Manager
TREA ASSET MANAGEMENT S.G.I.I.C., S.A.
See the CNMV manager universe →
Fund page
TREA RENTA FIJA MIXTA, FI
Category
—
Latest period
H2 2025
Positions
216
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.
216
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 54
Exits: 38
Increases: 4
Cuts: 5
+ ACCIONES|SLB LTD
Enters the portfolio at 0.17% weight.
SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.
View company page →− BANCO DE CREDITO SOCIAL
Leaves the portfolio; it was 2.86% of weight.
− BANCO DE SABADELL SA
Leaves the portfolio; it was 2.68% of weight.
− BANCO COMERC PORTUGUES
Leaves the portfolio; it was 1.01% of weight.
− UNICAJA BANCO SA
Leaves the portfolio; it was 0.93% of weight.
− NH HOTEL GROUP SA
Leaves the portfolio; it was 0.67% of weight.
− ACCIONES|ASM International NV
Leaves the portfolio; it was 0.46% of weight.
− ACCIONES|Brown & Brown Inc
Leaves the portfolio; it was 0.39% of weight.
− CRL CREDITO AGRICOLA MUTUO
Leaves the portfolio; it was 0.36% of weight.
− BARRY CALLEBAUT SVCS NV
Leaves the portfolio; it was 0.34% of weight.
− NYKREDIT REALKREDIT AS
Leaves the portfolio; it was 0.34% of weight.
− INTESA SANPAOLO SPA
Leaves the portfolio; it was 0.33% of weight.
− KBC IFIMA SA
Leaves the portfolio; it was 0.33% of weight.
− GESTAMP AUTOMOCION SA
Leaves the portfolio; it was 0.33% of weight.
− ZF FINANCE GMBH
Leaves the portfolio; it was 0.33% of weight.
− SCHAEFFLER AG
Leaves the portfolio; it was 0.33% of weight.
− AVANTOR FUNDING INC
Leaves the portfolio; it was 0.33% of weight.
− HEIMSTADEN BOSTAD TRESRY
Leaves the portfolio; it was 0.33% of weight.
− ZF EUROPE FINANCE BV
Leaves the portfolio; it was 0.33% of weight.
− SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.25% of weight.
− ACCIONES|JDE PEET´S NV
Leaves the portfolio; it was 0.21% of weight.
− ACCIONES|CBRE Group Inc
Leaves the portfolio; it was 0.21% of weight.
− SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.17% of weight.
− ACCIONES|ROYAL BANK OF CANADA
Leaves the portfolio; it was 0.15% of weight.
− ACCIONES|Iberdrola SA
Leaves the portfolio; it was 0.15% of weight.
− ACCIONES|IDEXX Laboratories Inc
Leaves the portfolio; it was 0.15% of weight.
− ACCIONES|KONE OYJ-B
Leaves the portfolio; it was 0.15% of weight.
KONE Oyj, together with its subsidiaries, engages in the elevator and escalator business worldwide. The company provides elevators, escalators, automatic building doors, and integrated access control solutions, as well as maintenance and modernization solutions. It also offers KONE Office Flow, a modular connected people flow solution that delivers personalized access and enhanced user experiences in workplaces; health and well-being solutions for elevators, escalators, and doors; KONE Access, an access control system, which is integrated with elevator system and building doors; KONE Destination, a destination control system that reduce waiting and travel times; KONE infotainment, a communication channel for building tenants and visitors; and monitoring solutions that enable real-time inspection of elevators and escalators. In addition, the company provides people flow planning and consulting services; solutions for special buildings and large projects; cybersecurity solutions; and energy solutions for greener buildings. It also offers hands-on, immersive training to technicians, engineers, and service professional through a training center in Egypt. KONE Oyj was founded in 1908 and is based in Espoo, Finland.
View company page →− ACCIONES|RWE AG
Leaves the portfolio; it was 0.14% of weight.
− ACCIONES|FASTENAL CO
Leaves the portfolio; it was 0.14% of weight.
