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DUNAS VALOR AUDAZ, FI

Category
Latest period
H2 2025
Positions
45

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.

45
Company Type Country Weight Price
ESTADO: ITALIA IT0005607269 · EUR Deuda Publica Cotizada Memos 1 Anio IT 8.14%
ACCIONES|E.ON DE000ENAG999 · EUR Renta Variable Cotizada DE 3.47%
ACCIONES|ANHEUSER-BUSCH INBEV BE0974293251 · EUR Renta Variable Cotizada BE 2.77%
ACCIONES|SAP DE0007164600 · EUR Renta Variable Cotizada DE 2.61%
ACCIONES|ORANGE FR0000133308 · EUR Renta Variable Cotizada FR 2.54%
ACCIONES|VINCI FR0000125486 · EUR Renta Variable Cotizada FR 2.49%
ROYAL BANK OF CANADA XS2853494602 · EUR Renta Fija Cotizada Menos 1 Anio XS 2.43%
TECNICAS REUNIDAS ES0378165023 · EUR Renta Fija Cotizada Mas 1 Anio ES 2.43%
ACCIONES|CAF ES0121975009 · EUR Renta Variable Cotizada ES 2.43%
ESTADO RUMANIA XS2770921315 · EUR Deuda Publica Cotizada Mas 1 Anio XS 2.40%
ACCIONES|NN GROUP NL0010773842 · EUR Renta Variable Cotizada NL 2.40%
ACCIONES|CAPGEMINI FR0000125338 · EUR Renta Variable Cotizada FR 2.33%
ACCIONES|REDEIA ES0173093024 · EUR Renta Variable Cotizada ES 2.30%
ACCIONES|AYVENS FR0013258662 · EUR Renta Variable Cotizada FR 2.21% 11.43 EUR
ACCIONES|IBERDROLA ES0144580Y14 · EUR Renta Variable Cotizada ES 2.18%
ACCIONES|DIAGEO GB0002374006 · GBP Renta Variable Cotizada GB 1.84%
ACCIONES|LOGISTA ES0105027009 · EUR Renta Variable Cotizada ES 1.79%
ACCIONES|TOTALENERGIES FR0000120271 · EUR Renta Variable Cotizada FR 1.71%
ACCIONES|BLACKSTONE SECURED US09261X1028 · USD Renta Variable Cotizada US 1.69%
ACCIONES|ARES CAPITAL CORP US04010L1035 · USD Renta Variable Cotizada US 1.68%
ACCIONES|SHELL GB00BP6MXD84 · EUR Renta Variable Cotizada GB 1.65% 3409.50 GBp
COOP. RABOBANK XS2860946867 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.62%
ACCIONES|SOPRA STERIA GROUP FR0000050809 · EUR Renta Variable Cotizada FR 1.60% 183.90 EUR
CMA CGM SA XS3193815977 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.57%
ACCIONES|DEUTSCHE POST DE0005552004 · EUR Renta Variable Cotizada DE 1.56%
ACCIONES|THALES FR0000121329 · EUR Renta Variable Cotizada FR 1.52%
ACCIONES|MICHELIN FR001400AJ45 · EUR Renta Variable Cotizada FR 1.49%
ONTIME TRANSPORTE ES0505604555 · EUR Renta Fija No Cotizada ES 1.46%
ACCIONES|BUREAU VERITAS FR0006174348 · EUR Renta Variable Cotizada FR 1.43%
VOLKSWAGEN XS3249926695 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.30%
CELLNEX TELECOM XS2021212332 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.18%
BANQUE AFRICAINE D. XS2288824969 · EUR Deuda Publica Cotizada Mas 1 Anio XS 1.10%
ACCIONES|RENAULT FR0000131906 · EUR Renta Variable Cotizada FR 1.02% 28.63 EUR
FERTIBERIA CORPORATE NO0013219477 · EUR Renta Fija Cotizada Menos 1 Anio NO 0.98%
ERAMET FR001400QC85 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.96%
ACCIONES|DEUTSCHE BOERSE DE0005810055 · EUR Renta Variable Cotizada DE 0.95% 282.90 EUR
ARLES I NO0013684662 · EUR Renta Fija Cotizada Menos 1 Anio NO 0.83%
ERAMET FR001400HZE3 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.82%
SGL CARBON DE000A30VKB5 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.81%
TDAC CAM 8 ES0377966025 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.74%
BAYER XS2684846806 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.71%
ACCIONES|BASF DE000BASF111 · EUR Renta Variable Cotizada DE 0.71%
ACCIONES|ARKEMA FR0010313833 · EUR Renta Variable Cotizada FR 0.65% 59.20 EUR
SGL CARBON DE000A351SD3 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.63%
ACCIONES|EVONIK INDUSTRIES DE000EVNK013 · EUR Renta Variable Cotizada DE 0.60% 18.38 EUR

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 19 Exits: 3 Increases: 3 Cuts: 14
+ ESTADO: ITALIA

Enters the portfolio at 8.14% weight.

