Manager
LORETO INVERSIONES, SGIIC, SA
See the CNMV manager universe →
Fund page
LORETO PREMIUM RENTA VARIABLE MIXTA, FI
Category
—
Latest period
H2 2025
Positions
77
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.
77
Company
Type
Country
Weight
Price
Acciones|VALTERRA PLATINUM LIMITED
ZAE000013181 · GBP
Renta Variable Cotizada
ZA
0.21%
149400.00 ZAc
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 27
Exits: 26
Increases: 12
Cuts: 11
+ Acciones|ZEGONA COMMUNICATIONS PLC
Enters the portfolio at 1.34% weight.
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.
View company page →+ Acciones|AMRIZE LTD
Enters the portfolio at 1.23% weight.
Amrize AG engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America and Canada. It operates through two segments, Building Materials and Building Envelope. The Building Materials segment offers cement and aggregates, as well as ready-mix concrete, asphalt, and other construction materials. The Building Envelope segment provides advanced roofing and wall systems, including single-ply membranes, insulation, shingles, sheathing, waterproofing, and protective coatings; and adhesives, tapes, and sealants. The company was formerly known as Holcim North America Finance Ltd and changed its name to Amrize AG in December 2013. Amrize AG was incorporated in 2023 and is based in Zug, Switzerland.
View company page →+ Acciones|ALLFUNDS GROUP PLC
Enters the portfolio at 0.97% weight.
Allfunds Group plc, together with its subsidiaries, operates as a B2B WealthTech company that connects fund houses and distributors in the United Kingdom and internationally. It operates through two segments, Net Platform, and Net Subscription and Other Revenues. The company offers Connect, an Allfunds professional workstation; and Nextportfolio, a portfolio management system; and end-investor platform for wealth management needs of asset managers, banks, wealth managers, and insurance companies. It also provides ESG solutions, such as ESG scoring, reporting, portfolio advisory and construction, audit and certification, analysis, investment proposal generator, reporting generator, and monitoring; model portfolio advisory, bespoke reporting, private assets, audit and certification, fund selection, and regulatory implementation services; and Sustainability Navigator, a tool for constructing sustainable investment portfolios in line with SFDR regulation. In addition, the company offers regulatory reporting corner, a specialized platform to provide fund registration, regulatory reporting, and distribution, as well as generate fund regulatory reporting. Further, it provides investment solutions for Distributors and Fund Houses, including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds; White Label Fund Hosting Platform that provides supports mutual funds and ETFs; Allfunds Navigator which provides market insights and identify opportunities; and Allfunds Blockchain solutions. The company serves private bank, insurance, asset management, bank, custodian, and other customers. The company was founded in 2000 and is based in London, the United Kingdom.
View company page →+ Acciones|VOLKSWAGEN AG
Enters the portfolio at 0.94% weight.
Volkswagen AG manufactures automobiles and commercial vehicles in Europe, Germany, North America, South America, the Asia-Pacific, and internationally. It operates through three segments: Passenger Cars and Light Commercial Vehicles; Commercial Vehicles; and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles, engines and motors, vehicle software, and vehicle batteries; produces and sells passenger cars and light commercial vehicles, and the parts. This segment also offers compact cars, luxury vehicles, and motorcycles, as well as mobility solutions. The Commercial Vehicles segment engages in the development of vehicles, engines, and motors; production and sale of trucks and buses, parts, and related services. The Financial Services segment engages in the dealership and customer financing, leasing, direct banking, and insurance activities; and provision of fleet management, and mobility services. In addition, the company is involved in the large-bore diesel engines, turbomachinery, and propulsion components businesses. It sells its products under the Volkswagen Passenger Cars, koda, SEAT/CUPRA, Volkswagen Commercial Vehicles, Audi, Lamborghini, Bentley, Ducati, Porsche, Scania, MAN, Volkswagen Truck & Bus, TRATON, and Bugatti Rimac, and international commercial vehicles brands to individual, corporate, and fleet customers. The company was founded in 1937 and is headquartered in Wolfsburg, Germany. Volkswagen AG operates as a subsidiary of Porsche Automobil Holding SE.
