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GESTION BOUTIQUE, FI

Category
—
Latest period
H2 2025
Positions
43

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.

43
Company Type Country Weight Price
BANCO INVERSIS, S.A. ES0000012O59 · EUR Adquisicion Temporal Activos ES 5.03% —
DEUDA ESTADO ESPAÑOL ES0000012O67 · EUR Deuda Publica Cotizada Mas 1 Anio ES 4.60% —
EFSF EU000A2SCAK5 · EUR Deuda Publica Cotizada Mas 1 Anio EU 3.69% —
Estado Alemán DE0001135432 · EUR Deuda Publica Cotizada Mas 1 Anio DE 3.08% —
BULGARIA XS1208856341 · EUR Deuda Publica Cotizada Mas 1 Anio XS 2.99% 10.40 EUR
Rep.de Italia IT0005358806 · EUR Deuda Publica Cotizada Mas 1 Anio IT 2.77% —
NETHERLANDS GOVERNME NL0010071189 · EUR Deuda Publica Cotizada Mas 1 Anio NL 2.74% 95.16 EUR
Com. de Madrid ES0000101677 · EUR Deuda Publica Cotizada Mas 1 Anio ES 2.71% —
ACCIONES|ETN Source Phys Gold IE00B579F325 · EUR Renta Variable Cotizada IE 2.65% 401.73 USD
PARTICIPACIONES|ETC Source Physic GP IE00B579F325 · EUR Renta Variable Cotizada IE 2.56% 401.73 USD
EUROPEAN INVESTMENT XS0752034206 · EUR Renta Fija Cotizada Mas 1 Anio XS 2.46% —
GOLDMAN SACHS GROUP XS1362373224 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.72% 881.26 USD
GOLDMAN SACHS GROUP XS1796209010 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.66% 881.26 USD
BELGIUM KINGDOM BE0000333428 · EUR Deuda Publica Cotizada Mas 1 Anio BE 1.52% —
ASIAN DEVELOPMENT BA XS2764856873 · GBP Renta Fija Cotizada Mas 1 Anio XS 1.47% —
REPUBLIC OF AUSTRIA AT0000A0VRQ6 · EUR Deuda Publica Cotizada Mas 1 Anio AT 1.44% —
MERCEDES-BENZ GROUP DE000A2GSCX1 · EUR Renta Fija Cotizada Mas 1 Anio DE 1.31% 41.09 EUR
DEUTSCHE LUFTHANSA A XS2815984732 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.12% 7.73 EUR
FRESENIUS AG XS2530444624 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.10% 45.04 EUR
PORSCHE AUTO HOLDING XS2802892054 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.10% 3.32 USD
E.ON SE XS2791960664 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.06% 17.86 EUR
DEUTSCHE TELEKOM AG XS2788600869 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.05% 25.89 EUR
ASIAN DEVELOPMENT BA US045167EE95 · USD Renta Fija Cotizada Mas 1 Anio US 1.02% —
EUROPEAN INVESTMENT US298785HD17 · USD Renta Fija Cotizada Menos 1 Anio US 0.99% 0.07 MYR
Apple Computer Inc. US037833BX70 · USD Renta Fija Cotizada Mas 1 Anio US 0.96% —
WALMART INC US931142CV30 · USD Renta Fija Cotizada Mas 1 Anio US 0.95% 104.26 USD
MORGAN STANLEY US61747YFE05 · USD Renta Fija Cotizada Mas 1 Anio US 0.95% 180.57 USD
MICROSOFT CORP US594918BK99 · USD Renta Fija Cotizada Mas 1 Anio US 0.94% 529.05 USD
VERIZON COMMUNICATIO US92343VEA89 · USD Renta Fija Cotizada Mas 1 Anio US 0.93% 41.65 USD
CITIGROUP INC US172967KG57 · USD Renta Fija Cotizada Menos 1 Anio US 0.92% 124.26 USD
AMERICAN WATER CAPIT US03040WAS44 · USD Renta Fija Cotizada Mas 1 Anio US 0.91% —
COCA-COLA CO/THE US191216CT51 · USD Renta Fija Cotizada Mas 1 Anio US 0.91% —
BANK OF NY MELLON CO US06406RAD98 · USD Renta Fija Cotizada Mas 1 Anio US 0.91% 115450.00 ARS
CITIGROUP INC US172967LS86 · USD Renta Fija Cotizada Mas 1 Anio US 0.91% 124.26 USD
PFIZER INC US717081EA70 · USD Renta Fija Cotizada Menos 1 Anio US 0.91% 29.58 USD
Wells Fargo & Compan US949746SH57 · USD Renta Fija Cotizada Menos 1 Anio US 0.91% 83.55 USD
MICROSOFT CORP US594918BZ68 · USD Renta Fija Cotizada Mas 1 Anio US 0.89% 529.05 USD
MORGAN STANLEY US61761J3R84 · USD Renta Fija Cotizada Menos 1 Anio US 0.87% 180.57 USD
AUTOPISTA DEL ATLAN ES0211839297 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.78% —
ORANGE SA FR0010039008 · GBP Renta Fija Cotizada Mas 1 Anio FR 0.74% 0.03 EUR
MORGAN STANLEY US61761JZN26 · USD Renta Fija Cotizada Mas 1 Anio US 0.65% 180.57 USD
MCDONALD´S CORP US58013MFF68 · USD Renta Fija Cotizada Mas 1 Anio US 0.65% 42.60 EUR
MCDONALD´S CORP US58013MFB54 · USD Renta Fija Cotizada Mas 1 Anio US 0.65% 42.60 EUR

