Manager
A&G FONDOS, SGIIC, SA
See the CNMV manager universe →
Fund page
GREDOS MODERADO, FI
Category
—
Latest period
H2 2025
Positions
165
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.
165
Company
Type
Country
Weight
Price
ACCIONES|COINBASE GLOBAL INC - CLASS A
US19260Q1076 · USD
Renta Variable Cotizada
US
0.13%
173.16 USD
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.
Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. The company operates through five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments. It offers demand and time deposits, mutual funds, and current and savings accounts; mortgages, consumer finance, loans, and various financing solutions; and project finance, debt capital markets, global transaction banking, and corporate finance services. The company also provides credit and debit cards, real estate loans, microfinance, and auto loans; corporate and investment banking services; advice on mergers and acquisitions; wealth, asset, and risk management services; and digital payments and technology solutions. In addition, it is involved in the securitization, leasing, management of portfolios, e-commerce, air transport, aircraft rental, software, consulting, fund and investment management, renewable energy, vehicle rental, insurance, advertising, marketing, telemarketing, automotive, agricultural, factoring, securities brokerage and investment, pension fund management, trade intermediary, venture capital fund, renting, restaurant, electricity production, IT, internet, and financial advisory and other activities; management, and other real estate activities; and purchase and sale of vehicles. Further, the company offers mobile and online banking services. Banco Santander, S.A. was formerly known as Banco Santander Central Hispano SA and changed its name to Banco Santander, S.A. in February 2007. The company was incorporated in 1856 and is headquartered in Madrid, Spain.
View company page →+ NORDEA BANK AB
Enters the portfolio at 0.97% weight.
Nordea Bank Abp offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally. It operates through Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management segments. The company provides various financial services to customers through mobile banking, over the phone, online meetings, and branch offices. It also offers payments, cash management, cards, working capital management, and cards and finance solutions. In addition, the company provides financing, payment, investment banking, capital market products, and securities services; and investment, savings, and risk management solutions. Further, it offers savings products and asset management, including investment funds, discretionary management, portfolio advice, and equity trading and pension accounts; and asset-based financing through leasing, hire purchase, factoring, and sales to finance partners, such as dealers, vendors and retailers, as well as life insurance and pension products and services. The company was founded in 1820 and is headquartered in Helsinki, Finland.
View company page →+ ASSICURAZIONI GE
Enters the portfolio at 0.72% weight.
Assicurazioni Generali S.p.A. provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania. The company operates through Life, Property & Casualty, and Asset & Wealth Management segments. It offers savings, individual and family protection, and unit linked products, as well as motor third-party liability, home, property and casualty, accident, health, and commercial and industrial risks insurance products; and insurance plans for multinational companies. It also provides equity and fixed-income funds, and alternative products. The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848. Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.
View company page →+ ALLIANZ SE
Enters the portfolio at 0.71% weight.
Allianz SE, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's Property-Casualty segment offers various insurance products, including motor liability, accident, fire and property, general liability, credit, and travel, and assistance services to private and corporate customers. Its Life/Health segment provides a range of life and health insurance products on an individual and a group basis, such as annuities, endowment and term insurance, and unit-linked and investment-oriented products, as well as private and supplemental health, and long-term care insurance products. The company's Asset Management segment offers institutional and retail asset management products and services to third-party investors comprising equity and fixed income funds, cash, and multi-assets; and alternative investment products that include real estate, infrastructure debt/equity, real assets, liquid alternatives, and solutions business. In addition, it provides banking services for retail clients; and digital investment services. Allianz SE was founded in 1890 and is headquartered in Munich, Germany.
View company page →+ CAIXABANK,S.A.
Enters the portfolio at 0.69% weight.
CaixaBank, S.A., together with its subsidiaries, provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally. It operates through four segments: Retail Banking, Business Banking, Private Banking, and CIB segments. The company offers retail, private, business, institutional, corporate and investment, premier, InTouch, and international banking; payment methods; savings and investment products; financing; life, life-risk, and non-life insurance; traditional financial and independent advice, and broker services; ATMs; pension fund management; asset and wealth management; securitisation fund management; consumer finance; IT services; and back-office administration services. It also engages in the management of collective investment institutions; holding of property assets; venture capital company; promotion of business and entrepreneurial initiatives; development of digital projects; vehicle and equipment leasing; project management, maintenance, logistics, and procurement; marketing of products and cashless platforms; mortgage loan management; digital business; hotels; private security of goods and people; shopping center real estate; administration, management, development, and operation of real estate; and reinsurance activities. The company was formerly known as Criteria CaixaCorp, S.A. and changed its name to CaixaBank, S.A. in July 2011. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.