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+ ROYAL BANK OF CANADA

Enters the portfolio at 2.43% weight.

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+ TECNICAS REUNIDAS

Enters the portfolio at 2.43% weight.

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+ ESTADO RUMANIA

Enters the portfolio at 2.40% weight.

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+ COOP. RABOBANK

Enters the portfolio at 1.62% weight.

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+ CMA CGM SA

Enters the portfolio at 1.57% weight.

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+ ONTIME TRANSPORTE

Enters the portfolio at 1.46% weight.

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+ VOLKSWAGEN

Enters the portfolio at 1.30% weight.

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+ CELLNEX TELECOM

Enters the portfolio at 1.18% weight.

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+ BANQUE AFRICAINE D.

Enters the portfolio at 1.10% weight.

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+ FERTIBERIA CORPORATE

Enters the portfolio at 0.98% weight.

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+ ERAMET

Enters the portfolio at 0.96% weight.

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+ ACCIONES|DEUTSCHE BOERSE

Enters the portfolio at 0.95% 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.

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+ ARLES I

Enters the portfolio at 0.83% weight.

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+ ERAMET

Enters the portfolio at 0.82% weight.

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+ SGL CARBON

Enters the portfolio at 0.81% weight.

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+ TDAC CAM 8

Enters the portfolio at 0.74% weight.

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+ BAYER

Enters the portfolio at 0.71% weight.

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+ SGL CARBON

Enters the portfolio at 0.63% weight.

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− ESTADO ESPAÑOL

Leaves the portfolio; it was 5.13% of weight.

− ACCIONES|BANCO SANTANDER

Leaves the portfolio; it was 2.81% of weight.

− ACCIONES|DAIMLER BENZ

Leaves the portfolio; it was 2.48% 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.

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▲ ACCIONES|IBERDROLA

Goes from 1.74% to 2.18%.

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▲ ACCIONES|ANHEUSER-BUSCH INBEV

Goes from 2.38% to 2.77%.

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▲ ACCIONES|AYVENS

Goes from 1.95% to 2.21%.

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.

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▼ ACCIONES|THALES

Goes from 3.63% to 1.52%.

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▼ ACCIONES|VINCI

Goes from 3.33% to 2.49%.

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▼ ACCIONES|E.ON

Goes from 4.25% to 3.47%.

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▼ ACCIONES|ORANGE

Goes from 3.31% to 2.54%.

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▼ ACCIONES|REDEIA

Goes from 3.04% to 2.30%.

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▼ ACCIONES|SOPRA STERIA GROUP

Goes from 2.31% to 1.60%.

Sopra Steria Group SA provides consulting, digital, and software development services in France and internationally. The company offers digital transformation consulting services; artificial intelligence; technology services in the field of artificial intelligence, blockchain, cloud, data, internet of things, digital interactions, emerging technologies, 5G design center, industrial metaverse, and intelligent process automation; systems integration comprising smart application modernization and product lifecycle management; infrastructure management services, including consulting, cloud, end-user support, digital workplace, and legacy services; and cybersecurity services. It also provides software solution, such as HR solutions and innovations, and property management solutions; and information warfare solutions. In addition, the company offers business process services, such as creation or on-boarding, and operation of multi-function shared services; and operation of finance and administration, and human resource functions, as well as operation of specialized industry-specific business processes comprising operating and executing services in police control rooms, managing compliance in financial services, and managing customer services for large utilities. It serves aerospace, defense and security, energy and utilities, financial services, insurance and social, government, retail, telecommunication, media and entertainment, space, and transport industries. The company was formerly known as Sopra Group and changed its name to Sopra Steria Group SA in September 2014. Sopra Steria Group SA was incorporated in 1968 and is headquartered in Paris, France.

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▼ ACCIONES|NN GROUP

Goes from 3.07% to 2.40%.

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▼ ACCIONES|CAF

Goes from 3.05% to 2.43%.

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▼ ACCIONES|TOTALENERGIES

Goes from 2.28% to 1.71%.

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▼ ACCIONES|SAP

Goes from 3.09% to 2.61%.

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▼ ACCIONES|SHELL

Goes from 2.06% to 1.65%.

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.

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▼ ACCIONES|RENAULT

Goes from 1.43% to 1.02%.

