Manager
SANTANDER ASSET MANAGEMENT, S.A., SGIIC
See the CNMV manager universe →
Fund page
SANTANDER GESTION DINAMICA PRUDENTE, FI
Category
—
Latest period
H2 2025
Positions
151
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.
151
Company
Type
Country
Weight
Price
ACCIONES|MERCEDES-BENZ INTERNATIONAL FIN
DE0007100000 · EUR
Renta Variable Cotizada
DE
0.05%
45.22 EUR
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 39
Exits: 60
Increases: 3
Cuts: 7
+ ACCIONES|SOLARIA ENERGIA Y MEDIO AMBIENT
Enters the portfolio at 0.07% weight.
View company page →+ ACCIONES|MERCEDES-BENZ INTERNATIONAL FIN
Enters the portfolio at 0.05% weight.
Mercedes-Benz Group AG operates as an automotive company in Europe, Germany, North America, the United States, Asia, China, and internationally. It operates through Mercedes-Benz Cars, Mercedes-Benz Vans, and Mercedes-Benz Financial Services segments. The company develops, manufactures, and sells cars and vans under the Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach, G-Class brands, as well as related spare parts and accessories. It also provides financing, leasing, vehicle subscription and rental, fleet management, insurance, and digital services related to charging electric vehicles. The company was formerly known as Daimler AG and changed its name to Mercedes-Benz Group AG in February 2022. Mercedes-Benz Group AG was founded in 1886 and is headquartered in Stuttgart, Germany.
View company page →+ ACCIONES|DEUTSCHE BOERSE AG
Enters the portfolio at 0.05% weight.
Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.
View company page →+ ACCIONES|AIRBUS
Enters the portfolio at 0.05% weight.
Airbus SE, together with its subsidiaries, engages in the design, manufacture, and delivery of aeronautics and aerospace products, services, and solutions worldwide. It operates through three segments: Airbus, Airbus Helicopters, and Airbus Defence and Space. The Airbus segment develops, manufactures, markets, and sells commercial jet passenger aircraft, freighter aircraft, regional turboprop aircraft, and aircraft components, as well as provides aircraft conversion and related services. The Airbus Helicopters segment develops, manufactures, markets, and sells civil and military helicopters; and provides uncrewed aerial systems and their related services. The Airbus Defence and Space segment designs, develops, delivers, and supports crewed and uncrewed military air systems and related services. This segment also offers civil and defence space systems for telecommunications, earth observations, navigation, and science and orbital systems; and services around data processing from platforms, secure communication, and cyber security. The company was formerly known as Airbus Group SE and changed its name to Airbus SE in April 2017. The company was incorporated in 1998 and is headquartered in Leiden, the Netherlands.
View company page →− SPAIN GOVERNMENT
Leaves the portfolio; it was 0.97% of weight.
− SPAIN GOVERNMENT
Leaves the portfolio; it was 0.76% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.62% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.58% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.43% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.42% of weight.
− SYDBANK A/S
Leaves the portfolio; it was 0.41% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.40% of weight.
− NORDEA BANK ABP
Leaves the portfolio; it was 0.38% of weight.
− CITIGROUP INC
Leaves the portfolio; it was 0.38% of weight.
− ITALY BUONI ORDI
Leaves the portfolio; it was 0.37% of weight.
− AT&T INC.
Leaves the portfolio; it was 0.36% of weight.
− ARION BANKI HF
Leaves the portfolio; it was 0.35% of weight.
− JEFFERIES FINANC
Leaves the portfolio; it was 0.32% of weight.
− TESORO DE ESTADO
Leaves the portfolio; it was 0.29% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.28% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.28% of weight.
− TENNET HOLDING B
Leaves the portfolio; it was 0.27% of weight.
− FRANCE REPUBLIC
Leaves the portfolio; it was 0.26% of weight.
− ANGLO AMERICAN C
Leaves the portfolio; it was 0.25% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.25% of weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 0.24% of weight.
− CITIGROUP INC
Leaves the portfolio; it was 0.23% of weight.
− BRITISH AMERICAN
Leaves the portfolio; it was 0.23% of weight.
− HSBC HOLDINGS PL
Leaves the portfolio; it was 0.22% of weight.
− E ON SE
Leaves the portfolio; it was 0.21% of weight.
− INTESA SANPAOLO
Leaves the portfolio; it was 0.21% of weight.
− MONDI FINANCE PL
Leaves the portfolio; it was 0.21% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.21% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.20% of weight.
− AUTOSTRADE LITAL
Leaves the portfolio; it was 0.20% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.19% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.19% of weight.
− FEDEX CORP
Leaves the portfolio; it was 0.18% of weight.
− CAIXABANK SA
Leaves the portfolio; it was 0.18% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.17% of weight.
− LLOYDS BANKING G
Leaves the portfolio; it was 0.17% of weight.
− BANCO SANTANDER
Leaves the portfolio; it was 0.14% of weight.
− EDP ENERGIAS D
Leaves the portfolio; it was 0.12% of weight.
