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MARCH RENTA VARIABLE NORTEAMERICA, FI

Category
Latest period
H2 2025
Positions
68

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.

68
Company Type Country Weight Price
US TREASURY US91282CLR06 · USD Deuda Publica Cotizada Mas 1 Anio US 4.56%
ACCIONES|BANKAMERICA CORP US0605051046 · USD Renta Variable Cotizada US 2.24%
ACCIONES|ALPHABET INC US02079K3059 · USD Renta Variable Cotizada US 2.14%
ACCIONES|NVIDIA CORP US67066G1040 · USD Renta Variable Cotizada US 2.12%
US TREASURY US91282CMM00 · USD Deuda Publica Cotizada Mas 1 Anio US 2.12%
ACCIONES|AMAZON COMPANY US0231351067 · USD Renta Variable Cotizada US 2.12%
ACCIONES|MICROSOFT US5949181045 · USD Renta Variable Cotizada US 2.05% 483.24 USD
ACCIONES|BERKSHIRE HATHAWAY US0846707026 · USD Renta Variable Cotizada US 2.05% 495.82 USD
ESTADO ESPAÑOL ES00000124C5 · EUR Deuda Publica Cotizada Mas 1 Anio ES 1.88%
ESTADO ESPAÑOL ES0000012M51 · EUR Deuda Publica Cotizada Mas 1 Anio ES 1.85%
UNION EUROPEA EU000A3K4EN5 · EUR Deuda Publica Cotizada Mas 1 Anio EU 1.82%
ESTADO ESPAÑOL ES0000012G34 · EUR Deuda Publica Cotizada Mas 1 Anio ES 1.79%
ACCIONES|THERMO FISHER US8835561023 · USD Renta Variable Cotizada US 1.70%
ACCIONES|QUALCOMM INC US7475251036 · USD Renta Variable Cotizada US 1.67% 160.75 USD
US TREASURY US91282CJG78 · USD Deuda Publica Cotizada Mas 1 Anio US 1.64%
ACCIONES|APPLE INC. US0378331005 · USD Renta Variable Cotizada US 1.51%
ACCIONES|MCGRAW HILL FINANCIA US78409V1044 · USD Renta Variable Cotizada US 1.47%
ACCIONES|VISA INC US92826C8394 · USD Renta Variable Cotizada US 1.43%
ACCIONES|ORACLE US68389X1054 · USD Renta Variable Cotizada US 1.42%
BANCO INVERSIS, S.A. ES0000012O59 · EUR Adquisicion Temporal Activos ES 1.40%
ACCIONES|PALO ALTO US6974351057 · USD Renta Variable Cotizada US 1.35%
ACCIONES|WORKDAY INC US98138H1014 · USD Renta Variable Cotizada US 1.31%
ACCIONES|EATON CORP PLC IE00B8KQN827 · USD Renta Variable Cotizada IE 1.30%
ACCIONES|MERCK (USA) US58933Y1055 · USD Renta Variable Cotizada US 1.29%
ACCIONES|CAMECO CORPORATION CA13321L1085 · USD Renta Variable Cotizada CA 1.25%
ESTADO ITALIANO IT0005240830 · EUR Deuda Publica Cotizada Mas 1 Anio IT 1.25%
ACCIONES|SYNOPSYS INC US8716071076 · USD Renta Variable Cotizada US 1.25%
ACCIONES|BROADCOM US11135F1012 · USD Renta Variable Cotizada US 1.23%
ACCIONES|NEXTERA ENERGY US65339F1012 · USD Renta Variable Cotizada US 1.18%
ACCIONES|NORTHROP GRUMMAN US6668071029 · USD Renta Variable Cotizada US 1.16%
ACCIONES|ACCENTURE PLC IE00B4BNMY34 · USD Renta Variable Cotizada IE 1.12%
ACCIONES|JOHNSON US4781601046 · USD Renta Variable Cotizada US 1.10%
ACCIONES|ELI LILLY US5324571083 · USD Renta Variable Cotizada US 1.05%
ACCIONES|LINDE AG IE000S9YS762 · USD Renta Variable Cotizada IE 1.04%
