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DIRECTOR FLEXIBLE, FI

Category
—
Latest period
H2 2025
Positions
34

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.

34
Company Type Country Weight Price
BANCO INVERSIS, S.A. ES0L02601166 · EUR Adquisicion Temporal Activos ES 21.44% —
ACCIONES|Fresnillo PLC GB00B2QPKJ12 · GBP Renta Variable Cotizada GB 4.10% 2719.00 GBp
ACCIONES|Endeavour Mining PLC GB00BL6K5J42 · GBP Renta Variable Cotizada GB 3.87% 50.62 EUR
ACCIONES|Prudential Financial US74435K2042 · USD Renta Variable Cotizada US 2.87% 24.13 USD
ACCIONES|Indra Sistemas SA ES0118594417 · EUR Renta Variable Cotizada ES 2.62% 63.68 EUR
ACCIONES|Anglogold Ashanti Pl GB00BRXH2664 · USD Renta Variable Cotizada GB 2.48% 92.82 USD
ACCIONES|Halma Plc GB0004052071 · GBP Renta Variable Cotizada GB 2.23% 3428.00 GBp
ACCIONES|Kinross Gold Corp CA4969024047 · CAD Renta Variable Cotizada CA 2.20% 33.99 CAD
ACCIONES|Banco Comercial Port PTBCP0AM0015 · EUR Renta Variable Cotizada PT 2.17% 1.12 EUR
ACCIONES|Bank of Ireland Grou IE00BD1RP616 · EUR Renta Variable Cotizada IE 2.04% 18.86 EUR
ACCIONES|Seagate Technology H IE00BKVD2N49 · USD Renta Variable Cotizada IE 1.96% 639.01 USD
ACCIONES|Unipol Gruppo Finanz IT0004810054 · EUR Renta Variable Cotizada IT 1.71% 25.68 EUR
ACCIONES|Toronto Dominion Bk CA8911605092 · CAD Renta Variable Cotizada CA 1.65% 120.39 USD
ACCIONES|Wheaton Precious Met CA9628791027 · CAD Renta Variable Cotizada CA 1.58% 189.71 CAD
ACCIONES|Agnico Eagle Mines L CA0084741085 · CAD Renta Variable Cotizada CA 1.43% 189.53 USD
ACCIONES|Banca Popolare Emili IT0000066123 · EUR Renta Variable Cotizada IT 1.24% 13.45 EUR
ACCIONES|BBVA ES0113211835 · EUR Renta Variable Cotizada ES 1.16% 23.18 EUR
ACCIONES|Unicrédito Italiano IT0005239360 · EUR Renta Variable Cotizada IT 1.11% 76.19 EUR
ACCIONES|FlatexDegiro AG DE000FTG1111 · EUR Renta Variable Cotizada DE 1.10% 25.48 EUR
ACCIONES|Unicaja ES0180907000 · EUR Renta Variable Cotizada ES 1.09% 3.26 EUR
ACCIONES|Erste Group Bank AT0000652011 · EUR Renta Variable Cotizada AT 1.09% 110.10 EUR
ACCIONES|Newmont Mining US6516391066 · USD Renta Variable Cotizada US 1.07% 118.60 USD
ACCIONES|DEUTSCHE BANK DE0005140008 · EUR Renta Variable Cotizada DE 1.07% 29.33 EUR
ACCIONES|Banco Sabadell ES0113860A34 · EUR Renta Variable Cotizada ES 1.06% 3.62 EUR
ACCIONES|BANKINTER S.A. ES0113679I37 · EUR Renta Variable Cotizada ES 1.03% 15.23 EUR
ACCIONES|Accs.Banco BPM SPA IT0005218380 · EUR Renta Variable Cotizada IT 1.03% 13.80 EUR
ACCIONES|HeidelbergCement AG DE0006047004 · EUR Renta Variable Cotizada DE 1.01% 144.35 EUR
ACCIONES|Aberdeen PLC GB00BF8Q6K64 · GBP Renta Variable Cotizada GB 0.99% 238.60 GBp
ACCIONES|Standard Chartered GB0004082847 · GBP Renta Variable Cotizada GB 0.81% 2127.00 GBp
ACCIONES|Rolls-Royce Group pl GB00B63H8491 · GBP Renta Variable Cotizada GB 0.80% 1350.60 GBp
ACCIONES|BARCLAYS BANK GB0031348658 · GBP Renta Variable Cotizada GB 0.55% 432.65 GBp
ACCIONES|Aero Engines AG DE000A0D9PT0 · EUR Renta Variable Cotizada DE 0.49% 352.90 EUR
ACCIONES|Ferrovial SA NL0015001FS8 · EUR Renta Variable Cotizada NL 0.49% 48.03 EUR
ACCIONES|British American Tob US1104481072 · USD Renta Variable Cotizada US 0.48% 60.00 USD

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 26 Exits: 34 Increases: 6 Cuts: 2
+ BANCO INVERSIS, S.A.

Enters the portfolio at 21.44% weight.

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+ ACCIONES|Fresnillo PLC

Enters the portfolio at 4.10% weight.

Fresnillo plc mines, develops, and produces non-ferrous minerals in Mexico. It operates through seven segments: Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, and Juanicipio. The company primarily explores for silver, gold, lead, and zinc concentrates. Its projects include the Fresnillo silver mine located in the state of Zacatecas; Saucito mine situated in the state of Zacatecas; Ciénega mine located in the state of Durango; Herradura mine located in the state of Sonora; Noche Buena mine located in the state of Sonora; San Julián mine situated on the border of Chihuahua/Durango states; and Juanicipio mine located in the state of Zacatecas. The company also leases mining equipment; produces lead, silver and zinc concentrates and silver precipitates; produces gold/silver doré bars; mines projects; and provides exploration and administrative services. Fresnillo plc was founded in 1887 and is headquartered in Mexico City, Mexico. Fresnillo plc is a subsidiary of Industrias Peñoles, S.A.B. de C.V.

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+ ACCIONES|Endeavour Mining PLC

Enters the portfolio at 3.87% weight.

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+ ACCIONES|Prudential Financial

Enters the portfolio at 2.87% weight.

Prudential plc, through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa. It offers savings and investments products; and wealth, health, and protection products. The company was founded in 1848 and is headquartered in Central, Hong Kong.

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+ ACCIONES|Indra Sistemas SA

Enters the portfolio at 2.62% weight.

Indra Sistemas, S.A., together with its subsidiaries, provides technology services for the defense, aerospace, and advanced digital technologies sectors in Spain, Brazil, the rest of America, Italy, the rest of Europe, Asia, the Middle East, and Africa. It operates through the Defense, Air Traffic, Mobility, and Minsait segments. The company engages in the design, development, production, integration, and maintenance of systems, solutions, and services based on the use of information technologies, including computing, electronics, and communications. It also offers radars and radar systems, air defense systems, surveillance, security and unmanned vehicles, and shipboard systems for air and naval platforms; command and control systems, communications systems, and simulators; land military vehicles; unmanned aerial systems; satellite communication systems; air traffic management systems and equipment; air traffic control training services; and ticketing and tolling systems, information and control systems for multiple infrastructures and modes of transport, railway safety and signaling systems, and transport planning and consulting services. In addition, the company provides proprietary product solutions; implementation of third-party solutions; digital business services, including business consulting, cybersecurity, and advanced technologies; traditional information technology (IT) services, such as IT outsourcing, business process outsourcing, IT restructuring management, and user management; and technology solutions for the energy and industry, telecom and media, public administration and healthcare, and financial services. It offers its services to governments and public administrations under the Indra and Minsait brands. The company was formerly known as Experiencias Industriales S.A. and changed its name to Indra Sistemas, S.A. in 1993. Indra Sistemas, S.A. was founded in 1921 and is headquartered in Alcobendas, Spain.

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+ ACCIONES|Anglogold Ashanti Pl

Enters the portfolio at 2.48% weight.

AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The company's flagship property includes 100% owned the Geita mine located in the Lake Victoria goldfields of the Geita region in northwestern Tanzania. AngloGold Ashanti plc was incorporated in 1944 and is headquartered in Greenwood Village, Colorado.

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+ ACCIONES|Halma Plc

Enters the portfolio at 2.23% weight.

Halma plc, together with its subsidiaries, provides technology solutions in the safety, health, and environmental markets in the United States, Mainland Europe, the United Kingdom, the Asia Pacific, Africa, the Middle East, and internationally. The company operates in three segments: Safety, Environmental & Analysis, and Healthcare. Its Safety segment provides products that protect people, assets, and infrastructure used in public and commercial spaces and in industrial and logistics operations. This segment serves fire safety, public safety, worker safety, and infrastructure and asset safety markets. The Environmental & Analysis segment offers technologies that monitor the environment used in optical solutions, water analysis and treatment system, and environmental monitoring technologies. Its Healthcare segment provides technologies and digital solutions for healthcare enablement, discovery, prevention, and diagnostics, and therapeutic solutions. The company also designs and manufactures differentiated orthobiologic products. Halma plc was incorporated in 1894 and is headquartered in Amersham, the United Kingdom.

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+ ACCIONES|Kinross Gold Corp

Enters the portfolio at 2.20% weight.

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver. The company was founded in 1993 and is headquartered in Toronto, Canada.

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+ ACCIONES|Bank of Ireland Grou

Enters the portfolio at 2.04% weight.

Bank of Ireland Group plc provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally. It offers current and savings accounts, demand and notice accounts, and business accounts and deposits; personal, car, home improvement and energy upgrade, top-up loans, and student loans, as well as overdrafts and mortgages; and business and farming loans, green business, insurance premium finance, invoice finance, hire purchase, and leasing services. The company also provides international payments and credit cards; international money transfer services; investment products; premier and private banking services; and business protection, mortgage protection, income protection, home protection, and protection for individuals and families. In addition, it provides home, car, travel, and life insurance products. It offers its products and services through its bank branches, banking app, and online and phone banking channels. Bank of Ireland Group plc was founded in 1783 and is headquartered in Dublin, Ireland.

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+ ACCIONES|Seagate Technology H

Enters the portfolio at 1.96% weight.

Seagate Technology Holdings plc engages in providing data storage solutions in Singapore, the United States, the Netherlands, and internationally. The company offers External and internal hard drives; external and internal solid-state drives (SSDs); enterprise hard drives and SSDs; data storage systems; network attached storage (NAS) hard drives; video and analytics hard drives; and hyperscale and cloud solution. It offers its products for Healthcare, Media & Entertainment, Surveillance & Security, and telecommunication industry. The company sells its products primarily to original equipment manufacturers, distributors, and retailers. The company was founded in 1978 and is based in Singapore.

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+ ACCIONES|Toronto Dominion Bk

Enters the portfolio at 1.65% weight.

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking; U.S. Retail; Wealth Management and Insurance; and Wholesale Banking. The company offers personal deposits, such as chequing, savings, and investment products; financing, investment, cash management, international trade, and banking services to businesses; and financing options to customers at point of sale for automotive and recreational vehicle purchases. It also provides credit cards and payments; real estate secured lending, auto finance, and consumer lending services; point-of-sale payment solutions for large and small businesses; wealth and asset management products, and advice to retail and institutional clients through direct investing, advice-based, and asset management businesses; and property and casualty insurance, as well as life and health insurance products. The company also provides capital markets, and corporate and investment banking products and services, including underwriting and distribution of new debt and equity issues; advice on strategic acquisitions and divestitures; and trading, funding, and investment services to corporations, governments, and institutions. The Toronto-Dominion Bank was founded in 1855 and is headquartered in Toronto, Canada.

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+ ACCIONES|Wheaton Precious Met

Enters the portfolio at 1.58% weight.

Wheaton Precious Metals Corp. operates as a precious metal streaming company. It explores for gold, silver, palladium, platinum, and cobalt deposits in Canada, the United States, Mexico, Portugal, Sweden, the United Kingdom, Argentina, Chile, Brazil, Peru, Ecuador, Colombia, Côte d'Ivoire, Ethiopia, and South Africa. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.

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+ ACCIONES|Agnico Eagle Mines L

Enters the portfolio at 1.43% weight.

Agnico Eagle Mines Limited, a gold mining company, engages in the exploration, development, and production of precious metals. It explores for gold, silver, copper, and zinc. The company's mines are located in Canada, Australia, Finland, and Mexico; and with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States. Agnico Eagle Mines Limited was incorporated in 1953 and is headquartered in Toronto, Canada.

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+ ACCIONES|BBVA

Enters the portfolio at 1.16% weight.

Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia. The company offers traditional retail, wholesale, investment, and transaction banking. It also engages in financial, insurance, asset management, and capital markets businesses, as well as digital banking. The company was formerly known as Banco Bilbao Vizcaya, S.A. and changed its name to Banco Bilbao Vizcaya Argentaria, S.A. in January 2000. Banco Bilbao Vizcaya Argentaria, S.A. was founded in 1857 and is headquartered in Bilbao, Spain.

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+ ACCIONES|FlatexDegiro AG

Enters the portfolio at 1.10% weight.

flatexDEGIRO SE, together with its subsidiaries, provides online brokerage and IT solutions for banking and securities in Europe. The company operates through two segments, flatex and DEGIRO. The company offers online brokerage services, including execution-only securities transactions under the flatex brand; funds, saving plans, stocks, crypto, exchange-traded products, and exchange-traded funds; and services for professional traders under the ViTrade brand. It also provides securities settlement and payment transaction processing services; development and operation of securities settlement; business process outsourcing; securities-backed loans; and treasury products, such as overnight and fixed-term deposits, bank and government bonds, cash loans, and mortgage bonds, as well as undertakings for collective investment in transferable securities and special funds. In addition, the company purchases, develops, produces, distributes, and maintains software and hardware; and supplies and operates information technology infrastructure. Further, it offers Core Banking System, a platform for the technological mapping of business processes for bank operations. The company was formerly known as flatexDEGIRO AG and changed its name to flatexDEGIRO SE in December 2025. flatexDEGIRO SE was founded in 1999 and is based in Frankfurt am Main, Germany.

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+ ACCIONES|Unicaja

Enters the portfolio at 1.09% weight.

Unicaja Banco, S.A. engages in the retail banking business in Spain. The company offers current, savings, young person, and payment accounts; term deposits; debit, business, and credit cards; mortgages; study, eco-mobility, mobility vehicle, reform, and home loans; and home, car, health, accident, funeral, company and agro uni, company health, SME and retail damage, corporate liability, agricultural, and life insurance products. It also provides pension plans; investment funds; bill and tax payment, and collection management services; payments; POS products; short-term and medium/long-term financing; ATM, foreign trade facility, and currency management and exchange services; and private and personal banking services, as well as digital and mobile banking services. The company was founded in 1991 and is headquartered in Málaga, Spain.

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+ ACCIONES|Erste Group Bank

Enters the portfolio at 1.09% weight.

Erste Group Bank AG provides a range of banking and other financial services to retail, corporate, and public sector customers. It offers savings and current accounts, and term deposit products; consumer credit and mortgage lending; commercial real estate, investment loan, acquisition and leveraged finance, project finance, and product neutral financial advice; and factoring, accounts receivable purchasing, working capital finance, and structured trade finance, and ErsteConfirming, a supply chain finance solution. The company also provides interests and FX hedging, letters of credit, documentary collections, and guarantees; cash-management solutions, such as cash pooling, payment transactions, digital banking, payment factory, VIRTUAL.IBAN, and POS-terminals and e-commerce; equity interests and investments, revolving export credit lines, and customer financing. In addition, it offers loan syndication, debt capital market, and equity capital market services; custody and brokerage services, including safekeeping, settlement, corporate action events, tax reclaim assistance, proxy voting, brokerage services, securities lending, clearing services for remote members on Vienna Stock Exchange, and market news services; and George, a digital retail product. The company operates in Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia, and internationally. Erste Group Bank AG was founded in 1819 and is based in Vienna, Austria.

