Manager
GVC GAESCO GESTIÓN, SGIIC, S.A.
See the CNMV manager universe →
Fund page
BONA-RENDA, FI
Category
—
Latest period
H2 2025
Positions
51
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.
51
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 7
Exits: 4
Increases: 6
Cuts: 18
+ Acciones|TUBACEX
Enters the portfolio at 1.57% weight.
Tubacex, S.A., together with its subsidiaries, engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally. The company provides seamless stainless steel tubes, including CRA OCTG tubing and casing; aerospace, space exploration, and defense tubing; hydraulic and instrumentation tubing; heat exchanger tubing; subsea umbilicals; and medium and high pressure tubes, as well as machined components, including downhole mills, impellers, spiral mills, reamer, shoes, stabilizers, sensors, spools, bladed noses, float subs, and cross-overs. It also offers round bars, billets, and ingots; fittings, and special and machined components, such as butt-welding fittings, tube bends, elbows, tees, reducers and caps; Tubacoat, a ceramic coating for long steel and high-nickel alloy products; non-magnetic steel components; and instrumentation tubes, hydraulic tubes, exchanger tubes, isometric tubes, and piping. In addition, the company provides design and simulation, and logistic services; and added-value services comprising shotpeening, connection threading, bending, cutting, machining and bevelling, welding, overlay, preassemblies, marking, finning, studding, polishing, grooving, lab testing, packaging, and storage services. Further, it offers tube marketing, real estate, pipe rental, consulting and advisory, and research and development services. The company serves chemical and petrochemical, low carbon, power generation, electronics equipment, new technologies, oil and gas exploration and production, fertilizer, aerospace, hydrocarbon processing, and other industries. Tubacex, S.A. was incorporated in 1963 and is headquartered in Llodio, Spain.
View company page →− Acciones|VISCOFÁN
Leaves the portfolio; it was 3.70% of weight.
− Acciones|NIDEC CORPORATION
Leaves the portfolio; it was 1.22% of weight.
− Acciones|NVIDIA CORP.
Leaves the portfolio; it was 0.49% of weight.
− ALSTRIA OFFICE REIT-
Leaves the portfolio; it was 0.18% of weight.
▲ Acciones|DISTRIBUIDORA INTERNACIONAL
Goes from 1.77% to 4.71%.
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.
View company page →▼ Acciones|ARCELORMITTAL
Goes from 2.32% to 1.78%.
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 →Fixed income
Declared FI exposure
24.2 M €
% of portfolio
37.9%
Positions
19
Issuers
17
Sovereign: 0 €
Corporate: 21.2 M €
Repos / treasury management: 3.0 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 · 4.2%2-5 years · 37.9%5-10 years · 6.6%> 10 years · 8.3%Unknown · 42.9%
Maturity
Positions
Exposure
%
Matured or ≤3 months
1
898,079 €
4.2%
3-6 months
0
0 €
0.0%
6-12 months
0
0 €
0.0%
1-2 years
0
0 €
0.0%
2-5 years
7
8.0 M €
37.9%
5-10 years
1
1.4 M €
6.6%
> 10 years
4
1.8 M €
8.3%
Unknown
5
9.1 M €
42.9%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
AUDAX RENOVABLES SA
Corporate
1
4.8 M €
—
AMPER
Corporate
1
3.4 M €
2029-07-23
FIDELIDADE CIA SEGUR
Corporate
1
2.2 M €
—
SACYR SA
Corporate
1
1.8 M €
2030-05-29
LANDESBANK BADEN-WUE
Corporate
1
1.7 M €
—
CREDIT ANDORRA
Corporate
1
1.4 M €
2034-10-19
GRIFOLS SA
Corporate
1
1.0 M €
2028-10-15
VALFORTEC
Corporate
1
898,079 €
2026-03-23
INTESA SANPAOLO SPA
Corporate
1
810,040 €
2060-09-07
GREENALIA SA
Corporate
1
802,704 €
2030-11-20
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
ES0236463008 AUDAX RENOVABLES SA
4.20%
—
4.7 M €
ES0309260000 AMPER
8.50%
2029-07-23
3.4 M €
PTFIDAOM0000 FIDELIDADE CIA SEGUR
3.88%
—
2.2 M €
XS3071337847 SACYR SA
4.75%
2030-05-29
1.8 M €
DE000LB4XHX4 LANDESBANK BADEN-WUE
6.75%
—
1.7 M €
XS2833374486 CREDIT ANDORRA
7.50%
2034-10-19
1.4 M €
XS2393001891 GRIFOLS SA
1.94%
2028-10-15
1.0 M €
ES0305542005 VALFORTEC
4.50%
2026-03-23
898,079 €
XS2678939427 INTESA SANPAOLO SPA
4.56%
2060-09-07
810,040 €
NO0013684563 GREENALIA SA
3.50%
2030-11-20
802,704 €
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: 2
Exits at maturity: 0
Exits not explained by maturity: 1
+ GREENALIA SA
Enters the portfolio at 1.26% weight.
+ LUMINOR BANK
Enters the portfolio at 0.33% weight.
− ALSTRIA OFFICE REIT-
Leaves the portfolio; it was 0.18% 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.