Manager
DUNAS CAPITAL ASSET MANAGEMENT S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
DUNAS VALOR FLEXIBLE FI
Category
—
Latest period
H2 2025
Positions
89
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.
89
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 29
Exits: 24
Increases: 16
Cuts: 8
+ ACCIONES|DEUTSCHE BOERSE
Enters the portfolio at 0.54% 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 6.56% of weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 1.49% of weight.
− VW INT. FINANCE
Leaves the portfolio; it was 1.44% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 1.43% of weight.
− ACCIONES|BANCO SANTANDER
Leaves the portfolio; it was 1.12% of weight.
− ACCIONES|MERCEDES-BENZ GROUP
Leaves the portfolio; it was 0.89% 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 →− CEZ
Leaves the portfolio; it was 0.86% of weight.
− ATHORA HOLDING
Leaves the portfolio; it was 0.83% of weight.
− BP CAPITAL MARKETS
Leaves the portfolio; it was 0.80% of weight.
− CANADIAN I. BANK C.
Leaves the portfolio; it was 0.76% of weight.
− BANK OF NOVA SCOTIA
Leaves the portfolio; it was 0.76% of weight.
− JUST EAT TAKEAWAY
Leaves the portfolio; it was 0.72% of weight.
− ENEL
Leaves the portfolio; it was 0.71% of weight.
− SOCIETE GENERALE
Leaves the portfolio; it was 0.69% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.67% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.62% of weight.
− SANTANDER HOLDIN USA
Leaves the portfolio; it was 0.58% of weight.
− VOESTALPINE
Leaves the portfolio; it was 0.53% of weight.
− GOTHAER
Leaves the portfolio; it was 0.48% of weight.
− ALPERIA
Leaves the portfolio; it was 0.45% of weight.
− BANKIA
Leaves the portfolio; it was 0.41% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.32% of weight.
− UNICREDIT
Leaves the portfolio; it was 0.28% of weight.
− ESTADO RUMANIA
Leaves the portfolio; it was 0.25% of weight.
▲ ACCIONES|AYVENS
Goes from 0.76% to 1.21%.
Ayvens provides service leasing and vehicle fleet management services in the France, Rest of Europe, Latin America, Asia, and internationally. Its products and services include full-service leasing, fleet management, mobility solutions, consultancy services, car auctions, and sale or lease back for fleet managers and drivers. The company was formerly known as ALD S.A. and changed its name to Ayvens in May 2024. Ayvens was incorporated in 1998 and is headquartered in Puteaux, France. Ayvens operates as a subsidiary of Société Générale Société anonyme.
View company page →▲ ACCIONES|SHELL
Goes from 0.77% to 1.02%.
Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas. It operates through the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company explores for and extracts natural gas to produce liquefied natural gas or convert it into gas-to-liquids (GTL) fuels and other products; explores for and extracts crude oil, natural gas, and natural gas liquids; and operates marketing and transportation of oil, gas, and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemical manufacturing plants and refineries. It is also involved in marketing, which includes mobility, lubricants, and sectors focused on decarbonization; operates a retail network, including electric vehicle charging, convenience retail, and the wholesale commercial fuels business for transport and industry; sells products for road transport and machinery in manufacturing, mining, power generation, agriculture, and construction; and provides low-carbon energy solutions, such as biofuels, to a broad range of commercial customers, including those in the aviation, marine, and agriculture sectors. In addition, the company offers chemicals and products, including chemicals manufacturing plants with their own marketing network, and refineries that turn crude oil and other feedstocks into a range of oil products, which are moved and marketed around the world for domestic, industrial, and transport use; and operates a pipeline business, trading, and optimization of crude oil, oil products, and petrochemicals. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1897 and is headquartered in London, United Kingdom.
View company page →Fixed income
Declared FI exposure
300.2 M €
% of portfolio
54.4%
Positions
62
Issuers
49
Sovereign: 28.9 M €
Corporate: 271.3 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 · 4.2%3-6 months · 3.1%6-12 months · 5.0%1-2 years · 12.7%2-5 years · 50.6%5-10 years · 18.2%> 10 years · 6.3%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
12.5 M €
4.2%
3-6 months
3
9.2 M €
3.1%
6-12 months
4
15.0 M €
5.0%
1-2 years
8
38.1 M €
12.7%
2-5 years
30
151.9 M €
50.6%
5-10 years
8
54.8 M €
18.2%
> 10 years
7
18.8 M €
6.3%
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
2
13.7 M €
2031-09-24
MORGAN STANLEY
Corporate
1
12.5 M €
2029-05-04
CANADIAN I. BANK C.
Corporate
2
12.3 M €
2028-10-18
BARCLAYS PLC
Corporate
1
11.8 M €
2029-05-14
TECNICAS REUNIDAS
Corporate
2
10.9 M €
2028-04-24
LEASYS SPA
Corporate
1
10.6 M €
2027-01-29
Repubblica Italiana
Sovereign
1
10.0 M €
2026-03-01
BANCO CRED. COOP.
Corporate
1
10.0 M €
2031-06-13
NAT. BUILDING SOC.