View company page →+ MACQUARIE BANK L
Enters the portfolio at 0.69% weight.
Macquarie Bank Limited, together with its subsidiaries, engages in the provision of commercial banking and retail financial services in Australia. The company operates Banking and Financial Services, and Commodities and Global Markets segments. The Banking and Financial Services segment offers a range of personal banking, wealth management, and business banking products and services to retail clients, advisers, brokers, and business clients. The Commodities and Global Markets segment provides capital and financing, risk management, market access, physical execution, and logistics solutions to its various client base across commodities, financial markets, and asset finance. The company was founded in 1969 and is based in Sydney, Australia. Macquarie Bank Limited operates as a subsidiary of Macquarie B.H. Pty Limited.
View company page →+ INFRASTRUTTURE W
Enters the portfolio at 0.50% weight.
Infrastrutture Wireless Italiane S.p.A. operates in the electronic communications infrastructure sector in Italy. The company builds and manages digital and shared infrastructure elements, that hosts logic, the radio equipment of mobile, fixed wireless access (FWA), and IoT markets. Its infrastructure includes integrated ecosystem of tower infrastructure, such as towers, poles, masts, related technology systems, gateways, IoT sensors, fibre, and land; smart infrastructure comprising distributed antenna systems (DAS) antennas, small cells, and repeaters; and real estate infrastructure, including land and production of renewable energy. In addition, the company provides indoor and outdoor coverage services through small cells and distributed antenna system to operators and owners of public and private buildings multi-operator infrastructures, as well as in the tests technologies to support operators; and hosting and connectivity services. It serves mobile network operators; fixed wireless access operators; broadcasting service operators; utilities; and institutions, public bodies, and armed forces. Infrastrutture Wireless Italiane S.p.A. was incorporated in 2015 and is headquartered in Rome, Italy.
View company page →+ BNP PARIBAS
Enters the portfolio at 0.46% weight.
BNP Paribas SA provides various banking and financial products and services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through three divisions: Corporate & Institutional Banking; Commercial, Personal Banking & Services; and Investment & Protection Services. The Corporate & Institutional Banking division offers capital market, securities, financing, risk management, securities clearing, custody, consulting, transaction banking, cash management, investment banking, and financial advisory services for corporate and institutional clients. Its Commercial, Personal Banking & Services division provides financing and equipment leasing services, lending, investment, financial and non-financial services, mobility, and digital banking services, as well as current accounts, savings products, bancassurance, insurance products and services, and consumer loans. The Investment & Protection Services division provides protection, savings, investment, and real estate services to support individuals, professionals, corporate clients, and institutions, as well as asset management, insurance, protection, pensions, and private banking services. The company was formerly known as Banque Nationale de Paris and changed its name to BNP Paribas SA in May 2000. BNP Paribas SA was founded in 1822 and is headquartered in Paris, France.
View company page →+ INTEL CORP
Enters the portfolio at 0.43% weight.
Intel Corporation designs, develops, manufactures, markets, sells, and services computing and related end products and services in the United States, Ireland, Israel, and internationally. It operates through three segments: CCG, DCAI, and Intel Foundry. The company offers client computing group products, including client and commercial CPUs, discrete client GPUs, edge computing, and connectivity products; data center and AI products, such as server CPUs, discrete GPUs, and networking products; and semiconductors comprising wafer fabrication, substrates, and other related products and services. It also provides driving assistance and self-driving solutions; and develops and manufactures multi-beam mask writing tools. The company sells its products through sales organizations, distributors, resellers, retailers, and OEM partners. It serves original equipment manufacturers, original design manufacturers, cloud service providers, and other manufacturers and service providers. Intel Corporation has a strategic collaboration with Infosys Limited to develop a multi-layer AI fabric that unifies infrastructure, models, data, applications, and workflows into a composable and agent-ready ecosystem. The company was incorporated in 1968 and is headquartered in Santa Clara, California.
