Manager
GESALCALA, S.A., S.G.I.I.C.
See the CNMV manager universe →
Fund page
GLOBAL FLEXIBLE ALLOCATION, FI
Category
—
Latest period
H2 2025
Positions
44
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.
44
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 22
Exits: 15
Increases: 3
Cuts: 4
+ Acciones|INMOBILIARIA COLONIAL SA
Enters the portfolio at 0.58% 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|DIA
Enters the portfolio at 0.22% weight.
Distribuidora Internacional de Alimentación, S.A. engages in the wholesale and retail of food products in Spain and Argentina. The company offers products and services through owned or franchised self-service stores. It is also involved in the distribution of food and toiletries; leasing of business premises; provision of services to suppliers. In addition, the company is involved in lending and credit operations, including consumer loans, mortgages, and financing of commercial transactions, as well as issuing and managing of credit and debit cards. Further, it engages in import, export, acquisition, distribution and wholesale, and retail sale of beverages, household goods, general, and other products for domestic use and consumption. Distribuidora Internacional de Alimentación, S.A. was incorporated in 1966 and is headquartered in Madrid, Spain.
View company page →− GESTAMP GRUPO
Leaves the portfolio; it was 1.87% of weight.
− CIE AUTOMOTIVE
Leaves the portfolio; it was 1.86% of weight.
− CAIXABANK S.A.
Leaves the portfolio; it was 1.82% of weight.
− EUSKALTEL SA
Leaves the portfolio; it was 1.40% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.39% of weight.
− UBS
Leaves the portfolio; it was 1.39% of weight.
− BANCO ALCA
Leaves the portfolio; it was 1.27% of weight.
− TUBACEX SA
Leaves the portfolio; it was 0.93% of weight.
− SACYR
Leaves the portfolio; it was 0.93% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.93% of weight.
− TUBACEX SA
Leaves the portfolio; it was 0.93% of weight.
− EUSKALTEL SA
Leaves the portfolio; it was 0.92% of weight.
− VIDRALA
Leaves the portfolio; it was 0.47% of weight.
− ENCE ENERGIA Y CELUL
Leaves the portfolio; it was 0.47% of weight.
− Acciones|GESTAMP GRUPO
Leaves the portfolio; it was 0.31% of weight.
Gestamp Automoción, S.A. designs, develops, and manufactures metal components for the automotive industry in Western Europe, Eastern Europe, Mercosur, North America, and Asia. The company offers body-in-white products, large components and assembly parts, such as bonnets, roofs, doors, and mudguards, as well as other surface and assembly parts for use in creation of visible exterior skin of vehicles; and structural and crash-related elements, including floors, pillars, rails, and wheel arches. It also provides chassis parts comprising under body of vehicles and includes systems, frames and related parts, such as front and rear axles and couplings, control arms, and integrated couplings; hinges, door checks, electrical systems, and powered systems. In addition, the company offers hydraulic presses and dies in the areas of hot stamping, cold stamping, hydroforming, and try out of tools. Further, it serves vehicle manufacturers. Gestamp Automoción, S.A. was incorporated in 1997 and is headquartered in Madrid, Spain. Gestamp Automoción, S.A. is a subsidiary of Gestamp 2020, S.L.
