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KAPPA, 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
INTERNATIONAL PETROL NO0013671107 · USD Renta Fija Cotizada Mas 1 Anio NO 3.35%
GRIFOLS XS2393001891 · EUR Renta Fija Cotizada Mas 1 Anio XS 2.70%
Acciones|GOLAR LNG BMG9456A1009 · USD Renta Variable Cotizada BM 2.54% 52.00 USD
US TREASURY US91282CHT18 · USD Deuda Publica Cotizada Mas 1 Anio US 2.51%
EMBRACER GROUP XS2954187378 · EUR Renta Fija Cotizada Mas 1 Anio XS 2.37%
Acciones|MICROSOFT CORP. US5949181045 · USD Renta Variable Cotizada US 2.36% 483.24 USD
SACYR INTL XS3071337847 · EUR Renta Fija Cotizada Mas 1 Anio XS 2.13%
Acciones|PLUXEE N.V. NL0015001W49 · EUR Renta Variable Cotizada NL 2.09% 15.50 EUR
TEVA PHARMACEUTICAL XS1211044075 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.96%
NAVIOS MARITIME NO0013685115 · USD Renta Fija Cotizada Mas 1 Anio NO 1.95%
Acciones|APPLE COMPUTER INC US0378331005 · USD Renta Variable Cotizada US 1.80%
PROSUS NV XS2211183244 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.74%
Acciones|ZEGONA COMMUNICATIONS PLC GB00BVGBY890 · GBP Renta Variable Cotizada GB 1.71% 1588.00 GBp
GOLAR LNG USG4023LAD31 · USD Renta Fija Cotizada Mas 1 Anio US 1.69%
PROSUS NV XS2430287875 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.67%
Acciones|GRIFOLS ES0171996087 · EUR Renta Variable Cotizada ES 1.66% 9.91 EUR
MICROSOFT CORP. US594918BR43 · USD Renta Fija Cotizada Menos 1 Anio US 1.53%
Acciones|ALPHABET US02079K3059 · USD Renta Variable Cotizada US 1.53%
GLENCORE FINANCE EUR XS2228892860 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.52%
KOSMOS ENERGY USU5007TAD73 · USD Renta Fija Cotizada Mas 1 Anio US 1.44%
Acciones|JD COM INC-ADR US47215P1066 · USD Renta Variable Cotizada US 1.43% 29.37 USD
EURONAV LUXEMBOURG S NO0011091290 · USD Renta Fija Cotizada Menos 1 Anio NO 1.37%
Acciones|AMAZON US0231351067 · USD Renta Variable Cotizada US 1.35%
Acciones|PFIZER ING US7170811035 · USD Renta Variable Cotizada US 1.21%
Acciones|KOSMOS ENERGY LTD US5006881065 · USD Renta Variable Cotizada US 1.20% 2.96 USD
Acciones|PUIG BRANDS ES0105777017 · EUR Renta Variable Cotizada ES 1.19%
Acciones|FACEBOOK INC US30303M1027 · USD Renta Variable Cotizada US 1.16% 549.90 USD
Acciones|ALIBABA GROUP HOLDING LTD US01609W1027 · USD Renta Variable Cotizada US 1.14% 119.34 USD
Acciones|ASMODEE GROUP SE0023615638 · SEK Renta Variable Cotizada SE 1.01% 152.20 SEK
Acciones|TELEFONICA SA ES0178430E18 · EUR Renta Variable Cotizada ES 0.96%
Acciones|ELI LILLY US5324571083 · USD Renta Variable Cotizada US 0.84%
GOLAR LNG NO0013331223 · USD Renta Fija Cotizada Mas 1 Anio NO 0.78%
Acciones|EMBRACER GROUP SE0023615885 · SEK Renta Variable Cotizada SE 0.58%
Acciones|COFFE STAIN GROUP SE0026599557 · SEK Renta Variable Cotizada SE 0.22%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 9 Exits: 8 Increases: 7 Cuts: 6
+ INTERNATIONAL PETROL

Enters the portfolio at 3.35% weight.

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+ Acciones|PLUXEE N.V.

Enters the portfolio at 2.09% weight.

Pluxee N.V. offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally. The company provides employee benefits comprising meal, food, gift, mobility, training, insurance, and wellness benefits as well as engagement solutions; health, mental and physical well-being, leisure and culture, hybrid work, training, and uniforms; and other products and services, including rewards and recognition, public benefits, and fuel, fleet and expense management solutions. Its products are distributed through pre-paid cards, unreimbursed cards, digital solutions, paper vouchers. Pluxee N.V. was formerly known as Sodexo Asset Management 2 B.V. and changed its name to Pluxee N.V. in December 2023. The company was incorporated in 2022 and is headquartered in Issy-les-Moulineaux, France.

