Manager
GESINTER, S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
GESINTER FLEXIBLE STRATEGY FI
Category
—
Latest period
H2 2025
Positions
70
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.
70
Company
Type
Country
Weight
Price
ANDBANK (ESPA
— · EUR
Depositos
—
0.56%
—
ANDBANK (ESPA
— · EUR
Depositos
—
0.56%
—
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 28
Exits: 28
Increases: 5
Cuts: 17
+ ACCIONES|INMOBILIARIA COLONIAL SA
Enters the portfolio at 1.54% weight.
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.
View company page →+ ACCIONES|JD.COM INC
Enters the portfolio at 1.31% weight.
JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses. The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products. It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment. In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services. Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
View company page →+ ACCIONES|GRIFOLS SA
Enters the portfolio at 1.15% weight.
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.
View company page →+ ACCIONES|TRIP.COM GROUP LTDSPONSORED ADR
Enters the portfolio at 0.86% weight.
View company page →+ ACCIONES|DUOLINGO, INC. CLASS A(DUOL US)
Enters the portfolio at 0.80% weight.
View company page →+ ACCIONES|MICROSOFT CORP
Enters the portfolio at 0.58% weight.
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|SOL MELIA
Enters the portfolio at 0.45% 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 →+ ACCIONES|BINJANG SERVICE GROUP (3316 HK)
Enters the portfolio at 0.44% weight.
View company page →+ ACCIONES|ZETA GLOBAL HOLDINGS CORP.CLASS
Enters the portfolio at 0.39% weight.
View company page →− ACCIONES|INTERNATIONAL CONSOLIDATED AIRL
Leaves the portfolio; it was 1.88% of weight.
− GREENALIA SA
Leaves the portfolio; it was 1.86% of weight.
− ACCIONES|INDITEX SA
Leaves the portfolio; it was 1.51% of weight.
− ACCIONES|MICHELIN
Leaves the portfolio; it was 1.37% of weight.
− ACCIONES|ADVANCED MICRO DEVICES
Leaves the portfolio; it was 1.35% of weight.
− ACCIONES|GRUPO CATALANA OCCIDENTE SA
Leaves the portfolio; it was 1.22% of weight.
− ACCIONES|MERLIN PROPERTIES SOCIMI SA
Leaves the portfolio; it was 1.18% of weight.
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|GLENCORE PLC (GBP)
Leaves the portfolio; it was 1.13% of weight.
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities. It engages in the production and marketing of copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration and production and refining and distribution. The company is also involved in marketing and distributing physical commodities sourced from third party producers to industrial consumers, including the battery, electronic, construction, automotive, steel, energy, and oil industries. In addition, the company provides financing, logistics, and other services to producers and consumers of commodities. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.
View company page →− ACCIONES|JOHNSON & JOHNSON
Leaves the portfolio; it was 1.13% of weight.
− ACCIONES|EIFFAGE SA
Leaves the portfolio; it was 1.11% of weight.
− ACCIONES|SCHRODERS PLC
Leaves the portfolio; it was 1.05% of weight.
− EUTELSAT COMUNIC
Leaves the portfolio; it was 1.04% of weight.
− ACCIONES|BUCKLE INC
Leaves the portfolio; it was 1.00% of weight.
− ACCIONES|TAIWAN SEMICONDUCTOR MANUFACTUR
Leaves the portfolio; it was 0.96% of weight.
View company page →− ACCIONES|NVIDIA CORP
Leaves the portfolio; it was 0.83% of weight.
− ACCIONES|LUK FOOK HOLDINGS INTL LTD
Leaves the portfolio; it was 0.81% of weight.
− ACCIONES|JM SMUCKER CO/THE
Leaves the portfolio; it was 0.78% of weight.
− ACCIONA SA
Leaves the portfolio; it was 0.68% of weight.
− TELEPERFORMANCE
Leaves the portfolio; it was 0.67% of weight.
− ACCIONES|ASML HOLDING NV (HOLANDA)
Leaves the portfolio; it was 0.67% of weight.
− ACCIONES|REPSOL SA
Leaves the portfolio; it was 0.62% of weight.
− ACCIONES|THYSSEN KRUPP AG
Leaves the portfolio; it was 0.57% of weight.
− ACCIONES|ALLFUNDS GROUP PLC (ALLFG NA)
Leaves the portfolio; it was 0.40% of weight.
