Manager
MUZA GESTIÓN DE ACTIVOS, SGIIC, S.A.
See the CNMV manager universe →
Fund page
MUZA, FI
Category
—
Latest period
H2 2025
Positions
33
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.
33
Company
Type
Country
Weight
Price
ACCIONES|MIQUEL Y COSTAS AND MIQUEL SA
ES0164180012 · EUR
Renta Variable Cotizada
ES
2.52%
13.25 EUR
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 2
Exits: 1
Increases: 7
Cuts: 15
− INTERNATIONAL PE
Leaves the portfolio; it was 0.29% of weight.
▲ ACCIONES|ZEGONA COMMUNICATIONS PLC
Goes from 4.40% to 8.12%.
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 →▲ ACCIONES|ATALAYA MINING COPPER S.A
Goes from 9.00% to 11.18%.
Atalaya Mining Copper, S.A., together with its subsidiaries, engages in the mineral exploration and development in Spain. The company's flagship property is the Proyecto Riotinto, an open-pit copper mine located in the Andalusia region of Spain. It explores for copper concentrates, silver by-products, and gold. The company was formerly known as Atalaya Mining Plc and changed its name to Atalaya Mining Copper, S.A. in January 2025. Atalaya Mining Copper, S.A. was incorporated in 2004 and is based in Seville, Spain.
View company page →▲ ACCIONES|ARCELORMITTAL
Goes from 2.73% to 3.14%.
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|TUBACEX SA
Goes from 8.19% to 5.45%.
Tubacex, S.A., together with its subsidiaries, engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally. The company provides seamless stainless steel tubes, including CRA OCTG tubing and casing; aerospace, space exploration, and defense tubing; hydraulic and instrumentation tubing; heat exchanger tubing; subsea umbilicals; and medium and high pressure tubes, as well as machined components, including downhole mills, impellers, spiral mills, reamer, shoes, stabilizers, sensors, spools, bladed noses, float subs, and cross-overs. It also offers round bars, billets, and ingots; fittings, and special and machined components, such as butt-welding fittings, tube bends, elbows, tees, reducers and caps; Tubacoat, a ceramic coating for long steel and high-nickel alloy products; non-magnetic steel components; and instrumentation tubes, hydraulic tubes, exchanger tubes, isometric tubes, and piping. In addition, the company provides design and simulation, and logistic services; and added-value services comprising shotpeening, connection threading, bending, cutting, machining and bevelling, welding, overlay, preassemblies, marking, finning, studding, polishing, grooving, lab testing, packaging, and storage services. Further, it offers tube marketing, real estate, pipe rental, consulting and advisory, and research and development services. The company serves chemical and petrochemical, low carbon, power generation, electronics equipment, new technologies, oil and gas exploration and production, fertilizer, aerospace, hydrocarbon processing, and other industries. Tubacex, S.A. was incorporated in 1963 and is headquartered in Llodio, Spain.
View company page →▼ ACCIONES|SACYR SA
Goes from 4.91% to 4.54%.
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|MIQUEL Y COSTAS AND MIQUEL SA
Goes from 2.85% to 2.52%.
Miquel y Costas & Miquel, S.A., together with its subsidiaries, engages in the manufacture and sale of thin and special lightweight paper for the tobacco industry in Spain, the European Union, OECD countries, and internationally. The company offers cigarette tissue, tipping paper, plug wrap paper, rolling paper booklets, textile pups; specialty paper, decorative laminates, pasting paper, paper for tea bags and coffee capsules, greaseproof paper, paper certified, straw paper, paper for cases and packages, filter paper, security paper, and papers for perfumes and hairdressing; and porous pulps products. It also provides printing paper comprising stationery papers, pharma paper, and paper for religious books. Miquel y Costas & Miquel, S.A. was founded in 1752 and is based in Barcelona, Spain.
View company page →Fixed income
Declared FI exposure
3.3 M €
% of portfolio
10.8%
Positions
2
Issuers
1
Sovereign: 0 €
Corporate: 109,342 €
Repos / treasury management: 3.2 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 · 100.0%
Maturity
Positions
Exposure
%
Matured or ≤3 months
1
109,342 €
100.0%
3-6 months
0
0 €
0.0%
6-12 months
0
0 €
0.0%
1-2 years
0
0 €
0.0%
2-5 years
0
0 €
0.0%
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
OHL OPERACIONES SA
Corporate
1
109,342 €
2026-03-31
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
XS2356570239 OHL OPERACIONES SA
5.10%
2026-03-31
109,342 €
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: 1
− INTERNATIONAL PE
Leaves the portfolio; it was 0.29% 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.