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DUX UMBRELLA, FI

Category
Latest period
H2 2025
Positions
38

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.

38
Company Type Country Weight Price
BANKINTER ES0000012N35 · EUR Adquisicion Temporal Activos ES 22.81%
Acciones|ZEGONA COMMUNICATIONS PLC GB00BVGBY890 · GBP Renta Variable Cotizada GB 4.99% 1588.00 GBp
Acciones|SANTANDER ES0113900J37 · EUR Renta Variable Cotizada ES 3.52%
Acciones|BANKINTER ES0113679I37 · EUR Renta Variable Cotizada ES 2.96%
Acciones|CAIXABANK ES0140609019 · EUR Renta Variable Cotizada ES 2.74%
UNICAJA BANCO SA ES0880907003 · EUR Renta Fija Cotizada Mas 1 Anio ES 2.74%
Acciones|ACCIONA ES0125220311 · EUR Renta Variable Cotizada ES 2.54%
Acciones|CELLNEX TELECOM ES0105066007 · EUR Renta Variable Cotizada ES 2.44%
Acciones|REPSOL ES0173516115 · EUR Renta Variable Cotizada ES 2.40%
Acciones|ACS ES0167050915 · EUR Renta Variable Cotizada ES 2.32%
Acciones|INDRA ES0118594417 · EUR Renta Variable Cotizada ES 2.23%
Acciones|ACERINOX ES0132105018 · EUR Renta Variable Cotizada ES 2.08% 17.15 EUR
Acciones|RED ELECTRICA DE ESPAÑA ES0173093024 · EUR Renta Variable Cotizada ES 2.08%
Acciones|CONSTRUCC.Y AUXILIAR FERROCARR ES0121975009 · EUR Renta Variable Cotizada ES 2.01%
Acciones|IBERDROLA ES0144580Y14 · EUR Renta Variable Cotizada ES 2.01%
Acciones|DISTRIBUIDORA INTENACIONAL ES0126775008 · EUR Renta Variable Cotizada ES 2.01% 38.95 EUR
Acciones|ENAGAS ES0130960018 · EUR Renta Variable Cotizada ES 1.92%
Acciones|VISCOFAN ES0184262212 · EUR Renta Variable Cotizada ES 1.88%
Acciones|ENDESA ES0130670112 · EUR Renta Variable Cotizada ES 1.86%
Acciones|INDITEX ES0148396007 · EUR Renta Variable Cotizada ES 1.76%
Acciones|GRIFOLS ES0171996087 · EUR Renta Variable Cotizada ES 1.76% 9.91 EUR
Acciones|TECNICAS REUNIDAS ES0178165017 · EUR Renta Variable Cotizada ES 1.70% 27.36 EUR
Acciones|PUIG BRANDS SA-B ES0105777017 · EUR Renta Variable Cotizada ES 1.63%
Acciones|LABORATORIOS ROVI ES0157261019 · EUR Renta Variable Cotizada ES 1.51%
Acciones|SEMAPA SOCIEDADE DE INVESTIMEN PTPTI0AM0006 · EUR Renta Variable Cotizada PT 1.42%
Acciones|MIQUEL Y COSTAS ES0164180012 · EUR Renta Variable Cotizada ES 1.38% 13.25 EUR
Acciones|INMOBILIARIA COLONIAL ES0139140174 · EUR Renta Variable Cotizada ES 1.37% 5.47 EUR
Acciones|FAES ES0134950F36 · EUR Renta Variable Cotizada ES 1.34%
Acciones|FLUIDRA SA ES0137650018 · EUR Renta Variable Cotizada ES 1.27%
Acciones|CIE AUTOMOTIVE ES0105630315 · EUR Renta Variable Cotizada ES 1.22%
Acciones|VALLOUREC FR0013506730 · EUR Renta Variable Cotizada FR 1.20% 17.71 EUR
Acciones|INTER. CONSOLIDATED AIRLINES ES0177542018 · EUR Renta Variable Cotizada ES 1.17%
Acciones|ELECTRICIDADE DE PORTUGAL PTEDP0AM0009 · EUR Renta Variable Cotizada PT 1.07%
Acciones|ARCELORMITTAL LU1598757687 · EUR Renta Variable Cotizada LU 1.07% 62.58 EUR
Acciones|ELECNOR ES0129743318 · EUR Renta Variable Cotizada ES 1.00%
Acciones|LOGISTA ES0105027009 · EUR Renta Variable Cotizada ES 0.89%
Acciones|AMADEUS GLOBAL TRAVEL DIST-A ES0109067019 · EUR Renta Variable Cotizada ES 0.87%
Acciones|MERLIN PROPERTIES SOCIMI SA ES0105025003 · EUR Renta Variable Cotizada ES 0.85% 14.10 EUR