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+ NAVIOS MARITIME

Enters the portfolio at 1.95% weight.

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+ GOLAR LNG

Enters the portfolio at 1.69% weight.

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+ KOSMOS ENERGY

Enters the portfolio at 1.44% weight.

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+ Acciones|KOSMOS ENERGY LTD

Enters the portfolio at 1.20% weight.

Kosmos Energy Ltd., a deepwater exploration and production company, engages in the exploration, development, and production of oil and natural gas properties. It has oil and gas production projects in offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. The company was founded in 2003 and is headquartered in Dallas, Texas.

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+ Acciones|FACEBOOK INC

Enters the portfolio at 1.16% weight.

Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.

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+ Acciones|TELEFONICA SA

Enters the portfolio at 0.96% weight.

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+ Acciones|COFFE STAIN GROUP

Enters the portfolio at 0.22% weight.

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− CECA

Leaves the portfolio; it was 5.22% of weight.

− INTERNATIONAL PETROL

Leaves the portfolio; it was 3.35% of weight.

− MACDONALDS CORP.

Leaves the portfolio; it was 1.91% of weight.

− Acciones|REPSOL YPF SA

Leaves the portfolio; it was 1.81% of weight.

− BSCH INTERNACIONAL

Leaves the portfolio; it was 1.50% of weight.

− VOLKSWAGEN

Leaves the portfolio; it was 1.43% of weight.

− MERLIN ENTERTAINMENT

Leaves the portfolio; it was 0.95% of weight.

− GOLAR LNG

Leaves the portfolio; it was 0.21% of weight.

▲ Acciones|GOLAR LNG

Goes from 1.52% to 2.54%.

Golar LNG Limited designs, converts, owns, and operates marine infrastructure for the liquefaction of natural gas. The company operates in two segments, FLNG, and Corporate and Other. It engages in the regasification, storage, and liquefied natural gas (LNG) carrier transportation operations; operation of floating liquefaction natural gas (FLNG) vessels or projects; transportation of LNG carriers; and vessel management activities. The company was founded in 1946 and is headquartered in Hamilton, Bermuda.

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▲ Acciones|APPLE COMPUTER INC

Goes from 1.43% to 1.80%.

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▲ PROSUS NV

Goes from 1.32% to 1.67%.

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▲ Acciones|ASMODEE GROUP

Goes from 0.68% to 1.01%.

Asmodee Group AB (publ) engages in publishing and distribution of tabletop games. The company offers board games, trading card games, and various other type of games played on or around table. Its portfolio includes CATAN, Ticket to Ride, Dobble/Spot-it!, 7 Wonders, and Exploding Kittens. The company also establishes third-party licensing and/or distribution collaborations with entertainment franchises and third-party IP owners. It operates in Sweden, France, Germany, the United States, the United Kingdom, rest of the Americas, rest of Europe, and internationally. The company was founded in 1995 and is based in Karlstad, Sweden.

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▲ Acciones|MICROSOFT CORP.

Goes from 2.04% to 2.36%.

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.

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▲ Acciones|ZEGONA COMMUNICATIONS PLC

Goes from 1.43% to 1.71%.

Zegona Communications plc engages in the provision of integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services. It serves business-to-consumer and business-to-business markets. The company was incorporated in 2015 and is based in London, the United Kingdom. Zegona Communications plc operates as a subsidiary of Ejlshm Funding Limited.

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▲ Acciones|EMBRACER GROUP

Goes from 0.35% to 0.58%.

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▼ SACYR INTL

Goes from 3.43% to 2.13%.

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▼ GOLAR LNG

Goes from 1.66% to 0.78%.

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▼ EMBRACER GROUP

Goes from 3.19% to 2.37%.

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▼ Acciones|ELI LILLY

Goes from 1.44% to 0.84%.

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▼ Acciones|ALPHABET

Goes from 1.81% to 1.53%.

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▼ Acciones|GRIFOLS

Goes from 1.88% to 1.66%.