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+ ACCIONES|Newmont Mining

Enters the portfolio at 1.07% weight.

Newmont Corporation operates as a gold producer. It also explores for copper, silver, lead, zinc, and other metals. It has operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. The company was founded in 1916 and is headquartered in Denver, Colorado.

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+ ACCIONES|DEUTSCHE BANK

Enters the portfolio at 1.07% weight.

Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, the rest of Europe, the Americas, the Asia-Pacific, the Middle East, and Africa. It operates through Corporate Bank, Investment Bank, Private Bank, and Asset Management segments. The Corporate Bank segment offers cash management services, such as integrated payments and FX solutions; trade finance and lending offerings, including documentary and guarantee business, and structured trade finance and lending; and depository receipts, corporate trust, document custody, and securities services. The Investment Bank segment provides financing solutions in industries and asset classes; institutional sales, trading, and structuring in foreign exchange, rates, emerging markets, and credit trading; liquidity, market making services, and specialized risk management solutions for fixed income and currencies products; and advisory and financial products and services. This segment is also involved in the mergers and acquisitions business; and capital markets businesses in debt and equity. The Private Bank segment offers a range of payment and account services, and credit and deposit products, as well as investment advice, and postal and parcel services; and planning, managing and investing wealth, financing personal and business interests, and servicing institutional and corporate needs. The Asset Management segment provides access to investment capabilities in active and passive asset classes comprising Xtrackers range and alternatives; and access to private equity, private credit, real estate, and infrastructure. Deutsche Bank Aktiengesellschaft was incorporated in 1870 and is headquartered in Frankfurt am Main, Germany.

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+ ACCIONES|BANKINTER S.A.

Enters the portfolio at 1.03% weight.

Bankinter, S.A. provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland. The company operates through Commercial Banking, Corporate Banking, BKCF Spain, BK Portugal, BK Ireland, and Other Businesses segments. It offers smart digital, payroll, pension, business, non-salary, currency, youth, current, and management accounts; debit and credit cards; cash management cash pooling; guarantees; mortgages and loan products; financing; and investment banking and wealth management services. The company also provides investment funds, retirement, broker, alternative investment, deposit, and treasury bills; SEPA direct debit, VAT and invoice advance, commercial discount, factoring, cheque deposits, and POS; and cheque and promissory notes, confirming, payroll, and tax and social security; treasury management and documentary business; and VAT advance, multi-currency and open-term credit account, leasing, and structured financing services. In addition, it offers home, life, health, death, and motor vehicle; property, multi-risk, civil liability, construction and decennial, trade credit, and personal; general and business liability, liability for executives, construction, and machinery and equipment; group life, health, and accident; and pension scheme insurance products. Further, the company provides various services, such as real estate and account management, virtual agent, financial data aggregation, direct debit management, transfer, certificate, tax payment, estate administration, and foreign currency order services. Additionally, it offers retail, personal, private, and corporate banking products, as well as remote banking services. The company was formerly known as Banco Intercontinental Español, S.A. and changed its name to Bankinter, S.A. in July 1990. Bankinter, S.A. was incorporated in 1965 and is headquartered in Madrid, Spain.

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+ ACCIONES|Aberdeen PLC

Enters the portfolio at 0.99% weight.

Aberdeen Group Plc provides asset management services in the United Kingdom, Europe, North America, and Asia. It makes traditional, private equity/ buyout, venture capital, secondary (direct), secondary (indirect), real estate investments & blend investments in early venture, middle market, growth capital & buyout investments. The company offers investment solutions and funds; long-term savings and investment products to individual and corporate customers; and life insurance and savings products. It provides its products through institutional, wholesale, and retail distribution channels. It invests in healthcare, information technology, telecommunication services, media & real estate investments. The firm invests globally. It prefers to have majority stakes in its portfolio companies. Aberdeen Group Plc was founded in 1825 and is based in Edinburgh, United Kingdom with additional offices across Europe, Middle East, Asia Pacific, North America and South America.

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+ ACCIONES|Standard Chartered

Enters the portfolio at 0.81% weight.

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate & Investment Banking, Wealth & Retail Banking, and Ventures. It offers retail products, such as deposits, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, bancassurance, and wealth advice; and transaction banking services, such as cash management, working capital, trade financing, securities and prime services, and payments and liquidity products. The company also provides mergers and acquisitions, leveraged and acquisition finance, infrastructure and development finance, fund finance, and transportation and sustainable finance solutions. In addition, it offers international banking, private banking, priority banking, wealth solutions, financing for SMEs, and Islamic banking products. Further, the company provides financial markets products and services that comprise financing and investment ideas; risk management and investment solutions; foreign exchange, rates, credit, and structured products; capital raising solutions; and sales and structuring, as well as digital banking solutions. It serves financial institutions, governments, banks, investors, corporations, small to medium-sized businesses, and individuals. Standard Chartered PLC was founded in 1853 and is headquartered in London, the United Kingdom.

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+ ACCIONES|BARCLAYS BANK

Enters the portfolio at 0.55% weight.

Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK; Barclays UK Corporate Bank; Barclays Private Bank and Wealth Management; Barclays Investment Bank; and Barclays US Consumer Bank segments. It offers financial services, such as current accounts, savings accounts, mortgages and unsecured lending, such as credit cards and loans retail banking, wholesale banking, investment banking, wealth management, and investment management services, as well as lending products. In addition, the company engages in securities dealing activities and issuing of credit cards. The company was formerly known as Barclays Bank public limited company and changed its name to Barclays PLC in January 1985. Barclays PLC was founded in 1690 and is headquartered in London, the United Kingdom.

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+ ACCIONES|Aero Engines AG

Enters the portfolio at 0.49% weight.

MTU Aero Engines AG, together with its subsidiaries, engages in the development, manufacture, sale, and maintenance of commercial and military aircraft engines, and aero-derivative industrial gas turbines in Germany, other European countries, North America, Asia, and internationally. It operates through two segments: Original Equipment Manufacturing Business; and Maintenance, Repair, and Overhaul Business. The company offers commercial aircraft engines for wide body aircraft, narrow body, regional jets, helicopters, business jets, and turboprops; military aircraft engines for fighter jets, helicopters, and transporters; and industrial gas turbines. It also maintains, repairs, and overhauls commercial and military engines; and manufactures and markets various spare parts. The company was formerly known as MTU Aero Engines Holding AG and changed its name to MTU Aero Engines AG in May 2013. MTU Aero Engines AG was founded in 1913 and is headquartered in Munich, Germany.

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+ ACCIONES|Ferrovial SA

Enters the portfolio at 0.49% weight.

Ferrovial N.V., together with its subsidiaries, engages in the development, construction, and operation of highways and airports in the United States, Poland, Spain, the United Kingdom, Canada, and internationally. It operates through four segments: Construction, Highways, Airports, and Energy. The company is involved in the development, financing, and operation of toll road infrastructure and construction activities, including the design and construction of public and private works; construction of public infrastructures; and development, financing, investing, and operation of airports. It engages in the development and construction of energy transmission and renewable generation energy infrastructure, as well as rendering of services regarding energy efficiency; and operation of waste management plants. The company was founded in 1952 and is based in Amsterdam, the Netherlands.

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+ ACCIONES|British American Tob

Enters the portfolio at 0.48% weight.

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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− BANCO INVERSIS, S.A.

Leaves the portfolio; it was 19.97% of weight.

− ACCIONES|Pop Mart Internation

Leaves the portfolio; it was 4.33% of weight.