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 2 Exits: 3 Increases: 10 Cuts: 18
+ BANKINTER

Enters the portfolio at 22.81% weight.

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+ Acciones|ZEGONA COMMUNICATIONS PLC

Enters the portfolio at 4.99% weight.

Zegona Communications plc engages in the provision of integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services. It serves business-to-consumer and business-to-business markets. The company was incorporated in 2015 and is based in London, the United Kingdom. Zegona Communications plc operates as a subsidiary of Ejlshm Funding Limited.

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− BANKINTER

Leaves the portfolio; it was 19.72% of weight.

− Acciones|GRUPO CATALANA OCCIDENTE

Leaves the portfolio; it was 2.25% of weight.

− Acciones|HBX GROUP INTERNATIONAL PLC

Leaves the portfolio; it was 1.44% of weight.

▲ Acciones|INDRA

Goes from 0.28% to 2.23%.

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▲ Acciones|SANTANDER

Goes from 2.73% to 3.52%.

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▲ Acciones|CAIXABANK

Goes from 2.15% to 2.74%.

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▲ Acciones|ACS

Goes from 1.80% to 2.32%.

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▲ Acciones|BANKINTER

Goes from 2.58% to 2.96%.

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▲ Acciones|PUIG BRANDS SA-B

Goes from 1.28% to 1.63%.

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▲ Acciones|ARCELORMITTAL

Goes from 0.82% to 1.07%.

ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.

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▲ Acciones|INDITEX

Goes from 1.54% to 1.76%.

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▲ Acciones|ACCIONA

Goes from 2.33% to 2.54%.

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▲ Acciones|TECNICAS REUNIDAS

Goes from 1.49% to 1.70%.

Técnicas Reunidas, S.A., an engineering and construction company, designs and manages industrial plant projects worldwide. It operates through Upstream & Refining, Natural gas, Petrochemical, Low-carbon technologies, and Other segments. The Refining segment offers management, engineering, procurement, construction and commissioning services for facilities along the entire value chain to produce fuels. The Natural gas segment provides direction, management, engineering, procurement, construction and commissioning services for facilities throughout the supply chain, from natural gas production to regasification terminals; and treatment and processing plants, compressor and liquefaction stations, storage tanks, and final regasification facilities. The Petrochemical segment provides direction, management, engineering, procurement, construction and startup services for facilities dedicated to the production of basic chemical materials used in water distribution, pharmaceuticals, health, food, energy efficiency in buildings and transport systems, and others. The Low-carbon technologies segment offers hydrogen, carbon capture and storage, circular economy and bioproducts; produces biomethane and converts biomass and waste into fuels, biodiesel, biokerosene, chemicals, and power and steam generation. The Other segment offers water treatment, port infrastructures, and oil production. In addition, the company is involved in real estate-related activities, consultancy and assistance in international engineering projects, project execution, and machinery wholesale business. Técnicas Reunidas, S.A. was formerly known as Lummus Española, S.A. and changed its name to Técnicas Reunidas, S.A. in 1972. The company was incorporated in 1960 and is headquartered in Madrid, Spain.

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▼ Acciones|AMADEUS GLOBAL TRAVEL DIST-A

Goes from 1.98% to 0.87%.

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▼ Acciones|REPSOL

Goes from 3.24% to 2.40%.

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▼ Acciones|GRIFOLS

Goes from 2.38% to 1.76%.

