Fund page

MUTUAFONDO MIXTO FLEXIBLE, FI

Manager

MUTUACTIVOS, S.A., S.G.I.I.C. See the CNMV manager universe →

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.

164

Company Type Country Weight Price

KINGDOM OF SPAIN ES0L02605084 · EUR Deuda Publica Cotizada Memos 1 Anio ES 9.62% —

BNP PARIBA ES0000012O67 · EUR Adquisicion Temporal Activos ES 2.99% —

BANCO DE CREDITO SOC XS3200187576 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.19% —

CELLNEX SA XS2597741102 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.11% —

SABADELL ASSET MANAG XS2791973642 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.03% —

ENI SPA XS2963891028 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.99% —

BANCO BILBAO VIZCAYA XS2638924709 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.82% —

SOCIETE GENERALE AM FR001400M6F5 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.80% —

REPSOL INTERNATIONAL XS2320533131 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.78% —

VODAFONE GROUP PLC XS2630490717 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.78% —

JOHN DEERE CAPITAL C XS2856698126 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.76% —

DUKE ENERGY CORP XS2488626610 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.75% —

EXOR NV XS2764405432 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.75% —

INTESA SANPAOLO SPA IT0005495202 · EUR Renta Fija Cotizada Mas 1 Anio IT 0.75% —

HONEYWELL INTERNATIO XS1366026919 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.74% —

CPI PROPERTY GROUP XS2290533020 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.73% —

NOVO NORDISK A/S-B XS2820449945 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.70% —

ABANCA CORP BANCARIA ES0865936027 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.69% —

ENGIE SA FR001400OJB9 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.69% —

MORGAN STANLEY INVES XS3057365549 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

BANK OR IRELAND GROU XS3074495790 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

BARCLAYS BANK PLC XS3069319468 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68% —

ABANCA CORP BANCARIA ES0265936049 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.67% —

BUREAU VERITAS SA FR001400TWD7 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.67% —

KBC GROUP NV BE0002961424 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.66% —

IBERCAJA BANCO SA ES0844251019 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.66% —

JDE PEET´S NV XS3248357926 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.65% —

INTESA SANPAOLO SPA XS2678939427 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.65% —

CAIXABANK SA XS2558978883 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.64% —

BHARTI AIRTEL LTD USV6703DAC84 · USD Renta Fija Cotizada Mas 1 Anio US 0.64% —

ENERGETICKY A PRUMYS XS2716891440 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.63% —

UNICAJA BANCO SA ES0280907041 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.63% —

CAIXABANK SA ES0840609020 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.62% —

BANCO DE CREDITO SOC XS2893180039 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.62% —

ANGLO AMERICAN CAPIT XS2779881601 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.62% —

PHOENIX GRP HLD PLC XS2828830153 · USD Renta Fija Cotizada Mas 1 Anio XS 0.61% —

ARGENTINE REPUBLIC/T XS2177365363 · EUR Deuda Publica Cotizada Mas 1 Anio XS 0.61% —

ERSTE ASSET MANAGEME AT0000A3FY07 · EUR Renta Fija Cotizada Mas 1 Anio AT 0.61% —

UNICAJA BANCO SA ES0880907003 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.60% —

BANKINTER SA XS2199369070 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.60% —

POLSKI KONCERN NAFTO XS2647371843 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.60% —

WENDEL SA FR0014012241 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.59% —

CREDIT AGRICOLE SA FR0014012AJ0 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.59% —

AUSNET SERVICES XS2308313860 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.59% —

BAYER AG XS2684846806 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.58% —

SOUTHERN CO/THE XS2387675395 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.57% —

NN GROUP NV XS2602037629 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.57% —

ABERTIS INFRAESTRUTU XS2231183646 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.56% —

BURBERRY PLC XS2831553073 · GBP Renta Fija Cotizada Mas 1 Anio XS 0.56% —

BELFIUS BANK SA/NV BE6340794013 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.56% —

INTESA SANPAOLO SPA XS1548475968 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.55% —

COMMERZBANK AG DE000CZ45YE5 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.55% —

ATLANTIA SPA XS2278566299 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.55% —

ABN AMRO BANK NV XS2558022591 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.54% —

ABANCA CORP BANCARIA ES0265936064 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.54% —

UNICREDIT SPA XS1963834251 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.53% —

CRITERIA CAIXA SA XS2909825379 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.53% —

VOLKSWAGEN INT. FINA XS1629774230 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.53% —