ICCREA BANCA XS2577533875 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.04%
AYT CED CAJAS GLOBAL ES0312298120 · EUR Renta Fija Cotizada Mas 1 Anio ES 1.01%
BANCO BPM SPA XS2577572188 · EUR Renta Fija Cotizada Menos 1 Anio XS 1.00%
ACCIONES|COCA-COLA US1912161007 · USD Renta Variable Cotizada US 0.98%
FERROVIE DELLO STATO XS2532681074 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.97%
LOREAL FR001400HX81 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.97%
ACCIONES|WALL- MART STORES US9311421039 · USD Renta Variable Cotizada US 0.95%
ACCIONES|MONDELEZ INTERNAT US6092071058 · USD Renta Variable Cotizada US 0.90%
ACCIONES|MEDTRONIC INC (USA) IE00BTN1Y115 · USD Renta Variable Cotizada IE 0.89%
ACCIONES|FACEBOOK INC US30303M1027 · USD Renta Variable Cotizada US 0.89% 549.90 USD
ACCIONES|ADOBE INC US00724F1012 · USD Renta Variable Cotizada US 0.88%
ACCIONES|TRANSDIGM GROUP US8936411003 · USD Renta Variable Cotizada US 0.88%
ACCIONES|EOG RESOURCES US26875P1012 · USD Renta Variable Cotizada US 0.87%
RENAULT FR0014000NZ4 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.84%
ACCIONES|T MOBILE US8725901040 · USD Renta Variable Cotizada US 0.83%
BANCO DE CREDITO SOC XS2383811424 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.82%
LA BANQUE POSTALE FR00140087C4 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.82%
ACCIONES|TRIMBLE INC US8962391004 · USD Renta Variable Cotizada US 0.77%
ACCIONES|NIKE INC US6541061031 · USD Renta Variable Cotizada US 0.72%
ACCIONES|NETFLIX INC US64110L1061 · USD Renta Variable Cotizada US 0.69%
ACCIONES|WALT DISNEY US2546871060 · USD Renta Variable Cotizada US 0.66%
ABANCA CORP BANCARIA ES0265936031 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.61%
TOYOTA MOTOR XS2857918804 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.59%
ACCIONES|PROCTER & GAMBLE US7427181091 · USD Renta Variable Cotizada US 0.58%
ENGI FP FR001400MF78 · EUR Renta Fija Cotizada Menos 1 Anio FR 0.58%
EASYJET PLC XS2306601746 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.56%
BANKINTER, S.A. ES0213679OF4 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.56%
ENAGAS FINANCIACIONE XS1403388694 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.56%
CITIGROUP INC XS1980064833 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.55%
BNP PARIBAS FR0013422011 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.54%
ACCIONES|MCDONALDS CORP US5801351017 · USD Renta Variable Cotizada US 0.50%
ACCIONES|UBER TECHNOLOGIES US90353T1007 · USD Renta Variable Cotizada US 0.45%
ACCIONES|FREDDIE MAC US3134003017 · USD Renta Variable Cotizada US 0.21%
ACCIONES|FANNIE MAE US3135861090 · USD Renta Variable Cotizada US 0.09%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 13 Exits: 9 Increases: 24 Cuts: 1
+ ESTADO ESPAÑOL

