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BULNES GLOBAL, FI

Category
Latest period
H2 2025
Positions
31

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.

31
Company Type Country Weight Price
Ac.Amazon US0231351067 · USD Renta Variable Cotizada US 9.00%
Ac.Alphabet Clase A US02079K3059 · USD Renta Variable Cotizada US 8.88%
Ac.Microsoft US5949181045 · USD Renta Variable Cotizada US 7.20% 483.24 USD
Ac.Meta Plataforms Inc Class A US30303M1027 · USD Renta Variable Cotizada US 6.91% 549.90 USD
Ac.Mastercard US57636Q1040 · USD Renta Variable Cotizada US 4.94%
Ac.Taiwan Semiconductor-Sp US8740391003 · USD Renta Variable Cotizada US 4.67%
Ac.Apollo Global Management INC US03769M1062 · USD Renta Variable Cotizada US 4.21%
Ac.Asml Holding NV NL0010273215 · EUR Renta Variable Cotizada NL 4.05%
Ac.Compass Group Plc GB00BD6K4575 · GBP Renta Variable Cotizada GB 3.96%
Ac.KKR & CO INC US48251W1045 · USD Renta Variable Cotizada US 3.39%
Ac.Constellation Software Inc CA21037X1006 · CAD Renta Variable Cotizada CA 3.38%
Ac.Ross Stores Ord US7782961038 · USD Renta Variable Cotizada US 3.23%
Ac.Brookfield Corp CA11271J1075 · USD Renta Variable Cotizada CA 3.22%
Ac.Waste Connections Inc CA94106B1013 · USD Renta Variable Cotizada CA 3.19%
Ac.Interactive Brokers cl A US45841N1072 · USD Renta Variable Cotizada US 2.78%
Ac.Hermes FR0000052292 · EUR Renta Variable Cotizada FR 2.56%
AC.Broadcom Inc US11135F1012 · USD Renta Variable Cotizada US 2.51%
Ac.Alibaba Group Holding SP ADR US01609W1027 · USD Renta Variable Cotizada US 2.43% 119.34 USD
Ac.Zoetis Inc US98978V1035 · USD Renta Variable Cotizada US 2.39%
Ac.Uber Technologies Inc US90353T1007 · USD Renta Variable Cotizada US 2.34%
Ac.Nvidia Corp US67066G1040 · USD Renta Variable Cotizada US 2.26%
Ac.Thermo Fisher Scientific Inc US8835561023 · USD Renta Variable Cotizada US 2.15%
Ac.Pinduoduo INC ADR US7223041028 · USD Renta Variable Cotizada US 1.88%
Hilton Worldwide Holdings INC US43300A2033 · USD Renta Variable Cotizada US 1.59%
Ac.Floor & Decor Holdings INC-A US3397501012 · USD Renta Variable Cotizada US 1.20%
Ac.Tractor Supply Company US8923561067 · USD Renta Variable Cotizada US 1.18%
Ac.Exor NV NL0012059018 · EUR Renta Variable Cotizada NL 0.99% 71.20 EUR
Ac.Topicus.com Inc Sub Voting CA89072T1021 · CAD Renta Variable Cotizada CA 0.92%
Ac.NVR Inc US62944T1051 · USD Renta Variable Cotizada US 0.91%
Ac.Amazon.com INC US0231351067 · EUR Renta Variable Cotizada US 0.35%
Ac.Alphabet Clase C US02079K1079 · USD Renta Variable Cotizada US 0.24%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 2 Exits: 4 Increases: 10 Cuts: 7
+ Ac.Uber Technologies Inc

Enters the portfolio at 2.34% weight.

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+ Ac.Nvidia Corp

Enters the portfolio at 2.26% weight.

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− Ac.L.V.M.H.

Leaves the portfolio; it was 2.71% of weight.

− Ac.Novo Nordisk Dinamarca

Leaves the portfolio; it was 2.56% of weight.

− Ac.Berkshire Hathaway Cl B

Leaves the portfolio; it was 1.31% of weight.

Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses. The company provides property, casualty, life, accident, and health insurance and reinsurance; operates railroad systems in North America; generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. It manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; prefabricated and site-built residential homes, flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. In addition, the company provides recreational vehicles, apparel, footwear, toys, jewelry, custom picture framing products, alkaline batteries, logistics services, and professional aviation training and shared aircraft ownership programs; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Further, it distributes televisions and information, and grocery and non-food consumer products; franchises and services quick service restaurants; and distributes electronic components. Additionally, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and floor coverings; watches, home decor and repair services; sells kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.

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− Bono del Estado

Leaves the portfolio; it was 0.60% of weight.

▲ Ac.Alphabet Clase A

Goes from 6.61% to 8.88%.

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▲ Ac.Asml Holding NV

Goes from 3.30% to 4.05%.

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▲ Ac.Thermo Fisher Scientific Inc

Goes from 1.45% to 2.15%.

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▲ Ac.Ross Stores Ord

Goes from 2.55% to 3.23%.

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▲ Ac.Alibaba Group Holding SP ADR

Goes from 1.81% to 2.43%.

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.

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▲ Ac.Interactive Brokers cl A

Goes from 2.31% to 2.78%.

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▲ Ac.Brookfield Corp

Goes from 2.80% to 3.22%.

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▲ Ac.Mastercard

Goes from 4.70% to 4.94%.

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▲ Ac.Apollo Global Management INC

Goes from 3.98% to 4.21%.

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▲ Ac.Pinduoduo INC ADR

Goes from 1.67% to 1.88%.

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▼ Ac.Meta Plataforms Inc Class A

Goes from 8.53% to 6.91%.

Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.

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▼ Ac.Constellation Software Inc

Goes from 4.96% to 3.38%.

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▼ Hilton Worldwide Holdings INC

Goes from 2.57% to 1.59%.

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▼ Ac.Zoetis Inc

Goes from 2.86% to 2.39%.

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▼ Ac.Tractor Supply Company

Goes from 1.63% to 1.18%.

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▼ Ac.Topicus.com Inc Sub Voting

Goes from 1.20% to 0.92%.

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▼ Ac.Floor & Decor Holdings INC-A

Goes from 1.45% to 1.20%.

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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.