LVMH SE FR001400ZEB6 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.52% —

VONOVIA SE DE000A3E5MH6 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.52% —

FERROVIAL SE XS2680945479 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.52% —

LA FRANCAISE DES JEU FR001400U678 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.51% —

CREDIT AGRICOLE SA USF2R125CE38 · USD Renta Fija Cotizada Mas 1 Anio US 0.50% —

ERSTE ASSET MANAGEME AT0000A36XD5 · EUR Renta Fija Cotizada Mas 1 Anio AT 0.50% —

CZECHOSLOVAK GROUP A XS3105190576 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.49% —

CESKE DRAHY AS XS2495084621 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.49% —

SOFTBANK GROUP CORP XS3203997427 · USD Renta Fija Cotizada Mas 1 Anio XS 0.48% —

CATERPILLAR INC. XS3151775023 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.48% —

JDE PEET´S NV XS2354569407 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.47% —

UNICAJA BANCO SA ES0380907065 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.47% —

KBC GROUP NV BE0002914951 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.47% —

PHOENIX GRP HLD PLC XS2182954797 · USD Renta Fija Cotizada Mas 1 Anio XS 0.46% —

CEZ AS XS2838370414 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.46% —

LVMH SE FR001400TSJ2 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.45% —

BOSTON SCIENTIFIC CO XS2993376693 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.45% —

Acciones|SSE PLC GB0007908733 · GBP Renta Variable Cotizada GB 0.44% —

TRANSCANADA PIPELINE US89356BAC28 · USD Renta Fija Cotizada Mas 1 Anio US 0.44% —

BRITISH AMERICAN TOB XS2391790610 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.44% —

ASSICURAZIONI GENERA XS2678749990 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.43% —

BNP PARIBAS SECURITI FR0013476611 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.43% —

PACCAR FINANCIAL EUR XS3217498875 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.42% —

ELECTRICITE DE FRANC FR0014003S56 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.42% —

BNP PARIBAS SECURITI US09660V2A05 · USD Renta Fija Cotizada Mas 1 Anio US 0.41% —

CNP ASSURANCES SA FR0013463775 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.41% —

NEXTERA ENERGY INC XS3176273780 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40% —

ENBW INTERNATIONAL F XS2942478822 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40% —

ENEL SPA XS3008888953 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40% —

KONINKLIJKE KPN NV XS2486270858 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.40% —

HEIMSTADEN BOST XS2397251807 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.39% —

SUEZ SACA FR001400DQ84 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.39% —

VAR ENERGI ASA XS2708134023 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.39% —

GLOBAL AGRAJES SLU XS2483510470 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.38% —

MSCI INC US55354GAL41 · USD Renta Fija Cotizada Mas 1 Anio US 0.38% —

IBERCAJA BANCO SA ES0244251049 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.38% —

CARLSBERG AS XS3002418914 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.38% —

BNP PARIBAS SECURITI FR001400XHU4 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.38% —

POLSKI KONCERN NAFTO XS2346125573 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37% —

SGS SA-REG XS3176118548 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37% —

INFORMA PLC XS2919102207 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37% —

PUBLIC PROPERTY INVE XS3101867169 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.37% —

DSV A/S XS2932831923 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.36% —

CMA CGM XS3193815977 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.35% —

PPF TELECOM GROUP BV XS2468979302 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.35% —

BP CAPITAL MARKETS P XS2193663619 · GBP Renta Fija Cotizada Mas 1 Anio XS 0.35% —

LEONARDO SPA XS2830327446 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.34% —

ACCOR SA FR001400L5X1 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.33% —

ENEL SPA XS2770512064 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.33% —

EUROFINS XS2579480307 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.33% —

NATIONAL GRID N.A. I XS2947149360 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.32% —

SOFTBANK GROUP CORP XS3112543080 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.31% —

PERMIRA HOLDINGS LLP XS3072909107 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.31% —

LAGARDERE S.C.A. FR001400YQA5 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.31% —

AMADEUS GLOBAL TRAVE XS2788614498 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.31% —

CELLNEX TELECOM SA XS2826616596 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.31% —

BANCA MONTE DEI PASC IT0005657520 · EUR Renta Fija Cotizada Mas 1 Anio IT 0.31% —

RAKUTEN GROUP INC XS2332889778 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.30% —

BP CAPITAL MARKETS P XS2193661324 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.30% —

TEVA PHARM FNC NL II XS2406607098 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.30% —

RTE EDF TRANSPORT SA FR001400SZ60 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.30% —

