Manager
INVERSIS GESTIÓN, S.A., SGIIC
See the CNMV manager universe →
Fund page
MULTIADVISOR GESTION, FI
Category
—
Latest period
H2 2025
Positions
21
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.
21
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 3
Exits: 4
Increases: 3
Cuts: 4
+ DEUT PFANDBRIEFBANK
Enters the portfolio at 7.27% weight.
Deutsche Pfandbriefbank AG provides commercial real estate and public investment finance. It operates through Real Estate Finance and Non-Core segments. The Real Estate Finance segment provides financing for professional property investors, which includes national and international property companies, institutional investors, property funds, and medium-sized companies, as well as regionally oriented customers to finance properties comprising office buildings, residential properties, retail and logistics properties, and business hotels. The Non-Core segment offers financing eligible for Pfandbrief cover for the provision and improvement of public infrastructure and non-earmarked financing to the public sector. It operates in Germany, France, Austria, the United States, Poland, Other Europe, the United Kingdom, Spain, Sweden, Finland, Italy, Czech Republic, Portugal, Hungary, and internationally. Deutsche Pfandbriefbank AG was incorporated in 1997 and is headquartered in Garching bei Munchen, Germany.
View company page →− CAIXA ECO MONTEPIO G
Leaves the portfolio; it was 4.08% of weight.
− Summer BC Hold
Leaves the portfolio; it was 3.56% of weight.
− Kleopatra Holding
Leaves the portfolio; it was 2.85% of weight.
− Santander Intl
Leaves the portfolio; it was 2.82% of weight.
▲ GRENKE AG
Goes from 7.58% to 8.00%.
Grenke AG, together with its subsidiaries, provides financial services to small and medium-sized (SME) enterprises in Germany, France, Italy, and internationally. It is involved in the financing for commercial lessees; leasing, services, protection, and maintenance offers, as well as small-ticket leasing of IT products, such as PCs, notebooks, servers, monitors, and other peripheral devices. The company also offers leasing portfolio that includes office communication products comprising telecommunications and copying equipment, as well as medical technology products, small machines and equipment, security devices, and green economy objects, including wall boxes, photovoltaic systems, and eBikes. In addition, it provides fixed-term deposits for private and commercial customers through its website and online platforms; microloans and start-up financing, as well as development loans to SMEs and self-employed professionals; and small-ticket factoring services. The company was formerly known as GrenkeLeasing AG and changed its name to Grenke AG in May 2016. Grenke AG was founded in 1978 and is headquartered in Baden-Baden, Germany.
View company page →▼ ACCIONES|Grupo Ezentis SA
Goes from 1.28% to 0.85%.
Grupo Ezentis, S.A. operates telecommunications and energy infrastructures. The company provides fixed and radio communications services, including consulting, design, planning, installation, commissioning, and maintenance of communications systems; undertakes outdoor and indoor projects, such as football fields, airports, tunnels, subways, bus stations, and shopping centers; industrial installation services in logistics and production centers; and new construction, renovations, and expansions. It also undertakes construction, rehabilitation, and expansion projects for centers and buildings; comprehensive maintenance services for buildings, production centers, logistics platforms, commercial premises, and hotels; and services for improving the energy efficiency of facilities. In addition, it engages in development, installation, and integration of interactive audiovisual communication projects and devices. Ezentis, S.A. was incorporated in 1959 and is based in Madrid, Spain.
View company page →Fixed income
Declared FI exposure
2.2 M €
% of portfolio
87.8%
Positions
19
Issuers
18
Sovereign: 0 €
Corporate: 2.2 M €
Repos / treasury management: 40,553 €
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 · 3.2%2-5 years · 52.1%5-10 years · 9.4%> 10 years · 35.3%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
1
70,373 €
3.2%
6-12 months
0
0 €
0.0%
1-2 years
0
0 €
0.0%
2-5 years
10
1.1 M €
52.1%
5-10 years
2
204,292 €
9.4%
> 10 years
5
769,925 €
35.3%
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
FIDELIDADE CIA SEGUR
Corporate
1
217,638 €
2029-05-29
GRENKE AG
Corporate
1
202,591 €
2049-03-31
BANCO SANTANDER SA
Bank
1
189,054 €
2049-09-21
LA BANQUE POSTALE
Corporate
1
185,847 €
2048-11-20
DEUT PFANDBRIEFBANK
Corporate
1
184,212 €
2028-04-28
ATHORA HOLDING
Corporate
1
105,325 €
2028-06-16
NIBC BANK NV
Corporate
1
104,792 €
2049-03-30
ACCORINVEST GROUP SA
Corporate
1
102,300 €
2031-11-15
HEIMSTADEN AB
Corporate
1
101,992 €
2031-01-24
Summer BC Hold
Corporate
1
101,962 €
2029-02-15
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
PTFIDAOM0000 FIDELIDADE CIA SEGUR
7.75%
2029-05-29
217,638 €
XS2969264857 GRENKE AG
8.75%
2049-03-31
202,591 €
XS2388378981 BANCO SANTANDER SA
3.63%
2049-09-21
189,054 €
FR0014005O90 LA BANQUE POSTALE
3.00%
2048-11-20
185,847 €
XS1808862657 DEUT PFANDBRIEFBANK
8.47%
2028-04-28
184,212 €
XS2628821790 ATHORA HOLDING
6.63%
2028-06-16
105,325 €
XS0249580357 NIBC BANK NV
3.09%
2049-03-30
104,792 €
XS2926264529 ACCORINVEST GROUP SA
5.50%
2031-11-15
102,300 €
XS3120113876 HEIMSTADEN AB
7.36%
2031-01-24
101,992 €
XS2758100296 Summer BC Hold
10.00%
2029-02-15
101,962 €
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: 2
Exits at maturity: 0
Exits not explained by maturity: 4
+ DEUT PFANDBRIEFBANK
Enters the portfolio at 7.27% weight.
+ HEIMSTADEN AB
Enters the portfolio at 4.03% weight.
− CAIXA ECO MONTEPIO G
Leaves the portfolio; it was 4.08% of weight.
− Summer BC Hold
Leaves the portfolio; it was 3.56% of weight.
− Kleopatra Holding
Leaves the portfolio; it was 2.85% of weight.
− Santander Intl
Leaves the portfolio; it was 2.82% 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.