Manager
MUTUACTIVOS, S.A., S.G.I.I.C.
See the CNMV manager universe →
Fund page
MUTUAFONDO CRECIMIENTO, FI
Category
—
Latest period
H2 2025
Positions
110
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.
110
Company
Type
Country
Weight
Price
BANCO CAMINOS, S.A.
— · EUR
Depositos
—
0.98%
—
KUTXABANK S.A.
— · EUR
Depositos
—
0.97%
—
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 28
Exits: 27
Increases: 3
Cuts: 5
+ Acciones|ARCELOR
Enters the portfolio at 0.68% weight.
ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.
View company page →+ Acciones|AIRBUS GROUP SE
Enters the portfolio at 0.61% weight.
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 →+ Acciones|BRITISH PETROLEUM PLC
Enters the portfolio at 0.60% 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.
View company page →+ Acciones|BARCLAYS BANK PLC
Enters the portfolio at 0.51% weight.
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|MERLIN PROPERTIES SOCIMI SA
Enters the portfolio at 0.34% weight.
MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.
View company page →− KINGDOM OF SPAIN
Leaves the portfolio; it was 4.24% of weight.
− BNP PARIBAS SECURITI
Leaves the portfolio; it was 0.89% of weight.
− Acciones|REPSOL SA
Leaves the portfolio; it was 0.84% of weight.
− UNION EUROPEA
Leaves the portfolio; it was 0.80% of weight.
− PROSUS NV
Leaves the portfolio; it was 0.79% of weight.
− INTERCONTINENTAL HOT
Leaves the portfolio; it was 0.64% of weight.
− Acciones|AXA SA
Leaves the portfolio; it was 0.56% of weight.
− ELECTRICITE DE FRANC
Leaves the portfolio; it was 0.55% of weight.
− Acciones|VALLEHERMOSO S.A.
Leaves the portfolio; it was 0.55% 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 →− Acciones|INMOBILIARIA COLONIAL, S.A.
Leaves the portfolio; it was 0.53% of weight.
Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.
View company page →− UBS GROUP AG
Leaves the portfolio; it was 0.52% of weight.
− Acciones|GRAND CITY PROPERTIES SA
Leaves the portfolio; it was 0.48% of weight.
− UNION EUROPEA
Leaves the portfolio; it was 0.48% of weight.
− Acciones|CORP ACCIONA ENERGIAS RENOVA
Leaves the portfolio; it was 0.45% of weight.
View company page →− Acciones|NATIONAL GRID PLC
Leaves the portfolio; it was 0.44% of weight.
− Acciones|ISS AS
Leaves the portfolio; it was 0.42% of weight.
− Acciones|KONINKLIJKE KPN NV
Leaves the portfolio; it was 0.39% of weight.
− Acciones|BNP PARIBAS SECURITIES
Leaves the portfolio; it was 0.37% of weight.
− Acciones|TECNICAS REUNIDAS SA
Leaves the portfolio; it was 0.35% of weight.
Técnicas Reunidas, S.A., an engineering and construction company, designs and manages industrial plant projects worldwide. It operates through Upstream & Refining, Natural gas, Petrochemical, Low-carbon technologies, and Other segments. The Refining segment offers management, engineering, procurement, construction and commissioning services for facilities along the entire value chain to produce fuels. The Natural gas segment provides direction, management, engineering, procurement, construction and commissioning services for facilities throughout the supply chain, from natural gas production to regasification terminals; and treatment and processing plants, compressor and liquefaction stations, storage tanks, and final regasification facilities. The Petrochemical segment provides direction, management, engineering, procurement, construction and startup services for facilities dedicated to the production of basic chemical materials used in water distribution, pharmaceuticals, health, food, energy efficiency in buildings and transport systems, and others. The Low-carbon technologies segment offers hydrogen, carbon capture and storage, circular economy and bioproducts; produces biomethane and converts biomass and waste into fuels, biodiesel, biokerosene, chemicals, and power and steam generation. The Other segment offers water treatment, port infrastructures, and oil production. In addition, the company is involved in real estate-related activities, consultancy and assistance in international engineering projects, project execution, and machinery wholesale business. Técnicas Reunidas, S.A. was formerly known as Lummus Española, S.A. and changed its name to Técnicas Reunidas, S.A. in 1972. The company was incorporated in 1960 and is headquartered in Madrid, Spain.
View company page →− Acciones|UPM-KYMMENE OYJ
Leaves the portfolio; it was 0.33% of weight.
− Acciones|HANNOVER RUECK SE
Leaves the portfolio; it was 0.33% of weight.
− Acciones|PAGE GROUP PLC
Leaves the portfolio; it was 0.27% of weight.
Michael Page Plc, together with its subsidiaries, provides recruitment consultancy and other ancillary services in the United Kingdom, Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It offers executive search services, such as search, selection, and talent management solutions for organizations on a permanent and interim basis under the Page Executive brand; and recruitment services for qualified professional and management level on permanent, temporary, and contract or interim basis under the Michael Page brand. The company also provides recruitment services to organizations requiring permanent employees, temporary, or contract staff at technical and administrative support, professional clerical, and junior management levels under the Page Personnel brand; and flexible offering outsourcing services under the Page Outsourcing brand. In addition, it is involved in the provision of IT consultancy and support services. The company was formerly known as PageGroup plc and changed its name to Michael Page Plc in July 2026. Michael Page Plc was founded in 1976 and is headquartered in Addlestone, the United Kingdom.
