Manager
RENTA 4 GESTORA, S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
FONDCOYUNTURA, FI
Category
—
Latest period
H2 2025
Positions
151
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.
151
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 52
Exits: 28
Increases: 8
Cuts: 13
+ ACCIONES|Burford Capital Ltd
Enters the portfolio at 0.24% weight.
Burford Capital Limited provides legal finance products and services worldwide. The company operates in two segments, Principal Finance, and Asset Management and Other Services. The Principal Finance segment provides capital against the underlying value of high-value single or multiple litigation and arbitration matters at any stage of the process from before filing to after a final judgment has been entered; and to a law firm that has agreed to take a case on a contingent fee or alternative fee basis, as well as directly to the client. This segment also offers legal risk management and adverse legal cost insurance services. The Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, as well as provides other services to the legal industry. The company was incorporated in 2009 and is based in Saint Peter Port, Guernsey.
View company page →− BANCO DE SABADELL SA
Leaves the portfolio; it was 1.60% of weight.
− STANDARD CHARTERED PLC
Leaves the portfolio; it was 1.41% of weight.
− ABANCA CORP BANCARIA SA
Leaves the portfolio; it was 1.39% of weight.
− ORANGE SA
Leaves the portfolio; it was 1.38% of weight.
− HYUNDAI CAPITAL AMERICA
Leaves the portfolio; it was 1.18% of weight.
− ACCIONES|Proeduca Altus SL
Leaves the portfolio; it was 0.72% of weight.
− Elecnor SA
Leaves the portfolio; it was 0.69% of weight.
− GREENVOLT ENERGIAS
Leaves the portfolio; it was 0.69% of weight.
− TRADEBE
Leaves the portfolio; it was 0.69% of weight.
− GRUPO AZVI
Leaves the portfolio; it was 0.68% of weight.
− BANCO DE CREDITO SOCIAL
Leaves the portfolio; it was 0.68% of weight.
− OESIA NETWORKS
Leaves the portfolio; it was 0.68% of weight.
− RECORD GO
Leaves the portfolio; it was 0.68% of weight.
− ECOENER OPV
Leaves the portfolio; it was 0.67% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.67% of weight.
− LA SIRENA CONGELADOS
Leaves the portfolio; it was 0.67% of weight.
− HT SUMINISTROS
Leaves the portfolio; it was 0.67% of weight.
− GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.66% of weight.
− Inmobiliaria del Sur SA
Leaves the portfolio; it was 0.66% of weight.
− ACCIONES|GRENKE AG
Leaves the portfolio; it was 0.66% of weight.
− WALGREENS BOOTS ALLIANCE
Leaves the portfolio; it was 0.63% of weight.
− ACCIONES|Affirm Holdings Inc
Leaves the portfolio; it was 0.61% of weight.
− CELLNEX FINANCE CO SA
Leaves the portfolio; it was 0.58% of weight.
− ACCIONES|Nebius Group NV
Leaves the portfolio; it was 0.49% of weight.
− ACCIONES|PORSCHE AUTO HOLDING SE
Leaves the portfolio; it was 0.39% of weight.
Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. It operates in two segments, Core Investments and Portfolio Investments. The company is involved in investments in the areas of mobility and industrial technology. It offers its products under the Volkswagen, Audi, SEAT, KODA, Cupra Bentley, Lamborghini, Ducati, and Porsche brand names. The company was formerly known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft and changed its name to Porsche Automobil Holding SE in November 2007. Porsche Automobil Holding SE was incorporated in 2007 and is headquartered in Stuttgart, Germany.
View company page →− ACCIONES|Beijer Ref AB
Leaves the portfolio; it was 0.37% of weight.
− ACCIONES|Ercros SA
Leaves the portfolio; it was 0.33% of weight.
− ACCIONES|SANOFI SA
Leaves the portfolio; it was 0.23% of weight.
▲ ACCIONES|Newmont Corp
Goes from 0.62% to 0.89%.
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.
View company page →▼ ACCIONES|MICROSOFT CORP
Goes from 1.15% to 0.94%.
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. The Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
View company page →Fixed income
Declared FI exposure
7.8 M €
% of portfolio
45.7%
Positions
75
Issuers
61
Sovereign: 614,637 €
Corporate: 7.2 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 · 16.9%3-6 months · 7.4%6-12 months · 16.5%1-2 years · 6.3%2-5 years · 27.7%5-10 years · 21.1%> 10 years · 4.1%
Maturity
Positions
Exposure
%
Matured or ≤3 months
17
1.3 M €
16.9%
3-6 months
6
578,146 €
7.4%
6-12 months
11
1.3 M €
16.5%
1-2 years
5
495,196 €
6.3%
2-5 years
16
2.2 M €
27.7%
5-10 years
17
1.7 M €
21.1%
> 10 years
3
322,862 €
4.1%
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
OK MOBILITY
Corporate
3
384,537 €
2026-01-15
REPUBLIC OF KAZAKHSTAN
Sovereign
1
338,859 €
2030-10-28
MOTA-ENGIL SGPS
Corporate
2
306,967 €
2026-02-10
BANCO SANTANDER SA
Bank
2
288,083 €
2029-03-21
1501512D US
Sovereign
2
236,562 €
2034-01-15
TAP SA
Corporate
1
208,297 €
2029-05-15
GREENING GROUP GLOBAL
Corporate
1
200,645 €
2026-02-24
ManpowerGroup
Corporate
1
198,860 €
2030-10-13
MERLIN PROPERTIES SOCIMI, S.A
Corporate
1
195,983 €
2033-06-04
ACCIONA
Corporate
2
194,880 €
2026-09-23
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
XS3212533262 REPUBLIC OF KAZAKHSTAN
4.41%
2030-10-28
338,859 €
PTMEN1OM0008 MOTA-ENGIL SGPS
7.25%
2028-06-12
209,989 €
PTTAPFOM0003 TAP SA
5.13%
2029-05-15
208,297 €
ES0205709001 GREENING GROUP GLOBAL
7.50%
2026-02-24
200,645 €
XS3247024824 ManpowerGroup
3.75%
2030-10-13
198,860 €
XS3168718529 MERLIN PROPERTIES SOCIMI, S.A
3.50%
2033-06-04
195,983 €
ES0576156394 SA DE OBRAS SERVICIOS
3.89%
2026-10-09
192,727 €
ES0565386515 SOLARIA ENERGIA Y MEDIO
3.81%
2026-10-23
192,590 €
XS2388378981 BANCO SANTANDER SA
3.63%
2029-03-21
180,832 €
XS3227335422 PKO BANK POLSKI SA
3.63%
2031-11-20
149,138 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
6.8 M €
87.0%
USD
834,458 €
10.6%
TRY
91,805 €
1.2%
INR
72,921 €
0.9%
GBP
23,296 €
0.3%
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: 33
Exits at maturity: 12
Exits not explained by maturity: 8
+ REPUBLIC OF KAZAKHSTAN
Enters the portfolio at 1.97% weight.