TRATON SE DE000A4EFPS1 · EUR Renta Fija Cotizada Mas 1 Anio DE 0.30% —

SNAM SPA XS2802190459 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.30% —

CONTINENTAL AG XS3173656243 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.30% —

SUNOCO LP USU8675JAH50 · USD Renta Fija Cotizada Mas 1 Anio US 0.30% —

VERALLIA FR00140144U5 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.30% —

BELFIUS BANK SA/NV BE0390266352 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.29% —

BMW INTERNATIONAL IN XS2887901325 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.29% —

TRAFIGURA FUNDING SA XS3110848283 · USD Renta Fija Cotizada Mas 1 Anio XS 0.28% —

PIRELLI C SPA XS2847641961 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.27% —

BANCA MONTE DEI PASC IT0005678955 · EUR Renta Fija Cotizada Mas 1 Anio IT 0.27% —

EURONEXT NV DK0030555156 · EUR Renta Fija Cotizada Mas 1 Anio DK 0.27% —

DNO ASA NO0013511113 · USD Renta Fija Cotizada Mas 1 Anio NO 0.26% —

Acciones|GREENCOAT RENEWABLES P IE00BF2NR112 · EUR Renta Variable Cotizada IE 0.26% —

CASTELLUM AB XS2380124227 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.25% —

TELEKOM AUSTRIA AG XS2644414125 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.24% —

ENERGIAS DE PORTUGAL PTEDP4OM0025 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.23% —

BAYER AG XS2451803063 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

PIONEER INVESTMENTS XS1700709683 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

SHAKE SHACK INC - CL US819047AB70 · USD Renta Fija Cotizada Mas 1 Anio US 0.23% —

AROUNDTOWN FINANCE S XS3205709309 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

CI FINANCIAL CORP XS3249795223 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.23% —

METROVACESA SA ES0305122006 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.22% —

CRITERIA CAIXA SA XS3007624417 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.22% —

ORANGE SA FR00140144A7 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.22% —

INFINEON TECHOLOGIES XS2996771767 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.22% —

PRICELINE GROUP INC XS3070032100 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.22% —

PACCAR FINANCIAL EUR XS2887887078 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.20% —

WILLIS NOTH AMERICA US970648AL56 · USD Renta Fija Cotizada Mas 1 Anio US 0.20% —

NTT FINANCE CORP XS3100081093 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.20% —

LEASYS SPA XS2775056067 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.20% —

GIVAUDAN-REG XS3148184156 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.19% —

CATERPILLAR INC. XS2889374356 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.19% —

FINGRID OYJ XS2950696869 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.17% —

PACIFICORP US040114HT09 · USD Deuda Publica Cotizada Mas 1 Anio US 0.16% —

AMERICAN EXPRESS COM XS3015761458 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.16% —

APA GROUP XS2711801287 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.16% —

BARRY CALLEBAUT SERV BE6360449621 · EUR Renta Fija Cotizada Mas 1 Anio BE 0.15% —

TRAFIGURA GROUP PT XS2385642041 · USD Renta Fija Cotizada Mas 1 Anio XS 0.14% —

REPSOL E&P CAPITAL M USU7603CAB29 · USD Renta Fija Cotizada Mas 1 Anio US 0.13% —

CARRIER GLOBAL CORP XS2751688826 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.13% —

ALGONQUIN POWER & UT US015857AH86 · USD Renta Fija Cotizada Mas 1 Anio US 0.13% —

AEDAS HOMES SA XS2343873597 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.13% —

RUSSIAN RAILWAYS VIA CH1100259816 · CHF Renta Fija Cotizada Mas 1 Anio CH 0.10% —

GATWICK AIRPORT FINA XS3221827911 · GBP Renta Fija Cotizada Mas 1 Anio XS 0.09% —

AMADEUS GLOBAL TRAVE XS3029558676 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.08% —

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 37 Exits: 23 Increases: 8 Cuts: 3

+ KINGDOM OF SPAIN

Enters the portfolio at 9.62% weight.

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+ BNP PARIBA

Enters the portfolio at 2.99% weight.

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+ BANCO DE CREDITO SOC

Enters the portfolio at 1.19% weight.

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+ DUKE ENERGY CORP

Enters the portfolio at 0.75% weight.

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+ INTESA SANPAOLO SPA

Enters the portfolio at 0.75% weight.

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+ HONEYWELL INTERNATIO

Enters the portfolio at 0.74% weight.

