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BESTINVER PATRIMONIO, FI

Category
Latest period
H2 2025
Positions
121

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.

121
Company Type Country Weight Price
Otra RF cotizada a más de 1 año en EUR — · EUR Renta Fija Cotizada Mas 1 Anio 14.96%
SPAIN GOVERNMENT B ES0000012M51 · EUR Adquisicion Temporal Activos ES 9.06%
Otra RF cotizada a menos de 1 año en EUR — · EUR Renta Fija Cotizada Menos 1 Anio 2.07%
Otra RF cotizada a más de 1 año en EUR — · EUR Renta Fija Cotizada Mas 1 Anio 2.07%
NETHERLANDS GOVE NL0015000RP1 · EUR Deuda Publica Cotizada Mas 1 Anio NL 1.77%
Otra RV cotizada en USD — · USD Renta Variable Cotizada 1.32%
Otra RV cotizada en GBP — · GBP Renta Variable Cotizada 1.31%
NETHERLANDS GOVE NL0015001DQ7 · EUR Deuda Publica Cotizada Mas 1 Anio NL 1.30%
EUROPEAN STABILI EU000A3LNF05 · EUR Deuda Publica Cotizada Mas 1 Anio EU 1.10%
ACCIONES|INDITEX SA ES0148396007 · EUR Renta Variable Cotizada ES 1.02%
JDE PEETS NV XS2354444023 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.02%
ACCIONES|EXOR N.V. NL0012059018 · EUR Renta Variable Cotizada NL 0.98% 71.20 EUR
ACCIONES|TAIWAN SEMICONDUCTOR MANUFACTUR US8740391003 · USD Renta Variable Cotizada US 0.96%
ACCIONES|AIRBUS GROUP NV NL0000235190 · EUR Renta Variable Cotizada NL 0.93% 203.70 EUR
BUNDESREPUBLIK D DE000BU2Z023 · EUR Deuda Publica Cotizada Mas 1 Anio DE 0.92%
ACCIONES|BEIERSDORF AG DE0005200000 · EUR Renta Variable Cotizada DE 0.90%
IRELAND GOVERNME IE00BH3SQ895 · EUR Deuda Publica Cotizada Mas 1 Anio IE 0.88%
ACCIONES|DSV A/S DK0060079531 · DKK Renta Variable Cotizada DK 0.88% 1398.50 DKK
ACCIONES|MICROSOFT CORP US5949181045 · USD Renta Variable Cotizada US 0.87% 483.24 USD
TESORO DE FRANCI FR001400H7V7 · EUR Deuda Publica Cotizada Mas 1 Anio FR 0.86%
ACCIONES|DEUTSCHE BOERSE AG DE0005810055 · EUR Renta Variable Cotizada DE 0.86% 282.90 EUR
ITALY BUONI POLI IT0005422891 · EUR Deuda Publica Cotizada Mas 1 Anio IT 0.85%
ACCIONES|KONINKLIJKE (ROYAL) PHILIPS ELE NL0000009538 · EUR Renta Variable Cotizada NL 0.85% 23.61 EUR
ACCIONES|NOVO NORDISK A/S DK0062498333 · DKK Renta Variable Cotizada DK 0.82%
ACCIONES|ELEVANCE HEALTH INC US0367521038 · USD Renta Variable Cotizada US 0.82% 400.54 USD
ENEL FINANCE INT XS2390400633 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.81%
CITIGROUP XS3058827802 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.81%
PORTUGAL OBRIGAC PTOTETOE0012 · EUR Deuda Publica Cotizada Memos 1 Anio PT 0.80%
ACCIONES|AMRIZE LTD CH1430134226 · USD Renta Variable Cotizada CH 0.80% 36.50 CHF
ACCIONES|AMAZON.COM INC US0231351067 · USD Renta Variable Cotizada US 0.79%
BMW FINANCE NV XS2698773830 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.79%
COMUNIDAD DE MAD ES0000101933 · EUR Deuda Publica Cotizada Mas 1 Anio ES 0.79%
KUTXABANK SA ES0243307016 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.77%
BUNDESREPUBLIK D DE000BU22056 · EUR Deuda Publica Cotizada Memos 1 Anio DE 0.76%
ABANCA CORP BANC ES0265936056 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.76%
ACCIONES|BAUSCH & LOMB INC CA0717051076 · USD Renta Variable Cotizada CA 0.75%
ACCIONES|QUINTILES IMS INC US46266C1053 · USD Renta Variable Cotizada US 0.75%
ACCIONES|BRENNTAG AG DE000A1DAHH0 · EUR Renta Variable Cotizada DE 0.74% 60.48 EUR
ACCIONES|HEINEKEN NV NL0000009165 · EUR Renta Variable Cotizada NL 0.74% 72.42 EUR
CAISSE NAT REASS FR0014004EF7 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.73%
