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GLOBAL VALUE SELECTION FI

Manager

SINGULAR ASSET MANAGEMENT, SGIIC, S.A. See the CNMV manager universe →

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.

Company Type Country Weight Price

ERICSSON XS2725836410 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.51% —

BMW XS3120975753 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.42% —

ROYAL BANK OF CANADA XS3031467171 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.42% —

EUSKALTEL SA ES0505075608 · EUR Renta Fija No Cotizada ES 1.40% —

APPLE COMPUTER INC US037833CX61 · USD Renta Fija Cotizada Mas 1 Anio US 1.20% —

MICROSOFT CORP. US594918BY93 · USD Renta Fija Cotizada Mas 1 Anio US 1.19% —

Acciones|JP MORGAN CHASE & CO US46625H1005 · USD Renta Variable Cotizada US 1.09% —

MORGAN STANLEY XS3057365895 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.00% —

Acciones|SAMSONITE INTENATIONAL SA LU0633102719 · HKD Renta Variable Cotizada LU 0.90% —

Acciones|MARINE HARVEST NO0003054108 · NOK Renta Variable Cotizada NO 0.87% —

ABERTIS XS3213251658 · EUR Renta Fija No Cotizada XS 0.85% —

Acciones|ROCHE HOLDING CH0012032048 · CHF Renta Variable Cotizada CH 0.78% —

ACS ACTIVIDADES CON. XS3029358317 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.71% —

ORANGE PLC FR00140144A7 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.71% —

FCC XS3215431621 · EUR Renta Fija No Cotizada XS 0.70% —

EUSKALTEL SA ES0505075624 · EUR Renta Fija No Cotizada ES 0.70% —

MASMOVIL BROADBAND S ES05846960X5 · EUR Renta Fija No Cotizada ES 0.70% —

BNP PARIBAS FR0013398070 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.70% —

Acciones|EBRO PULEVA ES0112501012 · EUR Renta Variable Cotizada ES 0.62% 18.30 EUR

Acciones|INERNATIONAL CONSOLIDATED A ES0177542018 · EUR Renta Variable Cotizada ES 0.60% —

Acciones|SAMSUNG ELECTRONICS US7960502018 · USD Renta Variable Cotizada US 0.57% —

MOBICO GROUP PLC XS2693304813 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.57% —

VIDRALA ES0583746716 · EUR Renta Fija No Cotizada ES 0.56% —

Acciones|SMURFIT KAPPA GROUP PLC IE00028FXN24 · GBP Renta Variable Cotizada IE 0.54% 49.39 USD

MOBICO GROUP PLC XS2259808702 · GBP Renta Fija Cotizada Mas 1 Anio XS 0.47% —

Acciones|BANK OF IRELAND IE00BD1RP616 · EUR Renta Variable Cotizada IE 0.46% —

FCC XS3235831024 · EUR Renta Fija No Cotizada XS 0.42% —

Acciones|PUIG BRANDS ES0105777017 · EUR Renta Variable Cotizada ES 0.40% —

Acciones|ALIBABA GROUP HOLDING LTD KYG017191142 · HKD Renta Variable Cotizada KY 0.40% —

Acciones|VISCOFAN ES0184262212 · EUR Renta Variable Cotizada ES 0.39% —

Acciones|ALPHABET US02079K3059 · USD Renta Variable Cotizada US 0.38% —

Acciones|ROYAL DUTCH SHELL GB00BP6MXD84 · EUR Renta Variable Cotizada GB 0.35% 3409.50 GBp

Acciones|ENEL IT0003128367 · EUR Renta Variable Cotizada IT 0.35% —

Acciones|REPSOL YPF SA ES0173516115 · EUR Renta Variable Cotizada ES 0.32% —

CAIXABANK ES0840609046 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.32% —

Acciones|PFIZER ING US7170811035 · USD Renta Variable Cotizada US 0.30% —

UBS AG CH1433241192 · EUR Renta Fija Cotizada Mas 1 Anio CH 0.29% —

CARREFOUR SUPERMARCH XS3107209259 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.29% —

SIEMENS AG XS3078501767 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.28% —

Acciones|CIGNA US1255231003 · USD Renta Variable Cotizada US 0.28% —

Acciones|SAMSUNG ELECTRONICS US7960508882 · USD Renta Variable Cotizada US 0.28% —

Acciones|ENAGAS ES0130960018 · EUR Renta Variable Cotizada ES 0.26% —

Acciones|SMURFIT WESTROCK PLC IE00028FXN24 · USD Renta Variable Cotizada IE 0.23% 49.39 USD

