Manager
RENTA 4 GESTORA, S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
RENTA 4 DELTA, FI
Category
—
Latest period
H2 2025
Positions
161
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.
161
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 64
Exits: 35
Increases: 8
Cuts: 17
+ ACCIONES|Burford Capital Ltd
Enters the portfolio at 0.23% weight.
Burford Capital Limited provides legal finance products and services worldwide. The company operates in two segments, Principal Finance, and Asset Management and Other Services. The Principal Finance segment provides capital against the underlying value of high-value single or multiple litigation and arbitration matters at any stage of the process from before filing to after a final judgment has been entered; and to a law firm that has agreed to take a case on a contingent fee or alternative fee basis, as well as directly to the client. This segment also offers legal risk management and adverse legal cost insurance services. The Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, as well as provides other services to the legal industry. The company was incorporated in 2009 and is based in Saint Peter Port, Guernsey.
View company page →− ACCIONA S.A.
Leaves the portfolio; it was 1.88% of weight.
− BANCO BILBAO VIZCAYA ARG
Leaves the portfolio; it was 1.37% of weight.
− ACCIONES|Proeduca Altus SL
Leaves the portfolio; it was 1.11% of weight.
− HYUNDAI CAPITAL AMERICA
Leaves the portfolio; it was 0.82% of weight.
− TELECOM ITALIA SPA
Leaves the portfolio; it was 0.69% of weight.
− STANDARD CHARTERED PLC
Leaves the portfolio; it was 0.65% of weight.
− ABANCA CORP BANCARIA SA
Leaves the portfolio; it was 0.64% of weight.
− Elecnor SA
Leaves the portfolio; it was 0.64% of weight.
− GREENVOLT ENERGIAS
Leaves the portfolio; it was 0.64% of weight.
− ORANGE SA
Leaves the portfolio; it was 0.64% of weight.
− TRADEBE
Leaves the portfolio; it was 0.63% of weight.
− GRUPO AZVI
Leaves the portfolio; it was 0.63% of weight.
− EROSKI S COOP
Leaves the portfolio; it was 0.63% of weight.
− OESIA NETWORKS
Leaves the portfolio; it was 0.63% of weight.
− GESTAMP AUTOMOCION SA
Leaves the portfolio; it was 0.63% of weight.
− ACCIONA S.A.
Leaves the portfolio; it was 0.63% of weight.
− RECORD GO
Leaves the portfolio; it was 0.63% of weight.
− ECOENER OPV
Leaves the portfolio; it was 0.62% of weight.
− LA SIRENA CONGELADOS
Leaves the portfolio; it was 0.62% of weight.
− GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.62% of weight.
− Euskaltel SA
Leaves the portfolio; it was 0.62% of weight.
− HT SUMINISTROS
Leaves the portfolio; it was 0.62% of weight.
− GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.62% of weight.
− MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.61% of weight.
− MINOR HOTELS EU & AMER
Leaves the portfolio; it was 0.61% of weight.
− ACCIONES|GRENKE AG
Leaves the portfolio; it was 0.61% of weight.
− GENERAL DE ALQUI
Leaves the portfolio; it was 0.56% of weight.
− ACCIONES|Affirm Holdings Inc
Leaves the portfolio; it was 0.49% of weight.
− ACCIONES|Nebius Group NV
Leaves the portfolio; it was 0.45% of weight.
− ACCIONES|Fluidra SA
Leaves the portfolio; it was 0.40% of weight.
− ACCIONES|Beijer Ref AB
Leaves the portfolio; it was 0.35% of weight.
− ACCIONES|PORSCHE AUTO HOLDING SE
Leaves the portfolio; it was 0.31% of weight.
Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. It operates in two segments, Core Investments and Portfolio Investments. The company is involved in investments in the areas of mobility and industrial technology. It offers its products under the Volkswagen, Audi, SEAT, KODA, Cupra Bentley, Lamborghini, Ducati, and Porsche brand names. The company was formerly known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft and changed its name to Porsche Automobil Holding SE in November 2007. Porsche Automobil Holding SE was incorporated in 2007 and is headquartered in Stuttgart, Germany.
View company page →− ACCIONES|Ercros SA
Leaves the portfolio; it was 0.25% of weight.
− ACCIONES|SANOFI SA
Leaves the portfolio; it was 0.21% of weight.
− ACCIONES|RENTA 4 BANCO, S.A.
Leaves the portfolio; it was 0.03% of weight.
▲ ACCIONES|Unity Software Inc
Goes from 0.54% to 0.78%.
Unity Software Inc. operates a platform to develop, deploy, and grow games and interactive experiences for mobile phones, PCs, consoles, and extended reality devices in the United States, China, Hong Kong, Taiwan, Europe, the Middle East, Africa, the Asia Pacific, Canada, and Latin America. The company's platform offers artificial intelligence solutions that support developers through the entire development lifecycle, which includes prototyping, live service operation, user acquisition, and monetization. It also provides Create Solutions, a set of tools and services used to build, ship, and run real-time 2D and 3D content; and Grow Solutions, which allows customers to grow and engage their user base and monetize their content. In addition, the company offers enterprise support and consumption services; professional services, including consulting, platform integration, training, and custom application and workflow development services; and advertising and game publishing services. It provides its solutions directly through its online store, field sales operations, independent distributors, and resellers. The company serves enterprises, mid-market companies, government, and non-profit institutions; mid-sized, small, and independent businesses; and individuals from various industries. Unity Software Inc. was founded in 2004 and is headquartered in San Francisco, California.