ACCIONES|FACEBOOK INC US30303M1027 · USD Renta Variable Cotizada US 0.73% 549.90 USD
ACCIONES|RENTOKIL INITIAL PLC GB00B082RF11 · GBP Renta Variable Cotizada GB 0.71% 344.20 GBp
Otra RV cotizada en CHF — · CHF Renta Variable Cotizada 0.71%
Otra RV cotizada en SEK — · SEK Renta Variable Cotizada 0.70%
TELEFONAKTIEBOLA XS2441574089 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.70%
TOYOTA MOTOR CRE XS2338955805 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.69%
CAIXA GERAL DE D PTCGDCOM0037 · EUR Renta Fija Cotizada Menos 1 Anio PT 0.69%
ACCIONES|RECKITT BENCKISER GROUP PLC GB00B24CGK77 · GBP Renta Variable Cotizada GB 0.68%
EDP FINANCE BV XS2459544339 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.66%
Otra RV cotizada en EUR — · EUR Renta Variable Cotizada 0.66%
BARCLAYS BANK PL XS3069319542 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.65%
MOLNLYCKE HOLDIN XS2672967234 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.63%
ACCIONES|EPIROC AB-A SE0015658109 · SEK Renta Variable Cotizada SE 0.63%
INTESA SANPAOLO XS2598063480 · GBP Renta Fija Cotizada Mas 1 Anio XS 0.63%
ACCIONES|WALT DISNEY CO/THE US2546871060 · USD Renta Variable Cotizada US 0.63%
MAGNUM ICC FINAN XS3238400249 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.62%
ACCIONES|FERGUSON ENTERPRISES INC US31488V1070 · USD Renta Variable Cotizada US 0.61%
SOCIETE GENERALE FR001400U1B5 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.61%
COCA-COLA HBC FI XS1995781546 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.61%
COMMERZBANK AG DE000CZ43ZN8 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.55%
EUROPEAN UNION EU000A3K4ES4 · EUR Deuda Publica Cotizada Mas 1 Anio EU 0.55%
BUNDESREPUBLIK D DE000BU2Z031 · EUR Deuda Publica Cotizada Mas 1 Anio DE 0.55%
MEDIOBANCA SPA XS2386287689 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.54%
ING BANK NV XS2764264607 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.53%
BELFIUS BANK SA/ BE0002993740 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.53%
SWISSCOM FINANCE XS2827696035 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.53%
TESORO DE FRANCI FR0012993103 · EUR Deuda Publica Cotizada Mas 1 Anio FR 0.53%
BAYER AG XS2630111982 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.52%
BANCO DE CREDITO XS2383811424 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.51%
TATRA BANKA AS 0 SK4000018925 · EUR Renta Fija Cotizada Mas 1 Anio SK 0.51%
BANK OF AMERICA XS2038039074 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.49%
NYKREDIT REALKR DK0030394986 · EUR Renta Fija Cotizada Mas 1 Anio DK 0.49%
VOLKSWAGEN FINAN XS2374595044 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.48%
BUNDESREPUBLIK D DE000BU2Z015 · EUR Deuda Publica Cotizada Mas 1 Anio DE 0.47%
ITALY BUONI POLI IT0005170839 · EUR Deuda Publica Cotizada Memos 1 Anio IT 0.46%
ACCIONES|LVMH MOET-HENNESSY FR0000121014 · EUR Renta Variable Cotizada FR 0.45%
RCI BANQUE SA FR001400P3E2 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.45%
MEDIOBANCA SPA XS2682331728 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.44%
BANCO SANTANDER XS2743029253 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.44%
BANQUE FEDERAL D FR001400OEP0 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.44%
ORANGE SA FR001400ZOS9 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.43%
VOLKSWAGEN FINAN XS2837886014 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.43%
