Manager
DUNAS CAPITAL ASSET MANAGEMENT S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
DUNAS VALOR EQUILIBRADO FI
Category
—
Latest period
H2 2025
Positions
163
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.
163
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 72
Exits: 41
Increases: 11
Cuts: 12
+ ACCIONES|DEUTSCHE BOERSE
Enters the portfolio at 0.17% weight.
Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.
View company page →− ESTADO: ITALIA
Leaves the portfolio; it was 4.38% of weight.
− CAIXA CRED. AGRICOLA
Leaves the portfolio; it was 1.44% of weight.
− FIDELITY (BERMUDA)
Leaves the portfolio; it was 1.32% of weight.
− TRATON FINANCE LUX.
Leaves the portfolio; it was 1.17% of weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 1.12% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 1.08% of weight.
− CEZ
Leaves the portfolio; it was 0.98% of weight.
− ROYAL BANK OF CANADA
Leaves the portfolio; it was 0.97% of weight.
− BANK OF NOVA SCOTIA
Leaves the portfolio; it was 0.97% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.96% of weight.
− CANADIAN I. BANK C.
Leaves the portfolio; it was 0.74% of weight.
− VOESTALPINE
Leaves the portfolio; it was 0.72% of weight.
− RCI BANQUE
Leaves the portfolio; it was 0.65% of weight.
− JUST EAT TAKEAWAY
Leaves the portfolio; it was 0.65% of weight.
− SANTANDER HOLDIN USA
Leaves the portfolio; it was 0.56% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.54% of weight.
− BP CAPITAL MARKETS
Leaves the portfolio; it was 0.48% of weight.
− SOCIETE GENERALE
Leaves the portfolio; it was 0.45% of weight.
− VW INT. FINANCE
Leaves the portfolio; it was 0.45% of weight.
− BARCELO
Leaves the portfolio; it was 0.45% of weight.
− MAIRE
Leaves the portfolio; it was 0.44% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 0.44% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.42% of weight.
− ENEL
Leaves the portfolio; it was 0.40% of weight.
− GOTHAER
Leaves the portfolio; it was 0.39% of weight.
− ESTADO RUMANIA
Leaves the portfolio; it was 0.38% of weight.
− ACCIONES|BANCO SANTANDER
Leaves the portfolio; it was 0.37% of weight.
− VOLKSWAGEN FINANCIAL
Leaves the portfolio; it was 0.33% of weight.
− VOLKSWAGEN LEASING
Leaves the portfolio; it was 0.30% of weight.
− ACCIONES|MERCEDES-BENZ GROUP
Leaves the portfolio; it was 0.29% 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 →− ONTIME TRANSPORTE
Leaves the portfolio; it was 0.25% of weight.
− MAIRE
Leaves the portfolio; it was 0.19% of weight.
− ABANCA
Leaves the portfolio; it was 0.17% of weight.
− AGOTZAINA SL
Leaves the portfolio; it was 0.16% of weight.
− AGOTZAINA SL
Leaves the portfolio; it was 0.16% of weight.
− ONTIME TRANSPORTE
Leaves the portfolio; it was 0.16% of weight.
− MAIRE
Leaves the portfolio; it was 0.16% of weight.
− MAIRE
Leaves the portfolio; it was 0.12% of weight.
− GLOBAL DOMINION
Leaves the portfolio; it was 0.09% of weight.
− GLOBAL DOMINION
Leaves the portfolio; it was 0.06% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.03% of weight.
Fixed income
Declared FI exposure
401.0 M €
% of portfolio
73.0%
Positions
136
Issuers
86
Sovereign: 19.1 M €
Corporate: 382.0 M €
Maturity ladder
Observed contractual maturity of each position, repos excluded. Matured/≤3 months includes bonds maturing in the first days after the period close.
Matured or ≤3 months · 2.6%3-6 months · 5.1%6-12 months · 4.4%1-2 years · 12.7%2-5 years · 56.6%5-10 years · 13.4%> 10 years · 5.0%
Maturity
Positions
Exposure
%
Matured or ≤3 months
9
10.6 M €
2.6%
3-6 months
12
20.5 M €
5.1%
6-12 months
13
17.7 M €
4.4%
1-2 years
17
51.1 M €
12.7%
2-5 years
61
227.1 M €
56.6%
5-10 years
11
53.9 M €
13.4%
> 10 years
13
20.1 M €
5.0%
Unknown
0
0 €
0.0%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
ESTADO RUMANIA
Sovereign
4
12.8 M €
2029-09-27
INTESA SANPAOLO SPA
Corporate
2
12.5 M €
2027-06-10
BARCLAYS PLC
Corporate
3
12.3 M €
2029-05-14
BANCO CRED. COOP.