Pop Mart International Group Limited, an investment holding company, designs, develops, and sells pop toys in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. The company offers blind boxes. It sells its products through a network of retail stores and roboshops; online channels, including Tmall flagship store, DouYin, Pop Draw, and other online channels; and wholesale channels and others. The company also provides internet technology, customer, and technology development services; and operates playgrounds, as well as engages in investment and exhibition activities. Pop Mart International Group Limited was founded in 2010 and is headquartered in Beijing, the People's Republic of China.

− ACCIONES|Pro Medicus Ltd

Leaves the portfolio; it was 2.96% of weight.

Pro Medicus Limited, a healthcare informatics company, provides medical imaging software and services to hospitals, imaging centers, and health care groups in Australia, Europe, and North America. The company offers Visage RIS, an enterprise-class radiology information system for patient registration, billing, scheduling, typing, HL7 integration, financial reporting, picture archive and communication system (PACS) integration, digital dictation, and voice recognition integration; and Visage RIS/PACS, a solution for imaging needs of organizations. It also provides Visage 7 Enterprise Imaging Platform, a healthcare imaging software for radiologists, physicians, and clinicians for access and visualization capability comprising rapidly viewing 2-D, 3-D, and 4-D medical images, as well as PACS, digital imaging software, training, installation, and professional services and support products; and Visage Ease, a native mobile application for access to medical imaging results stored on a Visage 7 server from iOS devices, including iPad, iPhone, and iTouch. In addition, the company offers Visage Ease Pro for interpreting diagnostic imaging studies; and Promedicus.net, an e-health offering. Pro Medicus Limited was incorporated in 1983 and is headquartered in Richmond, Australia.

− ACCIONES|Technology One Ltd

Leaves the portfolio; it was 2.92% of weight.

Technology One Limited engages in the development, marketing, sale, implementation, and support of integrated enterprise business software solutions in Australia and internationally. It operates through Software and Consulting segments. The company offers various business software solutions, including business analytics, app builder, corporate performance management, curriculum, DxP local government, DxP Student, DxP Essentials, enterprise asset management, enterprise budgeting, enterprise cash receipting, enterprise content management, financials, human resources and payroll, performance planning, property and rating, spatial, student management, timetabling and scheduling, and supply chain management. It serves local government, education, government, health and community services, asset and project intensive, and financial services and corporate organizations. Technology One Limited was incorporated in 1983 and is headquartered in Fortitude Valley, Australia.

− ACCIONES|Evolucion Mining LTD

Leaves the portfolio; it was 2.58% of weight.

Evolution Mining Limited engages in the exploration, mine development and operation, and sale of gold and gold-copper concentrates in Australia and Canada. It explores for copper and silver deposits. The company was formerly known as Catalpa Resources Limited and changed its name to Evolution Mining Limited in November 2011. Evolution Mining Limited was incorporated in 1998 and is based in Sydney, Australia.

− ACCIONES|Palantir Technologie

Leaves the portfolio; it was 1.76% of weight.

Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. It provides Palantir Gotham integrates with other platforms for defense offerings which enables users to see, understand, and act in the modern battlespace; operations centers to the tactical edge; integrating data from domains and sensors in near real-time; and situational awareness and accelerating operational decision-making, as well as facilitates the hand-off between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. It also offers Palantir Foundry, a platform that helps organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that delivers software and updates across the business, as well as enables customers to deploy their software virtually in any environment; and Palantir Artificial Intelligence Platform that provides unified access to open-source, self-hosted, and commercial large language models (LLMs) that can transform structured and unstructured data into LLM-understandable objects and can turn organizations' actions and processes into tools for humans and LLM-driven agents. The company also has a strategic partnership with Ondas Inc. to develop and deploy AI-enabled operational capabilities to scale stratospheric, aerial, and land-based ISR missions. The company has a strategic collaboration with NVIDIA to deliver an intelligent engine for running NVIDIA AI and Nemotron open models in sovereign environments and with PwC to transform critical business operations and deliver measurable enterprise value. The company was incorporated in 2003 and is headquartered in Aventura, Florida.

− ACCIONES|NEC Corp

Leaves the portfolio; it was 1.59% of weight.

NEC Corporation provides information technology services and social infrastructure in Japan and internationally. The company offers systems integration services, including system construction and consulting, maintenance support, and outsourcing, and cloud, system equipment, software services. It also provides core network equipment, mobile phone base stations, optical transmission systems, and marine systems, as well as software and services for telecommunications carriers. In addition, it offers computers and NEC HPC solutions; EMI suppression support tool, power integrity design support tool, and LSI design tool; Open RAN, value added network solutions, enterprise network, optical solutions, 4G/5G converged core, submarine cable systems, netcraker portfolio, and NEC aspire technology; CONNEXIVE, a group of software products for the implementation of IoT/M2M; EXPRESSCLUSTER X, a BC/DR solutions; NIAS, a solution for file server management; ERP solutions; MasterScope, an integrated administration software suite; Obbligato, a product lifecycle management; SaaS Solutions; and WebOTX, a service execution platform. Further, the company provides artificial intelligence, biometric authentication, cloud, disaster preparedness, display and digital signage, DX design consulting service, network solutions, safety, secure computation and smart city solutions. It serves aerospace, agriculture, aviation, finance, broadcasting, finance, government, healthcare, hospitality, logistics, manufacturing, retail, telecom, and transportation industries. The company was formerly known as Nippon Electric Company, Limited and changed its name to NEC Corporation in April 1983. NEC Corporation was incorporated in 1899 and is headquartered in Tokyo, Japan.

− ACCIONES|SGH Ltd

Leaves the portfolio; it was 1.56% of weight.

− ACCIONES|Carvana Co

Leaves the portfolio; it was 1.50% of weight.

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars. It provides vehicle acquisition, inspection and reconditioning, online search and shopping experience, financing, complementary products, logistics network and distinctive fulfillment experience, and post-sale customer support services. The company also operates auction sites. Carvana Co. was founded in 2012 and is based in Tempe, Arizona.

− ACCIONES|JB Hi-FI Ltd

Leaves the portfolio; it was 1.50% of weight.

JB Hi-Fi Limited retails home consumer products. It operates through four segments: JB Hi-Fi Australia, JB Hi-Fi New Zealand, The Good Guys, and e&s. The company provides computers and tablets; IT accessories and PC parts; headphones, speakers, and audio; smart homes; mobile phones; home appliances comprising large and small appliances, and personal care devices; gaming devices; turntables and vinyl accessories; and collectibles and merchandise, such as trading cards. It also offers outdoors and travel products, including electric scooters and accessories, garden and outdoor living, travel, and car and marine products; smart watches, fitness trackers, smart rings, fitness equipment, smart drink bottles, massagers, heat pads, smart scales and health monitors, air treatment, and sleep solutions; drones and cameras; office supplies comprising writing, stationery, notebooks, journals, planners, office tech, office furniture, and filing and storage products; and content creator gear. Additionally, the company provides installation services for TV, projector, audio, computer, mobile, tablet, smart home, Wi-Fi, and home appliances; mobile services that include mobile plans; trade in services; home appliance delivery services; and information technology services. It sells its products through branded retail store network comprising JB Hi-Fi/JB Hi-Fi Home stores in Australia; JB Hi-Fi stores in New Zealand; e&s stores in Australia; and The Good Guys stores in Australia, as well as online. JB Hi-Fi Limited was founded in 1974 and is based in Southbank, Australia.

− ACCIONES|Sea LTD-ADR

Leaves the portfolio; it was 1.44% of weight.

Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally. The company operates through E-commerce, Digital Financial Services, and Digital Entertainment segments. It offers Garena, a digital entertainment platform for users to access mobile and PC online games, as well as promotes eSports operations and develops games. The company also operates the Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics and fulfillment infrastructure, and other value-added services. In addition, it offers Monee digital financial services comprising consumer, and small and medium-sized enterprises (SME) credit, e- wallets, payment processing, banking, Insurtech, and wealth services; and acts as an underwriter for various life and non-life insurance products under the MoneeInsure tradename, as well as insurance agency services. It serves buyers, such as individuals and households; and sellers, including small and medium businesses, brands, and large retailers. The company was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Sea Limited was incorporated in 2009 and is headquartered in Singapore.

− ACCIONES|GOLD ROAD RESOURCES

Leaves the portfolio; it was 1.41% of weight.

− ACCIONES|FREEDOM HOLDING CORP

Leaves the portfolio; it was 1.27% of weight.

Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It operates through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment provides investment banking services, including M&A, underwriting and capital markets advisory; margin lending services collateralized by securities and cash in the customer's account; capital raising solutions; and debt capital markets solutions that focus on structuring and distributing private and public debt, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. The Banking segment encompasses retail and commercial banking services, including deposits, multi-currency payment cards, consumer and SME loans, payment and acquiring solutions, and money transfers. The Insurance segment offers life and general insurance products, such as life, health, annuity, accident, property, casualty, civil liability, obligatory worker emergency insurance, travel insurance and reinsurance. The Other segment includes payment processing, online ticket sales, telecommunications, media, and cloud services, as well as proprietary securities trading; payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and online retail trade and e-commerce services. The company offers repurchase and reverse repurchase agreements, securities borrowed and loaned transactions; covers short positions and settles other securities obligations; and a Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Kazakhstan, Armenia, Cyprus, the United States, and internationally. The company was formerly known as BMB Munai, Inc. The company is based in New York, New York.

− ACCIONES|Agricultural Bk Chin

Leaves the portfolio; it was 1.06% of weight.

Agricultural Bank of China Limited, together with its subsidiaries, provides banking products and services. The company operates through Corporate Banking, Personal Banking, Treasury operations, and Others segments. The Corporate Banking segment offers corporate loans and advances, trade finance, deposit products, corporate wealth management services, and other corporate intermediary services. The Personal Banking segment provides personal loans, deposit products, card business, and other personal intermediary services. The Treasury Operations segment conducts money market and repurchase transactions, debt instruments investments, precious metals transactions, and derivative transactions. It offers asset and fund management, financial leasing, life insurance, and investment banking services. It also provides inclusive finance, green finance, pension finance, digital and online financial services, and cross-border financial solutions, as well as services for rural revitalization. In addition, it provides demand, personal call, foreign currency call and time, time or demand optional, savings, agreed-term, and negotiated deposit accounts; certificates of deposit; and loans, including housing, consumer, personal auto, business, fixed asset, working capital, real estate, bonds, commercial drafts, entrusted syndicated loans, trade finances, guarantees and commitments, and loans with custody of export rebates accounts. In addition, it offers credit and debit cards, payment and settlement, private banking, cash management, custody, financial market, financial institution services, and trading. Further, it offers agro-related personal and corporate banking products and services; telephone, mobile, self-service, and SMS banking services; asset custodian services; and reinsurance. The company operates domestic and overseas branches, and representative offices. The company was founded in 1951 and is based in Beijing, the People's Republic of China.

− ACCIONES|Accs. Sanrio Company

Leaves the portfolio; it was 1.03% of weight.

Sanrio Company, Ltd., together with its subsidiaries, plans and sells social communication gifts, greeting cards, and books in Japan, Europe, North America, South America, rest of Asia, and internationally. It also operates restaurants; and produces, promotes, and distributes movies. In addition, it engages in the planning, production, and sale of recorded music and video products; planning and presentation of musicals and live performances; copyright licensing; planning and operation of theme parks; planning, development, and sale of educational services and materials; planning, sale, and distribution of digital content; planning and sale of merchandise and publications; production and sale of video software; and advertising, marketing, and sports activities. Further, the company engages in the sale and rental of robots, rental of cars, and non-life insurance agency services. Sanrio Company, Ltd. was incorporated in 1949 and is headquartered in Shinagawa, Japan.

− ACCIONES|CHINA CITIC BANK COR

Leaves the portfolio; it was 1.02% of weight.

China CITIC Bank Corporation Limited provides various banking products and services in the People's Republic of China and internationally. It operates in three segments: Corporate Banking, Retail Banking, and Financial Market business. The Corporate Banking segment offers corporate loans, deposit services, agency services, money transfer and settlement services, and guarantee services to corporate clients, government agencies, and non-financial institutions. Its Retail Banking segment provides personal loans, deposit services, agency services, remittance and settlement services, and guarantee services to individual customers. The Financial Markets Business segment engages in interbank lending, repurchase transactions and debt instrument investments in the interbank market, and trading in debt instruments, as well as derivatives and forex trading. The company also offers wealth management, treasury business, asset management, financial leasing, private banking and other non-bank financial services. It operates through branches; self-service banks; and self-service terminals, as well as smart teller machines. The company was founded in 1987 and is headquartered in Beijing, the People's Republic of China. China CITIC Bank Corporation Limited operates as a subsidiary of CITIC Financial Holdings Co., Ltd.

− ACCIONES|AT&T

Leaves the portfolio; it was 1.00% of weight.

AT&T Inc. provides telecommunications and technology services worldwide. It operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores. It also provides AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services; and copper-based voice and data, Virtual Private Networks (VPN), wholesale, outsourcing, and IP, as well as customer premises equipment for multinational corporations, small and mid-sized businesses, governmental, and wholesale customers. In addition, this segment offers broadband services, including fiber connections, legacy telephony voice communication services, and other VoIP services and equipment to residential customers. This segment markets its communications services and products under the AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber, and AT&T Internet Air brand names. Its Latin America segment provides postpaid and prepaid wireless services in Mexico under the AT&T and Unefon brand names, as well as sells smartphones through its stores, agents and third-party retail stores. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in 2005. AT&T Inc. was incorporated in 1983 and is based in Dallas, Texas.

− ACCIONES|CAIXABANK

Leaves the portfolio; it was 0.98% of weight.

CaixaBank, S.A., together with its subsidiaries, provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally. It operates through four segments: Retail Banking, Business Banking, Private Banking, and CIB segments. The company offers retail, private, business, institutional, corporate and investment, premier, InTouch, and international banking; payment methods; savings and investment products; financing; life, life-risk, and non-life insurance; traditional financial and independent advice, and broker services; ATMs; pension fund management; asset and wealth management; securitisation fund management; consumer finance; IT services; and back-office administration services. It also engages in the management of collective investment institutions; holding of property assets; venture capital company; promotion of business and entrepreneurial initiatives; development of digital projects; vehicle and equipment leasing; project management, maintenance, logistics, and procurement; marketing of products and cashless platforms; mortgage loan management; digital business; hotels; private security of goods and people; shopping center real estate; administration, management, development, and operation of real estate; and reinsurance activities. The company was formerly known as Criteria CaixaCorp, S.A. and changed its name to CaixaBank, S.A. in July 2011. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.

− ACCIONES|Wal-Mart Stores

Leaves the portfolio; it was 0.95% of weight.

Walmart Inc. engages in the operation of retail and wholesale stores and clubs, ecommerce websites, and mobile applications worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club U.S. It operates supercenters, supermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; and ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites. It offers grocery items, including dry grocery, snacks, dairy, meat, produce, deli and bakery, frozen foods, alcoholic and nonalcoholic beverages, as well as consumables, such as health and beauty aids, pet supplies, household chemicals, paper goods, and baby products; and fuel and other categories. In addition, it is involved in the provision of health and wellness products covering pharmacy, optical and hearing services, over-the-counter drugs, and protein and nutrition products; and home, hardlines, and seasonal items, including home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, and mattresses. Further, the company offers consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. Additionally, it operates digital payment platforms; offers financial services and related products, including money transfers, bill payments, money orders, check cashing, prepaid access, co-branded credit cards, installment lending, and earned wage access; and markets lines of merchandise under private and licensed brands. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas.