− PARKLAND FUEL COPR
Leaves the portfolio; it was 0.25% of weight.
− Acciones|AKZO NOBEL NV
Leaves the portfolio; it was 0.25% of weight.
− Acciones|BREMBO N.V.
Leaves the portfolio; it was 0.23% of weight.
− CITGO HOLDING INC
Leaves the portfolio; it was 0.04% of weight.
▲ Acciones|ZEGONA COMMUNICATIONS PLC
Goes from 0.25% to 1.30%.
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 →Fixed income
Declared FI exposure
13.5 M €
% of portfolio
65.9%
Positions
65
Issuers
51
Sovereign: 7.1 M €
Corporate: 6.4 M €
Deposits / cash: 401,848 €
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 · 1.1%3-6 months · 17.5%6-12 months · 12.9%1-2 years · 11.6%2-5 years · 13.6%5-10 years · 25.7%> 10 years · 0.3%Unknown · 17.3%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
144,414 €
1.1%
3-6 months
6
2.4 M €
17.5%
6-12 months
5
1.8 M €
12.9%
1-2 years
9
1.6 M €
11.6%
2-5 years
15
1.8 M €
13.6%
5-10 years
8
3.5 M €
25.7%
> 10 years
1
37,188 €
0.3%
Unknown
19
2.3 M €
17.3%
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
8
6.3 M €
2026-04-10
Bundesrepublik Deutschland
Sovereign
1
807,788 €
2027-03-11
BANCO DE CREDITO SOC
Corporate
3
530,622 €
—
European Union
Supranational
1
404,576 €
2030-12-04
INTESA SANPAOLO SPA
Corporate
1
218,243 €
—
ABANCA CORP BANCARIA
Corporate
2
212,352 €
—
CESKE DRAHY AS
Corporate
2
210,787 €
2027-07-12
BANKINTER, S.A.
Bank
2
206,959 €
2029-05-03
BARCLAYS BANK PLC
Corporate
2
203,872 €
2030-08-14
NOVO NORDISK A/S-B
Corporate
2
201,492 €
2028-11-21
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
ES0000012H41 Reino de España
0.10%
2031-04-30
1.5 M €
ES0000012O67 Reino de España
3.15%
2035-04-30
1.3 M €
ES0L02604103 Reino de España
1.97%
2026-04-10
986,751 €
ES0L02606058 Reino de España
1.99%
2026-06-05
985,729 €
DE000BU22080 Bundesrepublik Deutschland
2.20%
2027-03-11
807,788 €
ES00000123C7 Reino de España
5.90%
2026-07-30
667,913 €
ES0L02609045 Reino de España
2.01%
2026-09-04
491,120 €
EU000A3LNF05 European Union
3.12%
2030-12-04
404,576 €
ES0L02610092 Reino de España
2.01%
2026-10-09
294,116 €
XS2679904768 BANCO DE CREDITO SOC
7.50%
—
232,083 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
13.3 M €
98.6%
USD
171,086 €
1.3%
CHF
24,336 €
0.2%
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: 10
Exits at maturity: 2
Exits not explained by maturity: 8
+ KINGDOM OF SPAIN
Enters the portfolio at 4.80% weight.
+ KINGDOM OF SPAIN
Enters the portfolio at 4.80% weight.
+ KINGDOM OF SPAIN
Enters the portfolio at 3.25% weight.
+ KINGDOM OF SPAIN
Enters the portfolio at 2.39% weight.
+ UNION EUROPEA
Enters the portfolio at 1.97% weight.
+ KINGDOM OF SPAIN
Enters the portfolio at 1.43% weight.
+ BANCO DE CREDITO SOC
Enters the portfolio at 0.97% weight.
+ CELLNEX SA
Enters the portfolio at 0.52% weight.
+ JDE PEET´S NV
Enters the portfolio at 0.49% weight.
+ SUNOCO LP
Enters the portfolio at 0.23% weight.
− BNP PARIBAS SECURITI
Leaves the portfolio; it was 0.89% of weight.
− UNION EUROPEA
Leaves the portfolio; it was 0.80% of weight.
− PROSUS NV
Leaves the portfolio; it was 0.79% of weight.
− INTERCONTINENTAL HOT
Leaves the portfolio; it was 0.64% of weight.
− ELECTRICITE DE FRANC
Leaves the portfolio; it was 0.55% of weight.
− UNION EUROPEA
Leaves the portfolio; it was 0.48% of weight.
− PARKLAND FUEL COPR
Leaves the portfolio; it was 0.25% of weight.
− CITGO HOLDING INC
Leaves the portfolio; it was 0.04% of weight.
◦ KINGDOM OF SPAIN
Leaves the portfolio; it was 4.24% of weight.
◦ UBS GROUP AG
Leaves the portfolio; it was 0.52% 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.