Manager
CARTESIO INVERSIONES, SGIIC, S.A.
See the CNMV manager universe →
Fund page
CARTESIO X, FI
Category
—
Latest period
H2 2025
Positions
116
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.
116
Company
Type
Country
Weight
Price
Acciones|BRITISH AMERICAN TOBACCO PLC
GB0002875804 · GBP
Renta Variable Cotizada
GB
0.50%
4131.00 GBp
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 34
Exits: 33
Increases: 9
Cuts: 13
+ Acciones|IPSOS
Enters the portfolio at 0.24% weight.
Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company offers services in the information production and analysis chain, including data collection, data processing and integration, data analysis, information delivery and presentation, and information activation. It also provides audience measurement, automotive and mobility development, brand health tracking, channel performance, corporate reputation, creative excellence, customer experience, healthcare, innovation, Ipsos MMA, Ipsos UU, market strategy and understanding, observer, public affairs, social intelligence analytics, and other specialist services, as well as research methodologies, such as device agnosticism, programmatic sampling, and digital face-to-face interview. In addition, the company offers online and mobile integrated services and device agnostic solutions that include online surveys adapted to laptops, smartphones, and tablets; and qualitative research services, as well as operates Ipsos.Digital, a do-it-yourself platform. Further, it provides artificial intelligence and data science solutions that develops and provides analytical tools based on data science, machine learning, big analytics, and modelling; and behavioral science and neuroscience solutions, as well as operates Ipsos Knowledge Centre for teams and clients. Ipsos SA was incorporated in 1975 and is headquartered in Paris, France.
View company page →+ Acciones|BAYERISCHE MOTOREN WERKE AG
Enters the portfolio at 0.22% weight.
Bayerische Motoren Werke Aktiengesellschaft develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide. It operates through Automotive, Motorcycles, and Financial Services segments. The company offers automobiles under the BMW, MINI, and Rolls-Royce brands. It also develops, manufactures, and sells scooters, and motorcycles for private use and special-purpose vehicles for operational use under the BMW Motorrad brand. In addition, the company provides car rentals; credit financing; leasing that include insurance and service products; financing for dealership and customer deposits; vehicle fleet financing services for corporate car fleets under the Alphabet brand; and financial services for the automotive sector. It sells its products through retail outlet, agent, and independent dealerships. Bayerische Motoren Werke Aktiengesellschaft was founded in 1916 and is headquartered in Munich, Germany.
View company page →− CAIXABANK SA
Leaves the portfolio; it was 1.58% of weight.
− UNIBAIL-RODAMCO-WEST
Leaves the portfolio; it was 1.46% of weight.
− ABANCA CORPORACION B
Leaves the portfolio; it was 1.46% of weight.
− INTESA SANPAOLO SPA
Leaves the portfolio; it was 1.30% of weight.
− CAJA AHORROS (IBERCA
Leaves the portfolio; it was 1.21% of weight.
− UNIPOL GRUPPO SPA
Leaves the portfolio; it was 1.17% of weight.
− ELECTRICITE DE FRANC
Leaves the portfolio; it was 1.15% of weight.
− ZEGONA FINANCE PLC
Leaves the portfolio; it was 1.14% of weight.
− ENGIE SA
Leaves the portfolio; it was 1.14% of weight.
− VOLVO CAR AB
Leaves the portfolio; it was 1.12% of weight.
− CECONOMY AG
Leaves the portfolio; it was 1.09% of weight.
− ALSTOM SA
Leaves the portfolio; it was 1.07% of weight.
− SNAM SPA
Leaves the portfolio; it was 1.04% of weight.
− LENZING AG
Leaves the portfolio; it was 0.98% of weight.
− TERNA RETE ELETTRICA
Leaves the portfolio; it was 0.97% of weight.
− IREN SPA
Leaves the portfolio; it was 0.95% of weight.
− BRITISH AMERICAN TOB
Leaves the portfolio; it was 0.91% of weight.
− PETROLEOS MEXICANOS
Leaves the portfolio; it was 0.84% of weight.
− BPER BANCA
Leaves the portfolio; it was 0.69% of weight.
− ENBW ENERGIE BADEN -
Leaves the portfolio; it was 0.61% of weight.
− AXA SA
Leaves the portfolio; it was 0.54% of weight.
− VEOLIA ENVIRONNEMENT
Leaves the portfolio; it was 0.53% of weight.
− Acciones|FRAPORT
Leaves the portfolio; it was 0.44% of weight.
− Acciones|VERALLIA SA
Leaves the portfolio; it was 0.44% of weight.
Verallia Société Anonyme manufactures and sells glass packaging products for beverages and food products worldwide. It provides bottles for still and semi-sparkling wines, spirits, beers, soft drinks, and oils. The company also offers jars for baby food, dairy products, jams, honey, spreads, condiments, sauces, preserves, etc. Verallia Société Anonyme was founded in 1827 and is based in Courbevoie, France.