− ACCIONES|Sony Corp

Leaves the portfolio; it was 0.95% of weight.

Sony Group Corporation develops, designs, produces, manufactures, supplies, and sells electronic equipment, instruments, and devices for consumer, professional, and industrial use in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company operates through Game & Network Services, Music, Pictures, Entertainment Technology & Services, and Imaging & Sensing Solutions. It develops, designs, produces, manufactures, provides, and sells smartphones and image sensors; plans, produces, manufactures, and sells music software, performances and merchandise, song lyrics and music management, licensing, animation works, and game applications. The company is also involved in the production, acquisition, sale, and distribution of motion pictures and television programs; operates television networks and direct-to-consumer distribution services; insurance business, including life insurance and non-life insurance; internet banking; production and sale of digital software add-on content; manufacturing and sales of home video game consoles; and interchangeable lens, projectors, and medical equipment. It has a strategic partnership with TCL Electronics Holdings Limited in the home entertainment sector; and a non-binding memorandum of understanding with Taiwan Semiconductor Manufacturing Company Limited for a strategic partnership regarding the development and manufacturing of image sensors. The company was formerly known as Sony Corporation and changed its name to Sony Group Corporation in April 2021. Sony Group Corporation was incorporated in 1946 and is headquartered in Tokyo, Japan.

− ACCIONES|Netflix, Inc.

Leaves the portfolio; it was 0.79% of weight.

Netflix, Inc. provides entertainment services worldwide. The company offers television (TV) series, documentaries, feature films, games, and live programming across various genres and languages. It also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.

− ACCIONES|FinVolution Group

Leaves the portfolio; it was 0.54% of weight.

FinVolution Group, an investment holding company, operates in the online consumer finance industry in the People's Republic of China, Indonesia, Philippines, and internationally. It operates an online consumer finance platform through its ppdai.com and PPDai mobile application; AdaKami, an online loan platform; and JuanHand for lending and other personalized financial services. The company was formerly known as PPDAI Group Inc. and changed its name to FinVolution Group in November 2019. FinVolution Group was founded in 2007 and is headquartered in Shanghai, the People's Republic of China.

− ACCIONES|EVN AG

Leaves the portfolio; it was 0.53% of weight.

Talanx AG provides insurance and reinsurance products and services worldwide. The company offers life, casualty, third-party liability, space insurance, legal protection, fire, burglary and theft, tap water, plate glass, storm damage, comprehensive householders, comprehensive homeowners, hail, livestock, engineering, omnium, marine, business interruption, travel assistance, aviation and space liability, credit and surety, extended coverage, fire and fire business interruption insurance products, other property, and other non-life products. It also provides bancassurance activities; motor, life and property, fire, casualty, health, personal accident, and specialty insurance products, unit-linked life, annuity, term life, occupation disability; aviation and agricultural business; coverage for cyber and digital risks; parametric solutions; and structured reinsurance, as well as facultative and nat cat business; and asset management businesses. In addition, the company offers insurance cover, as well as customized products; and financial services. It has operations in Germany, the United Kingdom, Türkiye, Central and Eastern Europe, Rest of Europe, the United States, Rest of North America, Latin America, Asia, Australia, and Africa. The company was founded in 1903 and is based in Hanover, Germany. Talanx AG is a subsidiary of HDI Haftpflichtverband der Deutschen Industrie V.a.G.

− ACCIONES|BOC Hong Kong Holdin

Leaves the portfolio; it was 0.51% of weight.

BOC Hong Kong (Holdings) Limited, an investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally. The company operates through four segments: Personal Banking, Corporate Banking, Treasury, and Insurance. It offers savings, current, and time deposit accounts, as well as monthly deposit plans; mortgage plans; corporate deposits, and payroll and e-cheque services. The company also offers cross-border financial and remittance services; and securities, funds, foreign exchange services, precious metals and FX margin services, currency linked investments, bonds, market information services, monthly savings plans, and structured products, as well as business and personal loans. In addition, it provides business and accident protection, medical, travel and leisure, family protection, RMB, and personal life insurance products; and credit cards. Further, the company offers safe deposit box, e-bill, and payment services; personal and corporate RMB, and RMB clearing bank services; business comprehensive, property, liability, group, and retailer comprehensive insurance plans; small business, asset-pledge, and syndicated loans; accounts receivable, machinery and equipment, SME green, and project financing; business banking, trade finance and services, investment, treasury, corporate collection and payment, e-commerce, and card services; and custody and cash management services. Additionally, it provides wealth management and overdraft services; mandatory provident fund schemes; and private and corporate banking services, as well as internet, phone, and mobile banking services; and trade related products and other credit facilities. BOC Hong Kong (Holdings) Limited was founded in 1917 and is based in Central, Hong Kong. BOC Hong Kong (Holdings) Limited is a subsidiary of BOC Hong Kong (BVI) Limited.

− ACCIONES|Tokio Marine Holding

Leaves the portfolio; it was 0.50% of weight.

Tokio Marine Holdings, Inc. engages in the non-life and life insurance, and financial and general businesses in Japan, the United States, and internationally. The company provides personal lines, accident and health, absence management, workers' compensation, retirement services, energy, renewables, property, natural catastrophes, aviation and space, commercial auto/motor, fine arts and specie, agriculture TNC, equestrian and blood stock, life sciences, financial lines, professional indemnity, surety, liability, professional liability, IP, political risk/violence and terrorism, trade/business interruption, product recall, cyber, crisis management insurance, contingency and events, stop loss, treaty reinsurance, business package, contractors all risks, trade credit, Japanese business, high net worth, urban and spatial development, and consulting solutions; marine, cargo, and hull; nonprofit, education, and human services; and sports entertainment, and leisure solutions. It also operates in various business areas comprising non-life insurance/PC, life insurance, reinsurance, asset management, risk management services, professional service, health and wellness, financial services, insurance related services, solution business for social issues. The company was formerly known as Millea Holdings, Inc. and changed its name to Tokio Marine Holdings, Inc. in 2008. Tokio Marine Holdings, Inc. was founded in 1879 and is headquartered in Chiyoda, Japan.

− ACCIONES|SAP - AG

Leaves the portfolio; it was 0.50% of weight.

SAP SE, together with its subsidiaries, provides enterprise application and business solutions worldwide. It offers SAP Business AI; SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR, time, payroll, talent and employee experience management, and analytics and planning; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand business process operations; industry solutions that provide customers and partners with industry-specific solutions; and SAP LeanIX to visualize enterprise architecture, assess interdependencies and the potential impact of IT modernization, and manage the transition toward the target landscape. Further, the company provides WalkMe to execute workflows; SAP Enable Now, which offers e-learning content embedded in SAP workflows; Taulia solutions for working capital management; and sustainability solutions and services. Additionally, it provides services and support solutions. The company has a strategic collaboration with Fresenius SE & Co. KGaA and Avelios Medical GmbH for the development of a cloud-native, hospital information system that enables digitalization of clinical and administrative processes with AI integration. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.

− ACCIONES|Mitsubishi Bank

Leaves the portfolio; it was 0.49% of weight.

Mitsubishi UFJ Financial Group, Inc., together with its subsidiaries, provides various financial products and services in Japan, the United States, Europe, the Middle East, Asia, Oceania, and internationally. It operates through seven segments: Retail and Digital Business; Corporate and Wealth Management Business; Corporate Banking Business; Global Commercial Banking Business; Asset Management Business; Global CIB Business; and Market Business. The company offers retail, commercial, digital, corporate, and investment banking; wealth management; loans; settlement services; merger and acquisition; asset management; investor services; pensions; consulting services; bonds; forex and derivatives; equities; market trading; liabilities; treasury and other related operations; and liquidity and cash flow management services. It is also involved in trust banking; securities; leasing; venture capital; renewable energy; factoring; research; software development; information processing and technology; SR and IR support; investment trust and real estate asset management; investment advising; real estate brokering; credit solution business; credit and prepaid cards; loan guarantees; agency services for credit purchases; and servicer activities. The company was formerly known as Mitsubishi Tokyo Financial Group Inc. and changed its name to Mitsubishi UFJ Financial Group, Inc. in October 2005. Mitsubishi UFJ Financial Group, Inc. was founded in 1880 and is headquartered in Chiyoda, Japan.