+ TAP SA
Enters the portfolio at 1.21% weight.
+ MANPOWERGROUP
Enters the portfolio at 1.16% weight.
+ MERLIN PROPERTIES SOCIMI
Enters the portfolio at 1.14% weight.
+ SA DE OBRAS SERVICIOS
Enters the portfolio at 1.12% weight.
+ SOLARIA ENERGIA Y MEDIO
Enters the portfolio at 1.12% weight.
+ PKO BANK POLSKI SA
Enters the portfolio at 0.87% weight.
+ MAXAM PRILL SARL
Enters the portfolio at 0.59% weight.
+ AXA SA
Enters the portfolio at 0.58% weight.
+ VISALIA ENERGIA SL
Enters the portfolio at 0.58% weight.
+ GREENALIA SA
Enters the portfolio at 0.58% weight.
+ ELECTRICITE DE FRANCE SA
Enters the portfolio at 0.58% weight.
+ GENERAL DE ALQUI
Enters the portfolio at 0.58% weight.
+ ERSTE GROUP BANK AG
Enters the portfolio at 0.58% weight.
+ SCHNEIDER ELECTRIC SE
Enters the portfolio at 0.58% weight.
+ PRAEMIA HEALTHCARE SACA
Enters the portfolio at 0.58% weight.
+ OPDENERGY
Enters the portfolio at 0.57% weight.
+ ACCIONA S.A.
Enters the portfolio at 0.57% weight.
+ ACCIONA S.A.
Enters the portfolio at 0.57% weight.
+ VIRIDIUM GROUP SARL
Enters the portfolio at 0.57% weight.
+ MOTA ENGIL SGPS SA
Enters the portfolio at 0.57% weight.
+ OESIA NETWORKS
Enters the portfolio at 0.56% weight.
+ MAS Movil Telecom 30 SA
Enters the portfolio at 0.56% weight.
+ Ok Mobility
Enters the portfolio at 0.56% weight.
+ RECORD GO
Enters the portfolio at 0.56% weight.
+ Grupo Ecoener SA
Enters the portfolio at 0.56% weight.
+ COX Abg Group SA
Enters the portfolio at 0.56% weight.
+ SACYR SA
Enters the portfolio at 0.56% weight.
+ TRADEBE
Enters the portfolio at 0.55% weight.
+ MOBICO GROUP PLC
Enters the portfolio at 0.46% weight.
+ MOBICO GROUP PLC
Enters the portfolio at 0.14% weight.
+ GREEN BIDCO SAU
Enters the portfolio at 0.10% weight.
+ NEW FORTRESS ENERGY INC
Enters the portfolio at 0.01% weight.
− BANCO DE SABADELL SA
Leaves the portfolio; it was 1.60% of weight.
− STANDARD CHARTERED PLC
Leaves the portfolio; it was 1.41% of weight.
− ABANCA CORP BANCARIA SA
Leaves the portfolio; it was 1.39% of weight.
− ORANGE SA
Leaves the portfolio; it was 1.38% of weight.
− HYUNDAI CAPITAL AMERICA
Leaves the portfolio; it was 1.18% of weight.
− BANCO DE CREDITO SOCIAL
Leaves the portfolio; it was 0.68% of weight.
− WALGREENS BOOTS ALLIANCE
Leaves the portfolio; it was 0.63% of weight.
− CELLNEX FINANCE CO SA
Leaves the portfolio; it was 0.58% of weight.
◦ Elecnor SA
Leaves the portfolio; it was 0.69% of weight.
◦ GREENVOLT ENERGIAS
Leaves the portfolio; it was 0.69% of weight.
◦ TRADEBE
Leaves the portfolio; it was 0.69% of weight.
◦ GRUPO AZVI
Leaves the portfolio; it was 0.68% of weight.
◦ OESIA NETWORKS
Leaves the portfolio; it was 0.68% of weight.
◦ RECORD GO
Leaves the portfolio; it was 0.68% of weight.
◦ ECOENER OPV
Leaves the portfolio; it was 0.67% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.67% of weight.
◦ LA SIRENA CONGELADOS
Leaves the portfolio; it was 0.67% of weight.
◦ HT SUMINISTROS
Leaves the portfolio; it was 0.67% of weight.
◦ GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.66% of weight.
◦ Inmobiliaria del Sur SA
Leaves the portfolio; it was 0.66% 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.