View company page →+ Acciones|GLENCORE PLC
Enters the portfolio at 0.64% weight.
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities. It engages in the production and marketing of copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration and production and refining and distribution. The company is also involved in marketing and distributing physical commodities sourced from third party producers to industrial consumers, including the battery, electronic, construction, automotive, steel, energy, and oil industries. In addition, the company provides financing, logistics, and other services to producers and consumers of commodities. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.
View company page →− FRENCH REPUBLIC
Leaves the portfolio; it was 3.52% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 3.52% of weight.
− FEDERAL REPUBLIC OF
Leaves the portfolio; it was 1.76% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.76% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.75% of weight.
− Acciones|ENEL SPA
Leaves the portfolio; it was 1.63% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 1.53% of weight.
− Acciones|TESCO PLC
Leaves the portfolio; it was 1.32% of weight.
− Acciones|VALLEHERMOSO
Leaves the portfolio; it was 1.22% 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 →− FRENCH REPUBLIC
Leaves the portfolio; it was 1.17% of weight.
− Acciones|DEUTSCHE BANK AG
Leaves the portfolio; it was 1.05% 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 →− Acciones|TOTALENERGIES SE
Leaves the portfolio; it was 0.87% of weight.
− Acciones|ANHEUSER-BUSCH INBEV SA/
Leaves the portfolio; it was 0.81% of weight.
− Acciones|BRITISH LAND COMPANY
Leaves the portfolio; it was 0.72% of weight.
− Acciones|HERMES INTERNATIONAL SCA
Leaves the portfolio; it was 0.71% of weight.
− Acciones|DEUTSCHE BOERSE AG
Leaves the portfolio; it was 0.62% of weight.
Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.
View company page →− Acciones|DSM-FIRMENICH AG
Leaves the portfolio; it was 0.57% of weight.
− Acciones|HBX GROUP INTERNATIONAL PLC
Leaves the portfolio; it was 0.54% of weight.
− Acciones|SMITH & NEPHEW
Leaves the portfolio; it was 0.54% of weight.
− Acciones|DEUTSCHE POST AG
Leaves the portfolio; it was 0.51% of weight.
− Acciones|BAYERISCHE MOTOREN WERKE AG
Leaves the portfolio; it was 0.50% of weight.
Bayerische Motoren Werke Aktiengesellschaft develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide. It operates through Automotive, Motorcycles, and Financial Services segments. The company offers automobiles under the BMW, MINI, and Rolls-Royce brands. It also develops, manufactures, and sells scooters, and motorcycles for private use and special-purpose vehicles for operational use under the BMW Motorrad brand. In addition, the company provides car rentals; credit financing; leasing that include insurance and service products; financing for dealership and customer deposits; vehicle fleet financing services for corporate car fleets under the Alphabet brand; and financial services for the automotive sector. It sells its products through retail outlet, agent, and independent dealerships. Bayerische Motoren Werke Aktiengesellschaft was founded in 1916 and is headquartered in Munich, Germany.
View company page →− Acciones|SOCIETE GENERALE SA
Leaves the portfolio; it was 0.45% of weight.
− INVITALIA
Leaves the portfolio; it was 0.33% of weight.
− Acciones|DISTRIBUIDORA INTERNACIONAL DE
Leaves the portfolio; it was 0.31% of 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|COVESTRO AG
Leaves the portfolio; it was 0.24% of weight.
− KION GROUP AG
Leaves the portfolio; it was 0.12% of weight.
▲ Acciones|ABN AMRO BANK NV
Goes from 1.11% to 1.89%.