− ACCIONES|MERCK & CO. INC.
Leaves the portfolio; it was 0.14% of weight.
− ACCIONES|EOG Resources Inc
Leaves the portfolio; it was 0.14% of weight.
− ACCIONES|TWDC ENTERPRISES 18 CORP
Leaves the portfolio; it was 0.12% of weight.
− ACCIONES|Caterpillar Inc
Leaves the portfolio; it was 0.12% of weight.
− ACCIONES|PEPSICO INC
Leaves the portfolio; it was 0.12% of weight.
− ACCIONES|AAK AB
Leaves the portfolio; it was 0.10% of weight.
− ACCIONES|BYD Co Ltd
Leaves the portfolio; it was 0.09% of weight.
− SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.08% of weight.
− SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.08% of weight.
▼ ACCIONES|MICROSOFT CORP
Goes from 1.64% to 1.25%.
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|META PLATFORMS INC
Goes from 0.86% to 0.55%.
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 →Fixed income
Declared FI exposure
17.2 M €
% of portfolio
58.6%
Positions
124
Issuers
96
Sovereign: 938,318 €
Corporate: 16.2 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 · 4.5%3-6 months · 11.7%6-12 months · 4.1%1-2 years · 17.1%2-5 years · 43.4%5-10 years · 19.1%
Maturity
Positions
Exposure
%
Matured or ≤3 months
3
781,817 €
4.5%
3-6 months
7
2.0 M €
11.7%
6-12 months
6
700,812 €
4.1%
1-2 years
22
2.9 M €
17.1%
2-5 years
59
7.5 M €
43.4%
5-10 years
27
3.3 M €
19.1%
> 10 years
0
0 €
0.0%
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
KUTXABANK SA
Bank
2
1.1 M €
2026-06-15
BANCO DE CREDITO SOCIAL
Corporate
2
696,661 €
2027-03-09
DANSKE BANK A/S
Corporate
2
681,964 €
2026-01-12
INTESA SANPAOLO SPA
Corporate
3
507,646 €
2027-04-16
CAIXABANK SA
Bank
2
505,130 €
2026-05-16
UNICAJA BANCO SA
Bank
3
411,116 €
2027-09-11
PKO BANK POLSKI SA
Corporate
3
408,350 €
2026-09-12
BANCO BPM SPA
Corporate
2
363,249 €
2027-06-14
United States Treasury
Sovereign
1
343,336 €
2030-07-31
BANCO DE SABADELL, S
Bank
2
318,534 €
2028-06-07
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
ES0343307031 KUTXABANK SA
4.75%
2026-06-15
1.0 M €
XS2383811424 BANCO DE CREDITO SOCIAL
1.75%
2027-03-09
498,005 €
XS2623501181 CAIXABANK SA
4.63%
2026-05-16
404,120 €
XS2573569220 DANSKE BANK A/S
4.00%
2026-01-12
401,248 €
US91282CHR51 United States Treasury
4.00%
2030-07-31
343,336 €
PTGGDDOM0008 FLOENE ENERGIAS SA
4.88%
2028-04-03
312,200 €
ES0000012L78 Reino de España
3.55%
2033-10-31
310,701 €
PTCCCOOM0004 CRL CREDITO AGRICOLA MUTUO
3.63%
2029-01-29
304,084 €
XS2443438051 DANSKE BANK A/S
1.38%
2026-02-17
280,716 €
IT0005412264 INTESA SANPAOLO SPA
3.75%
2027-06-29
254,282 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
16.8 M €
98.0%
USD
343,336 €
2.0%
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: 34
Exits at maturity: 14
Exits not explained by maturity: 6
+ INTESA SANPAOLO SPA
Enters the portfolio at 0.87% weight.
+ UNICAJA BANCO SA
Enters the portfolio at 0.69% weight.
+ TELEFONICA EUROPE BV
Enters the portfolio at 0.69% weight.
