Manager
SINGULAR ASSET MANAGEMENT, SGIIC, S.A.
See the CNMV manager universe →
Fund page
PRINCIPIUM,FI
Category
—
Latest period
H2 2025
Positions
83
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.
83
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 28
Exits: 26
Increases: 11
Cuts: 18
+ Acciones|GRIFOLS
Enters the portfolio at 0.84% weight.
Grifols, S.A., together with its subsidiaries, engages in the research, development, production, and marketing of plasma-derived medicines in the United States, Canada, Spain, Europe, and internationally. It operates through four segments: Biopharma, Diagnostic, Bio Supplies, and Others. The company offers various hemoderivatives from human plasma for immunology, infectious diseases, hepatology, intensive care, pulmonology, hematology, and neurology treatment areas; and markets diagnostic testing equipment, reagents, and other equipment, as well as provides transfusion medicine, clinical diagnostics, and testing services. It also offers biological products, including albumin, albumin-derived products, immunoglobulins, thrombin, other proteins, and intermediate plasma products to pharma and biotech companies for biopharma use; and whole blood, blood components, processed plasma, and clinical samples to life-science research and in-vitro diagnostic companies for diagnostic use. In addition, the company provides healthcare solutions for hospitals, such as intravenous solutions to maintain or restore fluids and electrolyte balance in patients; high-tech solutions to automate hospital processes; clinical nutrition to deliver nutrition and medication; and medical devices comprising instrumentation and disposable materials for various hospital services, which include interventional neuroradiology, hemodynamics, urology, anesthesiology and cardiovascular surgery, as well as manufacturing services to third parties and research activities. Further, it is involved in engineering services; packaging, labelling, storage, distribution, manufacturing, and development of pharmaceutical products; import, export, and commercialization activities; travel agency services; reinsurance of insurance policies; support services; law business; and consultation, administration, and financing services. The company was founded in 1909 and is headquartered in Barcelona, Spain.
View company page →+ Acciones|ZEGONA COMMUNICATIONS PLC
Enters the portfolio at 0.50% weight.
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|RENTOKIL INICIAL
Enters the portfolio at 0.42% weight.
Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, Europe, the United Kingdom, Asia, the Middle East, North Africa, Turkey, and Pacific. The company offers a range of pest control services for rodents, and flying and crawling insects, as well as other forms of wildlife management. It provides hygiene services, including the provision and maintenance of products, such as soap and hand sanitizer dispensers, hand dryers, air care and purification, cubicle and surface sanitizers, feminine hygiene units, toilet paper dispensers, and floor protection mats. In addition, the company engages in the supply and laundering of garments for commercial organizations. Further, the company provides a range of specialist cleaning services, such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, and flood or fire damage cleaning, as well as specialist deep cleaning services. Rentokil Initial plc was founded in 1903 and is headquartered in Crawley, the United Kingdom.
View company page →+ Acciones|BARRATT DEVELOPMENTS PLC
Enters the portfolio at 0.23% weight.
Barratt Redrow plc engages in the housebuilding business in the United Kingdom. The company is also involved in the commercial development business, which includes offices, retail, leisure, industrial, and distribution properties under the Wilson Bowden Developments brand; and land development activities. In addition, it manufactures timber frames under the Oregon Timber Frame brand; and furniture under the BD Living brand. The company offers its homes under the Barratt Homes, David Wilson Homes, Redrow, and Barratt London brands. The company was formerly known as Barratt Developments plc and changed its name Barratt Redrow plc in October 2024. Barratt Redrow plc was founded in 1953 and is headquartered in Coalville, the United Kingdom.
View company page →− CANADIAN IMPERIAL BA
Leaves the portfolio; it was 2.53% of weight.
− ENERGIAS DE PORTUGAL
Leaves the portfolio; it was 1.58% of weight.
− SOUTHERN CO
Leaves the portfolio; it was 1.54% of weight.
− ELECTRICITE DE FRANC
Leaves the portfolio; it was 1.53% of weight.
− ENEL
Leaves the portfolio; it was 1.49% of weight.
− ASIAN DEVELOPMENT BA
Leaves the portfolio; it was 1.35% of weight.
− CADES
Leaves the portfolio; it was 1.35% of weight.
− DANSKE BANK
Leaves the portfolio; it was 1.22% of weight.
− ALLIANZ AG
Leaves the portfolio; it was 1.01% of weight.
− Acciones|BAIDU INC
Leaves the portfolio; it was 0.88% of weight.
− Acciones|HEIDELBERGCEMENT FINANCE B.V.
Leaves the portfolio; it was 0.60% of weight.
Heidelberg Materials AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. The company provides cement products; natural stone aggregates, including sand and gravel; crushed aggregates comprising stone chippings and crushed stones; and ready-mixed concrete for use in the construction of tunnels or bridges, office buildings, or schools, as well as to produce precast concrete parts, such as stairs, ceiling elements, or structural components. It also offers asphalt; and trades in cement, clinker, secondary cementitious materials, solid, alternative fuels, other building materials, and additives. The company was formerly known as HeidelbergCement AG and changed its name to Heidelberg Materials AG in May 2023. Heidelberg Materials AG was founded in 1873 and is headquartered in Heidelberg, Germany.
View company page →− Acciones|JD COM INC-ADR
Leaves the portfolio; it was 0.50% of weight.
JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses. The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products. It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment. In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services. Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
View company page →− Acciones|TOKIO ELECTRON LTD
Leaves the portfolio; it was 0.50% of weight.
− Acciones|PHILIPS ELECTRONIC
Leaves the portfolio; it was 0.49% of weight.