− REPSOL INTERNATI
Leaves the portfolio; it was 0.12% of weight.
− COCA COLA EUROPA
Leaves the portfolio; it was 0.07% of weight.
− 3M CO
Leaves the portfolio; it was 0.07% of weight.
− LANDSBANKINN HF
Leaves the portfolio; it was 0.07% of weight.
− ACCIONES|ENAGAS SA
Leaves the portfolio; it was 0.06% of weight.
− ACCIONES|INMOBILIARIA COLONIAL SA
Leaves the portfolio; it was 0.06% of weight.
Colonial SFL, Socimi S. A. is the leading platform in Europe's prime commercial real estate market, with a presence in the main business districts of Barcelona, Madrid and Paris. It owns a unique portfolio of commercial properties totaling more than 1 million sqm, with a market value exceeding 12.0 billion euros. The Group follows a dedicated long-term strategy focused on value creation through a high-quality client portfolio and asset appreciation. Looking ahead, Colonial SFL will continue to lead the urban transformation of city centres in the European market, recognized for its expertise and professionalism, financial strength and profitability, while delivering outstanding sustainable real estate solutions tailored to client's needs.
View company page →− MERCK KGAA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|IBERDROLA SA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|BANCO SANTANDER SA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|VINCI SA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|BANCO BILBAO VIZCAYA ARGENTARIA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|ADYEN NV
Leaves the portfolio; it was 0.05% of weight.
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 →− ACCIONES|MUENCHENER RUECKV
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|AIR LIQUIDE SA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|DEUTSCHE TELEKOM AG
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|INDITEX SA
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|ADIDAS AG
Leaves the portfolio; it was 0.05% of weight.
− ACCIONES|WOLTERS KLUWER NV
Leaves the portfolio; it was 0.04% of weight.
− KERRY GROUP FINA
Leaves the portfolio; it was 0.04% of weight.
− AXA SA
Leaves the portfolio; it was 0.03% of weight.
− ICADE
Leaves the portfolio; it was 0.02% of weight.
Fixed income
Declared FI exposure
877.2 M €
% of portfolio
31.6%
Positions
122
Issuers
61
Sovereign: 576.3 M €
Corporate: 299.1 M €
Repos / treasury management: 1.8 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 · 9.5%3-6 months · 2.3%6-12 months · 5.3%1-2 years · 15.0%2-5 years · 21.4%5-10 years · 32.0%> 10 years · 14.5%
Maturity
Positions
Exposure
%
Matured or ≤3 months
9
82.8 M €
9.5%
3-6 months
5
20.0 M €
2.3%
6-12 months
4
46.4 M €
5.3%
1-2 years
24
131.2 M €
15.0%
2-5 years
27
187.3 M €
21.4%
5-10 years
27
280.5 M €
32.0%
> 10 years
25
127.3 M €
14.5%
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
Reino de España
Sovereign
13
205.6 M €
2026-01-31
UNITED STATES TR
Sovereign
10
127.9 M €
2027-05-31
Repubblica Italiana
Sovereign
11
113.3 M €
2027-06-01
Bundesrepublik Deutschland
Sovereign
11
65.2 M €
2027-02-15
République Française
Sovereign
11
64.4 M €
2027-05-25
CAIXABANK SA
Bank
3
18.8 M €
2026-06-19
BANCO DE SABADEL
Corporate
2
16.5 M €
2026-01-15
EDF
Corporate
3
13.3 M €
2035-01-13
BANCO BILBAO VIZ
Corporate
2
12.7 M €
2026-01-15
RCI BANQUE S.A
Corporate
2
12.7 M €
2027-01-15
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
ES0000012G91 Reino de España
0.00%
2026-01-31
42.5 M €
ES00000123C7 Reino de España
5.90%
2026-07-30
40.0 M €
US91282CKQ32 UNITED STATES TR
4.38%
2034-05-15
21.3 M €
ES00000128Q6 Reino de España
2.35%
2033-07-30
19.0 M €
ES0000012E69 Reino de España
1.85%
2035-07-30
18.4 M €
US91282CJJ18 UNITED STATES TR
4.50%
2033-11-15
18.3 M €
IT0005631590 Repubblica Italiana
3.65%
2035-08-01
18.1 M €
US91282CMC28 UNITED STATES TR
4.50%
2031-12-31
16.7 M €
IT0003256820 Repubblica Italiana
5.75%
2033-02-01
15.4 M €
ES0000012K61 Reino de España
2.55%
2032-10-31
14.6 M €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
712.7 M €
81.3%
USD
164.4 M €
18.7%
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: 26
Exits at maturity: 11
Exits not explained by maturity: 37
+ UNITED STATES TR
Enters the portfolio at 0.77% weight.
+ SPAIN GOVERNMENT
Enters the portfolio at 0.68% weight.
+ ITALY BUONI ORDI
Enters the portfolio at 0.65% weight.
+ UNITED STATES TR
Enters the portfolio at 0.43% weight.
+ UNITED STATES TR
Enters the portfolio at 0.40% weight.