Enters the portfolio at 1.79% weight.

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+ BANCO INVERSIS, S.A.

Enters the portfolio at 1.40% weight.

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+ ESTADO ITALIANO

Enters the portfolio at 1.25% weight.

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+ ABANCA CORP BANCARIA

Enters the portfolio at 0.61% weight.

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+ TOYOTA MOTOR

Enters the portfolio at 0.59% weight.

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+ ENGI FP

Enters the portfolio at 0.58% weight.

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+ EASYJET PLC

Enters the portfolio at 0.56% weight.

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+ BANKINTER, S.A.

Enters the portfolio at 0.56% weight.

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+ ENAGAS FINANCIACIONE

Enters the portfolio at 0.56% weight.

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+ CITIGROUP INC

Enters the portfolio at 0.55% weight.

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+ BNP PARIBAS

Enters the portfolio at 0.54% weight.

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+ ACCIONES|FREDDIE MAC

Enters the portfolio at 0.21% weight.

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+ ACCIONES|FANNIE MAE

Enters the portfolio at 0.09% weight.

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− BANCO INVERSIS, S.A.

Leaves the portfolio; it was 4.48% of weight.

− DEUDA ESTADO U.K.

Leaves the portfolio; it was 1.15% of weight.

− KUTXABANK SA

Leaves the portfolio; it was 0.83% of weight.

− ESTADO HOLANDA

Leaves the portfolio; it was 0.83% of weight.

− ENEL FINANCE INTL NV

Leaves the portfolio; it was 0.82% of weight.

− VOLKSWAGEN BANK

Leaves the portfolio; it was 0.81% of weight.

− ACCIONA ENERGIAS REN

Leaves the portfolio; it was 0.81% of weight.

− ESTADO ESPAÑOL

Leaves the portfolio; it was 0.80% of weight.

− UBER TECHNOLOGIES

Leaves the portfolio; it was 0.76% of weight.

▲ ACCIONES|THERMO FISHER

Goes from 0.48% to 1.70%.

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▲ ACCIONES|ALPHABET INC

Goes from 1.14% to 2.14%.

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▲ ESTADO ESPAÑOL

Goes from 0.97% to 1.88%.

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▲ ACCIONES|MERCK (USA)

Goes from 0.41% to 1.29%.

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▲ ACCIONES|APPLE INC.

Goes from 0.68% to 1.51%.

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▲ ACCIONES|ACCENTURE PLC

Goes from 0.40% to 1.12%.

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▲ ACCIONES|ELI LILLY

Goes from 0.40% to 1.05%.

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▲ ACCIONES|NORTHROP GRUMMAN

Goes from 0.66% to 1.16%.

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▲ ACCIONES|JOHNSON

Goes from 0.62% to 1.10%.

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▲ ACCIONES|FACEBOOK INC

Goes from 0.41% to 0.89%.

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|AMAZON COMPANY

Goes from 1.74% to 2.12%.

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▲ ACCIONES|WORKDAY INC

Goes from 0.94% to 1.31%.

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▲ ACCIONES|QUALCOMM INC

Goes from 1.31% to 1.67%.

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software with connectivity and computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit, and ADAS/AD; and IoT, including consumer electronic devices, industrial devices, and edge networking products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of wireless products comprising products implementing LTE, and/or OFDMA-based 5G products and derivatives; to use cellular standard-essential patents, including 3G, 4G and 5G for cellular devices. The QSI segment invests in early-stage companies in various industries, including 5G, artificial intelligence, automotive, consumer, enterprise, cloud, IoT, and extended reality, and investments, including non-marketable equity securities and, to a lesser extent, marketable equity securities, and convertible debt instruments. It also provides development, and other services and sells related products to the United States government agencies and their contractors. In addition, the company is also involved in Qualcomm government technologies and data center businesses. Further, it provides security and intelligence services for unmanaged networks through software-based network security solutions. QUALCOMM Incorporated was incorporated in 1985 and is headquartered in San Diego, California.

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▲ ACCIONES|MONDELEZ INTERNAT

Goes from 0.53% to 0.90%.

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▲ ACCIONES|NEXTERA ENERGY

Goes from 0.85% to 1.18%.

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▲ ACCIONES|NVIDIA CORP

Goes from 1.83% to 2.12%.

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▲ ACCIONES|BANKAMERICA CORP

Goes from 1.96% to 2.24%.

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▲ ACCIONES|COCA-COLA

Goes from 0.71% to 0.98%.

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▲ ACCIONES|BROADCOM

Goes from 1.00% to 1.23%.

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▲ ACCIONES|BERKSHIRE HATHAWAY

Goes from 1.82% to 2.05%.

Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses. The company provides property, casualty, life, accident, and health insurance and reinsurance; operates railroad systems in North America; generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. It manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; prefabricated and site-built residential homes, flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. In addition, the company provides recreational vehicles, apparel, footwear, toys, jewelry, custom picture framing products, alkaline batteries, logistics services, and professional aviation training and shared aircraft ownership programs; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Further, it distributes televisions and information, and grocery and non-food consumer products; franchises and services quick service restaurants; and distributes electronic components. Additionally, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and floor coverings; watches, home decor and repair services; sells kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.

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▲ ACCIONES|VISA INC

Goes from 1.20% to 1.43%.

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▲ ACCIONES|PROCTER & GAMBLE

Goes from 0.36% to 0.58%.

