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CARTESIO Y, FI

Category
Latest period
H2 2025
Positions
36

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.

36
Company Type Country Weight Price
Acciones|BCA MONTE DEI PASCHI DI S IT0005508921 · EUR Renta Variable Cotizada IT 4.93%
ESTADO ESPAÑOL ES0L02606058 · EUR Deuda Publica Cotizada Memos 1 Anio ES 4.68%
Acciones|MERLIN PROPERTIES SOCIMI ES0105025003 · EUR Renta Variable Cotizada ES 4.16% 14.10 EUR
Acciones|TOTALENERGIES SE FR0000120271 · EUR Renta Variable Cotizada FR 3.09%
Acciones|AXA SA FR0000120628 · EUR Renta Variable Cotizada FR 3.01%
Acciones|UNIPOL GRUPPO SPA IT0004810054 · EUR Renta Variable Cotizada IT 2.99%
Acciones|GLENCORE PLC JE00B4T3BW64 · GBP Renta Variable Cotizada JE 2.99% 596.80 GBp
Acciones|PUBLICIS GROUPE SA FR0000130577 · EUR Renta Variable Cotizada FR 2.91%
Acciones|BRITISH AMERICAN TOBACCO PLC GB0002875804 · GBP Renta Variable Cotizada GB 2.86% 4131.00 GBp
Acciones|ITV PLC GB0033986497 · GBP Renta Variable Cotizada GB 2.86%
Acciones|REPSOL SA ES0173516115 · EUR Renta Variable Cotizada ES 2.83%
Acciones|HENKEL AG & CO KGAA DE0006048432 · EUR Renta Variable Cotizada DE 2.78%
Acciones|CARLSBERG BREWERIES A/S DK0010181759 · DKK Renta Variable Cotizada DK 2.68%
Acciones|CARREFOUR SA FR0000120172 · EUR Renta Variable Cotizada FR 2.67% 15.87 EUR
Acciones|ROCHE HOLDING AG CH0012032048 · CHF Renta Variable Cotizada CH 2.59%
Acciones|TENCENT HOLDINGS LTD US88032Q1094 · USD Renta Variable Cotizada US 2.50%
Acciones|TELEPERFORMANCE FR0000051807 · EUR Renta Variable Cotizada FR 2.37% 71.74 EUR
Acciones|BARRATT DEVELOPMENTS GB0000811801 · GBP Renta Variable Cotizada GB 2.36% 312.40 GBp
Acciones|MICHELIN FR001400AJ45 · EUR Renta Variable Cotizada FR 2.36%
Acciones|ACERINOX SA ES0132105018 · EUR Renta Variable Cotizada ES 2.33% 17.15 EUR
Acciones|RIO TINTO PLC GB0007188757 · GBP Renta Variable Cotizada GB 2.30%
Acciones|ENGIE SA FR0010208488 · EUR Renta Variable Cotizada FR 2.26%
Acciones|ALPHABET INC US02079K3059 · USD Renta Variable Cotizada US 2.22%
Acciones|ENEL SPA IT0003128367 · EUR Renta Variable Cotizada IT 2.21%
Acciones|UNIQA INSURANCE GROUP AG AT0000821103 · EUR Renta Variable Cotizada AT 2.20%
Acciones|UPM KYMMENE FI0009005987 · EUR Renta Variable Cotizada FI 2.18%
Acciones|BANCO SANTANDER SA ES0113900J37 · EUR Renta Variable Cotizada ES 2.18%
Acciones|SIGNIFY NV NL0011821392 · EUR Renta Variable Cotizada NL 2.03% 15.27 EUR
Acciones|EIFFAGE SA FR0000130452 · EUR Renta Variable Cotizada FR 1.78%
Acciones|JUNGHEINRICH DE0006219934 · EUR Renta Variable Cotizada DE 1.70% 24.16 EUR
Acciones|VINCI SA FR0000125486 · EUR Renta Variable Cotizada FR 1.54%
Acciones|UNIBAIL-RODAMCO SE FR0013326246 · EUR Renta Variable Cotizada FR 1.44%
Acciones|SWATCH GROUP AG/THE CH0012255151 · CHF Renta Variable Cotizada CH 1.41%
Acciones|IPSOS FR0000073298 · EUR Renta Variable Cotizada FR 1.33% 38.98 EUR
Acciones|BAYERISCHE MOTOREN WERKE AG DE0005190003 · EUR Renta Variable Cotizada DE 1.22% 58.88 EUR
Acciones|STRABAG SE AT000000STR1 · EUR Renta Variable Cotizada AT 1.04%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 5 Exits: 8 Increases: 11 Cuts: 12
+ ESTADO ESPAÑOL

Enters the portfolio at 4.68% weight.

