Manager
GVC GAESCO GESTIÓN, SGIIC, S.A.
See the CNMV manager universe →
Fund page
GVC GAESCO CROSSOVER, FI
Category
—
Latest period
H2 2025
Positions
33
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.
33
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 13
Exits: 11
Increases: 13
Cuts: 4
+ Acciones|MIQUEL Y COSTAS
Enters the portfolio at 2.07% weight.
Miquel y Costas & Miquel, S.A., together with its subsidiaries, engages in the manufacture and sale of thin and special lightweight paper for the tobacco industry in Spain, the European Union, OECD countries, and internationally. The company offers cigarette tissue, tipping paper, plug wrap paper, rolling paper booklets, textile pups; specialty paper, decorative laminates, pasting paper, paper for tea bags and coffee capsules, greaseproof paper, paper certified, straw paper, paper for cases and packages, filter paper, security paper, and papers for perfumes and hairdressing; and porous pulps products. It also provides printing paper comprising stationery papers, pharma paper, and paper for religious books. Miquel y Costas & Miquel, S.A. was founded in 1752 and is based in Barcelona, Spain.
View company page →+ Acciones|INMOBILIARIA COLONIAL
Enters the portfolio at 2.06% weight.
Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.
View company page →− Acciones|DEUTSCHE BK
Leaves the portfolio; it was 16.63% of weight.
Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, the rest of Europe, the Americas, the Asia-Pacific, the Middle East, and Africa. It operates through Corporate Bank, Investment Bank, Private Bank, and Asset Management segments. The Corporate Bank segment offers cash management services, such as integrated payments and FX solutions; trade finance and lending offerings, including documentary and guarantee business, and structured trade finance and lending; and depository receipts, corporate trust, document custody, and securities services. The Investment Bank segment provides financing solutions in industries and asset classes; institutional sales, trading, and structuring in foreign exchange, rates, emerging markets, and credit trading; liquidity, market making services, and specialized risk management solutions for fixed income and currencies products; and advisory and financial products and services. This segment is also involved in the mergers and acquisitions business; and capital markets businesses in debt and equity. The Private Bank segment offers a range of payment and account services, and credit and deposit products, as well as investment advice, and postal and parcel services; and planning, managing and investing wealth, financing personal and business interests, and servicing institutional and corporate needs. The Asset Management segment provides access to investment capabilities in active and passive asset classes comprising Xtrackers range and alternatives; and access to private equity, private credit, real estate, and infrastructure. Deutsche Bank Aktiengesellschaft was incorporated in 1870 and is headquartered in Frankfurt am Main, Germany.
View company page →− BNP PARIBA
Leaves the portfolio; it was 12.46% of weight.
− FRENCH DISCOUNT T BI
Leaves the portfolio; it was 8.75% of weight.
− FRENCH DISCOUNT T BI
Leaves the portfolio; it was 8.74% of weight.
− Acciones|CORREO COMUNICACION
Leaves the portfolio; it was 2.06% of weight.
− Acciones|GRUPO CATALANA OCCIDENTE
Leaves the portfolio; it was 1.82% of weight.
− Acciones|SACYR
Leaves the portfolio; it was 1.53% of weight.
Sacyr, S.A. engages in the development and operation of infrastructure concessions worldwide. It is involved in the infrastructure development, such as transportation, sanitation, water, and waste treatment; development of large-scale civil engineering, industrial transport infrastructure, and building projects; water treatment, purification, desalination, purification, and reuse, as well as operation and maintenance of facilities. The company was formerly known as Sacyr Vallehermoso S.A. and changed its name to Sacyr, S.A. in August 2013. Sacyr, S.A. is based in Madrid, Spain.
View company page →− Acciones|FOMENTO DE CONSTRUCIONES Y CON
Leaves the portfolio; it was 0.21% of weight.
− Acciones|INMOCEMENTO
Leaves the portfolio; it was 0.06% of weight.
− Derechos|FOMENTO DE CONSTRUCIONES Y CON
Leaves the portfolio; it was 0.01% of weight.
▲ Acciones|WIZZ AIR HOLDINGS PLC
Goes from 5.60% to 6.66%.