View company page →+ AXA
Enters the portfolio at 0.25% weight.
AXA SA, through its subsidiaries, provides insurance, asset management, and banking services worldwide. The company operates through France, Europe, AXA XL, Asia, Africa & EME-LATAM, and Transversal & Other segments. It offers life and savings insurance and property and casualty insurance products. The company also provides protection and retirement products for individual and professional customers; reinsurance coverages; property, primary and excess casualty, excess and surplus lines, environmental liability, professional liability, construction, marine, energy, aviation and satellite, fine art and specie, livestock and aquaculture, accident and health, and crisis management. In addition, it offers reinsurance solutions with casualty, property risk, property catastrophe, specialty, and other reinsurance; proportional and non-proportional, and facultative reinsurance; risk management solutions and consulting services; integrated ecosystem between healthcare solutions and the insurance coverage, which includes onsite services in clinics, remote teleconsultation and digital services, and home services; travel insurance and assistance services, as well as AXA Multilink platform, a B2B2C platform; Sophia, the customer facing GenAI chatbot; and EMMA, a digital assistant. Further, the company offers motor, household, property and general liability, banking, savings, health, term life, whole life, universal life, endowment, deferred and immediate annuities, and other investment-based products for retail/individual and commercial/group customers. AXA SA was founded in 1852 and is headquartered in Paris, France.
View company page →+ ALLIANZ SE
Enters the portfolio at 0.24% weight.
Allianz SE, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's Property-Casualty segment offers various insurance products, including motor liability, accident, fire and property, general liability, credit, and travel, and assistance services to private and corporate customers. Its Life/Health segment provides a range of life and health insurance products on an individual and a group basis, such as annuities, endowment and term insurance, and unit-linked and investment-oriented products, as well as private and supplemental health, and long-term care insurance products. The company's Asset Management segment offers institutional and retail asset management products and services to third-party investors comprising equity and fixed income funds, cash, and multi-assets; and alternative investment products that include real estate, infrastructure debt/equity, real assets, liquid alternatives, and solutions business. In addition, it provides banking services for retail clients; and digital investment services. Allianz SE was founded in 1890 and is headquartered in Munich, Germany.
View company page →+ ACCIONES|COINBASE GLOBAL INC - CLASS A
Enters the portfolio at 0.13% weight.
Coinbase Global, Inc. operates platform for crypto assets in the United States and internationally. It provides the primary financial account in the crypto economy for consumers; a brokerage platform with a pool of liquidity across the crypto marketplace for institutions; and a suite of products granting access to build onchain for developers. The company was founded in 2012 and is based in New York, New York.
View company page →+ ACCIONES|ANHEUSER BUSCH INBEV NV
Enters the portfolio at 0.10% weight.
Anheuser-Busch InBev SA/NV produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through North America, Middle Americas, South America, EMEA, Asia Pacific, and Global Export and Holding Companies segments. The company also offers flavored malt beverages, soft drinks, spirit-based ready-to-drink cocktails and beverages, and energy drinks. In addition, it operates BEES, a business-to-business digital commerce platform; on-demand delivery platforms under the Zé Delivery and TaDa Delivery brands; and premium at-home draft system under the PerfectDraft brand. The company provides a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona Extra, Michelob Ultra, and Stella Artois; Aguila, Brahma, Carling Black Label, Cass Fresh, Jupiler, Quilmes, SKOL, and Victoria; Beck's, Hoegaarden, and Leffe; Antarctica, Bud Light, Castle, Castle Lite, Cristal, Harbin, Modelo Especial, Sedrin, and Skol brands, as well as non-beer brands comprising Brutal Fruit, Cutwater, and NÜTRL brands. The company was formerly known as InBev SA and changed its name to Anheuser-Busch InBev SA/NV in November 2008. Anheuser-Busch InBev SA/NV was founded in 1366 and is headquartered in Leuven, Belgium.
View company page →− FRANCE TREASURY
Leaves the portfolio; it was 1.91% of weight.