TOYOTA FINANCE A XS2785465860 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.43%
MAPFRE ES0224244071 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.43%
FORD MOTOR CREDI XS3106098463 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.42%
BANCO SANTANDER XS1638160678 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.42%
BANQUE FEDERAL D FR0014007PV3 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.41%
NATIONAL GRID U XS2576067081 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.41%
STELLANTIS NV XS2325733413 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40%
SPAIN GOVERNMENT ES0000012G34 · EUR Deuda Publica Cotizada Mas 1 Anio ES 0.39%
HOLCIM FINANCE L XS2384273715 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.39%
SPAIN GOVERNMENT ES0000012G26 · EUR Deuda Publica Cotizada Mas 1 Anio ES 0.38%
VOLKSWAGEN INTER XS2675884576 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.38%
ENEL FINANCE INT XS2432293756 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37%
AIB GROUP PLC XS2555925218 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37%
DE VOLKSBANK NA XS2626691906 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36%
NN GROUP NV XS1550988643 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36%
CHILE GOVERMENT XS2388560604 · EUR Deuda Publica Cotizada Mas 1 Anio XS 0.36%
ABN AMRO BANK NV XS2575971994 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36%
ENBW FINANCE BV XS2579293536 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36%
ASR NEDERLAND NV XS2694995163 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36%
HEIMSTADEN BOSTA XS2397251807 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.35%
ENGIE SA FR001400KHF2 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.35%
NIBC BANK NV XS3087726595 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.35%
Otra Deuda Pública a menos 1 año en EUR — · EUR Deuda Publica Cotizada Memos 1 Anio 0.35%
ACS ACTIVIDADES XS3029358317 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.35%
DEUTSCHE TELECOM XS2987630873 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.35%
CIE DE ST GOBAIN XS1793349926 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.35%
RED ELECTRICA FI XS1395060491 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.35%
GRUPO ANTOLIN IR XS2355632584 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.34%
GROUPE BPCE FR0014005V34 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.34%
Otra RF cotizada a menos de 1 año en EUR — · EUR Renta Fija Cotizada Menos 1 Anio 0.34%
ACCIONES|ALPHABET INC - CL C US02079K3059 · USD Renta Variable Cotizada US 0.32%
Otra Deuda Pública a más 1 año en EUR — · EUR Deuda Publica Cotizada Mas 1 Anio 0.32%
Otra RF cotizada a más de 1 año en USD — · USD Renta Fija Cotizada Mas 1 Anio 0.24%
Otra Deuda Pública a más 1 año en EUR — · EUR Deuda Publica Cotizada Mas 1 Anio 0.24%
Otra Deuda Pública a más 1 año en BRL — · BRL Deuda Publica Cotizada Mas 1 Anio 0.21%
Otra RF cotizada a más de 1 año en GBP — · GBP Renta Fija Cotizada Mas 1 Anio 0.21%
Otra RF cotizada a menos de 1 año en USD — · USD Renta Fija Cotizada Menos 1 Anio 0.18%
Otra RF cotizada a menos de 1 año en GBP — · GBP Renta Fija Cotizada Menos 1 Anio 0.14%
Otra RF cotizada a más de 1 año en USD — · USD Renta Fija Cotizada Mas 1 Anio 0.09%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 22 Exits: 31 Increases: 8 Cuts: 1
+ SPAIN GOVERNMENT B