ABN AMRO Bank N.V. provides various banking products and financial services to retail, private, and corporate banking clients in the Netherlands, rest of Europe, the United States, Asia, and internationally. It operates through three segments: Personal & Business Banking, Wealth Management, and Corporate Banking. The company offers fixed deposits; home improvement; mortgage products; investment products; and car, home travel, and legal expenses insurances. It also provides pension savings; asset-based solutions, including working capital solutions, equipment leases, equipment loans and vendor lease services, clearing services, equity brokerage services, payment and credit cards services; and internet and online banking. The company was incorporated in 2009 and is headquartered in Amsterdam, the Netherlands. ABN AMRO Bank N.V. operates as a subsidiary of Stichting Administratiekantoor Continuïteit Abn Amro Bank.
View company page →▲ Acciones|BARCLAYS PLC
Goes from 0.67% to 1.09%.
Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK; Barclays UK Corporate Bank; Barclays Private Bank and Wealth Management; Barclays Investment Bank; and Barclays US Consumer Bank segments. It offers financial services, such as current accounts, savings accounts, mortgages and unsecured lending, such as credit cards and loans retail banking, wholesale banking, investment banking, wealth management, and investment management services, as well as lending products. In addition, the company engages in securities dealing activities and issuing of credit cards. The company was formerly known as Barclays Bank public limited company and changed its name to Barclays PLC in January 1985. Barclays PLC was founded in 1690 and is headquartered in London, the United Kingdom.
View company page →▲ Acciones|KION GROUP AG
Goes from 1.07% to 1.40%.
KION GROUP AG provides industrial trucks and supply chain solutions in Western and Eastern Europe, the Middle East, Africa, North America, Central and South America, China, and the rest of the Asia Pacific. It operates through Industrial Trucks & Services; and Supply Chain Solutions segments. The company offers forklift and heavy trucks, counterbalance trucks with electric drive and internal combustion engine, intralogistics systems, components and spare parts, narrow aisle trucks, lithium-ion batteries, and industrial and warehouse trucks under the Linde, STILL, Baoli, Fenwick, and OM brands. It also leases and rents industrial trucks and related equipment; and provides maintenance and repair services, fleet management solutions, driver assistance systems, and service options, as well as finance solutions. In addition, the company provides integrated technology and software solutions, automated guided vehicle systems, warehouse automation solutions, palletizers, storage and picking equipment, automated storage and retrieval systems, system components and racking, sorters, and conveyors under the Dematic brand. Further, it offers logistics solutions. The company was formerly known as KION Holding 1 GmbH. KION GROUP AG was founded in 2006 and is headquartered in Frankfurt am Main, Germany.
View company page →▼ Acciones|MICROSOFT CORP
Goes from 1.45% to 0.63%.
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.
View company page →▼ Acciones|AIRBUS SE
Goes from 1.22% to 0.62%.
Airbus SE, together with its subsidiaries, engages in the design, manufacture, and delivery of aeronautics and aerospace products, services, and solutions worldwide. It operates through three segments: Airbus, Airbus Helicopters, and Airbus Defence and Space. The Airbus segment develops, manufactures, markets, and sells commercial jet passenger aircraft, freighter aircraft, regional turboprop aircraft, and aircraft components, as well as provides aircraft conversion and related services. The Airbus Helicopters segment develops, manufactures, markets, and sells civil and military helicopters; and provides uncrewed aerial systems and their related services. The Airbus Defence and Space segment designs, develops, delivers, and supports crewed and uncrewed military air systems and related services. This segment also offers civil and defence space systems for telecommunications, earth observations, navigation, and science and orbital systems; and services around data processing from platforms, secure communication, and cyber security. The company was formerly known as Airbus Group SE and changed its name to Airbus SE in April 2017. The company was incorporated in 1998 and is headquartered in Leiden, the Netherlands.