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|BEKAERT NV
Goes from 4.63% to 5.18%.
NV Bekaert SA provides steel wire transformation and coating technologies worldwide. The company operates through four segments: Rubber Reinforcement, Steel Wire Solutions, Specialty Businesses, and Bridon-Bekaert Ropes Group. The Rubber Reinforcement Business segment develops, manufactures, and supplies steel cord and bead wire reinforcement solutions for the tire sector. The Steel Wire Solutions Business segment develops, manufactures, and supplies a range of steel wire products and solutions for sectors, including energy and utilities, mining, construction, agriculture, automotive, and consumer goods. The Specialty Business segment develops and manufactures reinforce concrete, masonry, plaster, and asphalt; reinforcement solutions for hoses and belts; fiber technologies, heating technologies, ultrafine wire, and hydrogen for energy transition markets. The Bridon-Bekaert Ropes Group segment offers steel and synthetic ropes for mission-critical lifting, hoisting, and mooring; and underground mining, offshore and onshore energy, crane and industrial, fishing and marine, as well as lifting solutions for elevators offering compacted, sheave-friendly steel ropes designed for high traction, low elongation, and bending-fatigue life in both conventional and machine-room-less systems. It offers its products under the Currento, Dramix, Bridon, and Bexco brands. NV Bekaert SA was founded in 1880 and is based in Zwevegem, Belgium.
View company page →▼ Acciones|SAF HOLLAND
Goes from 7.53% to 6.97%.
SAF-Holland SE manufactures and sells chassis-related assemblies and components for trailers, trucks, semi-trailers, and buses. The company offers axle and air suspension systems, fifth wheels and systems, coupling systems, kingpins, and landing gears, as well as braking and EBS systems, lighting systems, and disc brakes. It markets its products under the SAF, Holland, Haldex, Neway, KLL, V.Orlandi, TrailerMaster, Assali Stefen, Tecma, and York brands. The company serves original equipment manufacturers. It primarily operates in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. SAF-Holland SE was founded in 1881 and is headquartered in Bessenbach, Germany.
View company page →Fixed income
Declared FI exposure
5.2 M €
% of portfolio
239.0%
Positions
13
Issuers
3
Sovereign: 3.5 M €
Corporate: 0 €
Repos / treasury management: 1.8 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 · 24.3%3-6 months · 17.9%1-2 years · 14.1%2-5 years · 43.7%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
846,819 €
24.3%
3-6 months
1
623,018 €
17.9%
6-12 months
0
0 €
0.0%
1-2 years
1
491,925 €
14.1%
2-5 years
3
1.5 M €
43.7%
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
France
Sovereign
3
1.5 M €
2027-05-25
United States Treasury
Sovereign
3
1.5 M €
2026-01-31
République Française
Sovereign
1
495,750 €
2030-05-25
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
US912797QX89 United States Treasury
3.65%
2026-06-11
623,018 €
FR0000571218 France
5.50%
2029-04-25
546,665 €
FR0011883966 République Française
2.50%
2030-05-25
495,750 €
FR0013250560 France
1.00%
2027-05-25
491,925 €
FR0013286192 France
0.75%
2028-05-25
481,530 €
US91282CBH34 United States Treasury
0.19%
2026-01-31
424,249 €
US91282CBT71 United States Treasury
0.38%
2026-03-31
422,570 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
3.8 M €
72.0%
USD
1.5 M €
28.0%
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: 7
Exits at maturity: 2
Exits not explained by maturity: 0
+ ESTADO USA
Enters the portfolio at 28.37% weight.
+ FRANCE
Enters the portfolio at 24.89% weight.
+ ESTADO FRANCÉS
Enters the portfolio at 22.57% weight.
+ FRANCE
Enters the portfolio at 22.40% weight.
+ FRANCE
Enters the portfolio at 21.92% weight.
+ ESTADO USA
Enters the portfolio at 19.32% weight.
+ ESTADO USA
Enters the portfolio at 19.24% weight.
◦ FRENCH DISCOUNT T BI
Leaves the portfolio; it was 8.75% of weight.
◦ FRENCH DISCOUNT T BI
Leaves the portfolio; it was 8.74% 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.