Renault SA engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas. The company operates through Automotive, Sales Financing, and Mobility Services segments. The Automotive segment produces, sells, and distributes passenger cars and light commercial vehicles. The Sale Financing segment is involved in the sales financing, rental, maintenance, and service contracts under the Mobilize Financial Services trade name. The Mobility Services segment provides mobility and energy solutions for electric vehicle users under the Mobilize Beyond Automotive brand. It offers used vehicles and spare parts; and engages in the business-to-business powertrain activities, and research and advanced engineering activities. The company also engages in the design and production of parts and equipment used for manufacturing and operation of vehicles. It serves commercial, light commercial and passenger vehicles, tractors, farm machinery and construction equipment under the Renault, Dacia, and Alpine brands. The company was founded in 1898 and is based in Boulogne-Billancourt, France.

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▼ ACCIONES|LOGISTA

Goes from 2.14% to 1.79%.

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▼ ACCIONES|BUREAU VERITAS

Goes from 1.71% to 1.43%.

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Fixed income

Declared FI exposure
18.6 M €
% of portfolio
30.1%
Positions
18
Issuers
16
Sovereign: 7.2 M € Corporate: 11.4 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.

6-12 months · 27.0%1-2 years · 11.8%2-5 years · 39.5%5-10 years · 8.9%> 10 years · 12.8%
Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 0 0 € 0.0%
6-12 months 1 5.0 M € 27.0%
1-2 years 3 2.2 M € 11.8%
2-5 years 9 7.4 M € 39.5%
5-10 years 2 1.6 M € 8.9%
> 10 years 3 2.4 M € 12.8%
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
Repubblica Italiana Sovereign 1 5.0 M € 2026-08-28
ROYAL BANK OF CANADA Corporate 1 1.5 M € 2028-07-02
TECNICAS REUNIDAS Corporate 1 1.5 M € 2030-01-30
ESTADO RUMANIA Sovereign 1 1.5 M € 2036-02-22
ERAMET Corporate 2 1.1 M € 2028-05-22
COOP. RABOBANK Corporate 1 1.0 M € 2028-07-16
CMA CGM Corporate 1 968,880 € 2032-01-15
ONTIME TRANSPORTE Corporate 1 904,084 € 2027-06-04
SGL CARBON Corporate 2 890,922 € 2027-09-21
VOLKSWAGEN Corporate 1 801,136 € 2027-12-10

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
IT0005607269 Repubblica Italiana 3.10% 2026-08-28 5.0 M €
XS2853494602 ROYAL BANK OF CANADA 2.63% 2028-07-02 1.5 M €
ES0378165023 TECNICAS REUNIDAS 5.15% 2030-01-30 1.5 M €
XS2770921315 ESTADO RUMANIA 5.63% 2036-02-22 1.5 M €
XS2860946867 COOP. RABOBANK 2.59% 2028-07-16 1.0 M €
XS3193815977 CMA CGM 4.88% 2032-01-15 968,880 €
ES0505604555 ONTIME TRANSPORTE 6.09% 2027-06-04 904,084 €
XS3249926695 VOLKSWAGEN 2.72% 2027-12-10 801,136 €
XS2021212332 CELLNEX TELECOM 0.50% 2028-07-05 731,129 €
XS2288824969 BANQUE AFRICAINE D. 2.75% 2033-01-22 680,008 €

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: 18 Exits at maturity: 1 Exits not explained by maturity: 0
+ ESTADO: ITALIA

Enters the portfolio at 8.14% weight.

+ ROYAL BANK OF CANADA

Enters the portfolio at 2.43% weight.

+ TECNICAS REUNIDAS

Enters the portfolio at 2.43% weight.

+ ESTADO RUMANIA

Enters the portfolio at 2.40% weight.

+ COOP. RABOBANK

Enters the portfolio at 1.62% weight.

+ CMA CGM SA

Enters the portfolio at 1.57% weight.

+ ONTIME TRANSPORTE

Enters the portfolio at 1.46% weight.

+ VOLKSWAGEN

Enters the portfolio at 1.30% weight.

+ CELLNEX TELECOM

Enters the portfolio at 1.18% weight.

+ BANQUE AFRICAINE D.

Enters the portfolio at 1.10% weight.

+ FERTIBERIA CORPORATE

Enters the portfolio at 0.98% weight.

+ ERAMET

Enters the portfolio at 0.96% weight.

+ ARLES I

Enters the portfolio at 0.83% weight.

+ ERAMET

Enters the portfolio at 0.82% weight.

+ SGL CARBON

Enters the portfolio at 0.81% weight.

+ TDAC CAM 8

Enters the portfolio at 0.74% weight.

+ BAYER

Enters the portfolio at 0.71% weight.

+ SGL CARBON

Enters the portfolio at 0.63% weight.

◦ ESTADO ESPAÑOL

Leaves the portfolio; it was 5.13% 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.