− NORDEA BANK AB
Leaves the portfolio; it was 1.21% of weight.
Nordea Bank Abp offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally. It operates through Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management segments. The company provides various financial services to customers through mobile banking, over the phone, online meetings, and branch offices. It also offers payments, cash management, cards, working capital management, and cards and finance solutions. In addition, the company provides financing, payment, investment banking, capital market products, and securities services; and investment, savings, and risk management solutions. Further, it offers savings products and asset management, including investment funds, discretionary management, portfolio advice, and equity trading and pension accounts; and asset-based financing through leasing, hire purchase, factoring, and sales to finance partners, such as dealers, vendors and retailers, as well as life insurance and pension products and services. The company was founded in 1820 and is headquartered in Helsinki, Finland.
− BANCO SANTANDER
Leaves the portfolio; it was 1.21% of weight.
Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. The company operates through five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments. It offers demand and time deposits, mutual funds, and current and savings accounts; mortgages, consumer finance, loans, and various financing solutions; and project finance, debt capital markets, global transaction banking, and corporate finance services. The company also provides credit and debit cards, real estate loans, microfinance, and auto loans; corporate and investment banking services; advice on mergers and acquisitions; wealth, asset, and risk management services; and digital payments and technology solutions. In addition, it is involved in the securitization, leasing, management of portfolios, e-commerce, air transport, aircraft rental, software, consulting, fund and investment management, renewable energy, vehicle rental, insurance, advertising, marketing, telemarketing, automotive, agricultural, factoring, securities brokerage and investment, pension fund management, trade intermediary, venture capital fund, renting, restaurant, electricity production, IT, internet, and financial advisory and other activities; management, and other real estate activities; and purchase and sale of vehicles. Further, the company offers mobile and online banking services. Banco Santander, S.A. was formerly known as Banco Santander Central Hispano SA and changed its name to Banco Santander, S.A. in February 2007. The company was incorporated in 1856 and is headquartered in Madrid, Spain.
− FRANCE TREASURY
Leaves the portfolio; it was 1.19% of weight.
− CAIXABANK,S.A.
Leaves the portfolio; it was 0.93% of weight.
CaixaBank, S.A., together with its subsidiaries, provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally. It operates through four segments: Retail Banking, Business Banking, Private Banking, and CIB segments. The company offers retail, private, business, institutional, corporate and investment, premier, InTouch, and international banking; payment methods; savings and investment products; financing; life, life-risk, and non-life insurance; traditional financial and independent advice, and broker services; ATMs; pension fund management; asset and wealth management; securitisation fund management; consumer finance; IT services; and back-office administration services. It also engages in the management of collective investment institutions; holding of property assets; venture capital company; promotion of business and entrepreneurial initiatives; development of digital projects; vehicle and equipment leasing; project management, maintenance, logistics, and procurement; marketing of products and cashless platforms; mortgage loan management; digital business; hotels; private security of goods and people; shopping center real estate; administration, management, development, and operation of real estate; and reinsurance activities. The company was formerly known as Criteria CaixaCorp, S.A. and changed its name to CaixaBank, S.A. in July 2011. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.
− LEVI STRAUSS & C
Leaves the portfolio; it was 0.74% of weight.
Levi Strauss & Co. designs, markets, and sells apparels and related accessories for men, women, and children in the United States and internationally. The company offers jeans, casual and dress pants, activewears, tops, shorts, skirts, dresses, jumpsuits, shirts, sweaters, jackets, footwear, and related accessories under the Levi's, Levi Strauss Signature, Denizen, and Beyond Yoga brands. It sells its products through third-party retailers, such as department stores, specialty retailers, third-party e-commerce sites, and franchisees; and directly to consumers through company-operated mainline and outlet stores, company-operated e-commerce sites, and select shop-in-shops located in department stores and other third-party retail locations. The company also operates brand-dedicated stores and shop-in-shops. Levi Strauss & Co. was founded in 1853 and is headquartered in San Francisco, California.
− CREDIT AGRICOLE
Leaves the portfolio; it was 0.73% of weight.