Corporate
2
11.3 M €
2029-09-14
BANK OF NOVA SCOTIA
Corporate
1
10.4 M €
2029-11-06
CREDIT AGRICOLE
Corporate
2
10.4 M €
2029-03-05
CAIXA MONTEPIO GERAL
Corporate
2
10.4 M €
2028-05-29
LEASYS SPA
Corporate
1
10.0 M €
2027-01-29
TECNICAS REUNIDAS
Corporate
3
9.6 M €
2026-10-30
HSBC HOLDINGS PLC
Corporate
2
9.2 M €
2029-05-20
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
XS3223920870 BANK OF NOVA SCOTIA
2.72%
2029-11-06
10.4 M €
XS3090080733 BANCO CRED. COOP.
3.50%
2031-06-13
10.3 M €
IT0005495202 INTESA SANPAOLO SPA
2.64%
2027-06-10
10.1 M €
XS2989575589 LEASYS SPA
2.78%
2027-01-29
10.0 M €
XS2823936039 US BANCORP
2.87%
2028-05-21
9.1 M €
XS3058827802 CITIGROUP
3.18%
2029-04-29
9.1 M €
XS2770920937 ESTADO RUMANIA
5.38%
2031-03-22
8.3 M €
XS3069319542 BARCLAYS PLC
3.15%
2029-05-14
8.2 M €
FRCASA010167 CREDIT AGRICOLE
-1.23%
2031-11-15
8.2 M €
XS2986730708 NAT. BUILDING SOC.
2.87%
2029-01-27
7.5 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: 71
Exits at maturity: 14
Exits not explained by maturity: 25
+ BANK OF NOVA SCOTIA
Enters the portfolio at 1.89% weight.
+ BANCO CRED. COOP.
Enters the portfolio at 1.87% weight.
+ CREDIT AGRICOLE
Enters the portfolio at 1.48% weight.
+ SOCIETE GENERALE
Enters the portfolio at 1.24% weight.
+ CELLNEX TELECOM
Enters the portfolio at 1.24% weight.
+ TECNICAS REUNIDAS
Enters the portfolio at 1.22% weight.
+ BANK MONTREAL
Enters the portfolio at 1.13% weight.
+ WELLS FARGO
Enters the portfolio at 0.99% weight.
+ NORD. GIROZENTRALE
Enters the portfolio at 0.98% weight.
+ CANADIAN I. BANK C.
Enters the portfolio at 0.91% weight.
+ ESTADO: ITALIA
Enters the portfolio at 0.88% weight.
+ PATENTES TALGO
Enters the portfolio at 0.16% weight.
+ B.C.GENEVE
Enters the portfolio at 0.83% weight.
+ MORGAN STANLEY.
Enters the portfolio at 0.82% weight.
+ CMA CGM SA
Enters the portfolio at 0.81% weight.
+ AIR FRANCE-KLM
Enters the portfolio at 0.73% weight.
+ HIPOCAT 10 FTA
Enters the portfolio at 0.69% weight.
+ TRATON FINANCE LUX.
Enters the portfolio at 0.66% weight.
+ RENAULT
Enters the portfolio at 0.63% weight.
+ PRYCONSA
Enters the portfolio at 0.63% weight.
+ JYSKE BANK
Enters the portfolio at 0.57% weight.
+ VW FINANCIAL SERV.
Enters the portfolio at 0.57% weight.
+ ING GROEP
Enters the portfolio at 0.56% weight.
+ PALLADIUM HOTEL
Enters the portfolio at 0.56% weight.
+ RURAL HIPOTECARIO 9
Enters the portfolio at 0.55% weight.
+ BNP PARIBAS, SUC.ESP
Enters the portfolio at 0.55% weight.
+ VOLKSWAGEN
Enters the portfolio at 0.55% weight.
+ RENAULT
Enters the portfolio at 0.55% weight.
+ STANDARD CHARTERED
Enters the portfolio at 0.52% weight.
+ ARLES I
Enters the portfolio at 0.50% weight.
+ CAIXA CRED. AGRICOLA
Enters the portfolio at 0.50% weight.
+ MASORANGE SL
Enters the portfolio at 0.48% weight.
+ SGL CARBON
Enters the portfolio at 0.48% weight.
+ MEDIOBANCA
Enters the portfolio at 0.47% weight.
+ BAY. LANDESBANK
Enters the portfolio at 0.45% weight.
+ BAY. LANDESBANK
Enters the portfolio at 0.45% weight.
+ SATA AIR ACORES
Enters the portfolio at 0.45% weight.
+ ONTIME TRANSPORTE
Enters the portfolio at 0.43% weight.
+ AYVENS
Enters the portfolio at 0.42% weight.
+ BARCLAYS
Enters the portfolio at 0.40% weight.
+ CREDIT AGRICOLE
Enters the portfolio at 0.40% weight.
+ NORDEA BANK
Enters the portfolio at 0.38% weight.
+ FT SANTANDER
Enters the portfolio at 0.38% weight.
+ BANCO SANTANDER
Enters the portfolio at 0.37% weight.
+ GOLDMAN SACHS GROUP
Enters the portfolio at 0.37% weight.