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 8 Exits: 2 Increases: 1 Cuts: 7
+ BANCO INVERSIS, S.A.

Enters the portfolio at 5.03% weight.

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+ DEUDA ESTADO ESPAÑOL

Enters the portfolio at 4.60% weight.

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+ Estado Alemán

Enters the portfolio at 3.08% weight.

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+ BULGARIA

Enters the portfolio at 2.99% weight.

Telematic Interactive Bulgaria AD offers online betting and gambling services. The company offers slot games; live casino, bingo, and table games; and sporting events. It also engages in the rental, creation, modification and development of new software products and distribution for online games, online casino platform and sports betting, as well as operates as a payment operator of an online casino platform. Telematic Interactive Bulgaria AD was incorporated in 2014 and is based in Sofia, Bulgaria. Telematic Interactive Bulgaria AD is a subsidiary of Eldorado Corporation AD.

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+ PARTICIPACIONES|ETC Source Physic GP

Enters the portfolio at 2.56% weight.

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+ EUROPEAN INVESTMENT

Enters the portfolio at 2.46% weight.

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+ REPUBLIC OF AUSTRIA

Enters the portfolio at 1.44% weight.

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+ AUTOPISTA DEL ATLAN

Enters the portfolio at 0.78% weight.

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− BANCO INVERSIS, S.A.

Leaves the portfolio; it was 15.04% of weight.

− AstraZeneca Group

Leaves the portfolio; it was 0.91% of weight.

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company offers Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Crestor, Andexxa, Onglyza, Symlin, XIGDUO XR, Atacand, Atacand HCT, Atacand Plus, Farxiga/Forxiga, Plendil, Modip, Splendil, Munobal, Flodil, Tenormin, Tenormine, Prenormine, Atenol, Zestril, Brilinta/Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK, Toprol-XL, Betaloc ZOK, XIGDUO, Accolate, Accoleit, Vanticon, Bricanyl Respules, Eklira Genuair/Tudorza/Bretaris, Pulmicort Turbuhaler, Symbicort Turbuhaler, Airsupra, Bricanyl Turbuhaler, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp/Daxas, Oxis Turbuhaler, Saphnelo, Breztri Aerosphere, Duaklir Genuair, Pulmicort Respules, and Symbicort pMDI. It also provides Beyfortus, Kavigale, Evusheld, Fluenz/FluMist, Synagis, Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq, Nexium, and other medicines. The company offers its products for ocology, cardiovascular, renal and metabolism, respiratory & immunology, vaccines and immune, and therapies rare diseases. It serves primary and specialty care physicians through distributors and local representative offices in the United Kingdom, the Americas, rest of Europe, Asia, Africa, and Australasia. It has a strategic agreement with Tempus and Pathos to develop the largest multimodal foundation model in oncology; CSPC Pharmaceutical Group Limited to advance the discovery and development of novel oral candidates, with the potential to treat diseases across multiple indications; and Nucs AI Inc. to develop AI-driven Response Prediction for Therapeutic Radioconjugates. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in Cambridge, the United Kingdom.

