Manager
ANDBANK WEALTH MANAGEMENT, SGIIC, S.A.U.
See the CNMV manager universe →
Fund page
GPM GESTION ACTIVA, FI
Category
—
Latest period
H2 2025
Positions
31
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.
31
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 18
Exits: 13
Increases: 1
Cuts: 10
+ ACCIONES|ACERINOX
Enters the portfolio at 3.97% weight.
Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.
View company page →+ ACCIONES|CIE Financiere Riche
Enters the portfolio at 2.32% weight.
Compagnie Financière Richemont SA, an investment holding company, engages in the luxury goods business. The company operates through Jewellery Maisons, Specialist Watchmakers, and Other segments. It is involved in the design, manufacture, and distribution of jewelry products, precision timepieces, watches, writing instruments, clothing, and leather goods and accessories. The company provides its products under the Cartier, Van Cleef & Arpels, Vhernier, Buccellati, A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, Vacheron Constantin, Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian, Watchfinder&Co., TIMEVALLEE, and brand names through retail online retail, and wholesale distribution channels. It offers its products in France, the United Kingdom, Italy, Switzerland, rest of Europe, the United Arab Emirates, rest of the Middle East, Africa, China, Hong Kong, Macau, Japan, South Korea, rest of Asia, the United States, and rest of the Americas. The company was incorporated in 1979 and is headquartered in Bellevue, Switzerland.
View company page →− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.98% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.98% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.98% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.98% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.98% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.08% of weight.
− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.08% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 4.03% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 4.03% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.42% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.22% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.20% of weight.
− SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.01% of weight.
▼ ACCIONES|Inmob. Colonial
Goes from 2.70% to 1.89%.
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|Ebro Foods
Goes from 2.47% to 2.02%.
Ebro Foods, S.A. operates as a food company in Spain, the Americas, Europe, and internationally. The company offers dry, fresh, frozen, organic, aromatic, and brown rice; premium, fresh, and filled pasta; ready-to-serve rice and pasta dishes; sauces; flours and ingredients; and canned vegetables. It sells its products under the Brillante, SOS, La Fallera, Santa Rita, La Cigala, Rocio, Santa Lucia, Arotz, Garofalo, Cigala, Bertagni, Russo, Ris-Fix, Königs Reis, Lustucru, Lassie, Tilda, Taureau Ailé, Boss, Oryza, Saludães, Mahatma, Riceland, Bosto, Adolphus, Minute, Reis-Fit, Gourmet House, Success, Risella, Herba, Blue Ribbon Rice, Casi, Pear Blossom, Rice Select, Carolina, Water Maid, River, AA, Ultimate, Wonder, Comet Rice, Peacock, Minute Rice, Colusa Rose, Kohinoor, Olivieri, Sello Rojo, In Harvest, Puroma, Miura, Abu Bint, Rix fis, and Phoenix brands. The company also engages in insurance and finance; administration; farmland concessionaire; rice farming; logistics; and investment management activities. It exports its products. The company was formerly known as Ebro Puleva, S.A. and changed its name to Ebro Foods, S.A. in June 2010. Ebro Foods, S.A. was incorporated in 1998 and is headquartered in Madrid, Spain.
View company page →▼ ACCIONES|Merlin Properties
Goes from 2.73% to 2.34%.
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 →Fixed income
Declared FI exposure
1.2 M €
% of portfolio
37.9%
Positions
10
Issuers
1
Sovereign: 977,255 €
Corporate: 0 €
Repos / treasury management: 230,000 €
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 · 36.4%3-6 months · 34.9%6-12 months · 28.8%
Maturity
Positions
Exposure
%
Matured or ≤3 months
3
355,452 €
36.4%
3-6 months
3
340,580 €
34.9%
6-12 months
2
281,223 €
28.8%
1-2 years
0
0 €
0.0%
2-5 years
0
0 €
0.0%
5-10 years
0
0 €
0.0%
> 10 years
0
0 €
0.0%
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
Reino de España
Sovereign
8
977,255 €
2026-01-16
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
ES0L02603063 Reino de España
1.91%
2026-03-06
158,001 €
ES0L02607106 Reino de España
2.00%
2026-07-10
143,080 €
ES0L02608070 Reino de España
1.96%
2026-08-07
138,143 €
ES0L02604103 Reino de España
1.90%
2026-04-10
113,548 €
ES0L02606058 Reino de España
1.98%
2026-06-05
113,542 €
ES0L02605084 Reino de España
1.96%
2026-05-08
113,490 €
ES0L02602065 Reino de España
1.91%
2026-02-06
98,729 €
ES0L02601166 Reino de España
1.87%
2026-01-16
98,722 €
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: 6
Exits not explained by maturity: 0
+ SPAIN LETRAS DEL TES
Enters the portfolio at 4.96% weight.
+ SPAIN LETRAS DEL TES
Enters the portfolio at 4.49% weight.
+ SPAIN LETRAS DEL TES
Enters the portfolio at 4.33% weight.
+ SPAIN LETRAS DEL TES
Enters the portfolio at 3.56% weight.
+ SPAIN LETRAS DEL TES
Enters the portfolio at 3.56% weight.
+ SPAIN LETRAS DEL TES
Enters the portfolio at 3.56% weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 4.03% of weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 4.03% of weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.42% of weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.22% of weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.20% of weight.
◦ SPAIN LETRAS DEL TES
Leaves the portfolio; it was 3.01% 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.