View company page →− IBERCAJA BANCO SA
Leaves the portfolio; it was 0.40% of weight.
− SSE PLC
Leaves the portfolio; it was 0.39% of weight.
− Acciones|CAIXABANK SA
Leaves the portfolio; it was 0.35% of weight.
− JCDECAUX SA
Leaves the portfolio; it was 0.33% of weight.
− Acciones|E.ON SE
Leaves the portfolio; it was 0.26% of weight.
− Acciones|DEUTSCHE POST AG
Leaves the portfolio; it was 0.25% of weight.
− Acciones|HEIDELBERGCEMENT AG
Leaves the portfolio; it was 0.19% of weight.
Heidelberg Materials AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. The company provides cement products; natural stone aggregates, including sand and gravel; crushed aggregates comprising stone chippings and crushed stones; and ready-mixed concrete for use in the construction of tunnels or bridges, office buildings, or schools, as well as to produce precast concrete parts, such as stairs, ceiling elements, or structural components. It also offers asphalt; and trades in cement, clinker, secondary cementitious materials, solid, alternative fuels, other building materials, and additives. The company was formerly known as HeidelbergCement AG and changed its name to Heidelberg Materials AG in May 2023. Heidelberg Materials AG was founded in 1873 and is headquartered in Heidelberg, Germany.
View company page →− Acciones|MICROSOFT CORP
Leaves the portfolio; it was 0.18% of weight.
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. The Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
− RWE AG
Leaves the portfolio; it was 0.13% of weight.
▼ Acciones|MERLIN PROPERTIES SOCIMI
Goes from 1.06% to 0.76%.
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|ACERINOX SA
Goes from 0.70% to 0.42%.
Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.
View company page →▼ Acciones|BRITISH AMERICAN TOBACCO PLC
Goes from 0.72% to 0.50%.
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa. The company offers vapour products; heated products, which consists of a battery-powered device and a plant-based substance consumable that is heated; modern oral products, such as nicotine pouches; combustibles, including cigarette sticks and other tobacco stick products; traditional oral products, such as snus and moist snuff; and fine cut/roll-your-own tobacco products. It sells its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel Snus brands, as well as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555 brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is headquartered in London, the United Kingdom.
View company page →Fixed income
Declared FI exposure
369.1 M €
% of portfolio
79.5%
Positions
81
Issuers
76
Sovereign: 0 €
Corporate: 369.1 M €
Maturity ladder
Observed contractual maturity of each position, repos excluded. Matured/≤3 months includes bonds maturing in the first days after the period close.
6-12 months · 0.0%2-5 years · 18.3%5-10 years · 21.2%> 10 years · 57.2%Unknown · 3.2%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
0
0 €
0.0%
6-12 months
1
123,592 €
0.0%
1-2 years
0
0 €
0.0%
2-5 years
17
67.6 M €
18.3%
5-10 years
18
78.3 M €
21.2%
> 10 years
43
211.0 M €
57.2%
Unknown
2
12.0 M €
3.2%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
CREDIT AGRICOLE
Corporate
2
12.3 M €
2049-09-23
REPSOL INTL FINANCE
Corporate
2
9.9 M €
2049-02-19
BANCO SANTANDER SA
Bank
2
9.6 M €
2030-04-27
BANCO DE SABADELL, S
Bank
2
9.4 M €
2033-02-18
ENEL SPA
Corporate
1
8.1 M €
2049-07-16
ABERTIS INFRAESTRUCT
Corporate
1
7.9 M €
2049-02-28
AXA SA
Corporate
2
7.9 M €
2049-01-16
STELLANTIS NV
Corporate
1
7.8 M €
2031-06-06
BANCO BILBAO VIZCAYA
Corporate
1
7.4 M €
2049-02-11
UNIBAIL-RODAMCO-WEST
Corporate
1
7.2 M €
2049-09-11
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
XS2576550243 ENEL SPA
6.62%
2049-07-16
8.1 M €
XS2937255193 ABERTIS INFRAESTRUCT
4.88%
2049-02-28
7.9 M €
XS3090081897 STELLANTIS NV
3.88%
2031-06-06
7.8 M €
XS3102778191 REPSOL INTL FINANCE
4.50%
2049-06-26
7.5 M €
XS3100756637 BANCO SANTANDER SA
1.50%
2049-10-02
7.4 M €
XS3226545617 BANCO BILBAO VIZCAYA
1.41%
2049-02-11
7.4 M €
FR0014012J64 UNIBAIL-RODAMCO-WEST
4.75%
2049-09-11
7.2 M €
FR001400YQA5 LAGARDERE
4.75%
2030-06-12
6.9 M €
FR00140132E4 ELECTRICITE DE FRANC
4.38%
—
6.7 M €
XS3076304602 PRYSMIAN SPA
5.25%
2049-08-21
6.7 M €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
358.5 M €
97.1%
GBP
10.4 M €
2.8%
USD
123,592 €
0.0%
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: 30
Exits at maturity: 0
Exits not explained by maturity: 26
+ BANCO SANTANDER SA
Enters the portfolio at 1.60% weight.
