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KAIZEN GLOBAL INCOME, FI

Category
Latest period
H2 2025
Positions
31

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.

31
Company Type Country Weight Price
Nueva Expresion Textil SA ES0526962016 · EUR Renta Fija No Cotizada ES 3.95%
ACCIONES|Atalaya Mining PLC CY0106002112 · GBP Renta Variable Cotizada CY 3.81% 1000.00 GBp
ACCIONES|Wizz Air Holdings Plc JE00BN574F90 · GBP Renta Variable Cotizada JE 3.80% 1060.00 GBp
ACCIONES|AltynGold PLC GB00BMH19X50 · GBP Renta Variable Cotizada GB 3.31%
ECOENER OPV ES0505548463 · EUR Renta Fija No Cotizada ES 2.47%
AMPER SA ES05092601B2 · EUR Renta Fija No Cotizada ES 2.42%
ACCIONES|AMPER SA ES0109260531 · EUR Renta Variable Cotizada ES 2.20%
ACCIONES|Izertis SA ES0105449005 · EUR Renta Variable Cotizada ES 1.91%
ACCIONES|ALM SM ES0157097017 · EUR Renta Variable Cotizada ES 1.67% 10.46 EUR
ACCIONES|Puig-Group SL ES0105777017 · EUR Renta Variable Cotizada ES 1.54%
ACCIONES|Keller Group PLC GB0004866223 · GBP Renta Variable Cotizada GB 1.49%
ACCIONES|UNITEDHEALTH GROUP INC US91324P1021 · USD Renta Variable Cotizada US 1.46%
ACCIONES|Ferrexpo PLC GB00B1XH2C03 · GBP Renta Variable Cotizada GB 1.43%
ACCIONES|Dynacor Group Inc CA26780B1067 · CAD Renta Variable Cotizada CA 1.42%
ACCIONES|Coinshares International Ltd JE00BLD8Y945 · SEK Renta Variable Cotizada JE 1.39%
ACCIONES|Central Asia Metals PLC GB00B67KBV28 · GBP Renta Variable Cotizada GB 1.34%
ACCIONES|VALLOUREC SA FR0013506730 · EUR Renta Variable Cotizada FR 1.30% 17.71 EUR
ACCIONES|CorMedix Inc US21900C3088 · USD Renta Variable Cotizada US 1.28%
ACCIONES|BW Energy Ltd BMG0702P1086 · NOK Renta Variable Cotizada BM 1.24% 56.50 NOK
ACCIONES|Panoro Energy ASA NO0010564701 · NOK Renta Variable Cotizada NO 1.15% 29.35 NOK
ACCIONES|Sterling Energy PLC GB00B4X3Q493 · GBP Renta Variable Cotizada GB 1.05% 78.40 GBp
ACCIONES|Cheniere Energy Inc US16411R2085 · USD Renta Variable Cotizada US 1.03%
MASRORANGE ES0505988040 · EUR Renta Fija No Cotizada ES 1.00%
AUDAX RENOVABLES SA ES05364630S6 · EUR Renta Fija No Cotizada ES 1.00%
Vocento SA ES05148201L4 · EUR Renta Fija No Cotizada ES 0.99%
ACCIONES|FinVolution Group US31810T1016 · USD Renta Variable Cotizada US 0.92%
ACCIONES|Toya SA PLTOYA000011 · PLN Renta Variable Cotizada PL 0.89%
ACCIONES|NAC Kazatomprom JSC US63253R2013 · USD Renta Variable Cotizada US 0.74%
ACCIONES|Orezone Gold Corp CA68616T1093 · CAD Renta Variable Cotizada CA 0.70%
ACCIONES|Catana Group FR0010193052 · EUR Renta Variable Cotizada FR 0.60%
ACCIONES|Trican Well Service Ltd CA8959451037 · CAD Renta Variable Cotizada CA 0.25%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 31 Exits: 11 Increases: 0 Cuts: 0
+ Nueva Expresion Textil SA

Enters the portfolio at 3.95% weight.

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+ ACCIONES|Atalaya Mining PLC

Enters the portfolio at 3.81% weight.

Atalaya Mining Copper, S.A., together with its subsidiaries, engages in the mineral exploration and development in Spain. The company's flagship property is the Proyecto Riotinto, an open-pit copper mine located in the Andalusia region of Spain. It explores for copper concentrates, silver by-products, and gold. The company was formerly known as Atalaya Mining Plc and changed its name to Atalaya Mining Copper, S.A. in January 2025. Atalaya Mining Copper, S.A. was incorporated in 2004 and is based in Seville, Spain.

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+ ACCIONES|Wizz Air Holdings Plc

Enters the portfolio at 3.80% weight.

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.

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+ ACCIONES|AltynGold PLC

Enters the portfolio at 3.31% weight.

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+ ECOENER OPV

Enters the portfolio at 2.47% weight.

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+ AMPER SA

Enters the portfolio at 2.42% weight.

