Fund page

GREDOS MODERADO, FI

Manager

A&G FONDOS, SGIIC, SA 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.

165

Company Type Country Weight Price

BANCO SANTANDER XS2626699982 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.22% —

KUTXABANK SA ES0343307023 · EUR Renta Fija Cotizada Mas 1 Anio ES 1.16% —

AUST & NZ BANKIN XS2986720816 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.15% —

COOPERATIEVE RAB XS2860946867 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.15% —

ACCIONES|ALPHABET INC - CL C US02079K3059 · USD Renta Variable Cotizada US 1.13% —

NORDEA BANK AB XS2723860990 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.97% —

AEGON XS1886478806 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.94% —

CEPSA, S.A. XS2800064912 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.94% —

CITIGROUP XS3058827802 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.93% —

NETFLIX INC XS1821883102 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.93% —

NATWEST MARKETS XS3091038078 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.92% —

ARVAL SERVICE LE FR001400BDD5 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.92% —

BANKINTER S.A XS2199369070 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.92% —

NOVO NORDISK A/S XS3002552134 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.92% —

BANCO SANTANDER XS2102912966 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.92% —

L OREAL SA FR0014014A20 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.92% —

LINDE PLC XS3226607409 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.92% —

BARCLAYS BANK PL XS2487667276 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.92% —

BBVA-BBV XS2322289385 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.92% —

GROUPE BPCE FR0013534674 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.88% —

AEROPORT PARIS FR0013522133 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.87% —

ROMANIAN GOVERME XS2109812508 · EUR Deuda Publica Cotizada Mas 1 Anio XS 0.78% —

CREDIT SUISSE GR CH1214797172 · EUR Renta Fija Cotizada Mas 1 Anio CH 0.76% —

ACCIONA SA XS2698998593 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.74% —

MACQUARIE GROUP XS2723556572 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.74% —

ENEL SPA XS2576550086 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.74% —

American Tower XS2622275969 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.73% —

BBVA-BBV XS2636592102 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.73% —

HOLDING D INFRAS FR0013510823 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.73% —

ING GROEP NV XS2554746185 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.73% —

CAIXABANK,S.A. XS2558978883 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.73% —

ASSICURAZIONI GE XS1428773763 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.72% —

FLOENE ENERGIAS PTGGDDOM0008 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.72% —

ALLIANZ SE DE000A30VTT8 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.71% —

ENGIE SA FR001400KHH8 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.71% —

ENEL SPA XS2770512064 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.71% —

BNP PARIBAS FR001400DCZ6 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.71% —

ASSICURAZIONI GE XS1941841311 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.71% —

CEZ AS XS2838370414 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.71% —

HEIMSTADEN BOSTA XS2105772201 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.70% —

SWISSCOM FINANCE XS2827696035 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.70% —

EUROPEAN STABILI EU000A3K4D41 · EUR Deuda Publica Cotizada Mas 1 Anio EU 0.70% —

TOYOTA MOTOR FIN XS2744121869 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.70% —

GLENCORE FINANCE XS1050842423 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

INFINEON TECHNOL XS2056730679 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

GOLDMAN SACHS GR XS2983840435 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

CAIXABANK,S.A. XS3103589167 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

ELECTRICITE DE F FR001400D6M2 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.69% —

WELLS FARGO CO XS2865534437 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

MACQUARIE BANK L XS3103548056 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

ROBERT BOSCH GMB DE000A4EBME7 · EUR Renta Fija Cotizada Menos 1 Anio DE 0.69% —

HSBC HOLDINGS XS2486589596 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

BANK OF AMERICA XS2987787939 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

SIEMENS FINANCIE XS3078501767 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

COCA COLA EUROPA XS3085615345 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.69% —

AT AND T INC XS3181534937 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69% —

UBS GROUP FUNDIN CH1194000340 · EUR Renta Fija Cotizada Menos 1 Anio CH 0.69% —

ABANCA CORP BANC ES0265936072 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.69% —