− ACCIONES|BAE Systems

Leaves the portfolio; it was 0.48% of weight.

BAE Systems plc provides defense, aerospace, and security solutions in the United States, the United Kingdom, the Middle East, Australia, Kingdom of Saudi Arabia, Europe, and internationally. The company operates through five segments: Electronic Systems, Platforms & Services, Air, Maritime, and Cyber & Intelligence. The Electronic Systems segment offers electronic warfare systems, navigation systems, electro-optical sensors, military and commercial avionics, and precision guided solutions and communications systems, as well as space electronics, spacecraft, and ground and tactical systems. The Platforms & Services segment manufactures and sells combat vehicles, weapons, and munitions; and offers naval ship repair services, as well as operates and manages two government-owned and contractor-operated ammunition plants. The Air segment develops future combat air systems and falconworks alongside edgewing, and eurofighter and MBDA. The Maritime segment provides maritime and land services, including submarine, ship build, and support programs. The Cyber & Intelligence segment offers cyber security services for national security, central government, and government enterprises. The company was formerly known as British Aerospace plc and changed its name to BAE Systems plc in May 2000. BAE Systems plc was incorporated in 1979 and is headquartered in London, the United Kingdom.

− ACCIONES|Muenchener Rueckvers

Leaves the portfolio; it was 0.46% of weight.

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through six segments: Life and Health Reinsurance, Property-Casualty Reinsurance, Global Specialty Insurance, ERGO Life and Health Germany, ERGO Property-Casualty Germany, and ERGO International. The company offers life and health reinsurance solutions, such as digital underwriting and advanced analytics solutions, health insurance management system, financial market risks, financing, portfolio risk management, digitalized investment-linked solution, data analytics, underwriting and claims, medical research, capital management, and health market, as well as MIRA digital suite that includes MIRA PoS, MIRApply insured and physician, claims risk assessment, and CLARA plus. It also provides property and casualty reinsurance solutions, including agricultural reinsurance; business advisory, personal lines, portfolio management, insurance consulting, commercial motor consulting; infrastructure risk; property insurance, location risk, insurance linked securities, and NatCatSERVICE for natural catastrophe loss database; prospective structured and retroactive reinsurance; risk transfer; cyber; and data analytics, REALYTIX ZERO, and cert2go. In addition, the company offers solutions for industry clients, such as corporate risk, new tech, green tech, parametric, and aviation and space solutions, as well as risk services. Further, it provides specialty property casualty insurance, such as professional liability, marine, cyber, aviation, and space for commercial and private customers. Additionally, the company offers life, property-casualty, health, legal protection, and travel insurance products under the ERGO brand; and insurance solutions for agriculture, captive, epidemic, cyber, and renewable energy sectors. The company was founded in 1880 and is based in Munich, Germany.

− ACCIONES|CME Group, Inc.

Leaves the portfolio; it was 0.45% of weight.

CME Group Inc., together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, and foreign exchange; and agricultural, energy, and metals commodities, as well as fixed income and foreign currency trading services. The company provides clearing house services, including clearing, settling, and guaranteeing futures and options contracts, and cleared swaps products traded through its exchanges. In addition, the company offers a range of market data services, including real-time and historical data services. It serves professional traders, financial institutions, institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. CME Group Inc. partners with FutureSports to futures on sports indexes. The company was formerly known as Chicago Mercantile Exchange Holdings Inc. and changed its name to CME Group Inc. in July 2007. The company was founded in 1898 and is headquartered in Chicago, Illinois.

− ACCIONES|T-Mobile US

Leaves the portfolio; it was 0.45% of weight.

T-Mobile US, Inc., together with its subsidiaries, provides wireless communications services in the United States, Puerto Rico, and the United States Virgin Islands. The company offers voice, messaging, and data services to postpaid, prepaid, and wholesale and other services customers. It also provides wireless devices, including smartphones, wearables, tablets, home broadband gateways, headsets, and other mobile communication devices, as well as accessories; financing through equipment installment plans; reinsurance for device insurance policies and extended warranty contracts. The company offers services under the T-Mobile, Metro by T-Mobile, and Mint Mobile brands through its owned and operated retail stores, customer care channels, national retailers, and its websites, as well as through T-Mobile, Metro by T-Mobile, and Mint Mobile apps. It also sells devices to dealers and other third-party distributors for resale through independent third-party retail outlets and various third-party websites. It has 700 MHz wireless spectrum licenses. The company was founded in 1994 and is headquartered in Bellevue, Washington. T-Mobile US, Inc. operates as a subsidiary of Deutsche Telekom AG.

− ACCIONES|Nvidia Corp

Leaves the portfolio; it was 0.28% of weight.

NVIDIA Corporation operates as a data center scale AI infrastructure company in the United States, Taiwan, China, Hong Kong, Europe, and internationally. It operates through Compute & Networking, and Graphics segments. The Compute & Networking segment provides data center accelerated computing and networking platforms and artificial intelligence solutions and software, and automotive platforms and autonomous and electric vehicle solutions, including software. The Graphics segment offers GeForce GPUs for gaming and PCs; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics. The company's products are used in gaming, professional visualization, data center, and automotive markets. It sells its products to original equipment manufacturers, original device manufacturers, system integrators and distributors, independent software vendors, cloud service providers, add-in board manufacturers, distributors, automotive manufacturers and tier-1 automotive suppliers, and other ecosystem participants. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.

− ACCIONES|Buzzi Unicem SPA

Leaves the portfolio; it was 0.25% of weight.

Buzzi S.p.A., together with its subsidiaries, manufactures, distributes, and sells cement, ready-mix concrete, and natural aggregates. It has operations primarily in Italy, United States of America, Germany, Luxembourg, Netherlands, United Arab Emirates, Poland, Czech Republic and Slovakia, Brazil, Russia, Algeria, Slovenia, and Mexico. The company was formerly known as Buzzi Unicem S.p.A. and changed its name to Buzzi S.p.A. in May 2023. The company was founded in 1872 and is headquartered in Casale Monferrato, Italy.

− ACCIONES|Gilead Sciences Inc

Leaves the portfolio; it was 0.25% of weight.

Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally. The company provides Biktarvy, Descovy, Genvoya, Odefsey, Sunlenca, Symtuza, and YeztugoFor the treatment of HIV-1 infection in patients. It also provides Epclusa, Livdelzi, and Vemlidy to treat chronic hepatitis C virus, primary biliary cholangitis, and chronic hepatitis B virus; Tecartus, a T-cell therapy for the treatment of adult patients; Trodelvy, an injection for intravenous use; and Yescarta, a suspension for intravenous infusion, is a CAR T-cell therapy for the treatment of adult patients. Further, it provides AmBisome, for the treatment of serious invasive fungal infections; and Veklury for the treatment of COVID-19. Additionally, the company engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company has collaboration agreements with Shenzhen Pregene Biopharma Co., Ltd.; Abingworth; Arcus Biosciences, Inc.; Merck Sharp & Dohme Corp.; Janssen Sciences Ireland Unlimited Company; Japan Tobacco, Inc.; Everest Medicines; Merck & Co, Inc.; Tentarix Biotherapeutics Inc.; and Assembly Biosciences, Inc. It also has research collaboration, option, and license agreement with Merus N.V. for the discovery of novel dual tumor-associated antigens (TAA) targeting trispecific antibodies. The company has a collaboration with Terray Therapeutics, Inc. to discover and develop small molecule therapies; and LEO Pharma to develop, manufacture, and commercialize the small molecule oral STAT6 program. The company was incorporated in 1987 and is headquartered in Foster City, California.