Enters the portfolio at 9.06% weight.

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+ ACCIONES|TAIWAN SEMICONDUCTOR MANUFACTUR

Enters the portfolio at 0.96% weight.

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+ ACCIONES|DSV A/S

Enters the portfolio at 0.88% 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.

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+ ITALY BUONI POLI

Enters the portfolio at 0.85% weight.

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+ ACCIONES|AMRIZE LTD

Enters the portfolio at 0.80% weight.

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.

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+ ABANCA CORP BANC

Enters the portfolio at 0.76% weight.

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+ ACCIONES|QUINTILES IMS INC

Enters the portfolio at 0.75% weight.

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+ ACCIONES|BRENNTAG AG

Enters the portfolio at 0.74% weight.

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.

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+ ACCIONES|EPIROC AB-A

Enters the portfolio at 0.63% weight.

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+ MAGNUM ICC FINAN

Enters the portfolio at 0.62% weight.

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+ COMMERZBANK AG

Enters the portfolio at 0.55% weight.

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+ EUROPEAN UNION

Enters the portfolio at 0.55% weight.

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+ BUNDESREPUBLIK D

Enters the portfolio at 0.55% weight.

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+ MEDIOBANCA SPA

Enters the portfolio at 0.54% weight.

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+ BELFIUS BANK SA/

Enters the portfolio at 0.53% weight.

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+ TATRA BANKA AS 0

Enters the portfolio at 0.51% weight.

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+ ORANGE SA

Enters the portfolio at 0.43% weight.

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+ ENEL FINANCE INT

Enters the portfolio at 0.37% weight.

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+ NIBC BANK NV

Enters the portfolio at 0.35% weight.

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+ CIE DE ST GOBAIN

Enters the portfolio at 0.35% weight.

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+ RED ELECTRICA FI

Enters the portfolio at 0.35% weight.

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+ GROUPE BPCE

Enters the portfolio at 0.34% weight.

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− SPAIN LETRAS DEL T

Leaves the portfolio; it was 9.99% of weight.

− UNITED STATES TR

Leaves the portfolio; it was 1.09% of weight.

− FRESENIUS FIN IR

Leaves the portfolio; it was 0.90% of weight.

− CCEP FINANCE IRE

Leaves the portfolio; it was 0.87% of weight.

− ACCIONES|ASHTEAD GROUP PLC

Leaves the portfolio; it was 0.80% of weight.

− VONOVIA SE

Leaves the portfolio; it was 0.77% of weight.

− ACCIONES|ASM Intl

Leaves the portfolio; it was 0.67% of weight.

− ACCIONES|BUNZL PLC

Leaves the portfolio; it was 0.66% of weight.

Bunzl plc operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally. It provides personal protection and safety equipment, including gloves, boots, hard hats, ear and eye protection, other workwear, as well as cleaning and hygiene supplies and asset protection products; and healthcare consumables, such as gloves, masks, swabs, gowns, bandages, healthcare devices, and other healthcare related equipment. The company also offers cleaning and hygiene materials comprising chemicals and hygiene paper; goods-not-for-resale, including food packaging, films, labels, and other store supplies; non-food consumables, such as food packaging, disposable tableware, guest amenities, catering equipment, and agricultural supplies; and other products. It serves its products to industrial, construction, e-commerce, hospitals, care homes and other facilities serving the healthcare, public sector customers, grocery stores, supermarkets, convenience stores, hotels, restaurants, contract caterers, food processors, commercial growers, leisure, retail customers, and office supply companies. Bunzl plc was founded in 1854 and is based in London, the United Kingdom.

− ACCIONES|PERNOD- RICARD

Leaves the portfolio; it was 0.59% of weight.

Pernod Ricard SA produces and sells wines and spirits worldwide. The company offers whiskey, vodka, gin, rum, liqueur and bitters, champagne, tequila and mezcal, and aperitif under the brands 100 Pipers, Aberlour, Absolut, Absolut Elyx, Altos, ARARAT, Augier, Avion, Ballantine's, Becherovka, Beefeater, Blenders Pride, Brancott Estate, Campo Viejo, Ceder's, Chivas, Clan Campbell, Del Maguey, George Wyndham, Green Spot, Havana Club, Imperial, Imperial Blue, Italicus, J.P. Wiser's, Jacob's Creek, Jameson, Jefferson's, Kahlúa, Kenwood, KI NO BI, Lillet, Long John, L'Orbe, Lot No. 40, Malfy, Malibu, Kahlua, Martell, Method & Madness, Midleton Very Rare, Minttu, Monkey 47, Mumm, Olmeca, Ostoya, Passport Scotch, Pastis 51, Pernod, Perrier-Jouët, Plymouth Gin, Powers, Rabbit Hole, Ramazzotti, Redbreast, Ricard, Royal Salute, Royal Stag, Scapa, Seagram's Gin, Secret Speyside, Smooth Ambler, Something Special, Suze, The Glenlivet, TX, and Wyborowa. It also provides non-alcoholic beverages under the brands Beefeater 0%, Ceder's, Suze Tonic 0%, Cinzano Spritz 0%, Pacific, Campo Viejo Sparkling 0%, and Jacob's Creek Unvined. Pernod Ricard SA was founded in 1805 and is headquartered in Paris, France.

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− ACCIONES|JERONIMO MARTINS SGPS SA

Leaves the portfolio; it was 0.58% of weight.

− AT AND T INC

Leaves the portfolio; it was 0.58% of weight.