Allfunds Group plc, together with its subsidiaries, operates as a B2B WealthTech company that connects fund houses and distributors in the United Kingdom and internationally. It operates through two segments, Net Platform, and Net Subscription and Other Revenues. The company offers Connect, an Allfunds professional workstation; and Nextportfolio, a portfolio management system; and end-investor platform for wealth management needs of asset managers, banks, wealth managers, and insurance companies. It also provides ESG solutions, such as ESG scoring, reporting, portfolio advisory and construction, audit and certification, analysis, investment proposal generator, reporting generator, and monitoring; model portfolio advisory, bespoke reporting, private assets, audit and certification, fund selection, and regulatory implementation services; and Sustainability Navigator, a tool for constructing sustainable investment portfolios in line with SFDR regulation. In addition, the company offers regulatory reporting corner, a specialized platform to provide fund registration, regulatory reporting, and distribution, as well as generate fund regulatory reporting. Further, it provides investment solutions for Distributors and Fund Houses, including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds; White Label Fund Hosting Platform that provides supports mutual funds and ETFs; Allfunds Navigator which provides market insights and identify opportunities; and Allfunds Blockchain solutions. The company serves private bank, insurance, asset management, bank, custodian, and other customers. The company was founded in 2000 and is based in London, the United Kingdom.
− ACCIONES|ULTA SALON COSMETICS FRAGR
Leaves the portfolio; it was 0.37% of weight.
− ACCIONES|ARCELORMITTAL
Leaves the portfolio; it was 0.33% of weight.
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.
View company page →− ACCIONES|CHINA FEIHE LTD
Leaves the portfolio; it was 0.31% of weight.
▲ ACCIONES|BERKSHIRE HATHAWAY INC
Goes from 0.51% to 1.45%.
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|ALIBABA GROUP HOLDING LTD
Goes from 0.60% to 0.93%.
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.
View company page →▼ ACCIONES|FACEBOOK INC
Goes from 1.65% to 0.89%.
Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.
View company page →Fixed income
Declared FI exposure
4.5 M €
% of portfolio
25.6%
Positions
17
Issuers
15
Sovereign: 207,731 €
Corporate: 4.3 M €
Deposits / cash: 200,000 €
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 · 6.6%3-6 months · 15.6%6-12 months · 19.7%1-2 years · 15.0%2-5 years · 29.1%5-10 years · 9.4%> 10 years · 4.6%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
299,024 €
6.6%
3-6 months
2
708,141 €
15.6%
6-12 months
3
894,734 €
19.7%
1-2 years
2
678,034 €
15.0%
2-5 years
5
1.3 M €
29.1%
5-10 years
2
427,420 €
9.4%
> 10 years
1
207,731 €
4.6%
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
UNICREDITO ITALI
Corporate
1
611,552 €
2026-06-03
UNICAJA BANCO SA
Bank
1
604,882 €
2026-11-18
BANCO SABADELL
Bank
1
581,321 €
2027-05-19
CAIXABANK SA
Bank
1
445,472 €
2029-03-13
CIE AUTOMOTIVE SA
Corporate
2
293,319 €
2026-01-29
GRIFOLS SA
Corporate
1
264,070 €
2030-05-01
AXA SA
Corporate
1
215,786 €
2033-07-16
BANKINTER, S.A.
Bank
1
215,207 €
2028-08-15
TELEFONICA EUROP
Corporate
1
211,634 €
2032-01-15
UNITED STATES TR
Sovereign
1
207,731 €
2045-02-15
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
XS1963834251 UNICREDITO ITALI
7.50%
2026-06-03
611,552 €
ES0880907003 UNICAJA BANCO SA
4.88%
2026-11-18
604,882 €
XS2389116307 BANCO SABADELL
5.00%
2027-05-19
581,321 €
ES0840609046 CAIXABANK SA
8.25%
2029-03-13
445,472 €
XS2805351843 GRIFOLS SA
7.50%
2030-05-01
264,070 €
XS2737652474 AXA SA
6.38%
2033-07-16
215,786 €
XS2585553097 BANKINTER, S.A.
7.38%
2028-08-15
215,207 €
XS2755535577 TELEFONICA EUROP
5.75%
2032-01-15
211,634 €
US912810UJ50 UNITED STATES TR
4.75%
2045-02-15
207,731 €
ES0309260000 AMPER
8.50%
2029-07-23
202,525 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
4.3 M €
95.4%
USD
207,731 €
4.6%
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: 5
Exits at maturity: 1
Exits not explained by maturity: 3
+ GRIFOLS SA
Enters the portfolio at 1.49% weight.
+ CIE AUTOMOTIVE
Enters the portfolio at 1.10% weight.
+ CIE AUTOMOTIVE
Enters the portfolio at 0.56% weight.
+ NEXTIL
Enters the portfolio at 0.55% weight.
+ NEXTIL
Enters the portfolio at 0.54% weight.
− EUTELSAT COMUNIC
Leaves the portfolio; it was 1.04% of weight.
− ACCIONA SA
Leaves the portfolio; it was 0.68% of weight.
− TELEPERFORMANCE
Leaves the portfolio; it was 0.67% of weight.
◦ GREENALIA SA
Leaves the portfolio; it was 1.86% 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.