Manager
MARCH ASSET MANAGEMENT, S.G.I.I.C., S.A.U.
See the CNMV manager universe →
Fund page
MARCH FLEXIBLE MAX 30, FI
Category
—
Latest period
H2 2025
Positions
67
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.
67
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 15
Exits: 24
Increases: 6
Cuts: 2
+ ACCIONES|FACEBOOK INC
Enters the portfolio at 0.31% 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.
View company page →− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 4.74% of weight.
− ESTADO FRANCES
Leaves the portfolio; it was 3.96% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 3.31% of weight.
− BMW FINANCE NV
Leaves the portfolio; it was 2.66% of weight.
− LOREAL
Leaves the portfolio; it was 2.28% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.79% of weight.
− CREDIT AGRICOLE
Leaves the portfolio; it was 1.28% of weight.
− CREDIT AGRICOLE
Leaves the portfolio; it was 1.10% of weight.
− PARTICIPACIONES|XTRACKERS
Leaves the portfolio; it was 0.51% of weight.
− ACCIONES|LEGRAND SA
Leaves the portfolio; it was 0.35% of weight.
− ACCIONES|FERROVIAL SE
Leaves the portfolio; it was 0.34% of weight.
− ACCIONES|VALLOUREC SA
Leaves the portfolio; it was 0.32% of 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.
View company page →− ACCIONES|ORACLE
Leaves the portfolio; it was 0.31% of weight.
− ACCIONES|BARRATT REDROW
Leaves the portfolio; it was 0.29% of weight.
Barratt Redrow plc engages in the housebuilding business in the United Kingdom. The company is also involved in the commercial development business, which includes offices, retail, leisure, industrial, and distribution properties under the Wilson Bowden Developments brand; and land development activities. In addition, it manufactures timber frames under the Oregon Timber Frame brand; and furniture under the BD Living brand. The company offers its homes under the Barratt Homes, David Wilson Homes, Redrow, and Barratt London brands. The company was formerly known as Barratt Developments plc and changed its name Barratt Redrow plc in October 2024. Barratt Redrow plc was founded in 1953 and is headquartered in Coalville, the United Kingdom.
View company page →− ACCIONES|DANONE
Leaves the portfolio; it was 0.26% of weight.
− ACCIONES|BAE SYSTEMS PLC
Leaves the portfolio; it was 0.25% of weight.
− ACCIONES|ADOBE INC
Leaves the portfolio; it was 0.25% of weight.
− ACCIONES|SSE PLC
Leaves the portfolio; it was 0.24% of weight.
− ACCIONES|B.P. AMOCO
Leaves the portfolio; it was 0.24% of weight.
BP p.l.c., an integrated energy company, engages in the oil and gas business worldwide. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, marketing, and trading activities, as well as solar, wind, and hydrogen businesses. The company also offers aviation fuel products and services, such as jet fuel; aviation gasoline; UL91 aviation fuel; and sustainable aviation fuel. In addition, it engages in the convenience and retail fuel; EV charging; Castrol lubricants and fluids; B2B; midstream; crude oil production; refining and oil trading; and bioenergy businesses. The company was founded in 1908 and is headquartered in London, the United Kingdom.
− ACCIONES|BASF SE
Leaves the portfolio; it was 0.24% of weight.
− ACCIONES|NOVO NORDISK A/S
Leaves the portfolio; it was 0.23% of weight.
− ACCIONES|SLB
Leaves the portfolio; it was 0.23% of weight.
SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.
View company page →− ACCIONES|MERCK
Leaves the portfolio; it was 0.19% of weight.
− ACCIONES|VINCI S.A.
Leaves the portfolio; it was 0.19% of weight.
Fixed income
Declared FI exposure
19.1 M €
% of portfolio
70.1%
Positions
36
Issuers
26
Sovereign: 6.6 M €
Corporate: 12.0 M €
Repos / treasury management: 499,245 €
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 · 6.0%6-12 months · 9.9%1-2 years · 19.9%2-5 years · 46.2%5-10 years · 17.9%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
1.1 M €
6.0%
3-6 months
0
0 €
0.0%
6-12 months
4
1.9 M €
9.9%
1-2 years
5
3.7 M €
19.9%
2-5 years
15
8.6 M €
46.2%
5-10 years
9
3.3 M €
17.9%
> 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
Bundesrepublik Deutschland
Sovereign
3
2.7 M €
2027-04-16
European Union
Supranational
2
2.5 M €
2028-06-02
ESTADO HOLANDA
Sovereign
2
2.2 M €
2028-07-15
Repubblica Italiana
Sovereign
1
1.0 M €
2027-06-01
MORGAN STANLEY RF
Corporate
2
926,516 €
2026-10-27
BANKAMERICA CORP
Corporate
2
829,181 €
2027-05-04
Reino de España
Sovereign
3
748,640 €
2028-01-31
ENI SPA
Corporate
2
678,607 €
2026-02-02
MERCEDES BENZ
Corporate
1
616,002 €
2026-03-09
DES CAISSES DESJARDI
Corporate
1
611,195 €
2028-04-18
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
EU000A3K4EN5 European Union
3.13%
2028-12-05
2.1 M €
DE0001141851 Bundesrepublik Deutschland
1.16%
2027-04-16
1.7 M €
NL0012818504 ESTADO HOLANDA
0.75%
2028-07-15
1.3 M €
IT0005240830 Repubblica Italiana
2.20%
2027-06-01
1.0 M €
DE0001102457 Bundesrepublik Deutschland
0.25%
2028-08-15
949,077 €
NL00150006U0 ESTADO HOLANDA
2.40%
2031-07-15
849,312 €
DE000A2AAL31 MERCEDES BENZ
1.50%
2026-03-09
616,002 €
XS2613159719 DES CAISSES DESJARDI
3.25%
2028-04-18
611,195 €
FR0013422011 BNP PARIBAS SA
1.38%
2029-05-28
565,985 €
FR00140095D5 CIE FINANCEMET FONCI
0.50%
2028-03-16
557,020 €
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: 2
Exits not explained by maturity: 5
+ ESTADO ITALIANO
Enters the portfolio at 3.67% weight.
+ ESTADO ALEMAN
Enters the portfolio at 3.48% weight.
+ BNP PARIBAS
Enters the portfolio at 2.07% weight.
+ UNION EUROPEA
Enters the portfolio at 1.73% weight.
+ ENAGAS FINANCIACIONE
Enters the portfolio at 1.42% weight.
+ TOYOTA MOTOR
Enters the portfolio at 0.75% weight.
− ESTADO FRANCES
Leaves the portfolio; it was 3.96% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 3.31% of weight.
− LOREAL
Leaves the portfolio; it was 2.28% of weight.
− ESTADO ESPAÑOL
Leaves the portfolio; it was 1.79% of weight.
− CREDIT AGRICOLE
Leaves the portfolio; it was 1.28% of weight.
◦ BMW FINANCE NV
Leaves the portfolio; it was 2.66% of weight.
◦ CREDIT AGRICOLE
Leaves the portfolio; it was 1.10% 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.