− ACCIONES|GERRESHEIMER AG

Leaves the portfolio; it was 0.51% of weight.

− ELECTRICITE DE F

Leaves the portfolio; it was 0.40% of weight.

− CPI PROPERTY GRO

Leaves the portfolio; it was 0.40% of weight.

− RWE AG

Leaves the portfolio; it was 0.40% of weight.

− PRYSMIAN SPA

Leaves the portfolio; it was 0.35% of weight.

− BANCA MARCH SA

Leaves the portfolio; it was 0.35% of weight.

− CPI PROPERTY GRO

Leaves the portfolio; it was 0.34% of weight.

− LENZING AG

Leaves the portfolio; it was 0.34% of weight.

− SOCIETE GENERALE

Leaves the portfolio; it was 0.33% of weight.

− ACCIONES|HELLOFRESH SE

Leaves the portfolio; it was 0.20% of weight.

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.

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− SIX FINANCE LUXE

Leaves the portfolio; it was 0.19% of weight.

− COCA COLA EUROPA

Leaves the portfolio; it was 0.19% of weight.

− LA POSTE

Leaves the portfolio; it was 0.18% of weight.

− SES SA

Leaves the portfolio; it was 0.17% of weight.

− BANKINTER S.A

Leaves the portfolio; it was 0.17% of weight.

− CAIXABANK,S.A.

Leaves the portfolio; it was 0.17% of weight.

− EUROFINS SCIENTI

Leaves the portfolio; it was 0.15% of weight.

− PROGROUP AG

Leaves the portfolio; it was 0.13% of weight.

− VOLVO AB

Leaves the portfolio; it was 0.10% of weight.

− ERSTE GROUP BANK

Leaves the portfolio; it was 0.09% of weight.

▲ ACCIONES|RENTOKIL INITIAL PLC

Goes from 0.38% to 0.71%.

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.

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▲ ACCIONES|DEUTSCHE BOERSE AG

Goes from 0.54% to 0.86%.

Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.

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▲ ACCIONES|BAUSCH & LOMB INC

Goes from 0.43% to 0.75%.

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▲ ACCIONES|ELEVANCE HEALTH INC

Goes from 0.52% to 0.82%.

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.

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▲ ACCIONES|INDITEX SA

Goes from 0.72% to 1.02%.

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▲ ACCIONES|EXOR N.V.

Goes from 0.75% to 0.98%.

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.

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▲ ACCIONES|AIRBUS GROUP NV

Goes from 0.71% to 0.93%.

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|NOVO NORDISK A/S

Goes from 0.61% to 0.82%.

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▼ ACCIONES|ALPHABET INC - CL C

Goes from 0.64% to 0.32%.

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Fixed income

Declared FI exposure
85.2 M €
% of portfolio
74.0%
Positions
91
Issuers
74
Sovereign: 15.2 M € Corporate: 59.6 M € Repos / treasury management: 10.4 M €

Maturity ladder

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

Matured or ≤3 months · 2.1%3-6 months · 5.0%6-12 months · 3.2%1-2 years · 12.7%2-5 years · 29.7%5-10 years · 13.8%> 10 years · 0.5%Unknown · 32.9%
Maturity Positions Exposure %
Matured or ≤3 months 2 1.6 M € 2.1%
3-6 months 6 3.7 M € 5.0%
6-12 months 4 2.4 M € 3.2%
1-2 years 16 9.5 M € 12.7%
2-5 years 34 22.2 M € 29.7%
5-10 years 14 10.3 M € 13.8%
> 10 years 1 394,788 € 0.5%
Unknown 13 24.6 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 19.6 M €
NETHERLANDS GOVE Sovereign 2 3.5 M € 2030-01-15
Bundesrepublik Deutschland Sovereign 4 3.1 M € 2026-06-18
Otra RF cotizada a menos de 1 año en EUR Corporate 0 2.8 M €
République Française Sovereign 2 1.6 M € 2031-05-25
Repubblica Italiana Sovereign 2 1.5 M € 2026-06-01
ENEL FINANCE INT Corporate 2 1.4 M € 2026-05-28
European Stability Mechanism Supranational 1 1.3 M € 2030-12-04
JDE PEETS NV Corporate 1 1.2 M € 2026-01-16
MEDIOBANCA SPA Bank 2 1.1 M € 2027-09-13