MERCEDES BENZ FI DE000A4ECAU6 · EUR Renta Fija Cotizada Menos 1 Anio DE 0.69% —

ING GROEP NV XS2176621170 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.69% —

BANKINTER S.A ES0213679HN2 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.69% —

ENAGAS FINANCIAC XS2751598322 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

NGG FINANCE PLC XS2010045511 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

METROPOLITAN LIF XS2970154436 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

BANCO DE CREDITO XS2383811424 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

CASTELLUM AB XS2380124227 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.68% —

FRANCE TREASURY FR0128984012 · EUR Deuda Publica Cotizada Memos 1 Anio FR 0.68% —

LLOYDS TSB BANK XS1681050610 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.67% —

IBERDROLA INTERN XS2244941147 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.66% —

KRAFT FOODS GROU XS1405784015 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.66% —

ABBOTT IRELAND F XS2076155105 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.65% —

SIEMENS FINANCIE XS2769892600 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.65% —

HEATHROW FUNDING XS1186176571 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.65% —

RYANAIR HOLDINGS XS2344385815 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.64% —

CNP ASSURANCES FR0014000XY6 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.63% —

HSBC HOLDINGS XS2817916484 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.61% —

SIDECU SA ES0305063010 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.57% —

ACCIONES|MICROSOFT CORP US5949181045 · USD Renta Variable Cotizada US 0.53% 483.24 USD

TELEFONICA EUROP XS2646608401 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.51% —

BAYER AG XS2684846806 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.51% —

CREDIT AGRICOLE FRCASA010167 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.50% —

VOLKSWAGEN INTER XS2675884576 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.50% —

INFRASTRUTTURE W XS3201918318 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.50% —

CREDIT AGRICOLE FR001400N2U2 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.49% —

HSBC HOLDINGS XS2553547444 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.49% —

KONINKLIJKE NEDE XS2486270858 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.48% —

ARCELOR XS2537060746 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.48% —

LLOYDS TSB BANK XS2569069375 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.48% —

ANGLO AMERICAN C XS2779901482 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

METROPOLITAN LIF XS2606297864 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

American Tower XS2622275886 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

ENI SPA XS2623957078 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

CONTINENTAL AG XS2558972415 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

E.ON AG XS2791959906 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

BANQUE FEDERAL D FR001400CMY0 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.47% —

SIEMENS FINANCIE XS2769892519 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

HYUNDAI CAPITAL XS2903447600 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.46% —

MORGAN STANLEY XS3057365895 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.46% —

ADIF ALTA VELOCI ES0200002147 · EUR Deuda Publica Cotizada Mas 1 Anio ES 0.46% —

ABN AMRO BANK NV XS2979675258 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.46% —

ROYAL BANK OF CA XS3031467171 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.46% —

BNP PARIBAS FR001400AKP6 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.46% —

MORGAN STANLEY XS2790333616 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.46% —

JPMORGAN CHASE XS1960248919 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.46% —

INTERNATIONAL BU XS2999658136 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.46% —

TELEFONICA EMISI XS2753311393 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.46% —

COOPERATIEVE RAB XS2050933972 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.46% —

ORANO SA FR0013533031 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.46% —

AT AND T INC US00206RDR03 · USD Renta Fija Cotizada Mas 1 Anio US 0.46% —

ADECCO INT FINAN XS2911666795 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

VERIZON COMMS (U XS2770514946 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

E.ON AG XS2895631641 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

INTESA SANPAOLO XS2243298069 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

AROUNDTOWN S.A. XS2023873149 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

MERLIN PROPERTIE XS3168718529 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

JOHNSON & JOHNSO XS3005214799 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

EP INFRASTRUCTUR XS2062490649 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

BANQUE FEDERAL D FR0014002S57 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.45% —

REPSOL INTERNATI XS2035620710 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

VODAFONE GROUP P XS2225204010 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.44% —