+ CA AUTO BANK
Enters the portfolio at 0.37% weight.
+ BARCLAYS
Enters the portfolio at 0.35% weight.
+ TUBACEX
Enters the portfolio at 0.34% weight.
+ HSBC HOLDINGS
Enters the portfolio at 0.33% weight.
+ ROYAL BANK OF CANADA
Enters the portfolio at 0.33% weight.
+ VERALLIA
Enters the portfolio at 0.29% weight.
+ ICCREA BANCA
Enters the portfolio at 0.28% weight.
+ MORGAN STANLEY
Enters the portfolio at 0.27% weight.
+ UBS GROUP
Enters the portfolio at 0.27% weight.
+ AGOTZAINA SL
Enters the portfolio at 0.27% weight.
+ MAIRE
Enters the portfolio at 0.26% weight.
+ BANQUE AFRICAINE D.
Enters the portfolio at 0.26% weight.
+ MAIRE
Enters the portfolio at 0.25% weight.
+ FT SANTANDER
Enters the portfolio at 0.24% weight.
+ GLOBAL DOMINION
Enters the portfolio at 0.04% weight.
+ BARCELO
Enters the portfolio at 0.20% weight.
+ MAIRE
Enters the portfolio at 0.18% weight.
+ MAIRE
Enters the portfolio at 0.18% weight.
+ TECNICAS REUNIDAS
Enters the portfolio at 0.03% weight.
+ AGOTZAINA SL
Enters the portfolio at 0.16% weight.
+ GLOBAL DOMINION
Enters the portfolio at 0.16% weight.
+ TRATON FINANCE LUX.
Enters the portfolio at 0.15% weight.
+ MAIRE
Enters the portfolio at 0.11% weight.
+ AGOTZAINA SL
Enters the portfolio at 0.09% weight.
+ AGOTZAINA SL
Enters the portfolio at 0.05% weight.
+ TORONTO-DOM. BANK
Enters the portfolio at 0.04% weight.
− CAIXA CRED. AGRICOLA
Leaves the portfolio; it was 1.44% of weight.
− FIDELITY (BERMUDA)
Leaves the portfolio; it was 1.32% of weight.
− TRATON FINANCE LUX.
Leaves the portfolio; it was 1.17% of weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 1.12% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 1.08% of weight.
− CEZ
Leaves the portfolio; it was 0.98% of weight.
− ROYAL BANK OF CANADA
Leaves the portfolio; it was 0.97% of weight.
− BANK OF NOVA SCOTIA
Leaves the portfolio; it was 0.97% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.96% of weight.
− CANADIAN I. BANK C.
Leaves the portfolio; it was 0.74% of weight.
− VOESTALPINE
Leaves the portfolio; it was 0.72% of weight.
− RCI BANQUE
Leaves the portfolio; it was 0.65% of weight.
− SANTANDER HOLDIN USA
Leaves the portfolio; it was 0.56% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.54% of weight.
− BP CAPITAL MARKETS
Leaves the portfolio; it was 0.48% of weight.
− SOCIETE GENERALE
Leaves the portfolio; it was 0.45% of weight.
− VW INT. FINANCE
Leaves the portfolio; it was 0.45% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 0.44% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.42% of weight.
− ENEL
Leaves the portfolio; it was 0.40% of weight.
− GOTHAER
Leaves the portfolio; it was 0.39% of weight.
− ESTADO RUMANIA
Leaves the portfolio; it was 0.38% of weight.
− VOLKSWAGEN FINANCIAL
Leaves the portfolio; it was 0.33% of weight.
− VOLKSWAGEN LEASING
Leaves the portfolio; it was 0.30% of weight.
− ABANCA
Leaves the portfolio; it was 0.17% of weight.
◦ ESTADO: ITALIA
Leaves the portfolio; it was 4.38% of weight.
◦ JUST EAT TAKEAWAY
Leaves the portfolio; it was 0.65% of weight.
◦ BARCELO
Leaves the portfolio; it was 0.45% of weight.
◦ MAIRE
Leaves the portfolio; it was 0.44% of weight.
◦ GLOBAL DOMINION
Leaves the portfolio; it was 0.09% of weight.
◦ ONTIME TRANSPORTE
Leaves the portfolio; it was 0.25% of weight.
◦ MAIRE
Leaves the portfolio; it was 0.19% of weight.
◦ AGOTZAINA SL
Leaves the portfolio; it was 0.16% of weight.
◦ AGOTZAINA SL
Leaves the portfolio; it was 0.16% of weight.
◦ ONTIME TRANSPORTE
Leaves the portfolio; it was 0.16% of weight.
◦ MAIRE
Leaves the portfolio; it was 0.16% of weight.
◦ MAIRE
Leaves the portfolio; it was 0.12% of weight.
◦ GLOBAL DOMINION
Leaves the portfolio; it was 0.06% of weight.
◦ ACCIONA FILIALES
Leaves the portfolio; it was 0.03% 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.