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
NL0015000RP1 NETHERLANDS GOVE 0.50% 2032-07-15 2.0 M €
NL0015001DQ7 NETHERLANDS GOVE 2.50% 2030-01-15 1.5 M €
EU000A3LNF05 European Stability Mechanism 3.12% 2030-12-04 1.3 M €
XS2354444023 JDE PEETS NV 0.00% 2026-01-16 1.2 M €
DE000BU2Z023 Bundesrepublik Deutschland 2.20% 2034-02-15 1.1 M €
IE00BH3SQ895 IRELAND GOVERNME 1.10% 2029-05-15 1.0 M €
FR001400H7V7 République Française 3.00% 2033-05-25 985,697 €
IT0005422891 Repubblica Italiana 0.90% 2031-04-01 982,480 €
XS2390400633 ENEL FINANCE INT 0.00% 2026-05-28 936,592 €
XS3058827802 CITIGROUP 3.18% 2029-04-29 935,404 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
EUR 83.2 M € 97.7%
GBP 1.1 M € 1.3%
USD 584,326 € 0.7%
BRL 240,607 € 0.3%

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: 15 Exits at maturity: 5 Exits not explained by maturity: 18
+ ITALY BUONI POLI

Enters the portfolio at 0.85% weight.

+ ABANCA CORP BANC

Enters the portfolio at 0.76% weight.

+ MAGNUM ICC FINAN

Enters the portfolio at 0.62% weight.

+ COMMERZBANK AG

Enters the portfolio at 0.55% weight.

+ EUROPEAN UNION

Enters the portfolio at 0.55% weight.

+ BUNDESREPUBLIK D

Enters the portfolio at 0.55% weight.

+ MEDIOBANCA SPA

Enters the portfolio at 0.54% weight.

+ BELFIUS BANK SA/

Enters the portfolio at 0.53% weight.

+ TATRA BANKA AS 0

Enters the portfolio at 0.51% weight.

+ ORANGE SA

Enters the portfolio at 0.43% weight.

+ ENEL FINANCE INT

Enters the portfolio at 0.37% weight.

+ NIBC BANK NV

Enters the portfolio at 0.35% weight.

+ CIE DE ST GOBAIN

Enters the portfolio at 0.35% weight.

+ RED ELECTRICA FI

Enters the portfolio at 0.35% weight.

+ GROUPE BPCE

Enters the portfolio at 0.34% weight.

− UNITED STATES TR

Leaves the portfolio; it was 1.09% of weight.

− ELECTRICITE DE F

Leaves the portfolio; it was 0.40% of weight.

− CPI PROPERTY GRO

Leaves the portfolio; it was 0.40% of weight.

− RWE AG

Leaves the portfolio; it was 0.40% of weight.

− PRYSMIAN SPA

Leaves the portfolio; it was 0.35% of weight.

− BANCA MARCH SA

Leaves the portfolio; it was 0.35% of weight.

− CPI PROPERTY GRO

Leaves the portfolio; it was 0.34% of weight.

− SOCIETE GENERALE

Leaves the portfolio; it was 0.33% of weight.

− SIX FINANCE LUXE

Leaves the portfolio; it was 0.19% of weight.

− COCA COLA EUROPA

Leaves the portfolio; it was 0.19% of weight.

− LA POSTE

Leaves the portfolio; it was 0.18% of weight.

− SES SA

Leaves the portfolio; it was 0.17% of weight.

− BANKINTER S.A

Leaves the portfolio; it was 0.17% of weight.

− CAIXABANK,S.A.

Leaves the portfolio; it was 0.17% of weight.

− EUROFINS SCIENTI

Leaves the portfolio; it was 0.15% of weight.

− PROGROUP AG

Leaves the portfolio; it was 0.13% of weight.

− VOLVO AB

Leaves the portfolio; it was 0.10% of weight.

− ERSTE GROUP BANK

Leaves the portfolio; it was 0.09% of weight.

◦ FRESENIUS FIN IR

Leaves the portfolio; it was 0.90% of weight.

◦ CCEP FINANCE IRE

Leaves the portfolio; it was 0.87% of weight.

◦ VONOVIA SE

Leaves the portfolio; it was 0.77% of weight.

◦ AT AND T INC

Leaves the portfolio; it was 0.58% of weight.

◦ LENZING AG

Leaves the portfolio; it was 0.34% 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.