Crédit Agricole S.A. provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan. It operates in five segments: Asset Gathering, Large Customers, Specialized Financial Services, French Retail Banking LCL, and International Retail Banking. The company offers savings/retirement, death and disability/creditor/group, and property and casualty insurance products; asset management; investment solutions; banking products and services, savings, wealth management, payment, cash flow management, and online banking services; personal finance and mobility; and specialized financial services. It also provides investment banking, structured finance, international trade finance, commercial banking, capital market, and syndication services; leasing, factoring, and energy and territorial financing; and asset servicing solutions for investment products, as well as various asset classes, such as execution, clearing, forex, security lending, custody, depositary banking, fund administration, middle-office outsourcing, fund distribution, and issuer services. In addition, the company offers property services, including transactions, rental, rental management, condominium trustee, and renovation under the Square Habitat brand; property development and management; and low-carbon electricity production. The company serves individuals, SMEs, small businesses, corporates, farmers, financial institutions, local authorities, asset managers, insurance companies, institutional investors, pension and unlisted funds, banks, and brokers. Crédit Agricole S.A. was founded in 1894 and is headquartered in Montrouge, France. Crédit Agricole S.A. operates as a subsidiary of SAS Rue La Boetie.
− AXA
Leaves the portfolio; it was 0.72% of weight.
AXA SA, through its subsidiaries, provides insurance, asset management, and banking services worldwide. The company operates through France, Europe, AXA XL, Asia, Africa & EME-LATAM, and Transversal & Other segments. It offers life and savings insurance and property and casualty insurance products. The company also provides protection and retirement products for individual and professional customers; reinsurance coverages; property, primary and excess casualty, excess and surplus lines, environmental liability, professional liability, construction, marine, energy, aviation and satellite, fine art and specie, livestock and aquaculture, accident and health, and crisis management. In addition, it offers reinsurance solutions with casualty, property risk, property catastrophe, specialty, and other reinsurance; proportional and non-proportional, and facultative reinsurance; risk management solutions and consulting services; integrated ecosystem between healthcare solutions and the insurance coverage, which includes onsite services in clinics, remote teleconsultation and digital services, and home services; travel insurance and assistance services, as well as AXA Multilink platform, a B2B2C platform; Sophia, the customer facing GenAI chatbot; and EMMA, a digital assistant. Further, the company offers motor, household, property and general liability, banking, savings, health, term life, whole life, universal life, endowment, deferred and immediate annuities, and other investment-based products for retail/individual and commercial/group customers. AXA SA was founded in 1852 and is headquartered in Paris, France.
− BANQUE FEDERAL D
Leaves the portfolio; it was 0.72% of weight.
− UNICAJA BANCO SA
Leaves the portfolio; it was 0.72% of weight.
Unicaja Banco, S.A. engages in the retail banking business in Spain. The company offers current, savings, young person, and payment accounts; term deposits; debit, business, and credit cards; mortgages; study, eco-mobility, mobility vehicle, reform, and home loans; and home, car, health, accident, funeral, company and agro uni, company health, SME and retail damage, corporate liability, agricultural, and life insurance products. It also provides pension plans; investment funds; bill and tax payment, and collection management services; payments; POS products; short-term and medium/long-term financing; ATM, foreign trade facility, and currency management and exchange services; and private and personal banking services, as well as digital and mobile banking services. The company was founded in 1991 and is headquartered in Málaga, Spain.
− 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.
SoftBank Group Corp. provides telecommunication services in Japan and internationally. It operates through Holding Company Investment Business, SoftBank Vision Funds, SoftBank, AI Computing Business, and Other segments. The company engages in Consumer Business, mobile services and broadband; mobile services and solutions; ICT service materials to corporate clients; media, advertising, and related services; and payment and financial services. It also offers semiconductor IP, chips, and related technologies, and software tools and related services; development, construction, and operation of solar power plants; and data center development and construction, as well as robotics-related and Hawks-related businesses. It also provides online advertising and e-commerce services; payment and financial services; information and communication technology services products to enterprise customers; and communication device-related products and Internet of Things equipment to retail customers. In addition, the company engages in alternative investment management; ownership of professional baseball team; operation of baseball games; management and maintenance of baseball stadium and other sports facilities; genetic testing, medical data utilization; and distribution of video, voice, and data content via media businesses. Further, it is involved in the certification services, security solutions, and Linux/OSS businesses; operation of comprehensive IT information site ITmedia; internet advertising agency business; facility management; planning and operation of fashion e-commerce website; operational support of brands' own e-commerce website; operation of fashion coordination app; banking; mail order sale of stationery and services; and provision of autonomous forklifts. The company was formerly known as SoftBank Corp. and changed its name to SoftBank Group Corp. in July 2015. SoftBank Group Corp. was incorporated in 1981 and is headquartered in Tokyo, Japan.