CARREFOUR FR0014009DZ6 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.44% —

GLENCORE FINANCE XS2228892860 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.44% —

CEPSA, S.A. XS2117485677 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.44% —

INTEL CORP US458140BR09 · USD Renta Fija Cotizada Mas 1 Anio US 0.43% —

NESTLE HOLDINGS XS2976332283 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.43% —

CELLNEX FINANCE XS2465792294 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.43% —

UNICREDITO ITALI XS1972731787 · USD Renta Fija Cotizada Mas 1 Anio XS 0.42% —

TOTAL SA (PARIS) XS2290960876 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.41% —

REPSOL E&P CAP M USU7603CAC02 · USD Renta Fija Cotizada Mas 1 Anio US 0.40% —

CELLNEX TELECOM XS2257580857 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40% —

RWE AG XS1254119750 · USD Renta Fija Cotizada Menos 1 Anio XS 0.39% —

BRITISH TELECOMM US111021AE12 · USD Renta Fija Cotizada Mas 1 Anio US 0.37% —

ACCIONES|AMAZON.COM INC US0231351067 · USD Renta Variable Cotizada US 0.36% —

TOTAL SA (PARIS) XS1501166869 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.35% —

EDP FINANCE BV XS2053052895 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.34% —

TELECOM ITALIA F XS0161100515 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.33% —

ENEL FINANCE INT XS2751666699 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.29% —

American Tower US03027XAW02 · USD Renta Fija Cotizada Mas 1 Anio US 0.29% —

ACCIONES|ADIDAS AG DE000A1EWWW0 · EUR Renta Variable Cotizada DE 0.26% —

AXA XS2737652474 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.25% —

ENERGIAS DE PORT PTEDP4OM0025 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.24% —

HOLDING D INFRAS XS2577384691 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.24% —

ALLIANZ SE DE000A30VJZ6 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.24% —

AMADEUS IT GOUP XS2788614498 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

EDP ENERGIAS D PTEDP5OM0008 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.23% —

SWISS LIFE FINAN CH1210198136 · EUR Renta Fija Cotizada Mas 1 Anio CH 0.23% —

GROUPE BPCE FR0014013JG5 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.23% —

HYUNDAI CAPITAL XS2903447519 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

BANKINTER S.A ES0213679OS7 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.23% —

FIDELITY INTERNA XS1511793124 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.23% —

BG ENERGY CAPITA XS3176273780 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

BPOST SA BE0390226927 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.23% —

ELECTRICITE DE F FR001400QR88 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.23% —

BMS IRELAND CAP XS3215466338 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

DEUTSCHE TELECOM XS2985250898 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.21% —

ACCIONES|VISCOFAN SA ES0184262212 · EUR Renta Variable Cotizada ES 0.20% —

ACCIONES|ASML HOLDING NV (HOLANDA) NL0010273215 · EUR Renta Variable Cotizada NL 0.19% —

ACCIONES|DSV A/S DK0060079531 · DKK Renta Variable Cotizada DK 0.18% 1398.50 DKK

ACCIONES|GROUPE DANONE FR0000120644 · EUR Renta Variable Cotizada FR 0.17% —

ACCIONES|AMADEUS IT HOLDING SA ES0109067019 · EUR Renta Variable Cotizada ES 0.14% —

ACCIONES|VIATRIS INC US92556V1061 · USD Renta Variable Cotizada US 0.14% 16.32 USD

ACCIONES|COINBASE GLOBAL INC - CLASS A US19260Q1076 · USD Renta Variable Cotizada US 0.13% —

ACCIONES|ANHEUSER BUSCH INBEV NV BE0974293251 · EUR Renta Variable Cotizada BE 0.10% —

RABOBANK STICHTI XS1002121454 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.07% —

ACCIONES|NOVO NORDISK A/S DK0062498333 · DKK Renta Variable Cotizada DK 0.06% —

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 32 Exits: 21 Increases: 5 Cuts: 2

+ BANCO SANTANDER

Enters the portfolio at 1.22% weight.

