Manager
MUTUACTIVOS, S.A., S.G.I.I.C.
See the CNMV manager universe →
Fund page
PATRIMONIO GLOBAL II, FI
Category
—
Latest period
H2 2025
Positions
78
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.
78
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 16
Exits: 10
Increases: 3
Cuts: 1
+ CIRSA ENTERPRISES SA
Enters the portfolio at 0.59% weight.
Cirsa Enterprises, S.A. is a gaming company, together with its subsidiaries, engages in the operation of slot machines, casinos, and gaming halls in Panama, Mexico, Colombia, Spain, Peru, Costa Rica, Dominican Republic, and Morocco. The company also involved in online betting and gambling activities, as well as providing arcade machines. Cirsa Enterprises, S.A. was founded in 1978 and is based in Terrassa, Spain. Cirsa Enterprises, S.A. operates as a subsidiary of LHMC Midco S.à r.l.
View company page →− BNP PARIBAS SECURITI
Leaves the portfolio; it was 0.86% of weight.
BNP Paribas SA provides various banking and financial products and services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through three divisions: Corporate & Institutional Banking; Commercial, Personal Banking & Services; and Investment & Protection Services. The Corporate & Institutional Banking division offers capital market, securities, financing, risk management, securities clearing, custody, consulting, transaction banking, cash management, investment banking, and financial advisory services for corporate and institutional clients. Its Commercial, Personal Banking & Services division provides financing and equipment leasing services, lending, investment, financial and non-financial services, mobility, and digital banking services, as well as current accounts, savings products, bancassurance, insurance products and services, and consumer loans. The Investment & Protection Services division provides protection, savings, investment, and real estate services to support individuals, professionals, corporate clients, and institutions, as well as asset management, insurance, protection, pensions, and private banking services. The company was formerly known as Banque Nationale de Paris and changed its name to BNP Paribas SA in May 2000. BNP Paribas SA was founded in 1822 and is headquartered in Paris, France.
− BRITISH AMERICAN TOB
Leaves the portfolio; it was 0.82% of weight.
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa. The company offers vapour products; heated products, which consists of a battery-powered device and a plant-based substance consumable that is heated; modern oral products, such as nicotine pouches; combustibles, including cigarette sticks and other tobacco stick products; traditional oral products, such as snus and moist snuff; and fine cut/roll-your-own tobacco products. It sells its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel Snus brands, as well as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555 brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is headquartered in London, the United Kingdom.
− BANKINTER SA
Leaves the portfolio; it was 0.54% of weight.
Bankinter, S.A. provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland. The company operates through Commercial Banking, Corporate Banking, BKCF Spain, BK Portugal, BK Ireland, and Other Businesses segments. It offers smart digital, payroll, pension, business, non-salary, currency, youth, current, and management accounts; debit and credit cards; cash management cash pooling; guarantees; mortgages and loan products; financing; and investment banking and wealth management services. The company also provides investment funds, retirement, broker, alternative investment, deposit, and treasury bills; SEPA direct debit, VAT and invoice advance, commercial discount, factoring, cheque deposits, and POS; and cheque and promissory notes, confirming, payroll, and tax and social security; treasury management and documentary business; and VAT advance, multi-currency and open-term credit account, leasing, and structured financing services. In addition, it offers home, life, health, death, and motor vehicle; property, multi-risk, civil liability, construction and decennial, trade credit, and personal; general and business liability, liability for executives, construction, and machinery and equipment; group life, health, and accident; and pension scheme insurance products. Further, the company provides various services, such as real estate and account management, virtual agent, financial data aggregation, direct debit management, transfer, certificate, tax payment, estate administration, and foreign currency order services. Additionally, it offers retail, personal, private, and corporate banking products, as well as remote banking services. The company was formerly known as Banco Intercontinental Español, S.A. and changed its name to Bankinter, S.A. in July 1990. Bankinter, S.A. was incorporated in 1965 and is headquartered in Madrid, Spain.
− SES SA
Leaves the portfolio; it was 0.52% of weight.
− ERSTE ASSET MANAGEME
Leaves the portfolio; it was 0.39% of weight.
− KBC GROUP NV
Leaves the portfolio; it was 0.38% of weight.
KB Components AB (publ) designs, develops, manufactures, and sells polymer components for light vehicles, heavy vehicles, medical technology, general industry, furniture, industrial windows, and packaging and lighting in Sweden and internationally. It offers polymer components for light and heavy vehicle interior, exterior, and powertrain applications; polymers and composites for protective equipment, water treatment and management, and fine mechanics and industrial products; and industrial windows, such as industrial garage parts, inner and outer frames; and spare parts such as screws, ISO handle, grips, and rubbers; and injection-moulded components for furniture segments. The company was founded in 1947 and is based in Örkelljunga, Sweden.