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▲ ACCIONES|CAMECO CORPORATION

Goes from 1.03% to 1.25%.

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▲ ACCIONES|MICROSOFT

Goes from 1.84% to 2.05%.

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|ORACLE

Goes from 2.37% to 1.42%.

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Fixed income

Declared FI exposure
31.7 M €
% of portfolio
30.3%
Positions
25
Issuers
20
Sovereign: 15.8 M € Corporate: 14.4 M € Repos / treasury management: 1.5 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.

3-6 months · 2.9%6-12 months · 2.0%1-2 years · 14.6%2-5 years · 69.2%5-10 years · 11.3%
Maturity Positions Exposure %
Matured or ≤3 months 0 0 € 0.0%
3-6 months 1 874,018 € 2.9%
6-12 months 1 608,953 € 2.0%
1-2 years 4 4.4 M € 14.6%
2-5 years 15 20.9 M € 69.2%
5-10 years 3 3.4 M € 11.3%
> 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
United States Treasury Sovereign 3 8.7 M € 2029-10-31
Reino de España Sovereign 3 5.8 M € 2028-10-31
European Union Supranational 1 1.9 M € 2028-12-05
Repubblica Italiana Sovereign 1 1.3 M € 2027-06-01
ICCREA BANCA Corporate 1 1.1 M € 2028-01-20
AYT CED CAJAS GLOBAL Corporate 1 1.1 M € 2027-05-25
BANCO BPM SPA Corporate 1 1.0 M € 2027-01-18
FERROVIE DELLO STATO Corporate 1 1.0 M € 2027-04-14
LOREAL Corporate 1 1.0 M € 2028-05-19
RENAULT Corporate 1 874,018 € 2026-05-25

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
US91282CLR06 United States Treasury 4.13% 2029-10-31 4.8 M €
US91282CMM00 United States Treasury 4.63% 2035-02-15 2.2 M €
ES00000124C5 Reino de España 5.15% 2028-10-31 2.0 M €
ES0000012M51 Reino de España 3.50% 2029-05-31 1.9 M €
EU000A3K4EN5 European Union 3.13% 2028-12-05 1.9 M €
ES0000012G34 Reino de España 1.25% 2030-10-31 1.9 M €
US91282CJG78 United States Treasury 4.88% 2030-10-31 1.7 M €
IT0005240830 Repubblica Italiana 2.20% 2027-06-01 1.3 M €
XS2577533875 ICCREA BANCA 6.88% 2028-01-20 1.1 M €
ES0312298120 AYT CED CAJAS GLOBAL 4.75% 2027-05-25 1.1 M €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
EUR 23.0 M € 72.6%
USD 8.7 M € 27.4%

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: 10 Exits at maturity: 0 Exits not explained by maturity: 8
+ ESTADO ESPAÑOL

Enters the portfolio at 1.79% weight.

+ ESTADO ITALIANO

Enters the portfolio at 1.25% weight.

+ ABANCA CORP BANCARIA

Enters the portfolio at 0.61% weight.

+ TOYOTA MOTOR

Enters the portfolio at 0.59% weight.

+ ENGI FP

Enters the portfolio at 0.58% weight.

+ EASYJET PLC

Enters the portfolio at 0.56% weight.

+ BANKINTER, S.A.

Enters the portfolio at 0.56% weight.

+ ENAGAS FINANCIACIONE

Enters the portfolio at 0.56% weight.

+ CITIGROUP INC

Enters the portfolio at 0.55% weight.

+ BNP PARIBAS

Enters the portfolio at 0.54% weight.

− DEUDA ESTADO U.K.

Leaves the portfolio; it was 1.15% of weight.

− KUTXABANK SA

Leaves the portfolio; it was 0.83% of weight.

− ESTADO HOLANDA

Leaves the portfolio; it was 0.83% of weight.

− ENEL FINANCE INTL NV

Leaves the portfolio; it was 0.82% of weight.

− VOLKSWAGEN BANK

Leaves the portfolio; it was 0.81% of weight.

− ACCIONA ENERGIAS REN

Leaves the portfolio; it was 0.81% of weight.

− ESTADO ESPAÑOL

Leaves the portfolio; it was 0.80% of weight.

− UBER TECHNOLOGIES

Leaves the portfolio; it was 0.76% 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.