▲ ACCIONES|Unipol Gruppo Finanz

Goes from 0.51% to 1.71%.

Unipol Assicurazioni S.p.A., together with its subsidiaries, provides insurance products and services primarily in Italy. The company operates through Non-Life Insurance Business, Life Insurance Business, Banking Associates Business, and Other Business segments. It offers risk cover solutions for vehicles, sports craft, and travel; home and condominiums; work related to businesses, traders, professionals, and legal protection; accident and health protection; and investments and welfare. The company also provides life insurance products; bancassurance; and reinsurance services. In addition, it is involved in the operation and management of real estate properties; operation of hotels, residences, and resorts through leases, franchises, and management; agricultural, wine, healthcare facilities, and port facilities; and supplies of anti-theft systems, as well as provision of vehicle and glass repair services; mobile payments, telematics, and response services to assistance request; and telemedicine, home care and prevention, physiotherapy, and social care services. Further, the company offers digital health platform; property services to homes and condominiums, and administrators and owners; and electronic payment and e-money services. It distributes its products through direct sales; broker; agency, banking, and craftsmen network; and franchise administrators. The company was formerly known as Unipol Gruppo S.p.A. and changed its name to Unipol Assicurazioni S.p.A. in January 2025. Unipol Assicurazioni S.p.A. was founded in 1961 and is based in Bologna, Italy.

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▲ ACCIONES|Accs.Banco BPM SPA

Goes from 0.24% to 1.03%.

Banco BPM S.p.A. provides banking and financial products and services to individual, business, and corporate customers in Italy. The company operates through six segments: Commercial; Corporate and Investment Banking; Asset Management and Insurance; Other Partnerships; Finance; and Corporate Centre. It offers current account and digital services; safety deposit boxes; home, personal, property, and car and vehicle insurances; credit, telepass family, debit, payment, and prepaid cards; T3 Trading, web, and T3 mobile platforms; home and surrogacy mortgagees; long term car rental; personal loans, including salary-backed loan; calculate mortgage payments; mutual funds, insurance investment, saving, and certificate products; and supplementary pension securities comprising true life secure retirement and anima arts and crafts pension funds. The company also provides business current accounts; green and sustainable, ordinary financing, dedicated, subsidized, and condominium credit financing products; international payments and collections, trade and export finance, and digital international solutions; license plate, equipment, real estate, renewable energy, operating, and nautical leasing services; POS receipts; and RIBA, MAV and SDD collections. In addition, it offers multi-risk, personal, property, and motor vehicle insurance; corporate cards; digital services; foreign risk coverage, exchange risk hedging, and interest rate risk coverage; investment banking, including equity capital market, mergers and acquisitions, securitization, and debt capital markets; documentary box office receipts, electronic collections abroad, international guarantees, and pro-soluto assignment of export credits services; structured finances; and collection and payment services. The company was formerly known as Banco Popolare Societa Cooperativa Scarl and changed its name to Banco BPM Società per Azioni in January 2017. Banco BPM S.p.A. was founded in 2017 and is headquartered in Verona, Italy.

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▲ ACCIONES|Banca Popolare Emili

Goes from 0.53% to 1.24%.

BPER Banca SpA engages in the provision of banking products and services for individuals, and businesses and professionals in Italy and internationally. It offers current and saving accounts, loans, mortgages, insurance and social security, and digital banking and related services; cards; and investments and savings products and services. The company also provides financing and leasing, collection and payment, import and export, liquidity and investment management, digital, and other services. In addition, it offers wealth management services comprising portfolio management, consultancy, financial advice, and wealth advisory services; insurance investment products; and funds and SICAVs. The company was founded in 1867 and is headquartered in Modena, Italy.

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▲ ACCIONES|Unicrédito Italiano

Goes from 0.54% to 1.11%.

UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions. It also provides corporate finance advisory, rating advisory, financial sponsor, patient capital, capital structure advisory, and sustainable finance solutions, as well as securities services. In addition, the company offers transactional and risk management, structured finance, debt funding, equity funding, project finance, commodity trade finance, and trade and export finance services; group trade and correspondent banking services; and payments solutions. It serves SME, corporate, multinational corporate, financial institution, and public sector clients, as well as retail, private banking, wealth management, and family office clients. It has a strategic collaboration with Accenture plc and International Business Machines to establish a new technology operating model combining the resilience of mission-critical systems with the flexibility of cloud, data, and artificial intelligence. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.

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▲ ACCIONES|HeidelbergCement AG

Goes from 0.55% to 1.01%.

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|Banco Comercial Port

Goes from 1.91% to 2.17%.

Banco Comercial Português, S.A. engages in the provision of various banking and financial products and services in Portugal and internationally. The company operates through Retail Banking; Companies and Corporate; Private Banking; International Business, and Other segments. It offers a range of financial products and services, including current accounts, payment systems, savings and investment products, private banking, asset management, and investment banking services, such as mortgage loans, personal loans, commercial banking, leasing, factoring, insurance, and other products. The company is also involved in the provision of investment fund and real estate management, e-commerce, web portal, leasing, consulting, brokerage, marketing, and real estate investment fund management services; and internet, telephone, and mobile banking services as well as buying and selling real estate. In addition, it offers credit, debit, and prepaid cards; personal, mortgage, car loan, and salary loan; health, car, life, travel, personal accident, home, pet, work accident, payment protection, and transportation and repatriation insurance; retirement services; structured products, discretionary management, investment funds, and other technology and services. Further, the company provides short, medium, and long term financing solutions; internacional operations financing; and treasury services. Banco Comercial Português, S.A. was incorporated in 1985 and is based in Porto, Portugal.

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▼ ACCIONES|Banco Sabadell

Goes from 1.44% to 1.06%.

Banco de Sabadell, S.A. provides banking products and services in Spain, the United Kingdom, and Mexico. The company offers retail banking products, including investment products and medium- and long-term finance, such as consumer loans, mortgages, leasing and rental services, as well as other short-term finance; and cards and insurance products to individuals for personal use. It also provides financial products and services comprising investment and financing products, which include working capital products, revolving loans, and medium- and long-term finance; and custom structured finance and capital market solutions, and specialized advice for businesses; and cards and PoS terminals, as well as import and export and personalized expert advice services to companies and self-employed persons. In addition, the company offers corporate banking services consisting of financial and advisory solutions to large corporations and financial institutions; and structured finance, treasury, investment banking, trading, and custody and research services. Further, it provides current and savings accounts, loans, credit cards, and mortgages; and banking and financial services for corporate and commercial banking. Banco de Sabadell, S.A. was founded in 1881 and is based in Sabadell, Spain.

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▼ ACCIONES|Rolls-Royce Group pl

Goes from 1.09% to 0.80%.

Rolls-Royce Holdings plc designs and manages mission-critical power systems in the United Kingdom and internationally. The company operates through three segments: Civil Aerospace, Defence, and Power Systems. The Civil Aerospace segment develops, manufactures, markets, and sells aero engines for large commercial aircraft, regional jet, and business aviation markets, as well as provides aftermarket services. The Defence segment is involved in the development, manufacture, marketing, and sale of military aero engines, naval engines, and submarine nuclear power plants, as well as offers aftermarket services. The Power Systems segment engages in the development, manufacture, marketing, and sale of integrated solutions for onsite power and propulsion under the mtu brand name. Rolls-Royce Holdings plc was founded in 1884 and is headquartered in London, the United Kingdom.

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Fixed income

Declared FI exposure
781,714 €
% of portfolio
21.4%
Positions
1
Issuers
0
Sovereign: 0 € Corporate: 0 € Repos / treasury management: 781,714 €

Maturity ladder

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

Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 0 0 € 0.0%
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%

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.