− CAIXABANK SA
Leaves the portfolio; it was 0.37% of weight.
CaixaBank, S.A., together with its subsidiaries, provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally. It operates through four segments: Retail Banking, Business Banking, Private Banking, and CIB segments. The company offers retail, private, business, institutional, corporate and investment, premier, InTouch, and international banking; payment methods; savings and investment products; financing; life, life-risk, and non-life insurance; traditional financial and independent advice, and broker services; ATMs; pension fund management; asset and wealth management; securitisation fund management; consumer finance; IT services; and back-office administration services. It also engages in the management of collective investment institutions; holding of property assets; venture capital company; promotion of business and entrepreneurial initiatives; development of digital projects; vehicle and equipment leasing; project management, maintenance, logistics, and procurement; marketing of products and cashless platforms; mortgage loan management; digital business; hotels; private security of goods and people; shopping center real estate; administration, management, development, and operation of real estate; and reinsurance activities. The company was formerly known as Criteria CaixaCorp, S.A. and changed its name to CaixaBank, S.A. in July 2011. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.
− BANCO BILBAO VIZCAYA
Leaves the portfolio; it was 0.37% of weight.
Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia. The company offers traditional retail, wholesale, investment, and transaction banking. It also engages in financial, insurance, asset management, and capital markets businesses, as well as digital banking. The company was formerly known as Banco Bilbao Vizcaya, S.A. and changed its name to Banco Bilbao Vizcaya Argentaria, S.A. in January 2000. Banco Bilbao Vizcaya Argentaria, S.A. was founded in 1857 and is headquartered in Bilbao, Spain.
− CAIXABANK SA
Leaves the portfolio; it was 0.35% of weight.
CaixaBank, S.A., together with its subsidiaries, provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally. It operates through four segments: Retail Banking, Business Banking, Private Banking, and CIB segments. The company offers retail, private, business, institutional, corporate and investment, premier, InTouch, and international banking; payment methods; savings and investment products; financing; life, life-risk, and non-life insurance; traditional financial and independent advice, and broker services; ATMs; pension fund management; asset and wealth management; securitisation fund management; consumer finance; IT services; and back-office administration services. It also engages in the management of collective investment institutions; holding of property assets; venture capital company; promotion of business and entrepreneurial initiatives; development of digital projects; vehicle and equipment leasing; project management, maintenance, logistics, and procurement; marketing of products and cashless platforms; mortgage loan management; digital business; hotels; private security of goods and people; shopping center real estate; administration, management, development, and operation of real estate; and reinsurance activities. The company was formerly known as Criteria CaixaCorp, S.A. and changed its name to CaixaBank, S.A. in July 2011. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.
− SABADELL ASSET MANAG
Leaves the portfolio; it was 0.34% of weight.
▲ UNICREDIT SPA
Goes from 0.34% to 1.15%.
UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions. It also provides corporate finance advisory, rating advisory, financial sponsor, patient capital, capital structure advisory, and sustainable finance solutions, as well as securities services. In addition, the company offers transactional and risk management, structured finance, debt funding, equity funding, project finance, commodity trade finance, and trade and export finance services; group trade and correspondent banking services; and payments solutions. It serves SME, corporate, multinational corporate, financial institution, and public sector clients, as well as retail, private banking, wealth management, and family office clients. It has a strategic collaboration with Accenture plc and International Business Machines to establish a new technology operating model combining the resilience of mission-critical systems with the flexibility of cloud, data, and artificial intelligence. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.
View company page →▼ INTESA SANPAOLO SPA
Goes from 1.14% to 0.94%.
Intesa Sanpaolo S.p.A. engages in the provision of various financial products and services in Italy, Central/Eastern Europe, the Middle East, and North Africa. It operates through six segments: Banca dei Territori, IMI Corporate & Investment Banking, International Banks, Asset Management, Private Banking, and Insurance. The company offers lending and deposit products; private and commercial banking, corporate and transaction banking, structured finance, investment banking, public finance, and capital market services; life and non-life insurance and pension products; asset and wealth management services; private investments; and bancassurance products. It also provides industrial loans, leases, and factoring services, as well as digital banking services. The company serves individuals, small and medium-sized businesses, non-profit customers, corporates and financial institutions, public administration, private clients and high net worth individuals, and other customers. Intesa Sanpaolo S.p.A. is headquartered in Turin, Italy.
View company page →Fixed income
Declared FI exposure
28.0 M €
% of portfolio
39.9%
Positions
77
Issuers
58
Sovereign: 0 €
Corporate: 28.0 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.