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+ MORGAN STANLEY INVES

Enters the portfolio at 0.68% weight.

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+ BANK OR IRELAND GROU

Enters the portfolio at 0.68% weight.

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+ BARCLAYS BANK PLC

Enters the portfolio at 0.68% weight.

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+ JDE PEET´S NV

Enters the portfolio at 0.65% weight.

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+ WENDEL SA

Enters the portfolio at 0.59% weight.

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+ CREDIT AGRICOLE SA

Enters the portfolio at 0.59% weight.

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+ CZECHOSLOVAK GROUP A

Enters the portfolio at 0.49% weight.

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+ SOFTBANK GROUP CORP

Enters the portfolio at 0.48% weight.

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+ CATERPILLAR INC.

Enters the portfolio at 0.48% weight.

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+ PACCAR FINANCIAL EUR

Enters the portfolio at 0.42% weight.

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+ NEXTERA ENERGY INC

Enters the portfolio at 0.40% weight.

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+ SGS SA-REG

Enters the portfolio at 0.37% weight.

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+ PUBLIC PROPERTY INVE

Enters the portfolio at 0.37% weight.

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+ CMA CGM

Enters the portfolio at 0.35% weight.

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+ SOFTBANK GROUP CORP

Enters the portfolio at 0.31% weight.

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+ BANCA MONTE DEI PASC

Enters the portfolio at 0.31% weight.

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+ TRATON SE

Enters the portfolio at 0.30% weight.

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+ CONTINENTAL AG

Enters the portfolio at 0.30% weight.

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+ SUNOCO LP

Enters the portfolio at 0.30% weight.

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+ VERALLIA

Enters the portfolio at 0.30% weight.

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+ BELFIUS BANK SA/NV

Enters the portfolio at 0.29% weight.

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+ TRAFIGURA FUNDING SA

Enters the portfolio at 0.28% weight.

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+ BANCA MONTE DEI PASC

Enters the portfolio at 0.27% weight.

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+ EURONEXT NV

Enters the portfolio at 0.27% weight.

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+ AROUNDTOWN FINANCE S

Enters the portfolio at 0.23% weight.

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+ CI FINANCIAL CORP

Enters the portfolio at 0.23% weight.

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+ ORANGE SA

Enters the portfolio at 0.22% weight.

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+ NTT FINANCE CORP

Enters the portfolio at 0.20% weight.

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+ GIVAUDAN-REG

Enters the portfolio at 0.19% weight.

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+ REPSOL E&P CAPITAL M

Enters the portfolio at 0.13% weight.

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+ GATWICK AIRPORT FINA

Enters the portfolio at 0.09% weight.

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− BNP PARIBA

Leaves the portfolio; it was 9.83% of weight.

− SOFTBANK GROUP CORP

Leaves the portfolio; it was 0.91% of weight.

− UBS GROUP AG

Leaves the portfolio; it was 0.88% of weight.

− VISA INC-CLASS A SHA

Leaves the portfolio; it was 0.71% of weight.

− ELM FOR FIRMENICH I

Leaves the portfolio; it was 0.67% of weight.

− PROSUS NV

Leaves the portfolio; it was 0.64% of weight.

− SES SA

Leaves the portfolio; it was 0.61% of weight.

− BANCO DE CREDITO SOC

Leaves the portfolio; it was 0.54% of weight.

− ABANCA CORP BANCARIA

Leaves the portfolio; it was 0.54% of weight.

− AROUNDTOWN FINANCE S

Leaves the portfolio; it was 0.50% of weight.

− OMV AG

Leaves the portfolio; it was 0.48% of weight.

− BRITISH AMERICAN TOB

Leaves the portfolio; it was 0.46% of weight.

− ALSTOM SA

Leaves the portfolio; it was 0.38% of weight.

− PARKLAND FUEL COPR

Leaves the portfolio; it was 0.36% of weight.

− INTERCONTINENTAL HOT

Leaves the portfolio; it was 0.34% of weight.

− PETROLEOS MEXICANOS

Leaves the portfolio; it was 0.34% of weight.

− GROUPE AUCHAN

Leaves the portfolio; it was 0.26% of weight.

− GOOGLE INC

Leaves the portfolio; it was 0.26% of weight.

− IVY HOLDCO LTD

Leaves the portfolio; it was 0.24% of weight.

− TRAFIGURA FUNDING SA

Leaves the portfolio; it was 0.16% of weight.

− BENTELER INTERNATION

Leaves the portfolio; it was 0.13% of weight.