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+ NORDEA BANK AB

Enters the portfolio at 0.97% weight.

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+ NATWEST MARKETS

Enters the portfolio at 0.92% weight.

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+ L OREAL SA

Enters the portfolio at 0.92% weight.

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+ LINDE PLC

Enters the portfolio at 0.92% weight.

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+ AEROPORT PARIS

Enters the portfolio at 0.87% weight.

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+ ASSICURAZIONI GE

Enters the portfolio at 0.72% weight.

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+ ALLIANZ SE

Enters the portfolio at 0.71% weight.

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+ SWISSCOM FINANCE

Enters the portfolio at 0.70% weight.

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+ CAIXABANK,S.A.

Enters the portfolio at 0.69% weight.

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+ MACQUARIE BANK L

Enters the portfolio at 0.69% weight.

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+ AT AND T INC

Enters the portfolio at 0.69% weight.

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+ METROPOLITAN LIF

Enters the portfolio at 0.68% weight.

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+ FRANCE TREASURY

Enters the portfolio at 0.68% weight.

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+ HEATHROW FUNDING

Enters the portfolio at 0.65% weight.

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+ CREDIT AGRICOLE

Enters the portfolio at 0.50% weight.

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+ INFRASTRUTTURE W

Enters the portfolio at 0.50% weight.

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+ HYUNDAI CAPITAL

Enters the portfolio at 0.46% weight.

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+ BNP PARIBAS

Enters the portfolio at 0.46% weight.

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+ AT AND T INC

Enters the portfolio at 0.46% weight.

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+ MERLIN PROPERTIE

Enters the portfolio at 0.45% weight.

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+ INTEL CORP

Enters the portfolio at 0.43% weight.

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+ REPSOL E&P CAP M

Enters the portfolio at 0.40% weight.

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+ AXA

Enters the portfolio at 0.25% weight.

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+ ALLIANZ SE

Enters the portfolio at 0.24% weight.

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+ SWISS LIFE FINAN

Enters the portfolio at 0.23% weight.

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+ GROUPE BPCE

Enters the portfolio at 0.23% weight.

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+ HYUNDAI CAPITAL

Enters the portfolio at 0.23% weight.

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+ BG ENERGY CAPITA

Enters the portfolio at 0.23% weight.

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+ BMS IRELAND CAP

Enters the portfolio at 0.23% weight.

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+ ACCIONES|COINBASE GLOBAL INC - CLASS A

Enters the portfolio at 0.13% weight.

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+ ACCIONES|ANHEUSER BUSCH INBEV NV

Enters the portfolio at 0.10% weight.

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− FRANCE TREASURY

Leaves the portfolio; it was 1.91% of weight.

− NORDEA BANK AB

Leaves the portfolio; it was 1.21% of weight.

− BANCO SANTANDER

Leaves the portfolio; it was 1.21% of weight.

− FRANCE TREASURY

Leaves the portfolio; it was 1.19% of weight.

− CAIXABANK,S.A.

Leaves the portfolio; it was 0.93% of weight.

− LEVI STRAUSS & C

Leaves the portfolio; it was 0.74% of weight.

− CREDIT AGRICOLE

Leaves the portfolio; it was 0.73% of weight.

− AXA

Leaves the portfolio; it was 0.72% of weight.

− BANQUE FEDERAL D

Leaves the portfolio; it was 0.72% of weight.

− UNICAJA BANCO SA

Leaves the portfolio; it was 0.72% of weight.

− HEATHROW FUNDING

Leaves the portfolio; it was 0.71% of weight.

− ITALY BUONI ORDI

Leaves the portfolio; it was 0.71% of weight.

− SOFTBANK GROUP C

Leaves the portfolio; it was 0.50% of weight.

− AT AND T INC

Leaves the portfolio; it was 0.48% of weight.

