Manager
GESALCALA, S.A., S.G.I.I.C.
See the CNMV manager universe →
Fund page
CREAND GLOBAL, FI
Category
—
Latest period
H2 2025
Positions
46
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.
46
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 17
Exits: 24
Increases: 5
Cuts: 4
+ Acciones|INMOBILIARIA COLONIAL SA
Enters the portfolio at 0.80% weight.
Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.
View company page →− BANCO ALCA
Leaves the portfolio; it was 21.37% of weight.
− RWE
Leaves the portfolio; it was 2.01% of weight.
− Letras del Tesoro
Leaves the portfolio; it was 1.98% of weight.
− FERROVIAL
Leaves the portfolio; it was 1.83% of weight.
− ARCELOR
Leaves the portfolio; it was 1.82% of weight.
− AEDAS HOMES
Leaves the portfolio; it was 1.82% of weight.
− SACYR
Leaves the portfolio; it was 1.81% of weight.
− UBS
Leaves the portfolio; it was 1.81% of weight.
− HSBC HOLDINGS PLC
Leaves the portfolio; it was 1.78% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.77% of weight.
− Acciones|SHELL PLC
Leaves the portfolio; it was 1.49% of weight.
Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas. It operates through the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company explores for and extracts natural gas to produce liquefied natural gas or convert it into gas-to-liquids (GTL) fuels and other products; explores for and extracts crude oil, natural gas, and natural gas liquids; and operates marketing and transportation of oil, gas, and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemical manufacturing plants and refineries. It is also involved in marketing, which includes mobility, lubricants, and sectors focused on decarbonization; operates a retail network, including electric vehicle charging, convenience retail, and the wholesale commercial fuels business for transport and industry; sells products for road transport and machinery in manufacturing, mining, power generation, agriculture, and construction; and provides low-carbon energy solutions, such as biofuels, to a broad range of commercial customers, including those in the aviation, marine, and agriculture sectors. In addition, the company offers chemicals and products, including chemicals manufacturing plants with their own marketing network, and refineries that turn crude oil and other feedstocks into a range of oil products, which are moved and marketed around the world for domestic, industrial, and transport use; and operates a pipeline business, trading, and optimization of crude oil, oil products, and petrochemicals. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1897 and is headquartered in London, United Kingdom.
− Acciones|VISCOFAN
Leaves the portfolio; it was 1.38% of weight.
− Acciones|IBERDROLA
Leaves the portfolio; it was 1.24% of weight.
− TUBACEX SA
Leaves the portfolio; it was 1.08% of weight.
− Acciones|ORACLE CORPORATION
Leaves the portfolio; it was 0.92% of weight.
− Acciones|ZEGONA
Leaves the portfolio; it was 0.91% of weight.
Zegona Communications plc engages in the provision of integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services. It serves business-to-consumer and business-to-business markets. The company was incorporated in 2015 and is based in London, the United Kingdom. Zegona Communications plc operates as a subsidiary of Ejlshm Funding Limited.
View company page →− Acciones|RHEINMETALL AG
Leaves the portfolio; it was 0.85% of weight.
− Acciones|NOVO NORDISK A/S-B
Leaves the portfolio; it was 0.80% of weight.
− VIDRALA
Leaves the portfolio; it was 0.73% of weight.
− Acciones|ENCE ENERGIA Y CELULOSA
Leaves the portfolio; it was 0.43% of weight.
− ENCE ENERGIA Y CELUL
Leaves the portfolio; it was 0.36% of weight.
− AEDAS HOMES
Leaves the portfolio; it was 0.36% of weight.
− Acciones|LEONARDO SPA
Leaves the portfolio; it was 0.35% of weight.
− Acciones|THALES GROUP
Leaves the portfolio; it was 0.34% of weight.
▲ Acciones|GLENCORE PLC
Goes from 0.82% to 1.11%.
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.
