repubblica Italiana
0.90%
2031-04-01
196,843 €
IT0005584856 Repubblica Italiana
3.85%
2034-07-01
192,435 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
20.6 M €
97.9%
GBP
290,576 €
1.4%
BRL
107,930 €
0.5%
USD
49,340 €
0.2%
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: 24
Exits at maturity: 0
Exits not explained by maturity: 20
+ EUROPEAN UNION
Enters the portfolio at 0.49% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.28% weight.
+ ITALY BUONI POLI
Enters the portfolio at 0.27% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.24% weight.
+ UNICREDITO ITALI
Enters the portfolio at 0.20% weight.
+ CARNIVAL PLC
Enters the portfolio at 0.19% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.19% weight.
+ NESTLE FINANCE I
Enters the portfolio at 0.17% weight.
+ EUROPEAN BK RECO
Enters the portfolio at 0.15% weight.
+ MOBILUX FINANCE
Enters the portfolio at 0.14% weight.
+ JEFFERIES GROUP
Enters the portfolio at 0.14% weight.
+ IGT LOTTERY HOLD
Enters the portfolio at 0.14% weight.
+ LA BANQUE POSTAL
Enters the portfolio at 0.14% weight.
+ TEVA PHARMACEUTI
Enters the portfolio at 0.14% weight.
+ NATIONWIDE BLDG
Enters the portfolio at 0.14% weight.
+ COMMERZBANK AG
Enters the portfolio at 0.14% weight.
+ BANKINTER S.A
Enters the portfolio at 0.14% weight.
+ VOLVO TREASURY A
Enters the portfolio at 0.14% weight.
+ SIX FINANCE LUXE
Enters the portfolio at 0.14% weight.
+ SES SA
Enters the portfolio at 0.14% weight.
+ BELFIUS BANK SA/
Enters the portfolio at 0.13% weight.
+ LENZING AG
Enters the portfolio at 0.13% weight.
+ CAIXABANK,S.A.
Enters the portfolio at 0.13% weight.
+ SES SA
Enters the portfolio at 0.13% weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.64% of weight.
− LLOYDS TSB BANK
Leaves the portfolio; it was 0.38% of weight.
− ENEL SPA
Leaves the portfolio; it was 0.17% of weight.
− TELEFONICA EUROP
Leaves the portfolio; it was 0.17% of weight.
− AIB GROUP PLC
Leaves the portfolio; it was 0.17% of weight.
− LA POSTE
Leaves the portfolio; it was 0.16% of weight.
− RWE AG
Leaves the portfolio; it was 0.16% of weight.
− PANDORA A/S
Leaves the portfolio; it was 0.16% of weight.
− TENNET BV
Leaves the portfolio; it was 0.16% of weight.
− KRAFT FOODS GROU
Leaves the portfolio; it was 0.16% of weight.
− VEOLIA ENVIROMEN
Leaves the portfolio; it was 0.16% of weight.
− COCA COLA EUROPA
Leaves the portfolio; it was 0.16% of weight.
− ACS ACTIVIDADES
Leaves the portfolio; it was 0.15% of weight.
− CPI PROPERTY GRO
Leaves the portfolio; it was 0.15% of weight.
− TOTAL SA (PARIS)
Leaves the portfolio; it was 0.15% of weight.
− KONINKLIJKE DSM
Leaves the portfolio; it was 0.15% of weight.
− ACCOR SA
Leaves the portfolio; it was 0.15% of weight.
− CAIXA GERAL DE D
Leaves the portfolio; it was 0.15% of weight.
− STELLANTIS NV
Leaves the portfolio; it was 0.14% of weight.
− BUNDESREPUBLIK D
Leaves the portfolio; it was 0.02% 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.