Manager
RENTA 4 GESTORA, S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
FONDEMAR DE INVERSIONES, FI
Category
—
Latest period
H2 2025
Positions
67
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.
67
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 41
Exits: 14
Increases: 7
Cuts: 9
+ ACCIONES|BERKSHIRE HATHAWAY INC
Enters the portfolio at 1.76% weight.
Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses. The company provides property, casualty, life, accident, and health insurance and reinsurance; operates railroad systems in North America; generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. It manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; prefabricated and site-built residential homes, flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. In addition, the company provides recreational vehicles, apparel, footwear, toys, jewelry, custom picture framing products, alkaline batteries, logistics services, and professional aviation training and shared aircraft ownership programs; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Further, it distributes televisions and information, and grocery and non-food consumer products; franchises and services quick service restaurants; and distributes electronic components. Additionally, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and floor coverings; watches, home decor and repair services; sells kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.
View company page →+ ACCIONES|Shell PLC
Enters the portfolio at 0.69% weight.
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 →+ ACCIONES|Global Dominion Access SA
Enters the portfolio at 0.55% weight.
Global Dominion Access, S.A. engages in the provision of integral services for business process efficiency and sustainability worldwide. The company provides operation and maintenance services; environment services for industrial cleaning and waste management; installation and maintenance of refractory linings; design, construction, and maintenance of tall structures, including towers, silos, domes, chimneys, stacks, and others; designing, building, and maintaining industrial structures, such as gas systems, tanks and vessels, industrial furnaces, and electrical systems; and management of logistics and warehouses. It also provides solutions for flexible production and automation; telecommunication networks; technological projects and communication systems; renewable energy generation; wind services; and self-consumption and new energy systems. In addition, the company is involved in the implementation and integral management of the life cycle of transmission lines, substations, and distribution, as well as different projects. Global Dominion Access, S.A. was incorporated in 1999 and is headquartered in Bilbao, Spain.
View company page →− ACCIONES|Enagas SA
Leaves the portfolio; it was 3.68% of weight.
− ACCIONES|Melia Hotels International SA
Leaves the portfolio; it was 2.92% of weight.
Meliá Hotels International, S.A. owns, operates, manages, leases, and franchises hotels in Spain, Latin America, the rest of Europe, and Asia. It operates through Hotel Management, Hotel Business, Other Business Linked to Hotel Management, and Real Estate segments. The company operates hotels under the Gran Meliá Hotels & Resorts, the Meliá Collection, ME by Meliá, Paradisus by Meliá, Meliá Hotels & Resorts, INNSIDE by Meliá, ZEL, Sol by Meliá, Affiliated by Meliá brands, as well as Circle by Meliá and Club Meliá brands. It also engages in the operation of vacation club; casino or tour operation activities; and real estate business. In addition, the company offers Meliá Rewards; and Meliá PRO, a platform for professionals. The company was formerly known as Sol Meliá, S.A. and changed its name to Meliá Hotels International, S.A. in June 2011. The company was founded in 1956 and is headquartered in Palma de Mallorca, Spain.
View company page →− URBASER SA
Leaves the portfolio; it was 1.98% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.97% of weight.
− OPDENERGY
Leaves the portfolio; it was 1.97% of weight.
− ACCIONES|Indra Sistemas SA
Leaves the portfolio; it was 1.88% of weight.
− ACCIONES|INTL CONSOLIDATED AIRLIN
Leaves the portfolio; it was 1.43% of weight.
− ACCIONES|BAE Systems PLC
Leaves the portfolio; it was 1.40% of weight.
− ACCIONES|Tubacex SA
Leaves the portfolio; it was 1.36% of weight.
Tubacex, S.A., together with its subsidiaries, engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally. The company provides seamless stainless steel tubes, including CRA OCTG tubing and casing; aerospace, space exploration, and defense tubing; hydraulic and instrumentation tubing; heat exchanger tubing; subsea umbilicals; and medium and high pressure tubes, as well as machined components, including downhole mills, impellers, spiral mills, reamer, shoes, stabilizers, sensors, spools, bladed noses, float subs, and cross-overs. It also offers round bars, billets, and ingots; fittings, and special and machined components, such as butt-welding fittings, tube bends, elbows, tees, reducers and caps; Tubacoat, a ceramic coating for long steel and high-nickel alloy products; non-magnetic steel components; and instrumentation tubes, hydraulic tubes, exchanger tubes, isometric tubes, and piping. In addition, the company provides design and simulation, and logistic services; and added-value services comprising shotpeening, connection threading, bending, cutting, machining and bevelling, welding, overlay, preassemblies, marking, finning, studding, polishing, grooving, lab testing, packaging, and storage services. Further, it offers tube marketing, real estate, pipe rental, consulting and advisory, and research and development services. The company serves chemical and petrochemical, low carbon, power generation, electronics equipment, new technologies, oil and gas exploration and production, fertilizer, aerospace, hydrocarbon processing, and other industries. Tubacex, S.A. was incorporated in 1963 and is headquartered in Llodio, Spain.
View company page →− ACCIONES|Endesa SA
Leaves the portfolio; it was 1.01% of weight.
− BARCELO CORPORATION EMPRESA
Leaves the portfolio; it was 0.99% of weight.
− ACCIONES|ACERINOX SA
Leaves the portfolio; it was 0.98% of weight.
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.
− ACCIONES|RED ELECTRICA CORP
Leaves the portfolio; it was 0.52% of weight.
