Manager
GVC GAESCO GESTIÓN, SGIIC, S.A.
See the CNMV manager universe →
Fund page
GVC GAESCO CROSSOVER, FI
Category
—
Latest period
H2 2025
Positions
34
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.
34
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 9
Exits: 8
Increases: 9
Cuts: 3
− FRENCH DISCOUNT T BI
Leaves the portfolio; it was 9.52% of weight.
− ESTADO USA
Leaves the portfolio; it was 5.38% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 2.38% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 2.38% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.58% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.58% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.57% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.57% of weight.
▲ Acciones|ARCELORMITTAL
Goes from 1.29% to 1.82%.
ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.
View company page →▲ Acciones|WIZZ AIR HOLDINGS PLC
Goes from 2.43% to 2.73%.
Wizz Air Holdings Plc, together with its subsidiaries, engages in the provision of passenger air transportation services. The company offers scheduled short-haul and medium-haul point-to-point routes in Europe, the Middle East, North Africa, and Northwest Asia. As of 31 March 2026, it operated a fleet of 262 aircraft, connecting approximately 200 destinations on 1016 routes in 45 countries. The company provides its services under the Wizz Air brand. Wizz Air Holdings Plc was founded in 2003 and is headquartered in Budapest, Hungary.
View company page →▲ Acciones|CIA VALE DO RIO DOCE
Goes from 0.92% to 1.21%.
Vale S.A., together with its subsidiaries, produces iron ore and nickel in Brazil, Asia, the Middle East, North Africa, Europe, the Americas, and Oceania. The company operates in two segments, Iron Ore Solutions and Vale Base Metals. It extracts, produces, and distributes iron ore, iron ore pellets, briquettes, nickel, copper, other ferrous products, and by-products, including gold, silver, cobalt, platinum-group metals, and other base metals, as well as low-carbon critical minerals. The company also operates logistics systems and distribution centers, such as mining complexes, railways, and maritime terminals, ports, and ships; generates energy from hydroelectric, solar, and wind sources; and engages in greenfield mineral exploration. In addition, it is involved in research; and trading activities. The company was formerly known as Companhia Vale do Rio Doce and changed its name to Vale S.A. in May 2009. Vale S.A. was founded in 1942 and is headquartered in Rio De Janeiro, Brazil.
View company page →Fixed income
Declared FI exposure
954,121 €
% of portfolio
29.6%
Positions
8
Issuers
2
Sovereign: 954,121 €
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.
Matured or ≤3 months · 37.0%3-6 months · 31.1%6-12 months · 10.3%1-2 years · 10.4%2-5 years · 11.3%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
352,713 €
37.0%
3-6 months
3
296,447 €
31.1%
6-12 months
1
98,451 €
10.3%
1-2 years
1
98,814 €
10.4%
2-5 years
1
107,696 €
11.3%
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
7
700,579 €
2026-03-06
United States Treasury
Sovereign
1
253,542 €
2026-03-31
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
US91282CBT71 United States Treasury
0.38%
2026-03-31
253,542 €
ES00000124C5 Reino de España
5.15%
2028-10-31
107,696 €
ES0L02603063 Reino de España
1.85%
2026-03-06
99,171 €
ES0L02604103 Reino de España
1.95%
2026-04-10
98,980 €
ES0000012A89 Reino de España
1.45%
2027-10-31
98,814 €
ES0L02605084 Reino de España
1.95%
2026-05-08
98,809 €
ES0L02606058 Reino de España
2.00%
2026-06-05
98,658 €
ES0L02607106 Reino de España
2.00%
2026-07-10
98,451 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
700,579 €
73.4%
USD
253,542 €
26.6%
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: 8
Exits not explained by maturity: 0
+ ESTADO USA
Enters the portfolio at 7.88% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.35% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.08% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.08% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.07% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.07% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.07% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 3.06% weight.
◦ FRENCH DISCOUNT T BI
Leaves the portfolio; it was 9.52% of weight.
◦ ESTADO USA
Leaves the portfolio; it was 5.38% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 2.38% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 2.38% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.58% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.58% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.57% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.57% 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.