Manager
SINGULAR ASSET MANAGEMENT, SGIIC, S.A.
See the CNMV manager universe →
Fund page
SWM GLOBAL FLEXIBLE,FI
Category
—
Latest period
H2 2025
Positions
84
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.
84
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 31
Exits: 21
Increases: 6
Cuts: 3
+ Acciones|PLUXEE N.V.
Enters the portfolio at 0.33% weight.
Pluxee N.V. offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally. The company provides employee benefits comprising meal, food, gift, mobility, training, insurance, and wellness benefits as well as engagement solutions; health, mental and physical well-being, leisure and culture, hybrid work, training, and uniforms; and other products and services, including rewards and recognition, public benefits, and fuel, fleet and expense management solutions. Its products are distributed through pre-paid cards, unreimbursed cards, digital solutions, paper vouchers. Pluxee N.V. was formerly known as Sodexo Asset Management 2 B.V. and changed its name to Pluxee N.V. in December 2023. The company was incorporated in 2022 and is headquartered in Issy-les-Moulineaux, France.
View company page →+ Acciones|ROLLS-ROYCE PLC
Enters the portfolio at 0.22% weight.
Rolls-Royce Holdings plc designs and manages mission-critical power systems in the United Kingdom and internationally. The company operates through three segments: Civil Aerospace, Defence, and Power Systems. The Civil Aerospace segment develops, manufactures, markets, and sells aero engines for large commercial aircraft, regional jet, and business aviation markets, as well as provides aftermarket services. The Defence segment is involved in the development, manufacture, marketing, and sale of military aero engines, naval engines, and submarine nuclear power plants, as well as offers aftermarket services. The Power Systems segment engages in the development, manufacture, marketing, and sale of integrated solutions for onsite power and propulsion under the mtu brand name. Rolls-Royce Holdings plc was founded in 1884 and is headquartered in London, the United Kingdom.
View company page →+ Acciones|CORBION V
Enters the portfolio at 0.10% weight.
Corbion N.V. provides lactic acid and derivatives, food preservation solutions, functional ingredient systems, and algae-derived nutritional ingredients in the Netherlands, the United States, Asia, rest of Americas, the rest of Europe, the Middle East, and Africa. It operates in two segments, Functional Ingredients & Solutions, and Health & Nutrition. The company offers antioxidants, fermentation and preservation ingredients, flavors, fortification, functional blends, and lactic acid lactates and derivatives; AlgaPrime DHA, an omega-3 sourcing product; AlgaVia which develops foods and beverages with reduced saturated fat content; CALFEED, a dry lactic acid source to boost feed intake for swine or poultry; LAFEED that helps feed intake and digestive health; LAFEED Powder that acts as a preservative and acidulate; PURAC DW, provides an acidifier, preservative, and antimicrobial in teat-dip applications for animals; PURAC Pet food; PURASOLV; and PURASOLV EL. It also provides PURASORB polymers for medical and pharmaceutical industries; PURASOLV solvents; PURALACT B3 for resin and coating performance; personal care products, such as ESTERLAC Emulsifiers and Surfactants, GLUCONAL ZN, PURAC BF/P41, PURAC HiPure 90, PURAC UltraPure, PURACAL PP/USP, PURAMEX ZN, PURASAL MOISTXS, PURASAL NH/COS, PURASAL S/HQ60, and PURASOLV EL; and GLUCONAL, PURAC PF, PURACAL, PURAMEX, and PURASAL S/PF. In addition, the company offers food solutions, including acidification, color retention, decontamination, food safety and preservation, freshness and shelf life, health and nutrition, strengthening conditioning and texturizing, and taste and texture; PURASORB R&D; biochemical specialties solutions comprising solvency, antimicrobial, moisturization, and pharma; and Algae ingredients solutions. The company was formerly known as CSM N.V. and changed its name to Corbion N.V. in October 2013. Corbion N.V. was founded in 1903 and is headquartered in Amsterdam, the Netherlands.
View company page →− CECA
Leaves the portfolio; it was 1.70% of weight.
− BSCH INTERNACIONAL
Leaves the portfolio; it was 1.24% of weight.
− VOLKSWAGEN
Leaves the portfolio; it was 1.04% of weight.