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+ ACCIONES|AMPER SA

Enters the portfolio at 2.20% weight.

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+ ACCIONES|Izertis SA

Enters the portfolio at 1.91% weight.

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+ ACCIONES|ALM SM

Enters the portfolio at 1.67% weight.

Almirall, S.A. operates as a skin health-focused biopharmaceutical company in Spain, Europe, the Middle East, the United States, Asia, and Africa. The company offers its products for skin diseases comprising Psoriasis, atopic dermatitis, acne, actinic keratosis, onychomycosis, androgenic alopecia, oncodermatology, and orphan indications, as well as for alimentary tract and metabolism, anti-infective for systemic use, cardiovascular system, dermatological, genito urinary system and sex hormones, immunostimulants, metabolism, musculo-skeletal system, nervous system, respiratory system, systemic hormonal preparations. It also develops tirbanibulin for actinic keratosis, and tildrakizumab for psoriatic arthritis under the registration phase, as well as lebrikizumab for atopic dermatitis pediatric in phase 2; Anti-IL-1RAP mAb for hidradenitis suppurativa, anti-IL-1RAP mAb for inflammatory skin disease, Anti-IL-21 mAb for hidradenitis suppurativa, IL-2muFc for alopecia areata, IL-2muFc for atopic dermatitis, and IL-2muFc for inflammatory skin disease in phase 2; readthrough inducer for rare dermatology in phase 1; and anti-IL-13/OX40L BsAb for atopic dermatitis, SMOL oral for Th2-driven diseases, and mRNA/LNP for non-melanoma skin cancer in preclinical stage. It has research and development agreements with Evotec, Ichnos, Simcere, Etherna, Novo Nordisk, and Eloxx. The company was formerly known as Laboratorios Almirall, S.A. and changed its name to Almirall, S.A. in May 2009. Almirall, S.A. was founded in 1943 and is headquartered in Barcelona, Spain.

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+ ACCIONES|Puig-Group SL

Enters the portfolio at 1.54% weight.

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+ ACCIONES|Keller Group PLC

Enters the portfolio at 1.49% weight.

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+ ACCIONES|UNITEDHEALTH GROUP INC

Enters the portfolio at 1.46% weight.

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+ ACCIONES|Ferrexpo PLC

Enters the portfolio at 1.43% weight.

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+ ACCIONES|Dynacor Group Inc

Enters the portfolio at 1.42% weight.

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+ ACCIONES|Coinshares International Ltd

Enters the portfolio at 1.39% weight.

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+ ACCIONES|Central Asia Metals PLC

Enters the portfolio at 1.34% weight.

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+ ACCIONES|VALLOUREC SA

Enters the portfolio at 1.30% weight.

Vallourec S.A., through its subsidiaries, provides tubular solutions for the oil and gas, industry, and new energies markets in North America, South America, France, the Middle East, Indonesia, and East Asia. It operates through Tubes and Mine & Forests segments. The company offers seamless tubes for refineries, petrochemical facilities, onshore liquefied natural gas (LNG) facilities, and floating LNG facilities, as well as for floating production, storage, and offloading units; VAM connections; rigid subsea line pipes, onshore rigid line pipes, and pipe coating solutions; and carbon steel and steel alloy tubes, hollow bars, and connections. It also provides assistance in lowering tubes, inspecting connections, and supervising assembly; inventory management; engineering; training; on-site services; preparation for drilling operations; and integrated solutions for the subsea pipelines comprising analysis, coating, insulation, bending, logistics, and project management with digital support solutions. In addition, the company offers tubular products for the geothermal; carbon capture, utilization, and storage; and hydrogen industries. Further, it provides tubes and hollow bars, as well as circular, square, rectangular, and octagonal sections for the manufacture of cranes, construction machinery, agricultural machinery, and hydraulic and gas cylinders; and axle tubes and gearbox applications, motorbike frame components, and suspension and stabilizer tubular parts for heavy and light vehicles. Additionally, the company is involved in the iron ore and charcoal production businesses. It serves oil service, engineering, and construction companies; distributors and industrial equipment manufacturers; and energy companies, and carbon capture and storage specialists, as well as geothermal, green hydrogen, and solar developers. Vallourec S.A. was founded in 1890 and is headquartered in Meudon, France.

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+ ACCIONES|CorMedix Inc

Enters the portfolio at 1.28% weight.

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+ ACCIONES|BW Energy Ltd

Enters the portfolio at 1.24% weight.

BW Energy Limited, together with its subsidiaries, engages in the exploration and production of oil and gas properties. It holds interests in various shallow- and deep-water assets located in Gabon, Brazil, and Namibia. The company was founded in 2016 and is based in Hamilton, Bermuda. BW Energy Limited is a subsidiary of Bw Group Limited.

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+ ACCIONES|Panoro Energy ASA

Enters the portfolio at 1.15% weight.

Panoro Energy ASA, an independent exploration and production company, engages in the exploration, development, and production of oil and gas properties in Africa. It holds assets in Equatorial Guinea, Gabon, Tunisia, and South Africa. The company was incorporated in 2009 and is based in Oslo, Norway.