View company page →▲ ACCIONES|Newmont Corp
Goes from 0.67% to 0.90%.
Newmont Corporation operates as a gold producer. It also explores for copper, silver, lead, zinc, and other metals. It has operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. The company was founded in 1916 and is headquartered in Denver, Colorado.
View company page →▼ ACCIONES|MICROSOFT CORP
Goes from 1.83% to 1.40%.
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. The Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
View company page →▼ ACCIONES|Facebook Inc
Goes from 1.13% to 0.80%.
Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.
View company page →▼ ACCIONES|Adyen NV
Goes from 0.70% to 0.49%.
Adyen N.V. operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America. Its platform integrates payments stack, including gateway, risk management, processing, acquiring, and settlement services. The company offers a back-end infrastructure for authorizing. It accepts payment through online, in-person payments, cross channel, and Adyen for Platforms. The company also provides optimization services, including Adyen Uplift, protect, authenticate and tokenize. In addition, it offers financial products, such as accounts, capital, issuing, and payouts. It serves digital, mobility, SaaS platforms, retail, food and beverages, subscription, and travel and hospitality businesses. The company was incorporated in 2006 and is based in Amsterdam, the Netherlands.
View company page →Fixed income
Declared FI exposure
9.7 M €
% of portfolio
49.3%
Positions
83
Issuers
60
Sovereign: 595,545 €
Corporate: 9.1 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 · 17.2%3-6 months · 16.0%6-12 months · 21.2%1-2 years · 8.0%2-5 years · 23.8%5-10 years · 12.5%> 10 years · 1.3%
Maturity
Positions
Exposure
%
Matured or ≤3 months
20
1.7 M €
17.2%
3-6 months
11
1.6 M €
16.0%
6-12 months
14
2.1 M €
21.2%
1-2 years
7
780,150 €
8.0%
2-5 years
18
2.3 M €
23.8%
5-10 years
11
1.2 M €
12.5%
> 10 years
2
128,482 €
1.3%
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
MOTA-ENGIL SGPS
Corporate
5
604,803 €
2026-01-21
ACCIONA
Corporate
2
487,024 €
2026-09-23
OK MOBILITY
Corporate
3
479,925 €
2026-01-15
BANCO SANTANDER SA
Bank
2
397,925 €
2029-03-21
VISABEIRA
Corporate
3
390,134 €
2026-03-13
SACYR SA
Corporate
3
387,722 €
2027-03-30
Acciona Financiación FIL
Corporate
2
296,058 €
2026-02-04
Opdenergy
Corporate
1
293,938 €
2026-05-12
SOLARIA ENERGIA Y MEDIO
Corporate
2
290,875 €
2026-06-25
TRADEBE S.L.
Corporate
3
283,296 €
2026-02-11
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
XS3191232530 ACCIONA
2.66%
2026-09-23
389,533 €
ES0505544421 Opdenergy
4.22%
2026-05-12
293,938 €
XS3212533262 REPUBLIC OF KAZAKHSTAN
4.41%
2030-10-28
254,182 €
XS2817323749 BANCO SANTANDER SA
7.00%
2029-11-20
217,099 €
XS2762369549 BANCO BILBAO VIZCAYA ARG
4.88%
2030-11-08
211,670 €
PTMEN1OM0008 MOTA-ENGIL SGPS
7.25%
2028-06-12
210,142 €
XS3147507217 Acciona Financiación FIL
2.46%
2026-02-04
197,628 €
PTG59YJM0029 GREENVOLT ENERGIAS
4.23%
2026-02-09
195,847 €
PTG1V6JM0141 VISABEIRA
4.15%
2026-04-17
195,374 €
ES0505760266 GRUPO AZVI
3.89%
2026-09-17
192,893 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
8.7 M €
89.8%
USD
771,701 €
7.9%
TRY
76,327 €
0.8%
INR
72,921 €
0.7%
MXN
44,529 €
0.5%
GBP
23,282 €
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: 44
Exits at maturity: 19
Exits not explained by maturity: 6
+ ACCIONA S.A.
Enters the portfolio at 1.97% weight.
+ OPDENERGY
Enters the portfolio at 1.49% weight.
+ REPUBLIC OF KAZAKHSTAN
Enters the portfolio at 1.29% weight.
+ BANCO SANTANDER SA
Enters the portfolio at 1.10% weight.
+ ACCIONA FINANCIACION FIL
Enters the portfolio at 1.00% weight.
+ GREENVOLT ENERGIAS
Enters the portfolio at 0.99% weight.
+ VISABEIRA
Enters the portfolio at 0.99% weight.
+ GRUPO AZVI
Enters the portfolio at 0.98% weight.
+ SA DE OBRAS SERVICIOS
Enters the portfolio at 0.98% weight.