− AT AND T INC
Leaves the portfolio; it was 0.48% of weight.
AT&T Inc. provides telecommunications and technology services worldwide. It operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores. It also provides AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services; and copper-based voice and data, Virtual Private Networks (VPN), wholesale, outsourcing, and IP, as well as customer premises equipment for multinational corporations, small and mid-sized businesses, governmental, and wholesale customers. In addition, this segment offers broadband services, including fiber connections, legacy telephony voice communication services, and other VoIP services and equipment to residential customers. This segment markets its communications services and products under the AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber, and AT&T Internet Air brand names. Its Latin America segment provides postpaid and prepaid wireless services in Mexico under the AT&T and Unefon brand names, as well as sells smartphones through its stores, agents and third-party retail stores. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in 2005. AT&T Inc. was incorporated in 1983 and is based in Dallas, Texas.
− MORGAN STANLEY
Leaves the portfolio; it was 0.48% of weight.
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Asia, Europe, the Middle East, and Africa. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The company offers capital raising and financial advisory services, including services related to the underwriting of debt, equity securities, and other products, as well as advice on mergers and acquisitions, restructurings, and project finance. It also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; Asia wealth management; business-related investments services; originating corporate and commercial real estate loans, secured lending facilities, and extending securities-based and other financing; and research activities. In addition, the company offers financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; stock plan administration; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services. Further, it provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.
− 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.
International Consolidated Airlines Group S.A., together with its subsidiaries, engages in the provision of passenger and cargo transportation services in the North Atlantic, Latin America, the Caribbean, Europe, Africa, the Middle East, South Asia, the Asia Pacific, and internationally. It operates through British Airways, Iberia, Vueling, Aer Lingus, and IAG Loyalty segments. The company manufactures, repairs, maintains, overhauls, retrofits, repurposes, upgrades aircraft, and aircraft parts and equipment. In addition, it provides airline operations, insurance, aircraft leasing, aircraft maintenance, tour operation, air freight operations, call center, ground handling, trustee, retail, IT, finance, flight procurement, storage, aircraft technical assistance, human resources support, and airport infrastructure development services; and manages airline loyalty reward currency. The company was incorporated in 2009 and is headquartered in Harmondsworth, the United Kingdom.
− ASSICURAZIONI GE
Leaves the portfolio; it was 0.24% of weight.
Assicurazioni Generali S.p.A. provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania. The company operates through Life, Property & Casualty, and Asset & Wealth Management segments. It offers savings, individual and family protection, and unit linked products, as well as motor third-party liability, home, property and casualty, accident, health, and commercial and industrial risks insurance products; and insurance plans for multinational companies. It also provides equity and fixed-income funds, and alternative products. The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848. Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.
− TEVA PHARMACEUTI
Leaves the portfolio; it was 0.21% of weight.
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally. It offers generic medicines in various dosage forms, such as tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams; sterile products, hormones, high-potency drugs, and cytotoxic substances in parenteral and solid dosage forms; and generic products with medical devices and combination products. The company also focuses on the central nervous system (CNS), respiratory, oncology, and other areas. It provides active pharmaceutical ingredients, as well as contract manufacturing services; and operates an out-licensing platform that offers a portfolio of products to other pharmaceutical companies. The company also offers BENDEKA and TREANDA injections for the treatment of chronic lymphocytic leukemia and indolent b-cell non-hodgkin's lymphoma; COPAXONE, glatiramer acetate injection to treat patients with relapsing forms of multiple sclerosis; AJOVY for the preventive treatment of migraine in adults; AUSTEDO for the treatment of tardive dyskinesia, chorea associated with Huntington's disease and tardive dyskinesia; UZEDY for the treatment of schizophrenia; QVAR RediHaler to treat asthma; BRALTUS, a long-acting muscarinic antagonist; CINQAIR/CINQAERO injection; DuoResp Spiromax budesonide and formoterol powder inhaler; AirDuo RespiClick fluticasone propionate and salmeterol inhalation powder; and ProAir RespiClick inhalation powder. It offers its OTC products under the SUDOCREM, NasenDuo, DICLOX FORTE, OLFEN Max, and FLEGAMINA brand names. The company has collaboration agreements with MedinCell S.A.; Sanofi; Alvotech; and Biolojic Design Ltd., as well as license agreement with MODAG GmbH. Teva Pharmaceutical Industries Limited was founded in 1901 and is based in Tel Aviv-Yafo, Israel.