Corporate
1
9.5 M €
2029-01-27
US BANCORP
Corporate
1
9.3 M €
2028-05-21
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
XS3215634570 MORGAN STANLEY
2.61%
2029-05-04
12.5 M €
XS3069319542 BARCLAYS PLC
3.15%
2029-05-14
11.8 M €
XS2989575589 LEASYS SPA
2.78%
2027-01-29
10.6 M €
IT0004644735 Repubblica Italiana
4.50%
2026-03-01
10.0 M €
XS3090080733 BANCO CRED. COOP.
3.50%
2031-06-13
10.0 M €
XS2986730708 NAT. BUILDING SOC.
2.87%
2029-01-27
9.5 M €
XS2823936039 US BANCORP
2.87%
2028-05-21
9.3 M €
XS3058827802 CITIGROUP
3.18%
2029-04-29
8.3 M €
XS3118936452 CANADIAN I. BANK C.
3.25%
2031-07-16
8.2 M €
FRCASA010167 CREDIT AGRICOLE
-1.23%
2031-11-15
8.2 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: 28
Exits at maturity: 2
Exits not explained by maturity: 20
+ MORGAN STANLEY.
Enters the portfolio at 2.27% weight.
+ ESTADO: ITALIA
Enters the portfolio at 1.82% weight.
+ BANCO CRED. COOP.
Enters the portfolio at 1.81% weight.
+ CANADIAN I. BANK C.
Enters the portfolio at 1.48% weight.
+ CREDIT AGRICOLE
Enters the portfolio at 1.48% weight.
+ CMA CGM SA
Enters the portfolio at 1.41% weight.
+ TRATON FINANCE LUX.
Enters the portfolio at 1.27% weight.
+ DIASORIN
Enters the portfolio at 1.16% weight.
+ CELLNEX TELECOM
Enters the portfolio at 1.14% weight.
+ TECNICAS REUNIDAS
Enters the portfolio at 1.05% weight.
+ ICO
Enters the portfolio at 1.05% weight.
+ RENAULT
Enters the portfolio at 1.01% weight.
+ INTESA SANPAOLO
Enters the portfolio at 1.00% weight.
+ SLOVENSKA SPORITELNA
Enters the portfolio at 0.94% weight.
+ BANQUE AFRICAINE D.
Enters the portfolio at 0.94% weight.
+ ARLES I
Enters the portfolio at 0.71% weight.
+ BANK OF NOVA SCOTIA
Enters the portfolio at 0.63% weight.
+ ICO
Enters the portfolio at 0.63% weight.
+ SOCIETE GENERALE
Enters the portfolio at 0.58% weight.
+ SGL CARBON
Enters the portfolio at 0.55% weight.
+ BAY. LANDESBANK
Enters the portfolio at 0.45% weight.
+ BAY. LANDESBANK
Enters the portfolio at 0.45% weight.
+ BANK MONTREAL
Enters the portfolio at 0.36% weight.
+ VERALLIA
Enters the portfolio at 0.31% weight.
+ AYVENS
Enters the portfolio at 0.27% weight.
+ TRATON FINANCE LUX.
Enters the portfolio at 0.18% weight.
+ CA AUTO BANK
Enters the portfolio at 0.18% weight.
+ MITSUBISHI HC C. UK
Enters the portfolio at 0.18% weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 1.49% of weight.
− VW INT. FINANCE
Leaves the portfolio; it was 1.44% of weight.
− MORGAN STANLEY
Leaves the portfolio; it was 1.43% of weight.
− CEZ
Leaves the portfolio; it was 0.86% of weight.
− ATHORA HOLDING
Leaves the portfolio; it was 0.83% of weight.
− BP CAPITAL MARKETS
Leaves the portfolio; it was 0.80% of weight.
− CANADIAN I. BANK C.
Leaves the portfolio; it was 0.76% of weight.
− BANK OF NOVA SCOTIA
Leaves the portfolio; it was 0.76% of weight.
− ENEL
Leaves the portfolio; it was 0.71% of weight.
− SOCIETE GENERALE
Leaves the portfolio; it was 0.69% of weight.
− ACCIONA FILIALES
Leaves the portfolio; it was 0.67% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.62% of weight.
− SANTANDER HOLDIN USA
Leaves the portfolio; it was 0.58% of weight.
− VOESTALPINE
Leaves the portfolio; it was 0.53% of weight.
− GOTHAER
Leaves the portfolio; it was 0.48% of weight.
− ALPERIA
Leaves the portfolio; it was 0.45% of weight.
− BANKIA
Leaves the portfolio; it was 0.41% of weight.
− BANCO CRED. COOP.
Leaves the portfolio; it was 0.32% of weight.
− UNICREDIT
Leaves the portfolio; it was 0.28% of weight.
− ESTADO RUMANIA
Leaves the portfolio; it was 0.25% of weight.
◦ ESTADO: ITALIA
Leaves the portfolio; it was 6.56% of weight.
◦ JUST EAT TAKEAWAY
Leaves the portfolio; it was 0.72% of weight.
Disclaimer
This is not financial advice. The portfolio comes from the periodic report the fund files with the CNMV and lags the real close of the period: it is a snapshot of the end of each half-year, not a real-time portfolio.