+ ITALY BUONI POLI
Enters the portfolio at 0.38% weight.
+ FRANCE REPUBLIC
Enters the portfolio at 0.38% weight.
+ SPAIN GOVERNMENT
Enters the portfolio at 0.35% weight.
+ BUNDESOBLIGATION
Enters the portfolio at 0.34% weight.
+ TESORO DE ESTADO
Enters the portfolio at 0.31% weight.
+ ITALY BUONI ORDI
Enters the portfolio at 0.27% weight.
+ FORD MOTOR CREDI
Enters the portfolio at 0.25% weight.
+ ITALY BUONI POLI
Enters the portfolio at 0.24% weight.
+ SPAIN GOVERNMENT
Enters the portfolio at 0.24% weight.
+ FRENCH REPUBLIC
Enters the portfolio at 0.23% weight.
+ ERSTE GROUP BANK
Enters the portfolio at 0.20% weight.
+ BANKINTER SA
Enters the portfolio at 0.20% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.20% weight.
+ FRANCE REPUBLIC
Enters the portfolio at 0.17% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.16% weight.
+ BUNDESREPUBLIK D
Enters the portfolio at 0.15% weight.
+ FRENCH REPUBLIC
Enters the portfolio at 0.15% weight.
+ AXA SA
Enters the portfolio at 0.14% weight.
+ ASSICURAZIONI GE
Enters the portfolio at 0.14% weight.
+ ACHMEA BV
Enters the portfolio at 0.12% weight.
+ EDF
Enters the portfolio at 0.09% weight.
− SPAIN GOVERNMENT
Leaves the portfolio; it was 0.76% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.62% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.58% of weight.
− SPAIN GOVERNMENT
Leaves the portfolio; it was 0.52% of weight.
− UNITED STATES TR
Leaves the portfolio; it was 0.43% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.42% of weight.
− SYDBANK A/S
Leaves the portfolio; it was 0.41% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.40% of weight.
− NORDEA BANK ABP
Leaves the portfolio; it was 0.38% of weight.
− CITIGROUP INC
Leaves the portfolio; it was 0.38% of weight.
− ITALY BUONI ORDI
Leaves the portfolio; it was 0.37% of weight.
− JEFFERIES FINANC
Leaves the portfolio; it was 0.32% of weight.
− TESORO DE ESTADO
Leaves the portfolio; it was 0.29% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.28% of weight.
− ITALY BUONI POLI
Leaves the portfolio; it was 0.28% of weight.
− TENNET HOLDING B
Leaves the portfolio; it was 0.27% of weight.
− FRANCE REPUBLIC
Leaves the portfolio; it was 0.26% of weight.
− ANGLO AMERICAN C
Leaves the portfolio; it was 0.25% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.25% of weight.
− CITIGROUP INC
Leaves the portfolio; it was 0.23% of weight.
− BRITISH AMERICAN
Leaves the portfolio; it was 0.23% of weight.
− HSBC HOLDINGS PL
Leaves the portfolio; it was 0.22% of weight.
− MONDI FINANCE PL
Leaves the portfolio; it was 0.21% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.21% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.20% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.19% of weight.
− FRENCH REPUBLIC
Leaves the portfolio; it was 0.19% of weight.
− CAIXABANK SA
Leaves the portfolio; it was 0.18% of weight.
− BUNDESOBLIGATION
Leaves the portfolio; it was 0.17% of weight.
− LLOYDS BANKING G
Leaves the portfolio; it was 0.17% of weight.
− EDP ENERGIAS D
Leaves the portfolio; it was 0.12% of weight.
− REPSOL INTERNATI
Leaves the portfolio; it was 0.12% of weight.
− COCA COLA EUROPA
Leaves the portfolio; it was 0.07% of weight.
− 3M CO
Leaves the portfolio; it was 0.07% of weight.
− LANDSBANKINN HF
Leaves the portfolio; it was 0.07% of weight.
− MERCK KGAA
Leaves the portfolio; it was 0.05% of weight.
− AXA SA
Leaves the portfolio; it was 0.03% of weight.
◦ SPAIN GOVERNMENT
Leaves the portfolio; it was 0.97% of weight.
◦ AT&T INC.
Leaves the portfolio; it was 0.36% of weight.
◦ ARION BANKI HF
Leaves the portfolio; it was 0.35% of weight.
◦ INTESA SANPAOLO
Leaves the portfolio; it was 0.24% of weight.
◦ E ON SE
Leaves the portfolio; it was 0.21% of weight.
◦ INTESA SANPAOLO
Leaves the portfolio; it was 0.21% of weight.
◦ AUTOSTRADE LITAL
Leaves the portfolio; it was 0.20% of weight.
◦ FEDEX CORP
Leaves the portfolio; it was 0.18% of weight.
◦ BANCO SANTANDER
Leaves the portfolio; it was 0.14% of weight.
◦ KERRY GROUP FINA
Leaves the portfolio; it was 0.04% of weight.
◦ ICADE
Leaves the portfolio; it was 0.02% 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.