Acciones|VEOLIA FR0000124141 · EUR Renta Variable Cotizada FR 0.22% —

Acciones|INMOBILIARIA COLONIAL ES0139140174 · EUR Renta Variable Cotizada ES 0.21% 5.47 EUR

Acciones|FIRST SOLAR US3364331070 · USD Renta Variable Cotizada US 0.21% —

Acciones|MICHELIN FR001400AJ45 · EUR Renta Variable Cotizada FR 0.20% —

Acciones|HENKEL KGAA DE0006048408 · EUR Renta Variable Cotizada DE 0.18% —

Acciones|VIDRALA ES0183746314 · EUR Renta Variable Cotizada ES 0.18% —

Acciones|SAVENCIA FR0000120107 · EUR Renta Variable Cotizada FR 0.16% 63.80 EUR

Acciones|ACS ACTIVIDADES CON. Y SERV ES0167050915 · EUR Renta Variable Cotizada ES 0.15% —

DEUTSCHE POST XS3032045471 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.14% —

Acciones|EURONEXT NV NL0006294274 · EUR Renta Variable Cotizada NL 0.09% —

Acciones|TECHO HOGAR SOCIMI SA ES0105775003 · EUR Renta Variable Cotizada ES 0.07% —

Acciones|ALLFUNDS GROUP PLC GB00BNTJ3546 · EUR Renta Variable Cotizada GB 0.06% 8.95 EUR

Acciones|NATIONAL EXPRESS GROUP PLC GB0006215205 · GBP Renta Variable Cotizada GB 0.05% —

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 18 Exits: 13 Increases: 2 Cuts: 2

+ BMW

Enters the portfolio at 1.42% weight.

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+ EUSKALTEL SA

Enters the portfolio at 1.40% weight.

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+ APPLE COMPUTER INC

Enters the portfolio at 1.20% weight.

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+ ABERTIS

Enters the portfolio at 0.85% weight.

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+ ORANGE PLC

Enters the portfolio at 0.71% weight.

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+ FCC

Enters the portfolio at 0.70% weight.

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+ EUSKALTEL SA

Enters the portfolio at 0.70% weight.

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+ MASMOVIL BROADBAND S

Enters the portfolio at 0.70% weight.

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+ VIDRALA

Enters the portfolio at 0.56% weight.

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+ FCC

Enters the portfolio at 0.42% weight.

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+ Acciones|PUIG BRANDS

Enters the portfolio at 0.40% weight.

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+ Acciones|VISCOFAN

Enters the portfolio at 0.39% weight.

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+ CARREFOUR SUPERMARCH

Enters the portfolio at 0.29% weight.

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+ Acciones|CIGNA

Enters the portfolio at 0.28% weight.

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+ Acciones|INMOBILIARIA COLONIAL

Enters the portfolio at 0.21% 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.

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+ Acciones|MICHELIN

Enters the portfolio at 0.20% weight.

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+ Acciones|HENKEL KGAA

Enters the portfolio at 0.18% weight.

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+ Acciones|VIDRALA

Enters the portfolio at 0.18% weight.

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− CECA

Leaves the portfolio; it was 10.16% of weight.

− EUSKALTEL SA

Leaves the portfolio; it was 1.48% of weight.

− CREDIT SUISSE GROUP

Leaves the portfolio; it was 1.47% of weight.

− GESTAMP

Leaves the portfolio; it was 1.19% of weight.

− GESTAMP

Leaves the portfolio; it was 0.74% of weight.

− AEDAS HOMES SAU

Leaves the portfolio; it was 0.74% of weight.

− FCC

Leaves the portfolio; it was 0.74% of weight.

− MASMOVIL BROADBAND S

Leaves the portfolio; it was 0.72% of weight.

− Acciones|MERCK & CO INC

Leaves the portfolio; it was 0.45% of weight.

− ARCELOR

Leaves the portfolio; it was 0.44% of weight.

− VIDRALA

Leaves the portfolio; it was 0.30% of weight.

− Acciones|ENDESA SA

Leaves the portfolio; it was 0.17% of weight.

− Acciones|ORGANON & CO

Leaves the portfolio; it was 0.11% of weight.

▲ Acciones|SAMSUNG ELECTRONICS

Goes from 0.36% to 0.57%.

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▲ Acciones|SAMSONITE INTENATIONAL SA

Goes from 0.69% to 0.90%.

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▼ Acciones|REPSOL YPF SA

Goes from 0.79% to 0.32%.

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▼ Acciones|SMURFIT WESTROCK PLC

Goes from 0.63% to 0.23%.

