Manager
ANDBANK WEALTH MANAGEMENT, SGIIC, S.A.U.
See the CNMV manager universe →
Fund page
GESTIÓN BOUTIQUE III, FI
Category
—
Latest period
H2 2025
Positions
50
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.
50
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 10
Exits: 11
Increases: 15
Cuts: 11
+ ACCIONES|Stellantis N.V
Enters the portfolio at 1.03% weight.
Stellantis N.V. engages in the designing, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, and mobility services worldwide. It provides luxury and premium vehicles; sport utility vehicles; and parts and accessories. The company also provides contract services; retail and dealer financing services; and vehicle leasing and rental services, as well as engages in after-market parts and service businesses and data businesses. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS Automobiles, Dodge, Fiat, Jeep, Maserati, Ram Trucks, Opel, Lancia, Vauxhall, Peugeot, Free2move, Share Now, Leasys, and Comau brand names through distributors and dealers. The company has a strategic collaboration with Microsoft Corporation for the development of AI initiatives across sales, customer care, and operations. The company operates in North America, France, Brazil, Italy, Germany, the United Kingdom, Turkiye, Spain, Argentina, Belgium, Austria, the Netherlands, Portugal, Poland, Algeria, Morocco, Japan, China, and internationally. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.
View company page →+ ACCIONES|PayPal Hld
Enters the portfolio at 0.35% weight.
PayPal Holdings, Inc. operates a technology platform that enables digital payments for merchants and consumers worldwide. The company operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, consumer credit and debit products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards. It provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Hyperwallet, Honey, and Paidy names. The company was founded in 1998 and is headquartered in San Jose, California.
View company page →− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 12.25% of weight.
− BUONI POLIENNALI DEL
Leaves the portfolio; it was 2.07% of weight.
− ACCIONES|Verallia
Leaves the portfolio; it was 1.79% of weight.
Verallia Société Anonyme manufactures and sells glass packaging products for beverages and food products worldwide. It provides bottles for still and semi-sparkling wines, spirits, beers, soft drinks, and oils. The company also offers jars for baby food, dairy products, jams, honey, spreads, condiments, sauces, preserves, etc. Verallia Société Anonyme was founded in 1827 and is based in Courbevoie, France.
View company page →− ACCIONES|Aucnet Inc
Leaves the portfolio; it was 1.50% of weight.
− ACCIONES|NEOJAPAN Inc
Leaves the portfolio; it was 1.18% of weight.
− ACCIONES|SR Teleperformance
Leaves the portfolio; it was 1.17% of weight.
Teleperformance SE, together with its subsidiaries, operates as a digital business services company in France and internationally. The company operates in Core Services and Specialized Services segments. The company offers customer relationship, technical assistance, and customer acquisition services; business processes management, and back office and digital platform services; online interpretation, visa application management, health management, recruitment process outsourcing advisory and assistance, and accounts receivable credit management services. It also provides digital CX, trust and safety, artificial intelligence, real-time speech understanding, StoryfAI application, TP microservices, and video CX; back-office processing, integrated sales, finance and accounting, smartshoring, work-at-home, multilingual services, ad sales, and rebadging solutions; advanced analytics, business process optimization, business transformation consulting, and technology services; and claims management, collection services, interpretation and translation, recruitment process outsourcing, visa and consular services, and healthcare support. The company serves automotive, energy and utilities, media, government, technology, travel, hospitality, cargo, banking and financial services, healthcare, insurance, retail and e-commerce, telecom, and video games industries. The company was incorporated in 1910 and is based in Paris, France.
View company page →− ACCIONES|Eurogroup Lamination
Leaves the portfolio; it was 1.05% of weight.
− INTERNATIONAL PETROL
Leaves the portfolio; it was 0.96% of weight.
− PETROLEOS MEXICANOS
Leaves the portfolio; it was 0.93% of weight.
− ACCIONES|Accs. National Expre
Leaves the portfolio; it was 0.74% of weight.
− BUONI ORDINARI DEL T
Leaves the portfolio; it was 0.41% of weight.
▲ ACCIONES|Arcelor Mittal Steel
Goes from 1.85% to 2.78%.
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|Trigano
Goes from 2.21% to 2.44%.
Trigano S.A., together with its subsidiaries, designs, manufactures, and distributes leisure vehicles and trailers in France, Germany, the United Kingdom, Benelux, Italy, Spain, Northern Europe, and internationally. The company offers tents, caravans, motorhomes and mobile homes; accessories and other services; and mobile homes, trailers, garden equipment, camping equipment, and campsites. Trigano S.A. was founded in 1935 and is based in Paris, France.