Grifols, S.A., together with its subsidiaries, engages in the research, development, production, and marketing of plasma-derived medicines in the United States, Canada, Spain, Europe, and internationally. It operates through four segments: Biopharma, Diagnostic, Bio Supplies, and Others. The company offers various hemoderivatives from human plasma for immunology, infectious diseases, hepatology, intensive care, pulmonology, hematology, and neurology treatment areas; and markets diagnostic testing equipment, reagents, and other equipment, as well as provides transfusion medicine, clinical diagnostics, and testing services. It also offers biological products, including albumin, albumin-derived products, immunoglobulins, thrombin, other proteins, and intermediate plasma products to pharma and biotech companies for biopharma use; and whole blood, blood components, processed plasma, and clinical samples to life-science research and in-vitro diagnostic companies for diagnostic use. In addition, the company provides healthcare solutions for hospitals, such as intravenous solutions to maintain or restore fluids and electrolyte balance in patients; high-tech solutions to automate hospital processes; clinical nutrition to deliver nutrition and medication; and medical devices comprising instrumentation and disposable materials for various hospital services, which include interventional neuroradiology, hemodynamics, urology, anesthesiology and cardiovascular surgery, as well as manufacturing services to third parties and research activities. Further, it is involved in engineering services; packaging, labelling, storage, distribution, manufacturing, and development of pharmaceutical products; import, export, and commercialization activities; travel agency services; reinsurance of insurance policies; support services; law business; and consultation, administration, and financing services. The company was founded in 1909 and is headquartered in Barcelona, Spain.

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▼ Acciones|ELECTRICIDADE DE PORTUGAL

Goes from 1.61% to 1.07%.

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▼ Acciones|MIQUEL Y COSTAS

Goes from 1.86% to 1.38%.

Miquel y Costas & Miquel, S.A., together with its subsidiaries, engages in the manufacture and sale of thin and special lightweight paper for the tobacco industry in Spain, the European Union, OECD countries, and internationally. The company offers cigarette tissue, tipping paper, plug wrap paper, rolling paper booklets, textile pups; specialty paper, decorative laminates, pasting paper, paper for tea bags and coffee capsules, greaseproof paper, paper certified, straw paper, paper for cases and packages, filter paper, security paper, and papers for perfumes and hairdressing; and porous pulps products. It also provides printing paper comprising stationery papers, pharma paper, and paper for religious books. Miquel y Costas & Miquel, S.A. was founded in 1752 and is based in Barcelona, Spain.

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▼ Acciones|ELECNOR

Goes from 1.48% to 1.00%.

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▼ Acciones|VISCOFAN

Goes from 2.30% to 1.88%.

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▼ Acciones|ENAGAS

Goes from 2.33% to 1.92%.

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▼ Acciones|IBERDROLA

Goes from 2.40% to 2.01%.

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▼ Acciones|ACERINOX

Goes from 2.46% to 2.08%.

Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.

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▼ Acciones|INTER. CONSOLIDATED AIRLINES

Goes from 1.52% to 1.17%.

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▼ Acciones|FLUIDRA SA

Goes from 1.61% to 1.27%.

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▼ Acciones|MERLIN PROPERTIES SOCIMI SA

Goes from 1.19% to 0.85%.

MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.

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▼ Acciones|INMOBILIARIA COLONIAL

Goes from 1.68% to 1.37%.

Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.

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▼ Acciones|CIE AUTOMOTIVE

Goes from 1.52% to 1.22%.

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▼ UNICAJA BANCO SA

Goes from 3.00% to 2.74%.

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▼ Acciones|SEMAPA SOCIEDADE DE INVESTIMEN

Goes from 1.68% to 1.42%.

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▼ Acciones|RED ELECTRICA DE ESPAÑA

Goes from 2.29% to 2.08%.

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Fixed income

Declared FI exposure
1.9 M €
% of portfolio
25.5%
Positions
2
Issuers
1
Sovereign: 0 € Corporate: 200,028 € Repos / treasury management: 1.7 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.

1-2 years · 100.0%
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 1 200,028 € 100.0%
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%

Top issuers

The 10 issuers with the largest declared exposure in this fund, repos excluded.

Issuer Type ISINs Exposure Next maturity
UNICAJA BANCO SA Bank 1 200,028 € 2027-05-18

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
ES0880907003 UNICAJA BANCO SA 1.22% 2027-05-18 200,028 €

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: 0 Exits at maturity: 0 Exits not explained by maturity: 0

No fixed-income moves to show for this period.

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.