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MERCH-FONTEMAR, FI

Category
Latest period
H2 2025
Positions
24

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.

24
Company Type Country Weight Price
BANCO INVERSIS, S.A. ES0L02601166 · EUR Adquisicion Temporal Activos ES 29.46%
Estado Alemán DE0001102390 · EUR Deuda Publica Cotizada Memos 1 Anio DE 4.29%
ACCIONES|Nestlé Reg. CH0038863350 · CHF Renta Variable Cotizada CH 4.24%
DEUDA ESTADO ESPAÑOL ES0000012G26 · EUR Deuda Publica Cotizada Mas 1 Anio ES 4.12%
US TREASURY N/B US91282CHY03 · USD Deuda Publica Cotizada Memos 1 Anio US 3.89%
BOOKING HOLDINGS INC XS2621007231 · EUR Renta Fija Cotizada Mas 1 Anio XS 3.68%
PvhCo XS1734066811 · EUR Renta Fija Cotizada Mas 1 Anio XS 3.60%
SPAIN LETRAS DEL TES ES0L02606058 · EUR Deuda Publica Cotizada Memos 1 Anio ES 3.51%
ACCIONES|Gilead Sciences Inc US3755581036 · USD Renta Variable Cotizada US 3.29%
ACCIONES|Biogen Idec Inc US09062X1037 · USD Renta Variable Cotizada US 3.29%
ACCIONES|Sanofi - Synthelabo FR0000120578 · EUR Renta Variable Cotizada FR 3.18%
US TREASURY N/B US91282CHH79 · USD Deuda Publica Cotizada Memos 1 Anio US 3.03%
AMADEUS IT GROUP SA XS2177555062 · EUR Renta Fija Cotizada Mas 1 Anio XS 2.70%
CORNING INC XS2621757405 · EUR Renta Fija Cotizada Menos 1 Anio XS 2.67%
UCB SA BE0002784651 · EUR Renta Fija Cotizada Mas 1 Anio BE 2.53%
ACCIONES|Bank of America US0605051046 · USD Renta Variable Cotizada US 2.31%
ACCIONES|L´oreal FR0000120321 · EUR Renta Variable Cotizada FR 2.30%
SANOFI FR0012146801 · EUR Renta Fija Cotizada Menos 1 Anio FR 2.23%
ASML HOLDING NV XS1405780963 · EUR Renta Fija Cotizada Menos 1 Anio XS 2.20%
ACCIONES|ROCHE HOLDING CH0012032048 · CHF Renta Variable Cotizada CH 2.08%
ACCIONES|Qualcomm Inc. US7475251036 · USD Renta Variable Cotizada US 1.82% 160.75 USD
ACCIONES|On Holding AG CH1134540470 · USD Renta Variable Cotizada CH 0.92%
ACCIONES|CIE Financiere Riche CH0210483332 · CHF Renta Variable Cotizada CH 0.83% 185.75 CHF
ACCIONES|Novo-Nordisk DK0062498333 · DKK Renta Variable Cotizada DK 0.51%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 3 Exits: 4 Increases: 6 Cuts: 14
+ BANCO INVERSIS, S.A.

Enters the portfolio at 29.46% weight.

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+ ACCIONES|On Holding AG

Enters the portfolio at 0.92% weight.

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+ ACCIONES|Novo-Nordisk

Enters the portfolio at 0.51% weight.

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− BANCO INVERSIS, S.A.

Leaves the portfolio; it was 26.55% of weight.

− ACCIONES|Alibaba Group Hldng

Leaves the portfolio; it was 2.67% of weight.

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.

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− ACCIONES|Taiwan Semiconductor

Leaves the portfolio; it was 2.62% of weight.

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− ACCIONES|Alphabet

Leaves the portfolio; it was 1.49% of weight.

▲ ACCIONES|Nestlé Reg.

Goes from 1.84% to 4.24%.

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▲ ACCIONES|Sanofi - Synthelabo

Goes from 1.63% to 3.18%.

