Manager
GVC GAESCO GESTIÓN, SGIIC, S.A.
See the CNMV manager universe →
Fund page
GVC GAESCO CROSSOVER, FI
Category
—
Latest period
H2 2025
Positions
66
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.
66
Company
Type
Country
Weight
Price
Acciones|ALIBABA GROUP HOLDING-SP ADR
US01609W1027 · USD
Renta Variable Cotizada
US
6.03%
119.34 USD
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 17
Exits: 2
Increases: 10
Cuts: 15
+ Acciones|DISTRIBUIDORA INTERNACIONAL
Enters the portfolio at 28.36% weight.
Distribuidora Internacional de Alimentación, S.A. engages in the wholesale and retail of food products in Spain and Argentina. The company offers products and services through owned or franchised self-service stores. It is also involved in the distribution of food and toiletries; leasing of business premises; provision of services to suppliers. In addition, the company is involved in lending and credit operations, including consumer loans, mortgages, and financing of commercial transactions, as well as issuing and managing of credit and debit cards. Further, it engages in import, export, acquisition, distribution and wholesale, and retail sale of beverages, household goods, general, and other products for domestic use and consumption. Distribuidora Internacional de Alimentación, S.A. was incorporated in 1966 and is headquartered in Madrid, Spain.
View company page →+ Acciones|SOL MELIA
Enters the portfolio at 25.28% weight.
Meliá Hotels International, S.A. owns, operates, manages, leases, and franchises hotels in Spain, Latin America, the rest of Europe, and Asia. It operates through Hotel Management, Hotel Business, Other Business Linked to Hotel Management, and Real Estate segments. The company operates hotels under the Gran Meliá Hotels & Resorts, the Meliá Collection, ME by Meliá, Paradisus by Meliá, Meliá Hotels & Resorts, INNSIDE by Meliá, ZEL, Sol by Meliá, Affiliated by Meliá brands, as well as Circle by Meliá and Club Meliá brands. It also engages in the operation of vacation club; casino or tour operation activities; and real estate business. In addition, the company offers Meliá Rewards; and Meliá PRO, a platform for professionals. The company was formerly known as Sol Meliá, S.A. and changed its name to Meliá Hotels International, S.A. in June 2011. The company was founded in 1956 and is headquartered in Palma de Mallorca, Spain.
View company page →+ Acciones|TALGO
Enters the portfolio at 10.03% weight.
Talgo, S.A. engages in design, manufacture, and maintenance of railway and auxiliary machinery for the maintenance of railway systems rolling stock worldwide. It provides high speed, intercity, commuter and regional, and locomotive railway products. The company is also involved in the manufacture, delivery, and maintenance of commercialized rolling stock, auxiliary and other, machines, such as pit lathes, measuring equipment, and shunting cars, as well as rolling stock renovations/remodelling. The company was formerly known as Pegaso Rail International, S.A. Talgo, S.A. was founded in 1942 and is headquartered in Madrid, Spain.
View company page →− Acciones|JUST EAT TAKEAWAY.COM NV
Leaves the portfolio; it was 5.87% of weight.
− Acciones|BASE INC
Leaves the portfolio; it was 1.16% of weight.
▲ Acciones|ALIBABA GROUP HOLDING-SP ADR
Goes from 4.85% to 6.03%.
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.
View company page →▼ Acciones|HELLOFRESH SE
Goes from 1.20% to 0.89%.
HelloFresh SE, together with its subsidiaries, operates as meal kit provider in the United States, Canada, and internationally. The company provides meal kits; add-on products including soups, desserts, bakery products, salads, and surcharge products; ready-to-eat meals; and other products. It operates under the HelloFresh, Chefs Plate, Good Chop, Pets Table, EveryPlate, Factor, Green Chef, and YouFoodz brand names. HelloFresh SE was founded in 2011 and is headquartered in Berlin, Germany.
View company page →Fixed income
Declared FI exposure
4.1 M €
% of portfolio
398.6%
Positions
8
Issuers
1
Sovereign: 4.1 M €
Corporate: 0 €
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 · 28.6%1-2 years · 24.0%2-5 years · 47.4%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
0
0 €
0.0%
6-12 months
5
1.2 M €
28.6%
1-2 years
1
988,140 €
24.0%
2-5 years
2
2.0 M €
47.4%
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
4.1 M €
2026-08-07
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
ES0000012K53 Reino de España
0.80%
2029-07-30
1.4 M €
ES0000012A89 Reino de España
1.45%
2027-10-31
988,140 €
ES00000124C5 Reino de España
5.15%
2028-10-31
538,480 €
ES0L02611066 Reino de España
2.00%
2026-11-06
294,885 €
ES0L02612049 Reino de España
2.05%
2026-12-04
294,405 €
ES0L02608070 Reino de España
1.96%
2026-08-07
196,833 €
ES0L02609045 Reino de España
1.96%
2026-09-04
196,520 €
ES0L02610092 Reino de España
1.99%
2026-10-09
196,098 €
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: 8
Exits at maturity: 0
Exits not explained by maturity: 0
+ ESTADO ESPAÑOL
Enters the portfolio at 136.92% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 95.58% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 52.09% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 28.52% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 28.48% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 19.04% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 19.01% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 18.97% 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.