− ACCIONES|RWE AG
Leaves the portfolio; it was 0.14% of weight.
RWE Aktiengesellschaft generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally. It operates through five segments: Offshore Wind; Onshore Wind/Solar; Flexible Generation; Supply & Trading; and Phaseout Technologies. The company generates wind, hydro, solar, gas, lignite, and biomass electricity. It also trades in electricity, gas, and energy commodities; operates gas storage facilities; and engages in battery storage activities, as well as lignite mining and refining. The company serves commercial, industrial, and municipal customers. RWE Aktiengesellschaft was founded in 1898 and is headquartered in Essen, Germany.
▲ BBVA-BBV
Goes from 0.26% to 0.73%.
Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia. The company offers traditional retail, wholesale, investment, and transaction banking. It also engages in financial, insurance, asset management, and capital markets businesses, as well as digital banking. The company was formerly known as Banco Bilbao Vizcaya, S.A. and changed its name to Banco Bilbao Vizcaya Argentaria, S.A. in January 2000. Banco Bilbao Vizcaya Argentaria, S.A. was founded in 1857 and is headquartered in Bilbao, Spain.
View company page →▲ AUST & NZ BANKIN
Goes from 0.72% to 1.15%.
Toys"R"Us ANZ Limited, together with its subsidiaries, engages in distribution of toys, hobbies, and baby products in Australia. It trades under e-commerce brands, such as Toys"R"Us, Babies"R"Us, RIOT, and Hobby Warehouse. The company was formerly known as Funtastic Limited and changed its name to Toys"R"Us ANZ Limited in June 2021. Toys"R"Us ANZ Limited was incorporated in 1994 and is based in Clayton, Australia.
View company page →▲ ACCIONES|ALPHABET INC - CL C
Goes from 0.72% to 1.13%.
Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in Google Play and YouTube; and devices, as well as the provision of YouTube consumer subscription services, such as YouTube TV, YouTube Music and Premium, NFL Sunday Ticket, and Google One. The Google Cloud segment offers consumption-based fees and subscriptions for AI solutions, including AI infrastructure, Vertex AI platform, and Gemini enterprise. It also provides cybersecurity, and data and analytics services; Google Workspace that include cloud-based communication and collaboration tools for enterprises, such as Calendar, Gmail, Docs, Drive, and Meet; and other enterprise services. The Other Bets segment sells transportation and internet services. Alphabet Inc. was incorporated in 1998 and is headquartered in Mountain View, California.
View company page →▲ CEZ AS
Goes from 0.49% to 0.71%.
CEZ, a. s. engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Central Europe. It operates through four segments: Generation, Distribution, Sales, and Mining. The company operates hydroelectric, wind, solar, nuclear, coal, photovoltaic, and biomass power plants, and combined cycle gas turbine power plant and combined heat and power units. It is also involved in the trade and sale of natural gas; mining of coal; quarrying and processing of construction aggregates and limestones; commodity trading business; and provision of energy services, as well as consulting services. In addition, the company holds interest in the lithium ore mining project in Cínovec; and deals with security systems and acoustics for buildings. Further, the company provides services in the field of electrical installations; high speed internet connection and mobile services; and engineering services and products. CEZ, a. s. was incorporated in 1992 and is headquartered in Prague, the Czech Republic.
View company page →▲ GOLDMAN SACHS GR
Goes from 0.48% to 0.69%.
The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.
View company page →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.
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.