▲ ACCIONES|MICROSOFT CORP
Goes from 0.76% to 1.51%.
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 →▼ ACCIONES|MERLIN PROPERTIES SOCIMI
Goes from 1.98% to 1.02%.
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.
View company page →▼ ACCIONES|SACYR SA
Goes from 1.22% to 0.81%.
Sacyr, S.A. engages in the development and operation of infrastructure concessions worldwide. It is involved in the infrastructure development, such as transportation, sanitation, water, and waste treatment; development of large-scale civil engineering, industrial transport infrastructure, and building projects; water treatment, purification, desalination, purification, and reuse, as well as operation and maintenance of facilities. The company was formerly known as Sacyr Vallehermoso S.A. and changed its name to Sacyr, S.A. in August 2013. Sacyr, S.A. is based in Madrid, Spain.
View company page →Fixed income
Declared FI exposure
6.4 M €
% of portfolio
52.3%
Positions
33
Issuers
29
Sovereign: 213,001 €
Corporate: 6.1 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 · 7.7%3-6 months · 4.6%6-12 months · 3.3%1-2 years · 6.5%2-5 years · 57.0%5-10 years · 20.9%
Maturity
Positions
Exposure
%
Matured or ≤3 months
4
489,040 €
7.7%
3-6 months
3
292,824 €
4.6%
6-12 months
1
207,490 €
3.3%
1-2 years
2
413,962 €
6.5%
2-5 years
17
3.6 M €
57.0%
5-10 years
6
1.3 M €
20.9%
> 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
ARCELORMITTAL
Corporate
2
408,563 €
2026-08-26
Servicios medio ambiente
Corporate
2
406,898 €
2029-07-30
BANCO SANTANDER SA
Bank
2
380,912 €
2028-02-08
ABANCA CORP BANCARIA
Corporate
1
329,251 €
2029-04-02
FORD MOTOR CREDIT CO
Corporate
1
317,154 €
2027-08-03
SACYR SA
Corporate
1
309,310 €
2030-02-28
RCI BANQUE S.A
Corporate
1
303,820 €
2030-06-30
UNICAJA BANCO SA
Bank
1
301,937 €
2030-06-30
CEPSA FINANCE SA
Corporate
2
301,097 €
2026-01-21
CARREFOUR
Corporate
1
293,900 €
2029-07-30
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
ES0265936056 ABANCA CORP BANCARIA
5.88%
2029-04-02
329,251 €
XS2586123965 FORD MOTOR CREDIT CO
4.87%
2027-08-03
317,154 €
XS3071337847 SACYR SA
4.75%
2030-02-28
309,310 €
FR001400SSO4 RCI BANQUE S.A
3.88%
2030-06-30
303,820 €
ES0280907058 UNICAJA BANCO SA
3.50%
2030-06-30
301,937 €
XS2905583014 Servicios medio ambiente
3.72%
2031-07-08
299,377 €
FR0014009E07 CARREFOUR
2.38%
2029-07-30
293,900 €
XS2698998593 Acciona Energia Financia
5.13%
2031-01-23
214,845 €
XS2689949399 ROMANIA
5.50%
2028-09-18
213,001 €
XS2848960683 EL CORTE INGLES
4.25%
2031-03-26
209,387 €
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: 23
Exits at maturity: 4
Exits not explained by maturity: 0
+ ABANCA CORP BANCARIA SA
Enters the portfolio at 2.71% weight.
+ RCI BANQUE SA
Enters the portfolio at 2.50% weight.
+ UNICAJA BANCO SA
Enters the portfolio at 2.49% weight.
+ SERVICIOS MEDIO AMBIENTE
Enters the portfolio at 2.46% weight.
+ CARREFOUR SA
Enters the portfolio at 2.42% weight.
+ ACCIONA ENERGIA FINANCIA
Enters the portfolio at 1.77% weight.
+ ROMANIA
Enters the portfolio at 1.75% weight.
+ EL CORTE INGLES SA
Enters the portfolio at 1.72% weight.
+ CEPSA FINANCE SA
Enters the portfolio at 1.68% weight.
+ CAIXABANK SA
Enters the portfolio at 1.66% weight.
+ ARCELORMITTAL SA
Enters the portfolio at 1.66% weight.
+ IAG LN
Enters the portfolio at 1.65% weight.
+ GENERAL DE ALQUI
Enters the portfolio at 1.64% weight.
+ WIZZ AIR FINANCE COMPANY
Enters the portfolio at 1.62% weight.
+ INMOBILIARIA COLONIAL SO
Enters the portfolio at 1.62% weight.
+ MAPFRE SA
Enters the portfolio at 1.61% weight.
+ CIMIC FINANCE LTD
Enters the portfolio at 1.53% weight.
+ BANCO SANTANDER SA
Enters the portfolio at 1.53% weight.
+ SERVICIOS MEDIO AMBIENTE
Enters the portfolio at 0.89% weight.
+ VOLKSWAGEN INTL FIN NV
Enters the portfolio at 0.85% weight.
+ Euskaltel SA
Enters the portfolio at 0.81% weight.
+ Vocento SA
Enters the portfolio at 0.81% weight.
+ PROSUS NV
Enters the portfolio at 0.76% weight.
◦ URBASER SA
Leaves the portfolio; it was 1.98% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.97% of weight.
◦ OPDENERGY
Leaves the portfolio; it was 1.97% of weight.
◦ BARCELO CORPORATION EMPRESA
Leaves the portfolio; it was 0.99% 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.