− CITGO HOLDING INC

Leaves the portfolio; it was 0.03% of weight.

− PETROFAC LTD-W/I

Leaves the portfolio; it was 0.02% of weight.

▲ INTESA SANPAOLO SPA

Goes from 0.35% to 0.65%.

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▲ ABANCA CORP BANCARIA

Goes from 0.27% to 0.54%.

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▲ CAIXABANK SA

Goes from 0.38% to 0.64%.

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▲ BANCO DE CREDITO SOC

Goes from 0.37% to 0.62%.

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▲ ERSTE ASSET MANAGEME

Goes from 0.36% to 0.61%.

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▲ BNP PARIBAS SECURITI

Goes from 0.19% to 0.41%.

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▲ SOCIETE GENERALE AM

Goes from 0.57% to 0.80%.

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▲ CREDIT AGRICOLE SA

Goes from 0.30% to 0.50%.

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▼ BNP PARIBAS SECURITI

Goes from 0.89% to 0.38%.

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▼ ENERGIAS DE PORTUGAL

Goes from 0.47% to 0.23%.

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▼ CELLNEX SA

Goes from 1.34% to 1.11%.

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Fixed income

Declared FI exposure

111.4 M €

% of portfolio

83.4%

Positions

162

Issuers

133

Sovereign: 13.9 M € Corporate: 93.5 M € Repos / treasury management: 4.0 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.

13% 21% 40%

Matured or ≤3 months · 0.4%3-6 months · 13.5%6-12 months · 3.8%1-2 years · 7.8%2-5 years · 21.4%5-10 years · 8.3%> 10 years · 5.2%Unknown · 39.7%

Maturity Positions Exposure %

Matured or ≤3 months 1 398,233 € 0.4%

3-6 months 4 14.5 M € 13.5%

6-12 months 7 4.0 M € 3.8%

1-2 years 13 8.3 M € 7.8%

2-5 years 46 23.0 M € 21.4%

5-10 years 13 8.9 M € 8.3%

> 10 years 9 5.6 M € 5.2%

Unknown 68 42.6 M € 39.7%

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 1 12.9 M € 2026-05-08

INTESA SANPAOLO SPA Corporate 3 2.6 M € 2027-06-10

ABANCA CORP BANCARIA Corporate 3 2.5 M € —

BANCO DE CREDITO SOC Corporate 2 2.4 M € —

UNICAJA BANCO SA Bank 3 2.3 M € 2026-11-15

CAIXABANK SA Bank 2 1.7 M € 2027-10-09

BNP PARIBAS SECURITI Corporate 3 1.6 M € —

KBC GROUP NV Corporate 2 1.5 M € 2028-01-25

JDE PEET´S NV Corporate 2 1.5 M € 2027-12-11

CELLNEX Corporate 1 1.5 M € 2030-08-11

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

ES0L02605084 Reino de España 2.02% 2026-05-08 12.9 M €

XS3200187576 BANCO DE CREDITO SOC 4.25% — 1.6 M €

XS2597741102 CELLNEX 2.12% 2030-08-11 1.5 M €

XS2791973642 SABADELL ASSET MANAG 0.00% — 1.4 M €

XS2963891028 ENI SPA 4.50% 2031-01-21 1.3 M €

XS2638924709 BANCO BILBAO VIZCAYA 8.38% — 1.1 M €

FR001400M6F5 SOCIETE GENERALE AM 4.88% — 1.1 M €

XS2320533131 REPSOL INTERNATIONAL 2.50% — 1.0 M €

XS2630490717 VODAFONE GROUP PLC 6.50% — 1.0 M €

XS2856698126 JOHN DEERE CAPITAL C 3.45% — 1.0 M €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %

EUR 102.3 M € 91.8%

USD 7.7 M € 6.9%

GBP 1.3 M € 1.2%

CHF 132,241 € 0.1%

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: 36 Exits at maturity: 2 Exits not explained by maturity: 20

+ KINGDOM OF SPAIN

Enters the portfolio at 9.62% weight.

+ BANCO DE CREDITO SOC

Enters the portfolio at 1.19% weight.

+ DUKE ENERGY CORP

Enters the portfolio at 0.75% weight.

+ INTESA SANPAOLO SPA

Enters the portfolio at 0.75% weight.

+ HONEYWELL INTERNATIO

Enters the portfolio at 0.74% weight.

+ MORGAN STANLEY INVES

Enters the portfolio at 0.68% weight.