− MORGAN STANLEY

Leaves the portfolio; it was 0.48% of weight.

− ITALY BUONI POLI

Leaves the portfolio; it was 0.47% of weight.

− SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 0.47% of weight.

− INTERNATIONAL CO

Leaves the portfolio; it was 0.25% of weight.

− ASSICURAZIONI GE

Leaves the portfolio; it was 0.24% of weight.

− TEVA PHARMACEUTI

Leaves the portfolio; it was 0.21% of weight.

− ACCIONES|RWE AG

Leaves the portfolio; it was 0.14% of weight.

▲ BBVA-BBV

Goes from 0.26% to 0.73%.

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▲ AUST & NZ BANKIN

Goes from 0.72% to 1.15%.

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▲ ACCIONES|ALPHABET INC - CL C

Goes from 0.72% to 1.13%.

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▲ CEZ AS

Goes from 0.49% to 0.71%.

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▲ GOLDMAN SACHS GR

Goes from 0.48% to 0.69%.

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▼ NESTLE HOLDINGS

Goes from 0.69% to 0.43%.

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▼ SIDECU SA

Goes from 0.80% to 0.57%.

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Fixed income

Declared FI exposure

38.4 M €

% of portfolio

88.2%

Positions

152

Issuers

121

Sovereign: 635,072 € Corporate: 37.7 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.

23% 32% 23% 9%

Matured or ≤3 months · 3.9%3-6 months · 3.3%6-12 months · 5.9%1-2 years · 22.7%2-5 years · 32.2%5-10 years · 22.8%> 10 years · 9.2%

Maturity Positions Exposure %

Matured or ≤3 months 4 1.5 M € 3.9%

3-6 months 5 1.3 M € 3.3%

6-12 months 10 2.3 M € 5.9%

1-2 years 29 8.7 M € 22.7%

2-5 years 48 12.3 M € 32.2%

5-10 years 37 8.7 M € 22.8%

> 10 years 19 3.5 M € 9.2%

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

BANCO SANTANDER SA Bank 2 929,349 € 2026-01-14

BANKINTER, S.A. Bank 3 799,453 € 2026-01-17

SIEMENS FINANCIE Corporate 3 783,820 € 2027-05-27

HSBC HOLDINGS PLC Corporate 3 777,847 € 2027-06-15

BBVA-BBV Corporate 2 716,524 € 2027-03-24

COOPERATIEVE RAB Corporate 2 699,436 € 2026-12-29

AMERICAN TOWER Corporate 3 649,537 € 2027-05-16

ENEL SPA Corporate 2 629,153 € 2029-05-27

ASSICURAZIONI GE Corporate 2 623,136 € 2029-01-29

CAIXABANK SA Bank 2 618,214 € 2029-06-26

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

XS2626699982 BANCO SANTANDER SA 5.75% 2033-08-23 529,045 €

ES0343307023 KUTXABANK SA 4.00% 2028-02-01 502,992 €

XS2986720816 AUST & NZ BANKIN 2.56% 2027-10-29 501,499 €

XS2860946867 COOPERATIEVE RAB 2.82% 2028-07-16 500,714 €

XS2723860990 NORDEA BANK ABP 4.88% 2034-02-23 420,611 €

XS1886478806 AEGON 5.62% 2029-04-15 409,286 €

XS2800064912 CEPSA 4.12% 2031-04-11 407,436 €

XS3058827802 CITIGROUP 3.18% 2029-04-29 404,873 €

XS1821883102 NETFLIX INC 3.62% 2027-05-15 403,695 €

XS3091038078 NATWEST MARKETS PLC 2.69% 2028-06-11 401,666 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %

EUR 37.2 M € 96.9%

USD 1.2 M € 3.1%

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: 30 Exits at maturity: 11 Exits not explained by maturity: 9

+ BANCO SANTANDER

Enters the portfolio at 1.22% weight.

+ NORDEA BANK AB

Enters the portfolio at 0.97% weight.