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+ Acciones|HENKEL AG & CO KGAA

Enters the portfolio at 2.78% weight.

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+ Acciones|EIFFAGE SA

Enters the portfolio at 1.78% weight.

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+ Acciones|IPSOS

Enters the portfolio at 1.33% 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.

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+ Acciones|BAYERISCHE MOTOREN WERKE AG

Enters the portfolio at 1.22% 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.

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− ESTADO ESPAÑOL

Leaves the portfolio; it was 2.72% of weight.

− Acciones|FRAPORT

Leaves the portfolio; it was 2.33% of weight.

− Acciones|VERALLIA SA

Leaves the portfolio; it was 2.26% 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.

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− Acciones|CAIXABANK SA

Leaves the portfolio; it was 1.79% of weight.

− Acciones|E.ON SE

Leaves the portfolio; it was 1.36% of weight.

− Acciones|DEUTSCHE POST AG

Leaves the portfolio; it was 1.31% of weight.

− Acciones|HEIDELBERGCEMENT AG

Leaves the portfolio; it was 1.00% 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.

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− Acciones|MICROSOFT CORP

Leaves the portfolio; it was 0.90% 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.

▲ Acciones|BCA MONTE DEI PASCHI DI S

Goes from 3.47% to 4.93%.

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▲ Acciones|CARLSBERG BREWERIES A/S

Goes from 1.76% to 2.68%.

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▲ Acciones|ROCHE HOLDING AG

Goes from 1.87% to 2.59%.

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▲ Acciones|TOTALENERGIES SE

Goes from 2.40% to 3.09%.

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▲ Acciones|GLENCORE PLC

Goes from 2.34% to 2.99%.

Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities. It engages in the production and marketing of copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration and production and refining and distribution. The company is also involved in marketing and distributing physical commodities sourced from third party producers to industrial consumers, including the battery, electronic, construction, automotive, steel, energy, and oil industries. In addition, the company provides financing, logistics, and other services to producers and consumers of commodities. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.

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▲ Acciones|BARRATT DEVELOPMENTS

Goes from 1.81% to 2.36%.

Barratt Redrow plc engages in the housebuilding business in the United Kingdom. The company is also involved in the commercial development business, which includes offices, retail, leisure, industrial, and distribution properties under the Wilson Bowden Developments brand; and land development activities. In addition, it manufactures timber frames under the Oregon Timber Frame brand; and furniture under the BD Living brand. The company offers its homes under the Barratt Homes, David Wilson Homes, Redrow, and Barratt London brands. The company was formerly known as Barratt Developments plc and changed its name Barratt Redrow plc in October 2024. Barratt Redrow plc was founded in 1953 and is headquartered in Coalville, the United Kingdom.

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▲ Acciones|RIO TINTO PLC

Goes from 1.83% to 2.30%.

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▲ Acciones|UNIQA INSURANCE GROUP AG

Goes from 1.73% to 2.20%.

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▲ Acciones|ALPHABET INC

Goes from 1.78% to 2.22%.

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▲ Acciones|UNIPOL GRUPPO SPA

Goes from 2.70% to 2.99%.

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▲ Acciones|SWATCH GROUP AG/THE

Goes from 1.19% to 1.41%.

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▼ Acciones|BANCO SANTANDER SA

Goes from 3.52% to 2.18%.

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▼ Acciones|ACERINOX SA

Goes from 3.60% to 2.33%.

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.

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▼ Acciones|BRITISH AMERICAN TOBACCO PLC

Goes from 3.87% to 2.86%.

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.

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▼ Acciones|UNIBAIL-RODAMCO SE

Goes from 2.37% to 1.44%.

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▼ Acciones|REPSOL SA

Goes from 3.64% to 2.83%.

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▼ Acciones|JUNGHEINRICH

Goes from 2.47% to 1.70%.