− MC DONALD´S
Leaves the portfolio; it was 1.04% of weight.
− Acciones|GRIFOLS
Leaves the portfolio; it was 0.85% of 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 →− BBVA INTERNACIONAL
Leaves the portfolio; it was 0.81% of weight.
− DEUTSCHE BANK AG
Leaves the portfolio; it was 0.77% of weight.
− US TREASURY
Leaves the portfolio; it was 0.69% of weight.
− MEDIOBANCA SPA
Leaves the portfolio; it was 0.60% of weight.
− NATWEST MARKETS PLC
Leaves the portfolio; it was 0.60% of weight.
− REINO UNIDO
Leaves the portfolio; it was 0.60% of weight.
− Acciones|ELECTICIDADE DE PORTUGAL SA
Leaves the portfolio; it was 0.46% of weight.
− Acciones|MEDIOBANCA SPA
Leaves the portfolio; it was 0.31% of weight.
− Acciones|SWATCH
Leaves the portfolio; it was 0.28% of weight.
− Acciones|ALLFUNDS GROUP PLC
Leaves the portfolio; it was 0.27% of weight.
Allfunds Group plc, together with its subsidiaries, operates as a B2B WealthTech company that connects fund houses and distributors in the United Kingdom and internationally. It operates through two segments, Net Platform, and Net Subscription and Other Revenues. The company offers Connect, an Allfunds professional workstation; and Nextportfolio, a portfolio management system; and end-investor platform for wealth management needs of asset managers, banks, wealth managers, and insurance companies. It also provides ESG solutions, such as ESG scoring, reporting, portfolio advisory and construction, audit and certification, analysis, investment proposal generator, reporting generator, and monitoring; model portfolio advisory, bespoke reporting, private assets, audit and certification, fund selection, and regulatory implementation services; and Sustainability Navigator, a tool for constructing sustainable investment portfolios in line with SFDR regulation. In addition, the company offers regulatory reporting corner, a specialized platform to provide fund registration, regulatory reporting, and distribution, as well as generate fund regulatory reporting. Further, it provides investment solutions for Distributors and Fund Houses, including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds; White Label Fund Hosting Platform that provides supports mutual funds and ETFs; Allfunds Navigator which provides market insights and identify opportunities; and Allfunds Blockchain solutions. The company serves private bank, insurance, asset management, bank, custodian, and other customers. The company was founded in 2000 and is based in London, the United Kingdom.
− Acciones|TARGET CORP
Leaves the portfolio; it was 0.26% of weight.
− Acciones|INTEL CORP
Leaves the portfolio; it was 0.24% of weight.
− Acciones|BAIDU INC
Leaves the portfolio; it was 0.22% of weight.
− Acciones|ALSTOM
Leaves the portfolio; it was 0.20% of weight.
− Acciones|KRAFT
Leaves the portfolio; it was 0.14% of weight.
▲ Acciones|GLENCORE FINANCE EUROPE
Goes from 0.07% to 0.60%.
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities. It engages in the production and marketing of copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration and production and refining and distribution. The company is also involved in marketing and distributing physical commodities sourced from third party producers to industrial consumers, including the battery, electronic, construction, automotive, steel, energy, and oil industries. In addition, the company provides financing, logistics, and other services to producers and consumers of commodities. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.
View company page →▼ Acciones|ALIBABA GROUP HOLDING LTD
Goes from 1.19% to 0.80%.
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.
