Manager
DEUTSCHE WEALTH MANAGEMENT SGIIC, S.A.
See the CNMV manager universe →
Fund page
DB CONSERVADOR, FI
Category
—
Latest period
H2 2025
Positions
87
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.
87
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 14
Exits: 17
Increases: 0
Cuts: 2
+ Acciones|BAYERISCHE MOTOREN WERKE AG
Enters the portfolio at 0.08% 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 →− REPUBLIC OF AUSTRIA
Leaves the portfolio; it was 3.80% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 2.40% of weight.
− MUNICH RE
Leaves the portfolio; it was 2.13% of weight.
− AMCOR UK FINANCE PLC
Leaves the portfolio; it was 2.02% of weight.
− NETHERLANDS GOVERNME
Leaves the portfolio; it was 1.91% of weight.
− Acciones|ORANGE SA
Leaves the portfolio; it was 0.14% of weight.
− Acciones|HILTON WORLDWIDE HOLDINGS INC
Leaves the portfolio; it was 0.14% of weight.
− Acciones|BNP PARIBAS SA
Leaves the portfolio; it was 0.11% of weight.
− Acciones|KEYSIGHT TECHNOLOGIES INC
Leaves the portfolio; it was 0.09% of weight.
− Acciones|MERCEDES-BENZ GROUP AG
Leaves the portfolio; it was 0.09% of weight.
Mercedes-Benz Group AG operates as an automotive company in Europe, Germany, North America, the United States, Asia, China, and internationally. It operates through Mercedes-Benz Cars, Mercedes-Benz Vans, and Mercedes-Benz Financial Services segments. The company develops, manufactures, and sells cars and vans under the Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach, G-Class brands, as well as related spare parts and accessories. It also provides financing, leasing, vehicle subscription and rental, fleet management, insurance, and digital services related to charging electric vehicles. The company was formerly known as Daimler AG and changed its name to Mercedes-Benz Group AG in February 2022. Mercedes-Benz Group AG was founded in 1886 and is headquartered in Stuttgart, Germany.
View company page →− Acciones|VINCI SA
Leaves the portfolio; it was 0.08% of weight.
− Acciones|OWENS CORNING
Leaves the portfolio; it was 0.08% of weight.
− Acciones|HCA HOLDINGS INC
Leaves the portfolio; it was 0.07% of weight.
− Acciones|DAIMLER TRUCK HOLDING AG
Leaves the portfolio; it was 0.06% of weight.
− Acciones|INDUSTRIA DE DISEÑO TEXTIL SA
Leaves the portfolio; it was 0.05% of weight.
▼ Acciones|MICROSOFT CORP
Goes from 0.64% to 0.43%.
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.
View company page →Fixed income
Declared FI exposure
153.0 M €
% of portfolio
49.8%
Positions
26
Issuers
23
Sovereign: 33.1 M €
Corporate: 119.8 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.
3-6 months · 4.2%6-12 months · 4.5%1-2 years · 18.7%2-5 years · 41.8%5-10 years · 26.7%Unknown · 4.0%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
1
6.4 M €
4.2%
6-12 months
1
6.9 M €
4.5%
1-2 years
5
28.6 M €
18.7%
2-5 years
10
64.0 M €
41.8%
5-10 years
8
40.9 M €
26.7%
> 10 years
0
0 €
0.0%
Unknown
1
6.2 M €
4.0%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
République Française
Sovereign
4
26.7 M €
2026-07-15
Belgium Kingdom
Sovereign
1
6.4 M €
2026-06-22
BNP PARIBAS SA
Corporate
1
6.2 M €
2033-05-24
ENGIE
Corporate
1
6.2 M €
2030-03-14
E.ON AG
Corporate
1
6.2 M €
2028-12-01
LVMH MOET HENNESSY L
Corporate
1
6.2 M €
—
IBERDROLA FINANZAS S
Corporate
1
6.1 M €
2030-08-28
ASAHI GROUP HOLDINGS
Corporate
1
6.0 M €
2032-01-16
DSV FINANCE BV
Corporate
1
6.0 M €
2032-08-06
UNILEVER CAPITAL COR
Corporate
1
6.0 M €
2030-02-22
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
FR0011883966 République Française
2.50%
2030-05-25
11.4 M €
FR0129132728 République Française
0.00%
2026-07-15
6.9 M €
BE0000337460 Belgium Kingdom
1.00%
2026-06-22
6.4 M €
FR001400I4X9 BNP PARIBAS SA
4.12%
2033-05-24
6.2 M €
FR001400QOK5 ENGIE
4.75%
2030-03-14
6.2 M €
XS2673536541 E.ON AG
3.75%
2028-12-01
6.2 M €
FR001400QJ21 LVMH MOET HENNESSY L
3.38%
—
6.2 M €
XS2949317676 IBERDROLA FINANZAS S
4.25%
2030-08-28
6.1 M €
XS2799473801 ASAHI GROUP HOLDINGS
3.46%
2032-01-16
6.0 M €
XS2932836211 DSV FINANCE BV
3.38%
2032-08-06
6.0 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: 3
Exits at maturity: 3
Exits not explained by maturity: 2
+ FRENCH REPUBLIC
Enters the portfolio at 2.24% weight.
+ UNILEVER CAPITAL COR
Enters the portfolio at 1.94% weight.
+ LEGAL & GENERAL GROU
Enters the portfolio at 1.87% weight.
− MUNICH RE
Leaves the portfolio; it was 2.13% of weight.
− AMCOR UK FINANCE PLC
Leaves the portfolio; it was 2.02% of weight.
◦ REPUBLIC OF AUSTRIA
Leaves the portfolio; it was 3.80% of weight.
◦ FRENCH REPUBLIC
Leaves the portfolio; it was 2.40% of weight.
◦ NETHERLANDS GOVERNME
Leaves the portfolio; it was 1.91% 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.