Jungheinrich Aktiengesellschaft, through its subsidiaries, provides products and solutions for the intralogistics sector with a portfolio of material handling equipment, automated systems, and warehouse equipment and services worldwide. It operates in two segments, Intralogistics and Financial Services. The Intralogistics segment engages in the development, production, sale, and short-term rental of new material handling equipment and warehousing equipment products, including automation; sale and short-term leasing of used trucks; and provision of spare parts, as well as maintenance and repair services. The Financial Services segment is involved in sales financing and usage transfer of material handling and warehousing equipment. Its products include electric and hand pallet trucks, and electric pallet stackers; order pickers; reach trucks; very narrow aisle trucks and EKX cold store high rack stackers; electric forklifts; and tow tractors, tugger train trailers, shuttles, used forklift trucks, and assistance systems. The company also offers rental fleet, and battery and charger rental solutions; contract and event hire services; full flex rental services; automated guided vehicles, conveyor technology, and stacker cranes; lithium-ion and lead-acid batteries; charging technology; powertrain solutions; electric drives/drivetrains; controllers; electromechanics components, control pedals, and displays; electric mounting panels; and cable sets. In addition, it provides warehouse racking and storage services; digital products and software solutions, including warehouse, fleet, and interface management systems; energy solutions; PowerCube; mobile robots; forklift trucks; explosion proof forklifts; and industrial IT solutions, such as WiFi-infrastructure, barcode-scanner, and mobile workstation, as well as develops software. It distributes its products through its direct sales and service network. The company was founded in 1953 and is headquartered in Hamburg, Germany.

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▼ Acciones|MERLIN PROPERTIES SOCIMI

Goes from 4.90% to 4.16%.

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.

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▼ Acciones|ENEL SPA

Goes from 2.83% to 2.21%.

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▼ Acciones|AXA SA

Goes from 3.39% to 3.01%.

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▼ Acciones|STRABAG SE

Goes from 1.33% to 1.04%.

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▼ Acciones|TELEPERFORMANCE

Goes from 2.61% to 2.37%.

Teleperformance SE, together with its subsidiaries, operates as a digital business services company in France and internationally. The company operates in Core Services and Specialized Services segments. The company offers customer relationship, technical assistance, and customer acquisition services; business processes management, and back office and digital platform services; online interpretation, visa application management, health management, recruitment process outsourcing advisory and assistance, and accounts receivable credit management services. It also provides digital CX, trust and safety, artificial intelligence, real-time speech understanding, StoryfAI application, TP microservices, and video CX; back-office processing, integrated sales, finance and accounting, smartshoring, work-at-home, multilingual services, ad sales, and rebadging solutions; advanced analytics, business process optimization, business transformation consulting, and technology services; and claims management, collection services, interpretation and translation, recruitment process outsourcing, visa and consular services, and healthcare support. The company serves automotive, energy and utilities, media, government, technology, travel, hospitality, cargo, banking and financial services, healthcare, insurance, retail and e-commerce, telecom, and video games industries. The company was incorporated in 1910 and is based in Paris, France.

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▼ Acciones|VINCI SA

Goes from 1.78% to 1.54%.

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Fixed income

Declared FI exposure
12.9 M €
% of portfolio
4.7%
Positions
1
Issuers
1
Sovereign: 12.9 M € Corporate: 0 €

Maturity ladder

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

3-6 months · 100.0%
Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 1 12.9 M € 100.0%
6-12 months 0 0 € 0.0%
1-2 years 0 0 € 0.0%
2-5 years 0 0 € 0.0%
5-10 years 0 0 € 0.0%
> 10 years 0 0 € 0.0%
Unknown 0 0 € 0.0%

Top issuers

The 10 issuers with the largest declared exposure in this fund, repos excluded.

Issuer Type ISINs Exposure Next maturity
Reino de España Sovereign 1 12.9 M € 2026-06-05

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
ES0L02606058 Reino de España 0.00% 2026-06-05 12.9 M €

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: 1 Exits at maturity: 1 Exits not explained by maturity: 0
+ ESTADO ESPAÑOL

Enters the portfolio at 4.68% weight.

◦ ESTADO ESPAÑOL

Leaves the portfolio; it was 2.72% 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.