+ SOLARIA ENERGIA Y MEDIO
Enters the portfolio at 0.98% weight.
+ Grupo Ecoener SA
Enters the portfolio at 0.97% weight.
+ SACYR SA
Enters the portfolio at 0.97% weight.
+ PKO BANK POLSKI SA
Enters the portfolio at 0.76% weight.
+ BANCO COMERC PORTUGUES
Enters the portfolio at 0.55% weight.
+ MOTA ENGIL SGPS SA
Enters the portfolio at 0.52% weight.
+ MAXAM PRILL SARL
Enters the portfolio at 0.52% weight.
+ TAP SA
Enters the portfolio at 0.52% weight.
+ AXA SA
Enters the portfolio at 0.51% weight.
+ VISALIA ENERGIA SL
Enters the portfolio at 0.51% weight.
+ GREENALIA SA
Enters the portfolio at 0.51% weight.
+ GENERAL DE ALQUI
Enters the portfolio at 0.50% weight.
+ SCHNEIDER ELECTRIC SE
Enters the portfolio at 0.50% weight.
+ BARCELO CORPORATION EMPRESA
Enters the portfolio at 0.50% weight.
+ Talgo SA
Enters the portfolio at 0.50% weight.
+ SOLARIA ENERGIA Y MEDIO
Enters the portfolio at 0.50% weight.
+ MOTA ENGIL SGPS SA
Enters the portfolio at 0.50% weight.
+ MERLIN PROPERTIES SOCIMI
Enters the portfolio at 0.50% weight.
+ ACCIONA S.A.
Enters the portfolio at 0.49% weight.
+ MOTA ENGIL SGPS SA
Enters the portfolio at 0.49% weight.
+ OESIA NETWORKS
Enters the portfolio at 0.49% weight.
+ MOTA ENGIL SGPS SA
Enters the portfolio at 0.49% weight.
+ MASMOVIL IBERCOM SA
Enters the portfolio at 0.49% weight.
+ MAS Movil Telecom 30 SA
Enters the portfolio at 0.49% weight.
+ Ok Mobility
Enters the portfolio at 0.49% weight.
+ THE NIMOS HOLDING
Enters the portfolio at 0.49% weight.
+ RECORD GO
Enters the portfolio at 0.49% weight.
+ COX Abg Group SA
Enters the portfolio at 0.48% weight.
+ SACYR SA
Enters the portfolio at 0.48% weight.
+ TRADEBE
Enters the portfolio at 0.48% weight.
+ TRADEBE
Enters the portfolio at 0.47% weight.
+ MOBICO GROUP PLC
Enters the portfolio at 0.40% weight.
+ MOBICO GROUP PLC
Enters the portfolio at 0.12% weight.
+ GREEN BIDCO SAU
Enters the portfolio at 0.09% weight.
+ NEW FORTRESS ENERGY INC
Enters the portfolio at -0.04% weight.
− BANCO BILBAO VIZCAYA ARG
Leaves the portfolio; it was 1.37% of weight.
− HYUNDAI CAPITAL AMERICA
Leaves the portfolio; it was 0.82% of weight.
− STANDARD CHARTERED PLC
Leaves the portfolio; it was 0.65% of weight.
− ABANCA CORP BANCARIA SA
Leaves the portfolio; it was 0.64% of weight.
− ORANGE SA
Leaves the portfolio; it was 0.64% of weight.
− MINOR HOTELS EU & AMER
Leaves the portfolio; it was 0.61% of weight.
◦ ACCIONA S.A.
Leaves the portfolio; it was 1.88% of weight.
◦ TELECOM ITALIA SPA
Leaves the portfolio; it was 0.69% of weight.
◦ Elecnor SA
Leaves the portfolio; it was 0.64% of weight.
◦ GREENVOLT ENERGIAS
Leaves the portfolio; it was 0.64% of weight.
◦ TRADEBE
Leaves the portfolio; it was 0.63% of weight.
◦ GRUPO AZVI
Leaves the portfolio; it was 0.63% of weight.
◦ EROSKI S COOP
Leaves the portfolio; it was 0.63% of weight.
◦ OESIA NETWORKS
Leaves the portfolio; it was 0.63% of weight.
◦ GESTAMP AUTOMOCION SA
Leaves the portfolio; it was 0.63% of weight.
◦ ACCIONA S.A.
Leaves the portfolio; it was 0.63% of weight.
◦ RECORD GO
Leaves the portfolio; it was 0.63% of weight.
◦ ECOENER OPV
Leaves the portfolio; it was 0.62% of weight.
◦ LA SIRENA CONGELADOS
Leaves the portfolio; it was 0.62% of weight.
◦ GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.62% of weight.
◦ Euskaltel SA
Leaves the portfolio; it was 0.62% of weight.
◦ HT SUMINISTROS
Leaves the portfolio; it was 0.62% of weight.
◦ GREENING GROUP GLOBAL
Leaves the portfolio; it was 0.62% of weight.
◦ MASMOVIL IBERCOM SA
Leaves the portfolio; it was 0.61% of weight.
◦ GENERAL DE ALQUI
Leaves the portfolio; it was 0.56% 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.