View company page →▼ ACCIONES|MIQUEL COSTAS
Goes from 1.95% to 1.54%.
Miquel y Costas & Miquel, S.A., together with its subsidiaries, engages in the manufacture and sale of thin and special lightweight paper for the tobacco industry in Spain, the European Union, OECD countries, and internationally. The company offers cigarette tissue, tipping paper, plug wrap paper, rolling paper booklets, textile pups; specialty paper, decorative laminates, pasting paper, paper for tea bags and coffee capsules, greaseproof paper, paper certified, straw paper, paper for cases and packages, filter paper, security paper, and papers for perfumes and hairdressing; and porous pulps products. It also provides printing paper comprising stationery papers, pharma paper, and paper for religious books. Miquel y Costas & Miquel, S.A. was founded in 1752 and is based in Barcelona, Spain.
View company page →▼ ACCIONES|Seadrill Ltd
Goes from 1.24% to 0.90%.
Seadrill Limited provides offshore drilling services to the oil and gas industry worldwide. The company owns and operates floaters, such as drillships and semi-submersible rigs for operations in shallow and ultra-deep water in benign and harsh environments. It also offers jackup rigs, management services, and provides contracts drilling units to drill wells. It serves oil super-majors, state-owned national oil companies, and independent oil and gas companies. The company was formerly known as Seadrill 2021 Limited. Seadrill Limited was incorporated in 2005 and is based in Houston, Texas.
View company page →Fixed income
Declared FI exposure
397,302 €
% of portfolio
25.4%
Positions
11
Issuers
9
Sovereign: 76,365 €
Corporate: 163,937 €
Repos / treasury management: 157,000 €
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 · 10.8%3-6 months · 6.3%6-12 months · 12.3%1-2 years · 16.4%5-10 years · 33.3%> 10 years · 21.0%
Maturity
Positions
Exposure
%
Matured or ≤3 months
1
25,941 €
10.8%
3-6 months
1
15,086 €
6.3%
6-12 months
1
29,522 €
12.3%
1-2 years
2
39,419 €
16.4%
2-5 years
0
0 €
0.0%
5-10 years
3
79,910 €
33.3%
> 10 years
2
50,424 €
21.0%
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
Repubblica Italiana
Sovereign
2
65,774 €
2026-02-13
TELECOM ITALIA SPA
Corporate
1
38,007 €
2033-01-24
European Union
Supranational
1
29,522 €
2026-10-09
RCI BANQUE S.A
Corporate
1
25,422 €
2027-04-06
PSA TRESORERIE GIE
Corporate
1
21,543 €
2033-09-19
NEWLAT FOOD SPA
Corporate
1
20,360 €
2031-02-12
MERCEDES-BENZ INT FI
Corporate
1
15,086 €
2026-05-30
BANK OF AMERICA
Corporate
1
13,997 €
2027-10-21
ROMANIA
Sovereign
1
10,591 €
2044-09-24
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
IT0005363111 Repubblica Italiana
3.85%
2049-09-01
39,833 €
XS0161100515 TELECOM ITALIA SPA
7.75%
2033-01-24
38,007 €
EU000A4EHML3 European Union
—
2026-10-09
29,522 €
IT0005635351 Repubblica Italiana
—
2026-02-13
25,941 €
FR001400H2O3 RCI BANQUE S.A
4.50%
2027-04-06
25,422 €
FR0010014845 PSA TRESORERIE GIE
6.00%
2033-09-19
21,543 €
XS2958536976 NEWLAT FOOD SPA
4.75%
2031-02-12
20,360 €
DE000A3LH6T7 MERCEDES-BENZ INT FI
3.50%
2026-05-30
15,086 €
US06051GGA13 BANK OF AMERICA
3.25%
2027-10-21
13,997 €
XS2908645265 ROMANIA
6.00%
2044-09-24
10,591 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
383,305 €
96.5%
USD
13,997 €
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: 3
Exits at maturity: 2
Exits not explained by maturity: 2
+ EUROPEAN UNION BILL
Enters the portfolio at 1.89% weight.
+ PSA TRESORERIE GIE
Enters the portfolio at 1.38% weight.
+ NEWLAT FOOD SPA
Enters the portfolio at 1.30% weight.
− INTERNATIONAL PETROL
Leaves the portfolio; it was 0.96% of weight.
− PETROLEOS MEXICANOS
Leaves the portfolio; it was 0.93% of weight.
◦ BUONI POLIENNALI DEL
Leaves the portfolio; it was 2.07% of weight.
◦ BUONI ORDINARI DEL T
Leaves the portfolio; it was 0.41% 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.