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment, Connected Care, and Personal Health segments. The company provides diagnostic imaging solutions, includes ultrasound business unit, magnetic resonance imaging, computed tomography, and diagnostic x-ray; Image Guided Therapy, including image guided therapy systems and image guided therapy devices. It also offers monitoring, enterprise informatics, and sleep and respiratory care, as well as personal health. Koninklijke Philips N.V. has strategic alliance with WellSpan Health to advanced imaging and diagnostics technology products and platforms. The company was formerly known as Koninklijke Philips Electronics N.V. and changed its name to Koninklijke Philips N.V. in May 2013. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
View company page →− Acciones|MERLIN PROPERTIES SOCIMI SA
Leaves the portfolio; it was 0.47% of 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 →− Acciones|TELEFLEX INC
Leaves the portfolio; it was 0.46% of weight.
− Acciones|SCHINDLER HOLDING
Leaves the portfolio; it was 0.42% of weight.
− Acciones|FAES
Leaves the portfolio; it was 0.41% of weight.
− Acciones|INDITEX
Leaves the portfolio; it was 0.40% of weight.
− Acciones|ALSTOM
Leaves the portfolio; it was 0.36% of weight.
− Acciones|DEUTSCHE POST
Leaves the portfolio; it was 0.36% of weight.
− Acciones|INTEL CORP
Leaves the portfolio; it was 0.35% of weight.
− Acciones|ASSA ABLOY AB
Leaves the portfolio; it was 0.32% of weight.
− Acciones|VITAMIN SHOPPE INC
Leaves the portfolio; it was 0.30% of weight.
− Acciones|KRAFT
Leaves the portfolio; it was 0.27% of weight.
Fixed income
Declared FI exposure
14.0 M €
% of portfolio
73.0%
Positions
43
Issuers
40
Sovereign: 1.3 M €
Corporate: 12.7 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 · 12.2%3-6 months · 3.6%6-12 months · 6.1%1-2 years · 13.8%2-5 years · 54.9%5-10 years · 5.2%> 10 years · 4.2%
Maturity
Positions
Exposure
%
Matured or ≤3 months
6
1.7 M €
12.2%
3-6 months
1
507,999 €
3.6%
6-12 months
2
850,592 €
6.1%
1-2 years
7
1.9 M €
13.8%
2-5 years
22
7.7 M €
54.9%
5-10 years
3
732,349 €
5.2%
> 10 years
2
584,401 €
4.2%
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
MICROSOFT CORP
Corporate
2
802,094 €
2026-08-08
DEUTSCHE BANK AG
Corporate
2
700,103 €
2026-03-19
VOLKSWAGEN
Corporate
2
665,774 €
2028-06-19
National Grid Transc
Corporate
1
620,240 €
2029-01-16
European Investment Bank
Supranational
1
507,999 €
2026-04-13
CENTRICA
Corporate
1
466,004 €
2029-03-13
VERIZON COMMUNICATIO
Corporate
1
424,243 €
2029-02-08
APPLE COMPUTER INC
Corporate
1
422,058 €
2027-06-20
ENBW INTERNATIONAL F
Corporate
1
416,375 €
2030-05-23
MEDTRONIC INC
Corporate
1
411,656 €
2029-10-15
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
XS2575973776 National Grid Transc
3.88%
2029-01-16
620,240 €
XS2234567233 VOLKSWAGEN
0.88%
2028-09-22
566,200 €
US594918BR43 MICROSOFT CORP
1.20%
2026-08-08
546,888 €
US298785HD17 European Investment Bank
1.06%
2026-04-13
507,999 €
XS0753789980 CENTRICA
4.38%
2029-03-13
466,004 €
US92343VES97 VERIZON COMMUNICATIO
1.94%
2029-02-08
424,243 €
US037833CX61 APPLE COMPUTER INC
1.50%
2027-06-20
422,058 €
XS2722717472 ENBW INTERNATIONAL F
3.85%
2030-05-23
416,375 €
XS2834367646 MEDTRONIC INC
3.65%
2029-10-15
411,656 €
DE000A383J95 DEUTSCHE BANK AG
4.00%
2028-07-12
406,438 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
8.4 M €
60.0%
USD
3.7 M €
26.2%
GBP
1.2 M €
8.3%
CAD
538,665 €
3.8%
AUD
231,153 €
1.7%
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: 8
Exits at maturity: 7
Exits not explained by maturity: 2
+ ENBW INTERNATIONAL F
Enters the portfolio at 2.17% weight.
+ REPUBLICA DE FRANCIA
Enters the portfolio at 1.56% weight.
+ OWENS CORNING
Enters the portfolio at 1.32% weight.
+ INTESA
Enters the portfolio at 1.25% weight.
+ IBERDROLA INTERNACIO
Enters the portfolio at 1.19% weight.
+ REINO UNIDO
Enters the portfolio at 1.19% weight.
+ ABN AMRO
Enters the portfolio at 1.04% weight.
+ VOLKSWAGEN
Enters the portfolio at 0.52% weight.
− DANSKE BANK
Leaves the portfolio; it was 1.22% of weight.
− ALLIANZ AG
Leaves the portfolio; it was 1.01% of weight.
◦ CANADIAN IMPERIAL BA
Leaves the portfolio; it was 2.53% of weight.
◦ ENERGIAS DE PORTUGAL
Leaves the portfolio; it was 1.58% of weight.
◦ SOUTHERN CO
Leaves the portfolio; it was 1.54% of weight.
◦ ELECTRICITE DE FRANC
Leaves the portfolio; it was 1.53% of weight.
◦ ENEL
Leaves the portfolio; it was 1.49% of weight.
◦ ASIAN DEVELOPMENT BA
Leaves the portfolio; it was 1.35% of weight.
◦ CADES
Leaves the portfolio; it was 1.35% 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.