3-6 months · 1.3%2-5 years · 24.4%5-10 years · 16.4%> 10 years · 4.3%Unknown · 53.6%
Maturity
Positions
Exposure
%
Matured or ≤3 months
0
0 €
0.0%
3-6 months
1
363,732 €
1.3%
6-12 months
0
0 €
0.0%
1-2 years
0
0 €
0.0%
2-5 years
21
6.8 M €
24.4%
5-10 years
10
4.6 M €
16.4%
> 10 years
3
1.2 M €
4.3%
Unknown
42
15.0 M €
53.6%
Top issuers
The 10 issuers with the largest declared exposure in this fund, repos excluded.
Issuer
Type
ISINs
Exposure
Next maturity
BNP PARIBAS SECURITI
Corporate
4
1.2 M €
—
SANTANDER ASSET MANA
Corporate
3
1.1 M €
—
KBC GROUP NV
Corporate
2
1.1 M €
2035-04-17
BANKINTER, S.A.
Bank
3
1.1 M €
2030-05-08
BANCO BILBAO VIZCAYA
Corporate
3
1.1 M €
—
TELEFONICA EMISIONES
Corporate
2
987,950 €
—
INTESA SANPAOLO SPA
Corporate
2
898,384 €
—
CAIXABANK SA
Bank
2
873,792 €
2029-03-13
UNICREDIT SPA
Corporate
1
807,832 €
2032-12-03
BAUSCH + LOMB CORP
Corporate
1
794,842 €
—
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
IT0005636532 UNICREDIT SPA
2.81%
2032-12-03
807,832 €
XS3102032201 BAUSCH + LOMB CORP
1.47%
—
794,842 €
XS2646608401 TELEFONICA EMISIONES
6.75%
—
774,378 €
XS2545759099 INTESA SANPAOLO SPA
5.25%
—
654,528 €
FR001400SMT6 ELECTRICITE DE FRANC
5.62%
—
629,895 €
XS3100756637 SANTANDER ASSET MANA
1.50%
—
620,841 €
XS3099152756 BANKINTER, S.A.
1.50%
2035-06-30
618,189 €
BE0390219856 KBC GROUP NV
3.00%
2173-11-27
618,013 €
XS3193932699 GESTAMP AUTOMOCION S
2.19%
—
607,108 €
ES0244251049 IBERCAJA BANCO SA
4.12%
2031-05-18
605,450 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
26.2 M €
93.5%
GBP
1.0 M €
3.7%
USD
765,589 €
2.7%
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: 16
Exits at maturity: 0
Exits not explained by maturity: 10
+ SANTANDER ASSET MANA
Enters the portfolio at 0.89% weight.
+ GESTAMP AUTOMOCION
Enters the portfolio at 0.87% weight.
+ RCI BANQUE
Enters the portfolio at 0.86% weight.
+ SOFTBANK GROUP CORP
Enters the portfolio at 0.79% weight.
+ CPI PROPERTY GROUP
Enters the portfolio at 0.69% weight.
+ CIRSA ENTERPRISES SA
Enters the portfolio at 0.59% weight.
+ BANCO BILBAO VIZCAYA
Enters the portfolio at 0.57% weight.
+ LUNA 1.5 SARL
Enters the portfolio at 0.52% weight.
+ NEXTERA ENERGY INC
Enters the portfolio at 0.44% weight.
+ UNIBAIL-RODAMCO SE
Enters the portfolio at 0.44% weight.
+ CEMEX SAB DE CV
Enters the portfolio at 0.38% weight.
+ SERVICIOS FINANCIERO
Enters the portfolio at 0.29% weight.
+ DOMETIC GROUP AB
Enters the portfolio at 0.23% weight.
+ ABERTIS INFRAESTRUCT
Enters the portfolio at 0.15% weight.
+ OPMOBILITY
Enters the portfolio at 0.15% weight.
+ SAMSONITE GROUP SA
Enters the portfolio at 0.14% weight.
− BNP PARIBAS SECURITI
Leaves the portfolio; it was 0.86% of weight.
− BRITISH AMERICAN TOB
Leaves the portfolio; it was 0.82% of weight.
− BANKINTER SA
Leaves the portfolio; it was 0.54% of weight.
− SES SA
Leaves the portfolio; it was 0.52% of weight.
− ERSTE ASSET MANAGEME
Leaves the portfolio; it was 0.39% of weight.
− KBC GROUP NV
Leaves the portfolio; it was 0.38% of weight.
− CAIXABANK SA
Leaves the portfolio; it was 0.37% of weight.
− BANCO BILBAO VIZCAYA
Leaves the portfolio; it was 0.37% of weight.
− CAIXABANK SA
Leaves the portfolio; it was 0.35% of weight.
− SABADELL ASSET MANAG
Leaves the portfolio; it was 0.34% 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.