View company page →Fixed income
Declared FI exposure
33.1 M €
% of portfolio
35.2%
Positions
29
Issuers
19
Sovereign: 28.3 M €
Corporate: 4.8 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 · 22.9%3-6 months · 20.6%6-12 months · 8.5%1-2 years · 16.6%2-5 years · 25.8%5-10 years · 5.0%Unknown · 0.7%
Maturity
Positions
Exposure
%
Matured or ≤3 months
5
7.6 M €
22.9%
3-6 months
4
6.8 M €
20.6%
6-12 months
2
2.8 M €
8.5%
1-2 years
4
5.5 M €
16.6%
2-5 years
11
8.5 M €
25.8%
5-10 years
2
1.6 M €
5.0%
> 10 years
0
0 €
0.0%
Unknown
1
217,095 €
0.7%
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
6
14.6 M €
2026-05-08
République Française
Sovereign
2
6.0 M €
2026-03-04
Repubblica Italiana
Sovereign
4
5.7 M €
2026-01-28
FEDERAL REPUBLIC OF
Sovereign
1
2.0 M €
2030-04-18
KUTXA
Corporate
2
609,487 €
2027-06-15
ADIF ALTA VELOCIDAD
Corporate
1
604,917 €
2030-01-31
CEPSA FINANCE SA
Corporate
1
573,866 €
2028-02-12
BANCO SANTANDER SA
Bank
1
496,423 €
2026-01-05
PROSEGUR CASH SA
Corporate
1
394,645 €
2030-10-09
BANKINTER, S.A.
Bank
1
320,847 €
2031-09-13
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
ES0000012L29 Reino de España
2.80%
2026-05-31
3.5 M €
FR0129287258 République Française
2.11%
2026-03-04
3.0 M €
FR0128838515 République Française
2.05%
2026-03-25
3.0 M €
ES0000012I08 Reino de España
0.00%
2028-01-31
2.6 M €
ES00000123C7 Reino de España
5.90%
2026-07-30
2.6 M €
IT0005599904 Repubblica Italiana
1.73%
2027-07-15
2.6 M €
ES0000012J15 Reino de España
0.00%
2027-01-31
2.4 M €
DE000BU25042 FEDERAL REPUBLIC OF
2.40%
2030-04-18
2.0 M €
ES0L02605084 Reino de España
2.02%
2026-05-08
2.0 M €
ES0000012O59 Reino de España
2.40%
2028-05-31
1.5 M €
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: 11
Exits at maturity: 8
Exits not explained by maturity: 1
+ ESTADO ESPAÑOL
Enters the portfolio at 3.75% weight.
+ FRENCH REPUBLIC
Enters the portfolio at 3.18% weight.
+ FRENCH REPUBLIC
Enters the portfolio at 3.18% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 2.73% weight.
+ REPUBLIC OF ITALY
Enters the portfolio at 2.73% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 2.59% weight.
+ ESTADO ESPAÑOL
Enters the portfolio at 2.10% weight.
+ BUONI POLIENNALI DEL
Enters the portfolio at 0.86% weight.
+ PROSEGUR CASH SA
Enters the portfolio at 0.42% weight.
+ ABERTIS INFRAESTRUCT
Enters the portfolio at 0.32% weight.
+ INVITALIA
Enters the portfolio at 0.13% weight.
− FEDERAL REPUBLIC OF
Leaves the portfolio; it was 1.76% of weight.
◦ FRENCH REPUBLIC
Leaves the portfolio; it was 3.52% of weight.
◦ FRENCH REPUBLIC
Leaves the portfolio; it was 3.52% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.75% of weight.
◦ ESTADO ESPAÑOL
Leaves the portfolio; it was 1.76% of weight.
◦ FRENCH REPUBLIC
Leaves the portfolio; it was 1.53% of weight.
◦ FRENCH REPUBLIC
Leaves the portfolio; it was 1.17% of weight.
◦ INVITALIA
Leaves the portfolio; it was 0.33% of weight.
◦ KION GROUP AG
Leaves the portfolio; it was 0.12% 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.