Smurfit Westrock Plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in North America, South America, Europe, Asia, Africa, Australia, and internationally. The company produces containerboard and paperboard; packaging of corrugated containers; consumer packaging; and offers solid board, kraft paper, and graphic board, as well as other packaging products, such as solidboard packaging, paper sacks and bag-in-box. It produces linerboard and corrugated medium and paperboard; and other paper-based packaging, such as folding cartons, inserts, labels and displays. The company primarily serves food and beverage, healthcare, beauty and personal care, garden, consumer goods, industrial, and foodservice markets. It markets its products through its own sales force, independent sales representatives, and independent distributors. Smurfit Westrock Plc was founded in 1934 and is headquartered in Dublin, Ireland.

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Fixed income

Declared FI exposure

12.4 M €

% of portfolio

17.5%

Positions

Issuers

Sovereign: 0 € Corporate: 12.4 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.

16% 14% 35% 26%

Matured or ≤3 months · 16.0%3-6 months · 14.4%1-2 years · 35.4%2-5 years · 26.4%5-10 years · 3.2%> 10 years · 4.5%

Maturity Positions Exposure %

Matured or ≤3 months 4 2.0 M € 16.0%

3-6 months 3 1.8 M € 14.4%

6-12 months 0 0 € 0.0%

1-2 years 6 4.4 M € 35.4%

2-5 years 7 3.3 M € 26.4%

5-10 years 1 398,986 € 3.2%

> 10 years 2 556,351 € 4.5%

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 1.5 M € 2026-04-27

ERICSSON Corporate 1 1.1 M € 2028-05-29

BMW Corporate 1 1.0 M € 2027-07-15

ROYAL BANK OF CANADA Corporate 1 1.0 M € 2027-03-24

APPLE COMPUTER INC Corporate 1 844,213 € 2027-06-20

MICROSOFT CORP Corporate 1 838,916 € 2027-02-06

FCC Corporate 2 792,934 € 2026-02-23

MOBICO GROUP PLC Corporate 2 732,601 € 2031-09-26

MORGAN STANLEY Corporate 1 704,778 € 2028-04-05

ABERTIS Corporate 1 595,732 € 2026-02-19

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

XS2725836410 ERICSSON 5.38% 2028-05-29 1.1 M €

XS3120975753 BMW 0.65% 2027-07-15 1.0 M €

XS3031467171 ROYAL BANK OF CANADA 0.62% 2027-03-24 1.0 M €

ES0505075608 Euskaltel SA 3.06% 2026-06-25 985,513 €

US037833CX61 APPLE COMPUTER INC 1.50% 2027-06-20 844,213 €

US594918BY93 MICROSOFT CORP 1.65% 2027-02-06 838,916 €

XS3057365895 MORGAN STANLEY 0.56% 2028-04-05 704,778 €

XS3213251658 ABERTIS 2.10% 2026-02-19 595,732 €

XS3029358317 ACS ACTIVIDADES CON. 3.75% 2030-06-11 499,573 €

FR00140144A7 ORANGE 2.50% 2028-11-13 496,999 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %

EUR 10.3 M € 83.7%

USD 1.7 M € 13.6%

GBP 333,615 € 2.7%

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: 11 Exits at maturity: 7 Exits not explained by maturity: 2

+ BMW

Enters the portfolio at 1.42% weight.

+ EUSKALTEL SA

Enters the portfolio at 1.40% weight.

+ APPLE COMPUTER INC

Enters the portfolio at 1.20% weight.

+ ABERTIS

Enters the portfolio at 0.85% weight.

+ ORANGE PLC

Enters the portfolio at 0.71% weight.

+ FCC

Enters the portfolio at 0.70% weight.

+ EUSKALTEL SA

Enters the portfolio at 0.70% weight.

+ MASMOVIL BROADBAND S

Enters the portfolio at 0.70% weight.

+ VIDRALA

Enters the portfolio at 0.56% weight.

+ FCC

Enters the portfolio at 0.42% weight.

+ CARREFOUR SUPERMARCH

Enters the portfolio at 0.29% weight.

− CREDIT SUISSE GROUP

Leaves the portfolio; it was 1.47% of weight.

− GESTAMP

Leaves the portfolio; it was 0.74% of weight.

◦ EUSKALTEL SA

Leaves the portfolio; it was 1.48% of weight.

◦ GESTAMP

Leaves the portfolio; it was 1.19% of weight.

◦ AEDAS HOMES SAU

Leaves the portfolio; it was 0.74% of weight.

◦ FCC

Leaves the portfolio; it was 0.74% of weight.

◦ MASMOVIL BROADBAND S

Leaves the portfolio; it was 0.72% of weight.

◦ ARCELOR

Leaves the portfolio; it was 0.44% of weight.

◦ VIDRALA

Leaves the portfolio; it was 0.30% 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.