View company page →Fixed income
Declared FI exposure
9.1 M €
% of portfolio
32.2%
Positions
20
Issuers
18
Sovereign: 266,236 €
Corporate: 8.9 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 · 44.2%3-6 months · 13.9%6-12 months · 13.9%1-2 years · 10.8%2-5 years · 14.3%5-10 years · 2.9%
Maturity
Positions
Exposure
%
Matured or ≤3 months
8
4.0 M €
44.2%
3-6 months
2
1.3 M €
13.9%
6-12 months
3
1.3 M €
13.9%
1-2 years
3
990,314 €
10.8%
2-5 years
3
1.3 M €
14.3%
5-10 years
1
266,236 €
2.9%
> 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
ACCIONA
Corporate
1
982,114 €
2026-03-04
CIE AUTOMOTIVE SA
Corporate
1
778,260 €
2026-06-15
SACYR SA
Corporate
2
704,468 €
2026-03-30
GESTAMP GRUPO
Corporate
2
691,571 €
2026-02-16
MORGAN STANLEY
Corporate
1
504,123 €
2028-04-05
ENDESA
Corporate
1
497,816 €
2026-01-19
IBERDROLA
Corporate
1
497,456 €
2026-03-18
VOLKSWAGEN
Corporate
1
496,700 €
2028-06-19
FERROVIAL SE
Corporate
1
496,545 €
2026-01-22
CAIXABANK SA
Bank
1
493,017 €
2026-11-12
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
XS3092473886 ACCIONA
2.46%
2026-03-04
982,114 €
ES0505630295 CIE AUTOMOTIVE SA
2.79%
2026-06-15
778,260 €
XS3057365895 MORGAN STANLEY
3.03%
2028-04-05
504,123 €
ES05306746U7 ENDESA
2.10%
2026-01-19
497,816 €
XS3258455545 IBERDROLA
2.10%
2026-03-18
497,456 €
XS3099828355 VOLKSWAGEN
2.75%
2028-06-19
496,700 €
XS3189619995 FERROVIAL SE
2.05%
2026-01-22
496,545 €
ES0213307061 CAIXABANK SA
1.12%
2026-11-12
493,017 €
XS2390400633 ENEL SPA
0.25%
2026-05-28
491,232 €
ES0505223372 GESTAMP GRUPO
2.80%
2026-02-16
489,486 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
8.9 M €
97.1%
USD
266,236 €
2.9%
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: 12
Exits at maturity: 11
Exits not explained by maturity: 2
+ ENDESA
Enters the portfolio at 1.75% weight.
+ IBERDROLA
Enters the portfolio at 1.75% weight.
+ FERROVIAL
Enters the portfolio at 1.75% weight.
+ ENEL SPA
Enters the portfolio at 1.73% weight.
+ MASMOVIL IBERCOM SA
Enters the portfolio at 1.70% weight.
+ TECNICAS REUNIDAS
Enters the portfolio at 1.69% weight.
+ SACYR
Enters the portfolio at 1.39% weight.
+ RENAULT S.A.
Enters the portfolio at 1.06% weight.
+ TUBACEX SA
Enters the portfolio at 1.03% weight.
+ Bonos del Estado
Enters the portfolio at 0.94% weight.
+ GESTAMP GRUPO
Enters the portfolio at 0.71% weight.
+ VIDRALA
Enters the portfolio at 0.70% weight.
− UBS
Leaves the portfolio; it was 1.81% of weight.
− HSBC HOLDINGS PLC
Leaves the portfolio; it was 1.78% of weight.
◦ RWE
Leaves the portfolio; it was 2.01% of weight.
◦ Letras del Tesoro
Leaves the portfolio; it was 1.98% of weight.
◦ FERROVIAL
Leaves the portfolio; it was 1.83% of weight.
◦ ARCELOR
Leaves the portfolio; it was 1.82% of weight.
◦ AEDAS HOMES
Leaves the portfolio; it was 1.82% of weight.
◦ SACYR
Leaves the portfolio; it was 1.81% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.77% of weight.
◦ TUBACEX SA
Leaves the portfolio; it was 1.08% of weight.
◦ VIDRALA
Leaves the portfolio; it was 0.73% of weight.
◦ ENCE ENERGIA Y CELUL
Leaves the portfolio; it was 0.36% of weight.
◦ AEDAS HOMES
Leaves the portfolio; it was 0.36% 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.