Manager
GVC GAESCO GESTIÓN, SGIIC, S.A.
See the CNMV manager universe →
Fund page
GVC GAESCO CROSSOVER, FI
Category
—
Latest period
H2 2025
Positions
67
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.
67
Company
Type
Country
Weight
Price
Acciones|TECNICAS REUNIDAS & WESTINGHOU
ES0178165017 · EUR
Renta Variable Cotizada
ES
0.52%
27.36 EUR
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 14
Exits: 10
Increases: 11
Cuts: 5
+ Acciones|SR TELEPERFORMANCE
Enters the portfolio at 0.73% weight.
Teleperformance SE, together with its subsidiaries, operates as a digital business services company in France and internationally. The company operates in Core Services and Specialized Services segments. The company offers customer relationship, technical assistance, and customer acquisition services; business processes management, and back office and digital platform services; online interpretation, visa application management, health management, recruitment process outsourcing advisory and assistance, and accounts receivable credit management services. It also provides digital CX, trust and safety, artificial intelligence, real-time speech understanding, StoryfAI application, TP microservices, and video CX; back-office processing, integrated sales, finance and accounting, smartshoring, work-at-home, multilingual services, ad sales, and rebadging solutions; advanced analytics, business process optimization, business transformation consulting, and technology services; and claims management, collection services, interpretation and translation, recruitment process outsourcing, visa and consular services, and healthcare support. The company serves automotive, energy and utilities, media, government, technology, travel, hospitality, cargo, banking and financial services, healthcare, insurance, retail and e-commerce, telecom, and video games industries. The company was incorporated in 1910 and is based in Paris, France.
View company page →+ Acciones|JD.COM INC-ADR
Enters the portfolio at 0.58% weight.
JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses. The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products. It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment. In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services. Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
View company page →− ESTADO USA
Leaves the portfolio; it was 7.96% of weight.
− Acciones|CORPORACION MAPFRE
Leaves the portfolio; it was 4.98% of weight.
− GRUPO ANTOLIN IRAUSA
Leaves the portfolio; it was 1.69% of weight.
− INTL CONSOLIDATED AI
Leaves the portfolio; it was 1.30% of weight.
− Acciones|SOLARIA ENERGIA Y MEDIO AMBIEN
Leaves the portfolio; it was 1.25% of weight.
− Acciones|ELECNOR, S.A.
Leaves the portfolio; it was 1.24% of weight.
− Acciones|MEDICAL PROPERTIES TRUST
Leaves the portfolio; it was 0.70% of weight.
− Acciones|RIO TINTO
Leaves the portfolio; it was 0.63% of weight.
− Acciones|GLOBAL MEDICAL REIT
Leaves the portfolio; it was 0.22% of weight.
− Derechos|FOMENTO DE CONSTRUCIONES Y CON
Leaves the portfolio; it was 0.06% of weight.
▼ Acciones|TUBACEX
Goes from 3.63% to 2.67%.
Tubacex, S.A., together with its subsidiaries, engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally. The company provides seamless stainless steel tubes, including CRA OCTG tubing and casing; aerospace, space exploration, and defense tubing; hydraulic and instrumentation tubing; heat exchanger tubing; subsea umbilicals; and medium and high pressure tubes, as well as machined components, including downhole mills, impellers, spiral mills, reamer, shoes, stabilizers, sensors, spools, bladed noses, float subs, and cross-overs. It also offers round bars, billets, and ingots; fittings, and special and machined components, such as butt-welding fittings, tube bends, elbows, tees, reducers and caps; Tubacoat, a ceramic coating for long steel and high-nickel alloy products; non-magnetic steel components; and instrumentation tubes, hydraulic tubes, exchanger tubes, isometric tubes, and piping. In addition, the company provides design and simulation, and logistic services; and added-value services comprising shotpeening, connection threading, bending, cutting, machining and bevelling, welding, overlay, preassemblies, marking, finning, studding, polishing, grooving, lab testing, packaging, and storage services. Further, it offers tube marketing, real estate, pipe rental, consulting and advisory, and research and development services. The company serves chemical and petrochemical, low carbon, power generation, electronics equipment, new technologies, oil and gas exploration and production, fertilizer, aerospace, hydrocarbon processing, and other industries. Tubacex, S.A. was incorporated in 1963 and is headquartered in Llodio, Spain.
View company page →▼ Acciones|MICROSOFT CORP
Goes from 2.15% to 1.94%.
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. The Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
View company page →Fixed income
Declared FI exposure
4.5 M €
% of portfolio
53.2%
Positions
19
Issuers
18
Sovereign: 488,587 €
Corporate: 2.0 M €
Repos / treasury management: 2.0 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.
6-12 months · 18.2%1-2 years · 4.1%2-5 years · 47.4%5-10 years · 4.0%> 10 years · 3.1%Unknown · 23.1%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
0
0 €
0.0%
6-12 months
1
458,995 €
18.2%
1-2 years
1
104,640 €
4.1%
2-5 years
9
1.2 M €
47.4%
5-10 years
1
100,227 €
4.0%
> 10 years
1
79,173 €
3.1%
Unknown
5
583,275 €
23.1%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
United States Treasury
Sovereign
1
458,995 €
2026-07-09
ELO SACA
Corporate
1
207,330 €
2028-04-17
CORP CONFIDERE
Corporate
1
199,531 €
2030-03-03
AUDAX RENOVABLES SA
Corporate
1
193,604 €
—
GOLAR LNG LTD
Corporate
1
170,445 €
2029-09-19
NISSAN MOTOR IBÉRICA
Corporate
1
160,602 €
—
PARLEM TELECOM
Corporate
1
107,602 €
2028-06-17
MOTA-ENGIL SGPS
Corporate
1
105,459 €
2028-06-12
CLERHP ESTRUCTURAS
Corporate
1
104,640 €
2027-12-02
VISALIA ENERGIA
Corporate
1
104,094 €
2029-12-04
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
US912797RF64 United States Treasury
3.54%
2026-07-09
458,995 €
FR001400PIA0 ELO SACA
5.88%
2028-04-17
207,330 €
ES0305663009 CORP CONFIDERE
6.00%
2030-03-03
199,531 €
ES0236463008 AUDAX RENOVABLES SA
4.20%
—
193,604 €
NO0013331223 GOLAR LNG LTD
3.88%
2029-09-19
170,445 €
USJ57160DZ32 NISSAN MOTOR IBÉRICA
2.40%
—
160,602 €
ES0305561005 PARLEM TELECOM
8.00%
2028-06-17
107,602 €
PTMEN1OM0008 MOTA-ENGIL SGPS
3.62%
2028-06-12
105,459 €
ES0305121016 CLERHP ESTRUCTURAS
2.00%
2027-12-02
104,640 €
ES0305703003 VISALIA ENERGIA
7.25%
2029-12-04
104,094 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
3.7 M €
80.8%
USD
869,215 €
19.2%
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: 5
Exits at maturity: 1
Exits not explained by maturity: 2
+ ESTADO USA
Enters the portfolio at 5.40% weight.
+ GOLAR LNG
Enters the portfolio at 2.01% weight.
+ GREENALIA SA
Enters the portfolio at 1.18% weight.
+ GENERAL DE ALQUILER
Enters the portfolio at 1.18% weight.
Enters the portfolio at 0.93% weight.
− GRUPO ANTOLIN IRAUSA
Leaves the portfolio; it was 1.69% of weight.
− INTL CONSOLIDATED AI
Leaves the portfolio; it was 1.30% of weight.
◦ ESTADO USA
Leaves the portfolio; it was 7.96% 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.