+ BANK OR IRELAND GROU

Enters the portfolio at 0.68% weight.

+ BARCLAYS BANK PLC

Enters the portfolio at 0.68% weight.

+ JDE PEET´S NV

Enters the portfolio at 0.65% weight.

+ WENDEL SA

Enters the portfolio at 0.59% weight.

+ CREDIT AGRICOLE SA

Enters the portfolio at 0.59% weight.

+ CZECHOSLOVAK GROUP A

Enters the portfolio at 0.49% weight.

+ SOFTBANK GROUP CORP

Enters the portfolio at 0.48% weight.

+ CATERPILLAR INC.

Enters the portfolio at 0.48% weight.

+ PACCAR FINANCIAL EUR

Enters the portfolio at 0.42% weight.

+ NEXTERA ENERGY INC

Enters the portfolio at 0.40% weight.

+ SGS SA-REG

Enters the portfolio at 0.37% weight.

+ PUBLIC PROPERTY INVE

Enters the portfolio at 0.37% weight.

+ CMA CGM

Enters the portfolio at 0.35% weight.

+ SOFTBANK GROUP CORP

Enters the portfolio at 0.31% weight.

+ BANCA MONTE DEI PASC

Enters the portfolio at 0.31% weight.

+ TRATON SE

Enters the portfolio at 0.30% weight.

+ CONTINENTAL AG

Enters the portfolio at 0.30% weight.

+ SUNOCO LP

Enters the portfolio at 0.30% weight.

+ VERALLIA

Enters the portfolio at 0.30% weight.

+ BELFIUS BANK SA/NV

Enters the portfolio at 0.29% weight.

+ TRAFIGURA FUNDING SA

Enters the portfolio at 0.28% weight.

+ BANCA MONTE DEI PASC

Enters the portfolio at 0.27% weight.

+ EURONEXT NV

Enters the portfolio at 0.27% weight.

+ AROUNDTOWN FINANCE S

Enters the portfolio at 0.23% weight.

+ CI FINANCIAL CORP

Enters the portfolio at 0.23% weight.

+ ORANGE SA

Enters the portfolio at 0.22% weight.

+ NTT FINANCE CORP

Enters the portfolio at 0.20% weight.

+ GIVAUDAN-REG

Enters the portfolio at 0.19% weight.

+ REPSOL E&P CAPITAL M

Enters the portfolio at 0.13% weight.

+ GATWICK AIRPORT FINA

Enters the portfolio at 0.09% weight.

− SOFTBANK GROUP CORP

Leaves the portfolio; it was 0.91% of weight.

− VISA INC-CLASS A SHA

Leaves the portfolio; it was 0.71% of weight.

− ELM FOR FIRMENICH I

Leaves the portfolio; it was 0.67% of weight.

− PROSUS NV

Leaves the portfolio; it was 0.64% of weight.

− SES SA

Leaves the portfolio; it was 0.61% of weight.

− BANCO DE CREDITO SOC

Leaves the portfolio; it was 0.54% of weight.

− ABANCA CORP BANCARIA

Leaves the portfolio; it was 0.54% of weight.

− AROUNDTOWN FINANCE S

Leaves the portfolio; it was 0.50% of weight.

− BRITISH AMERICAN TOB

Leaves the portfolio; it was 0.46% of weight.

− ALSTOM SA

Leaves the portfolio; it was 0.38% of weight.

− PARKLAND FUEL COPR

Leaves the portfolio; it was 0.36% of weight.

− INTERCONTINENTAL HOT

Leaves the portfolio; it was 0.34% of weight.

− PETROLEOS MEXICANOS

Leaves the portfolio; it was 0.34% of weight.

− GROUPE AUCHAN

Leaves the portfolio; it was 0.26% of weight.

− GOOGLE INC

Leaves the portfolio; it was 0.26% of weight.

− IVY HOLDCO LTD

Leaves the portfolio; it was 0.24% of weight.

− TRAFIGURA FUNDING SA

Leaves the portfolio; it was 0.16% of weight.

− BENTELER INTERNATION

Leaves the portfolio; it was 0.13% of weight.

− CITGO HOLDING INC

Leaves the portfolio; it was 0.03% of weight.

− PETROFAC LTD-W/I

Leaves the portfolio; it was 0.02% of weight.

◦ UBS GROUP AG

Leaves the portfolio; it was 0.88% of weight.

◦ OMV AG

Leaves the portfolio; it was 0.48% 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.