View company page →Fixed income
Declared FI exposure
25.7 M €
% of portfolio
47.3%
Positions
52
Issuers
46
Sovereign: 3.4 M €
Corporate: 22.3 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 · 10.5%3-6 months · 2.0%6-12 months · 10.6%1-2 years · 29.5%2-5 years · 43.7%5-10 years · 1.9%> 10 years · 1.8%
Maturity
Positions
Exposure
%
Matured or ≤3 months
5
2.7 M €
10.5%
3-6 months
1
503,804 €
2.0%
6-12 months
7
2.7 M €
10.6%
1-2 years
14
7.6 M €
29.5%
2-5 years
23
11.2 M €
43.7%
5-10 years
1
493,716 €
1.9%
> 10 years
1
458,038 €
1.8%
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
VOLKSWAGEN
Corporate
3
2.4 M €
2026-10-16
République Française
Sovereign
2
1.5 M €
2026-01-14
ABERTIS
Corporate
1
1.2 M €
2028-02-07
United States Treasury
Sovereign
2
1.2 M €
2027-11-15
GAZPROM
Corporate
2
1.0 M €
2027-06-29
BBVA INTERNACIONAL
Corporate
2
1.0 M €
2027-02-10
HOCHTIEF AG
Corporate
1
838,555 €
2030-05-31
ALTRIA
Corporate
1
793,560 €
2027-06-15
CANADIAN IMPERIAL BA
Corporate
1
618,350 €
2029-07-09
STANDARD CHARTERED
Corporate
1
594,265 €
2027-02-19
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
XS2113911387 ABERTIS
1.25%
2028-02-07
1.2 M €
FR0128983980 République Française
2.02%
2026-01-14
997,295 €
XS2234567233 VOLKSWAGEN
0.88%
2028-09-22
937,363 €
XS2491738949 VOLKSWAGEN
3.75%
2027-09-28
920,021 €
US912810FB99 United States Treasury
3.06%
2027-11-15
848,860 €
DE000A383EL9 HOCHTIEF AG
4.25%
2030-05-31
838,555 €
XS1843443190 ALTRIA
2.20%
2027-06-15
793,560 €
XS2291819980 GAZPROM
1.48%
2029-01-27
635,637 €
XS2856773606 CANADIAN IMPERIAL BA
3.81%
2029-07-09
618,350 €
XS1480699641 STANDARD CHARTERED
2.15%
2027-02-19
594,265 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
19.3 M €
75.1%
USD
5.6 M €
21.8%
GBP
806,118 €
3.1%
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: 18
Exits at maturity: 7
Exits not explained by maturity: 2
+ REPUBLICA DE FRANCIA
Enters the portfolio at 1.84% weight.
+ CANADIAN IMPERIAL BA
Enters the portfolio at 1.14% weight.
+ ERSTE&STEIERMAR BANK
Enters the portfolio at 0.96% weight.
+ BBVA INTERNACIONAL
Enters the portfolio at 0.93% weight.
+ REPUBLICA DE FRANCIA
Enters the portfolio at 0.92% weight.
+ KBC GROUP NV
Enters the portfolio at 0.91% weight.
+ IBERDROLA INTERNACIO
Enters the portfolio at 0.84% weight.
+ NATIONAL GRID TRANSC
Enters the portfolio at 0.76% weight.
+ DEUTSCHE BANK AG
Enters the portfolio at 0.75% weight.
+ PETROLEOS MEXICANOS
Enters the portfolio at 0.74% weight.
+ REINO DE ESPAÑA
Enters the portfolio at 0.73% weight.
+ REINO UNIDO
Enters the portfolio at 0.64% weight.
+ US TREASURY
Enters the portfolio at 0.62% weight.
+ ZEGONA COMMUNICATION
Enters the portfolio at 0.58% weight.
+ TELEPERFORMANCE
Enters the portfolio at 0.58% weight.
+ ENBW INTERNATIONAL F
Enters the portfolio at 0.58% weight.
+ CREDIT MUTUEL ARKEA
Enters the portfolio at 0.55% weight.
+ PROSEGUR CASH SA
Enters the portfolio at 0.55% weight.
− BSCH INTERNACIONAL
Leaves the portfolio; it was 1.24% of weight.
− DEUTSCHE BANK AG
Leaves the portfolio; it was 0.77% of weight.
◦ VOLKSWAGEN
Leaves the portfolio; it was 1.04% of weight.
◦ MC DONALD´S
Leaves the portfolio; it was 1.04% of weight.
◦ BBVA INTERNACIONAL
Leaves the portfolio; it was 0.81% of weight.
◦ US TREASURY
Leaves the portfolio; it was 0.69% of weight.
◦ MEDIOBANCA SPA
Leaves the portfolio; it was 0.60% of weight.
◦ NATWEST MARKETS PLC
Leaves the portfolio; it was 0.60% of weight.
◦ REINO UNIDO
Leaves the portfolio; it was 0.60% 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.