View company page →Fixed income
Declared FI exposure
5.9 M €
% of portfolio
23.2%
Positions
20
Issuers
18
Sovereign: 0 €
Corporate: 5.9 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 · 46.8%3-6 months · 8.3%1-2 years · 23.3%2-5 years · 18.1%> 10 years · 3.5%
Maturity
Positions
Exposure
%
Matured or ≤3 months
9
2.8 M €
46.8%
3-6 months
2
493,248 €
8.3%
6-12 months
0
0 €
0.0%
1-2 years
4
1.4 M €
23.3%
2-5 years
4
1.1 M €
18.1%
5-10 years
0
0 €
0.0%
> 10 years
1
208,427 €
3.5%
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
Euskaltel SA
Corporate
2
594,232 €
2026-02-27
MICROSOFT CP WASH
Corporate
1
592,369 €
2027-02-06
FOMENTO CONSTR Y CON
Corporate
1
496,060 €
2026-02-23
Masmovil Ibercom
Corporate
1
495,004 €
2026-02-12
CIE AUTOMOTIVE SA
Corporate
1
396,805 €
2026-02-26
TUBACEX SA
Corporate
2
394,225 €
2026-01-16
BNP PARIBAS SA
Corporate
1
390,998 €
2027-01-23
ERICSSON
Corporate
1
319,807 €
2028-05-29
KUTXABANK SA
Bank
1
305,249 €
2028-02-01
GESTAMP GRUPO
Corporate
1
298,132 €
2026-01-19
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
US594918BY93 MICROSOFT CP WASH
3.30%
2027-02-06
592,369 €
XS3215431621 FOMENTO CONSTR Y CON
2.28%
2026-02-23
496,060 €
ES05846960Z0 Masmovil Ibercom
2.65%
2026-02-12
495,004 €
ES0505075582 Euskaltel SA
2.68%
2026-02-27
397,277 €
ES0505630402 CIE AUTOMOTIVE SA
2.44%
2026-02-26
396,805 €
FR0013398070 BNP PARIBAS SA
2.12%
2027-01-23
390,998 €
XS2725836410 ERICSSON
5.38%
2028-05-29
319,807 €
ES0343307023 KUTXABANK SA
4.00%
2028-02-01
305,249 €
ES0505223364 GESTAMP GRUPO
2.37%
2026-01-19
298,132 €
XS3256183883 ACCIONA
2.52%
2026-06-17
296,293 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
5.3 M €
90.0%
USD
592,369 €
10.0%
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: 13
Exits at maturity: 11
Exits not explained by maturity: 2
+ FOMENTO CONSTR Y CON
Enters the portfolio at 1.94% weight.
+ MASMOVIL IBERCOM SA
Enters the portfolio at 1.94% weight.
+ EUSKALTEL SA
Enters the portfolio at 1.55% weight.
+ CIE AUTOMOTIVE
Enters the portfolio at 1.55% weight.
+ GESTAMP GRUPO
Enters the portfolio at 1.17% weight.
+ ACCIONA
Enters the portfolio at 1.16% weight.
+ CARREFOUR SA
Enters the portfolio at 0.79% weight.
+ SACYR
Enters the portfolio at 0.78% weight.
+ TUBACEX SA
Enters the portfolio at 0.77% weight.
+ EUSKALTEL SA
Enters the portfolio at 0.77% weight.
+ TUBACEX SA
Enters the portfolio at 0.77% weight.
+ CELLNEX TELECOM
Enters the portfolio at 0.77% weight.
+ VIDRALA
Enters the portfolio at 0.39% weight.
− CAIXABANK S.A.
Leaves the portfolio; it was 1.82% of weight.
− UBS
Leaves the portfolio; it was 1.39% of weight.
◦ GESTAMP GRUPO
Leaves the portfolio; it was 1.87% of weight.
◦ CIE AUTOMOTIVE
Leaves the portfolio; it was 1.86% of weight.
◦ EUSKALTEL SA
Leaves the portfolio; it was 1.40% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 1.39% of weight.
◦ VIDRALA
Leaves the portfolio; it was 0.47% of weight.
◦ TUBACEX SA
Leaves the portfolio; it was 0.93% of weight.
◦ SACYR
Leaves the portfolio; it was 0.93% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.93% of weight.
◦ TUBACEX SA
Leaves the portfolio; it was 0.93% of weight.
◦ EUSKALTEL SA
Leaves the portfolio; it was 0.92% of weight.
◦ ENCE ENERGIA Y CELUL
Leaves the portfolio; it was 0.47% 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.