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▲ ACCIONES|Gilead Sciences Inc

Goes from 2.33% to 3.29%.

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▲ ACCIONES|L´oreal

Goes from 1.69% to 2.30%.

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▲ ACCIONES|Biogen Idec Inc

Goes from 2.74% to 3.29%.

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▲ ACCIONES|ROCHE HOLDING

Goes from 1.70% to 2.08%.

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▼ ACCIONES|Qualcomm Inc.

Goes from 2.47% to 1.82%.

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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▼ Estado Alemán

Goes from 4.77% to 4.29%.

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▼ DEUDA ESTADO ESPAÑOL

Goes from 4.60% to 4.12%.

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▼ ACCIONES|Bank of America

Goes from 2.78% to 2.31%.

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▼ BOOKING HOLDINGS INC

Goes from 4.09% to 3.68%.

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▼ PvhCo

Goes from 3.98% to 3.60%.

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▼ US TREASURY N/B

Goes from 4.26% to 3.89%.

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▼ SPAIN LETRAS DEL TES

Goes from 3.88% to 3.51%.

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▼ US TREASURY N/B

Goes from 3.34% to 3.03%.

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▼ CORNING INC

Goes from 2.97% to 2.67%.

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▼ AMADEUS IT GROUP SA

Goes from 2.99% to 2.70%.

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▼ UCB SA

Goes from 2.80% to 2.53%.

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▼ SANOFI

Goes from 2.48% to 2.23%.

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▼ ASML HOLDING NV

Goes from 2.45% to 2.20%.

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Fixed income

Declared FI exposure
37.9 M €
% of portfolio
67.9%
Positions
13
Issuers
10
Sovereign: 10.5 M € Corporate: 11.0 M € Repos / treasury management: 16.5 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.

Matured or ≤3 months · 11.2%3-6 months · 23.9%6-12 months · 21.6%1-2 years · 27.1%2-5 years · 16.2%
Maturity Positions Exposure %
Matured or ≤3 months 1 2.4 M € 11.2%
3-6 months 3 5.1 M € 23.9%
6-12 months 3 4.6 M € 21.6%
1-2 years 3 5.8 M € 27.1%
2-5 years 2 3.5 M € 16.2%
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
Reino de España Sovereign 2 4.3 M € 2026-06-05
United States Treasury Sovereign 2 3.9 M € 2026-06-15
Bundesrepublik Deutschland Sovereign 1 2.4 M € 2026-02-15
BOOKING HOLDINGS INC Corporate 1 2.1 M € 2028-11-12
PvhCo Corporate 1 2.0 M € 2027-12-15
Amadeus It Group SA Corporate 1 1.5 M € 2027-05-20
CORNING INC Corporate 1 1.5 M € 2026-05-15
UCB SA Corporate 1 1.4 M € 2028-03-30
SANOFI Corporate 1 1.2 M € 2026-09-10
ASML HOLDING NV Corporate 1 1.2 M € 2026-07-07

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
DE0001102390 Bundesrepublik Deutschland 0.50% 2026-02-15 2.4 M €
ES0000012G26 Reino de España 0.80% 2027-07-30 2.3 M €
US91282CHY03 United States Treasury 4.63% 2026-09-15 2.2 M €
XS2621007231 BOOKING HOLDINGS INC 3.63% 2028-11-12 2.1 M €
XS1734066811 PvhCo 3.13% 2027-12-15 2.0 M €
ES0L02606058 Reino de España 1.97% 2026-06-05 2.0 M €
US91282CHH79 United States Treasury 4.13% 2026-06-15 1.7 M €
XS2177555062 Amadeus It Group SA 2.88% 2027-05-20 1.5 M €
XS2621757405 CORNING INC 3.88% 2026-05-15 1.5 M €
BE0002784651 UCB SA 1.00% 2028-03-30 1.4 M €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
EUR 34.1 M € 89.8%
USD 3.9 M € 10.2%

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: 0 Exits at maturity: 0 Exits not explained by maturity: 0

No fixed-income moves to show for this period.

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.