+ BANCO BILBAO VIZCAYA
Enters the portfolio at 1.59% weight.
+ UNIBAIL-RODAMCO-WEST
Enters the portfolio at 1.54% weight.
+ ELECTRICITE DE FRANC
Enters the portfolio at 1.45% weight.
+ ORSTED A/S
Enters the portfolio at 1.22% weight.
+ FORD MOTOR CREDIT CO
Enters the portfolio at 1.20% weight.
+ LOTTOMATICA
Enters the portfolio at 1.20% weight.
+ CANAL PLUS SA
Enters the portfolio at 1.19% weight.
+ TELEFONICA EUROPE BV
Enters the portfolio at 1.19% weight.
+ WPP FINANCE SA
Enters the portfolio at 1.17% weight.
+ ABANCA CORPORACION B
Enters the portfolio at 1.13% weight.
+ EVONIK INDUSTRIES AG
Enters the portfolio at 1.11% weight.
+ VALEO SE
Enters the portfolio at 1.08% weight.
+ VERALLIA SA
Enters the portfolio at 1.08% weight.
+ ACS ACTIVIDADES DE C
Enters the portfolio at 1.08% weight.
+ DANONE SA
Enters the portfolio at 1.02% weight.
+ LENZING AG
Enters the portfolio at 0.99% weight.
+ BRITISH AMERICAN TOB
Enters the portfolio at 0.97% weight.
+ JT INTL FIN SERVICES
Enters the portfolio at 0.96% weight.
+ RCI BANQUE SA
Enters the portfolio at 0.95% weight.
+ VODAFONE GROUP PLC
Enters the portfolio at 0.87% weight.
+ BPCE ASSURANCES SA
Enters the portfolio at 0.80% weight.
+ FNAC DARTY SA
Enters the portfolio at 0.76% weight.
+ GESTAMP AUTOMOCION S
Enters the portfolio at 0.72% weight.
+ BPER BANCA
Enters the portfolio at 0.65% weight.
+ MANPOWERGROUP INC
Enters the portfolio at 0.64% weight.
+ ENGIE SA
Enters the portfolio at 0.60% weight.
+ CNP ASSURANCES
Enters the portfolio at 0.58% weight.
+ POSTNL NV
Enters the portfolio at 0.55% weight.
+ REPSOL INTL FINANCE
Enters the portfolio at 0.51% weight.
− CAIXABANK SA
Leaves the portfolio; it was 1.58% of weight.
− UNIBAIL-RODAMCO-WEST
Leaves the portfolio; it was 1.46% of weight.
− ABANCA CORPORACION B
Leaves the portfolio; it was 1.46% of weight.
− INTESA SANPAOLO SPA
Leaves the portfolio; it was 1.30% of weight.
− CAJA AHORROS (IBERCA
Leaves the portfolio; it was 1.21% of weight.
− UNIPOL GRUPPO SPA
Leaves the portfolio; it was 1.17% of weight.
− ELECTRICITE DE FRANC
Leaves the portfolio; it was 1.15% of weight.
− ZEGONA FINANCE PLC
Leaves the portfolio; it was 1.14% of weight.
− ENGIE SA
Leaves the portfolio; it was 1.14% of weight.
− VOLVO CAR AB
Leaves the portfolio; it was 1.12% of weight.
− CECONOMY AG
Leaves the portfolio; it was 1.09% of weight.
− ALSTOM SA
Leaves the portfolio; it was 1.07% of weight.
− SNAM SPA
Leaves the portfolio; it was 1.04% of weight.
− LENZING AG
Leaves the portfolio; it was 0.98% of weight.
− TERNA RETE ELETTRICA
Leaves the portfolio; it was 0.97% of weight.
− IREN SPA
Leaves the portfolio; it was 0.95% of weight.
− BRITISH AMERICAN TOB
Leaves the portfolio; it was 0.91% of weight.
− PETROLEOS MEXICANOS
Leaves the portfolio; it was 0.84% of weight.
− BPER BANCA
Leaves the portfolio; it was 0.69% of weight.
− ENBW ENERGIE BADEN -
Leaves the portfolio; it was 0.61% of weight.
− AXA SA
Leaves the portfolio; it was 0.54% of weight.
− VEOLIA ENVIRONNEMENT
Leaves the portfolio; it was 0.53% of weight.
− IBERCAJA BANCO SA
Leaves the portfolio; it was 0.40% of weight.
− SSE PLC
Leaves the portfolio; it was 0.39% of weight.
− JCDECAUX SA
Leaves the portfolio; it was 0.33% of weight.
− RWE AG
Leaves the portfolio; it was 0.13% 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.