Grifols, S.A., together with its subsidiaries, engages in the research, development, production, and marketing of plasma-derived medicines in the United States, Canada, Spain, Europe, and internationally. It operates through four segments: Biopharma, Diagnostic, Bio Supplies, and Others. The company offers various hemoderivatives from human plasma for immunology, infectious diseases, hepatology, intensive care, pulmonology, hematology, and neurology treatment areas; and markets diagnostic testing equipment, reagents, and other equipment, as well as provides transfusion medicine, clinical diagnostics, and testing services. It also offers biological products, including albumin, albumin-derived products, immunoglobulins, thrombin, other proteins, and intermediate plasma products to pharma and biotech companies for biopharma use; and whole blood, blood components, processed plasma, and clinical samples to life-science research and in-vitro diagnostic companies for diagnostic use. In addition, the company provides healthcare solutions for hospitals, such as intravenous solutions to maintain or restore fluids and electrolyte balance in patients; high-tech solutions to automate hospital processes; clinical nutrition to deliver nutrition and medication; and medical devices comprising instrumentation and disposable materials for various hospital services, which include interventional neuroradiology, hemodynamics, urology, anesthesiology and cardiovascular surgery, as well as manufacturing services to third parties and research activities. Further, it is involved in engineering services; packaging, labelling, storage, distribution, manufacturing, and development of pharmaceutical products; import, export, and commercialization activities; travel agency services; reinsurance of insurance policies; support services; law business; and consultation, administration, and financing services. The company was founded in 1909 and is headquartered in Barcelona, Spain.

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Fixed income

Declared FI exposure
12.5 M €
% of portfolio
28.7%
Positions
15
Issuers
13
Sovereign: 1.1 M € Corporate: 11.4 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 · 10.1%1-2 years · 11.8%2-5 years · 63.5%5-10 years · 14.6%
Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 0 0 € 0.0%
6-12 months 2 1.3 M € 10.1%
1-2 years 2 1.5 M € 11.8%
2-5 years 9 7.9 M € 63.5%
5-10 years 2 1.8 M € 14.6%
> 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
PROSUS NV Corporate 2 1.5 M € 2028-08-03
INTERNATIONAL PETROL Corporate 1 1.5 M € 2030-10-10
GRIFOLS SA Corporate 1 1.2 M € 2028-10-15
United States Treasury Sovereign 1 1.1 M € 2033-08-15
GOLAR LNG LTD Corporate 2 1.1 M € 2029-09-19
EMBRACER GROUP Corporate 1 1.0 M € 2029-12-15
SACYR INTL Corporate 1 927,435 € 2030-05-29
TEVA PHARMACEUTICAL Corporate 1 856,066 € 2027-03-31
NAVIOS MARITIME Corporate 1 849,314 € 2030-11-07
MICROSOFT CORP Corporate 1 668,443 € 2026-08-08

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
NO0013671107 INTERNATIONAL PETROL 3.75% 2030-10-10 1.5 M €
XS2393001891 GRIFOLS SA 1.94% 2028-10-15 1.2 M €
US91282CHT18 United States Treasury 1.94% 2033-08-15 1.1 M €
XS2954187378 EMBRACER GROUP 2.88% 2029-12-15 1.0 M €
XS3071337847 SACYR INTL 4.75% 2030-05-29 927,435 €
XS1211044075 TEVA PHARMACEUTICAL 1.88% 2027-03-31 856,066 €
NO0013685115 NAVIOS MARITIME 3.88% 2030-11-07 849,314 €
XS2211183244 PROSUS NV 1.54% 2028-08-03 757,080 €
USG4023LAD31 GOLAR LNG LTD 3.75% 2030-10-02 736,066 €
XS2430287875 PROSUS NV 2.78% 2034-01-19 728,882 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
USD 6.4 M € 50.9%
EUR 6.1 M € 49.1%

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: 4 Exits at maturity: 1 Exits not explained by maturity: 5
+ INTERNATIONAL PETROL

Enters the portfolio at 3.35% weight.

+ NAVIOS MARITIME

Enters the portfolio at 1.95% weight.

+ GOLAR LNG

Enters the portfolio at 1.69% weight.

+ KOSMOS ENERGY

Enters the portfolio at 1.44% weight.

− INTERNATIONAL PETROL

Leaves the portfolio; it was 3.35% of weight.

− MACDONALDS CORP.

Leaves the portfolio; it was 1.91% of weight.

− BSCH INTERNACIONAL

Leaves the portfolio; it was 1.50% of weight.

− VOLKSWAGEN

Leaves the portfolio; it was 1.43% of weight.

− MERLIN ENTERTAINMENT

Leaves the portfolio; it was 0.95% of weight.

◦ GOLAR LNG

Leaves the portfolio; it was 0.21% 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.