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+ ACCIONES|Sterling Energy PLC

Enters the portfolio at 1.05% weight.

Afentra plc, together with its subsidiaries, operates as an upstream oil and gas company primarily in Africa. he company is involved in the appraisal, exploration, development, and production of oil and gas. It holds 34 % interest in an exploration project in the onshore Odewayne block onshore located in Somaliland. The company holds a 45 % non-operated interest in the producing Block 3/05 in Offshore Angola; a 21.33 % non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin; and 40% operated interest in the adjacent exploration Block 3/24. Further, it holds 45% non-operated interest in the prospective Block KON19 and KON15 located in the western part of the Onshore Kwanza Basin. Afentra plc was formerly known as Sterling Energy plc and changed its name to Afentra plc in May 2021. The company was incorporated in 1983 and is based in London, the United Kingdom.

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+ ACCIONES|Cheniere Energy Inc

Enters the portfolio at 1.03% weight.

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+ MASRORANGE

Enters the portfolio at 1.00% weight.

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+ AUDAX RENOVABLES SA

Enters the portfolio at 1.00% weight.

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+ Vocento SA

Enters the portfolio at 0.99% weight.

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+ ACCIONES|FinVolution Group

Enters the portfolio at 0.92% weight.

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+ ACCIONES|Toya SA

Enters the portfolio at 0.89% weight.

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+ ACCIONES|NAC Kazatomprom JSC

Enters the portfolio at 0.74% weight.

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+ ACCIONES|Orezone Gold Corp

Enters the portfolio at 0.70% weight.

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+ ACCIONES|Catana Group

Enters the portfolio at 0.60% weight.

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+ ACCIONES|Trican Well Service Ltd

Enters the portfolio at 0.25% weight.

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− FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 7.89% of weight.

− SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.95% of weight.

− SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.93% of weight.

− FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.93% of weight.

− GERMAN TREASURY BILL

Leaves the portfolio; it was 3.92% of weight.

− FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.92% of weight.

− SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.92% of weight.

− FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.92% of weight.

− TREASURY BILL

Leaves the portfolio; it was 3.29% of weight.

− TREASURY BILL

Leaves the portfolio; it was 1.99% of weight.

− ACCIONES|Naturhouse Health SAU

Leaves the portfolio; it was 0.38% of weight.

Fixed income

Declared FI exposure
2.3 M €
% of portfolio
11.8%
Positions
6
Issuers
6
Sovereign: 0 € Corporate: 2.3 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 · 79.6%1-2 years · 20.4%
Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 0 0 € 0.0%
6-12 months 5 1.8 M € 79.6%
1-2 years 1 465,357 € 20.4%
2-5 years 0 0 € 0.0%
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
Nueva Expresion Textil SA Corporate 1 761,710 € 2026-07-22
ECOENER OPV Corporate 1 476,586 € 2026-11-25
AMPER Corporate 1 465,357 € 2027-02-24
MASRORANGE Corporate 1 193,081 € 2026-12-11
AUDAX RENOVABLES SA Corporate 1 193,061 € 2026-12-10
Vocento SA Corporate 1 191,224 € 2026-12-09

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
ES0526962016 Nueva Expresion Textil SA 7.62% 2026-07-22 761,710 €
ES0505548463 ECOENER OPV 4.90% 2026-11-25 476,586 €
ES05092601B2 AMPER 5.87% 2027-02-24 465,357 €
ES0505988040 MASRORANGE 3.65% 2026-12-11 193,081 €
ES05364630S6 AUDAX RENOVABLES SA 3.76% 2026-12-10 193,061 €
ES05148201L4 Vocento SA 4.58% 2026-12-09 191,224 €

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: 6 Exits at maturity: 10 Exits not explained by maturity: 0
+ Nueva Expresion Textil SA

Enters the portfolio at 3.95% weight.

+ ECOENER OPV

Enters the portfolio at 2.47% weight.

+ AMPER SA

Enters the portfolio at 2.42% weight.

+ MASRORANGE

Enters the portfolio at 1.00% weight.

+ AUDAX RENOVABLES SA

Enters the portfolio at 1.00% weight.

+ Vocento SA

Enters the portfolio at 0.99% weight.

◦ FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 7.89% of weight.

◦ SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.95% of weight.

◦ SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.93% of weight.

◦ FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.93% of weight.

◦ GERMAN TREASURY BILL

Leaves the portfolio; it was 3.92% of weight.

◦ FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.92% of weight.

◦ SPAIN LETRAS DEL TESORO

Leaves the portfolio; it was 3.92% of weight.

◦ FRENCH DISCOUNT T-BILL

Leaves the portfolio; it was 3.92% of weight.

◦ TREASURY BILL

Leaves the portfolio; it was 3.29% of weight.

◦ TREASURY BILL

Leaves the portfolio; it was 1.99% 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.