▲ EFSF

Goes from 2.83% to 3.69%.

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▼ NETHERLANDS GOVERNME

Goes from 3.12% to 2.74%.

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▼ Rep.de Italia

Goes from 3.13% to 2.77%.

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▼ Com. de Madrid

Goes from 3.06% to 2.71%.

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▼ GOLDMAN SACHS GROUP

Goes from 1.90% to 1.66%.

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

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▼ GOLDMAN SACHS GROUP

Goes from 1.95% to 1.72%.

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

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▼ ASIAN DEVELOPMENT BA

Goes from 1.69% to 1.47%.

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▼ BELGIUM KINGDOM

Goes from 1.74% to 1.52%.

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Fixed income

Declared FI exposure
2.0 M €
% of portfolio
63.0%
Positions
41
Issuers
32
Sovereign: 707,642 € Corporate: 1.2 M € Repos / treasury management: 163,000 €

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 · 1.6%3-6 months · 1.7%6-12 months · 4.6%1-2 years · 7.5%2-5 years · 17.8%5-10 years · 37.6%> 10 years · 29.2%
Maturity Positions Exposure %
Matured or ≤3 months 1 29,864 € 1.6%
3-6 months 1 32,031 € 1.7%
6-12 months 3 86,837 € 4.6%
1-2 years 5 140,490 € 7.5%
2-5 years 8 334,678 € 17.8%
5-10 years 12 705,240 € 37.6%
> 10 years 10 547,035 € 29.2%
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
Reino de España Sovereign 1 148,932 € 2035-04-30
European Financial Stability Facility Supranational 1 119,466 € 2038-08-30
European Investment Bank Supranational 2 111,716 € 2026-04-13
GOLDMAN SACHS GROUP Corporate 2 109,320 € 2028-03-22
Bundesrepublik Deutschland Sovereign 1 99,772 € 2042-07-04
BULGARIA Sovereign 1 96,717 € 2035-03-26
Rep.de Italia Sovereign 1 89,799 € 2035-03-01
NETHERLANDS GOVERNME Sovereign 1 88,654 € 2033-01-15
Com. de Madrid Sovereign 1 87,656 € 2030-03-12
Asian Development Bank Supranational 2 80,757 € 2027-11-02

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
ES0000012O67 Reino de España 3.15% 2035-04-30 148,932 €
EU000A2SCAK5 European Financial Stability Facility 3.38% 2038-08-30 119,466 €
DE0001135432 Bundesrepublik Deutschland 3.25% 2042-07-04 99,772 €
XS1208856341 BULGARIA 3.13% 2035-03-26 96,717 €
IT0005358806 Rep.de Italia 3.35% 2035-03-01 89,799 €
NL0010071189 NETHERLANDS GOVERNME 2.50% 2033-01-15 88,654 €
ES0000101677 Com. de Madrid 2.08% 2030-03-12 87,656 €
XS0752034206 European Investment Bank 3.63% 2042-03-14 79,685 €
XS1362373224 GOLDMAN SACHS GROUP 3.00% 2031-02-12 55,656 €
XS1796209010 GOLDMAN SACHS GROUP 2.00% 2028-03-22 53,664 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
EUR 1.4 M € 69.8%
USD 544,757 € 26.7%
GBP 71,735 € 3.5%

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: 6 Exits at maturity: 1 Exits not explained by maturity: 0
+ DEUDA ESTADO ESPAÑOL

Enters the portfolio at 4.60% weight.

+ Estado Alemán

Enters the portfolio at 3.08% weight.

+ BULGARIA

Enters the portfolio at 2.99% weight.

+ EUROPEAN INVESTMENT

Enters the portfolio at 2.46% weight.

+ REPUBLIC OF AUSTRIA

Enters the portfolio at 1.44% weight.

+ AUTOPISTA DEL ATLAN

Enters the portfolio at 0.78% weight.

◦ AstraZeneca Group

Leaves the portfolio; it was 0.91% 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.