+ NATWEST MARKETS

Enters the portfolio at 0.92% weight.

+ L OREAL SA

Enters the portfolio at 0.92% weight.

+ LINDE PLC

Enters the portfolio at 0.92% weight.

+ AEROPORT PARIS

Enters the portfolio at 0.87% weight.

+ ASSICURAZIONI GE

Enters the portfolio at 0.72% weight.

+ ALLIANZ SE

Enters the portfolio at 0.71% weight.

+ SWISSCOM FINANCE

Enters the portfolio at 0.70% weight.

+ CAIXABANK,S.A.

Enters the portfolio at 0.69% weight.

+ MACQUARIE BANK L

Enters the portfolio at 0.69% weight.

+ AT AND T INC

Enters the portfolio at 0.69% weight.

+ METROPOLITAN LIF

Enters the portfolio at 0.68% weight.

+ FRANCE TREASURY

Enters the portfolio at 0.68% weight.

+ HEATHROW FUNDING

Enters the portfolio at 0.65% weight.

+ CREDIT AGRICOLE

Enters the portfolio at 0.50% weight.

+ INFRASTRUTTURE W

Enters the portfolio at 0.50% weight.

+ HYUNDAI CAPITAL

Enters the portfolio at 0.46% weight.

+ BNP PARIBAS

Enters the portfolio at 0.46% weight.

+ AT AND T INC

Enters the portfolio at 0.46% weight.

+ MERLIN PROPERTIE

Enters the portfolio at 0.45% weight.

+ INTEL CORP

Enters the portfolio at 0.43% weight.

+ REPSOL E&P CAP M

Enters the portfolio at 0.40% weight.

+ AXA

Enters the portfolio at 0.25% weight.

+ ALLIANZ SE

Enters the portfolio at 0.24% weight.

+ SWISS LIFE FINAN

Enters the portfolio at 0.23% weight.

+ GROUPE BPCE

Enters the portfolio at 0.23% weight.

+ HYUNDAI CAPITAL

Enters the portfolio at 0.23% weight.

+ BG ENERGY CAPITA

Enters the portfolio at 0.23% weight.

+ BMS IRELAND CAP

Enters the portfolio at 0.23% weight.

− NORDEA BANK AB

Leaves the portfolio; it was 1.21% of weight.

− BANCO SANTANDER

Leaves the portfolio; it was 1.21% of weight.

− LEVI STRAUSS & C

Leaves the portfolio; it was 0.74% of weight.

− CREDIT AGRICOLE

Leaves the portfolio; it was 0.73% of weight.

− UNICAJA BANCO SA

Leaves the portfolio; it was 0.72% of weight.

− MORGAN STANLEY

Leaves the portfolio; it was 0.48% of weight.

− SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 0.47% of weight.

− INTERNATIONAL CO

Leaves the portfolio; it was 0.25% of weight.

− TEVA PHARMACEUTI

Leaves the portfolio; it was 0.21% of weight.

◦ FRANCE TREASURY

Leaves the portfolio; it was 1.91% of weight.

◦ FRANCE TREASURY

Leaves the portfolio; it was 1.19% of weight.

◦ CAIXABANK,S.A.

Leaves the portfolio; it was 0.93% of weight.

◦ AXA

Leaves the portfolio; it was 0.72% of weight.

◦ BANQUE FEDERAL D

Leaves the portfolio; it was 0.72% of weight.

◦ HEATHROW FUNDING

Leaves the portfolio; it was 0.71% of weight.

◦ ITALY BUONI ORDI

Leaves the portfolio; it was 0.71% of weight.

◦ SOFTBANK GROUP C

Leaves the portfolio; it was 0.50% of weight.

◦ AT AND T INC

Leaves the portfolio; it was 0.48% of weight.

◦ ITALY BUONI POLI

Leaves the portfolio; it was 0.47% of weight.

◦ ASSICURAZIONI GE

Leaves the portfolio; it was 0.24% 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.