+ BANCO DE CREDITO SOCIAL
Enters the portfolio at 0.68% weight.
+ TELEFONICA EUROPE BV
Enters the portfolio at 0.37% weight.
+ AYVENS SA
Enters the portfolio at 0.36% weight.
+ ISLANDSBANKI
Enters the portfolio at 0.36% weight.
+ CZECHOSLOVAK GROUP
Enters the portfolio at 0.35% weight.
+ BANK POLSKA KASA OPIEKI
Enters the portfolio at 0.35% weight.
+ BARRY CALLEBAUT SVCS NV
Enters the portfolio at 0.35% weight.
+ CESKA SPORITELNA AS
Enters the portfolio at 0.35% weight.
+ UNICAJA BANCO SA
Enters the portfolio at 0.35% weight.
+ NYKREDIT REALKREDIT AS
Enters the portfolio at 0.35% weight.
+ COTY INC
Enters the portfolio at 0.35% weight.
+ ARBEJDERNES LANDSBANK
Enters the portfolio at 0.34% weight.
+ ALMIRALL SA
Enters the portfolio at 0.34% weight.
+ TDF INFRASTRUCTURE SAS
Enters the portfolio at 0.34% weight.
+ INTL CONSOLIDATED AIRLIN
Enters the portfolio at 0.34% weight.
+ BARCLAYS PLC
Enters the portfolio at 0.34% weight.
+ MORGAN STANLEY
Enters the portfolio at 0.34% weight.
+ BANK POLSKA KASA OPIEKI
Enters the portfolio at 0.34% weight.
+ NE PROPERTY BV
Enters the portfolio at 0.34% weight.
+ ARCELORMITTAL SA
Enters the portfolio at 0.34% weight.
+ AIR FRANCE-KLM
Enters the portfolio at 0.34% weight.
+ HEIMSTADEN BOSTAD AB
Enters the portfolio at 0.34% weight.
+ HLDNG D´INFRA METIERS
Enters the portfolio at 0.34% weight.
+ ELIS SA
Enters the portfolio at 0.34% weight.
+ AMCOR UK FINANCE PLC
Enters the portfolio at 0.34% weight.
+ INMOBILIARIA COLONIAL SO
Enters the portfolio at 0.33% weight.
+ AROUNDTOWN FINANCE SARL
Enters the portfolio at 0.33% weight.
+ CANPACK SA/CANPACK US
Enters the portfolio at 0.33% weight.
+ VIA OUTLETS BV
Enters the portfolio at 0.33% weight.
+ ARENA LUX FIN SARL
Enters the portfolio at 0.33% weight.
+ LORCA TELECOM BONDCO
Enters the portfolio at 0.05% weight.
− BANCO DE CREDITO SOCIAL
Leaves the portfolio; it was 2.86% of weight.
− CRL CREDITO AGRICOLA MUTUO
Leaves the portfolio; it was 0.36% of weight.
− BARRY CALLEBAUT SVCS NV
Leaves the portfolio; it was 0.34% of weight.
− NYKREDIT REALKREDIT AS
Leaves the portfolio; it was 0.34% of weight.
− KBC IFIMA SA
Leaves the portfolio; it was 0.33% of weight.
− GESTAMP AUTOMOCION SA
Leaves the portfolio; it was 0.33% of weight.
◦ BANCO DE SABADELL SA
Leaves the portfolio; it was 2.68% of weight.
◦ BANCO COMERC PORTUGUES
Leaves the portfolio; it was 1.01% of weight.
◦ UNICAJA BANCO SA
Leaves the portfolio; it was 0.93% of weight.
◦ NH HOTEL GROUP SA
Leaves the portfolio; it was 0.67% of weight.
◦ INTESA SANPAOLO SPA
Leaves the portfolio; it was 0.33% of weight.
◦ ZF FINANCE GMBH
Leaves the portfolio; it was 0.33% of weight.
◦ SCHAEFFLER AG
Leaves the portfolio; it was 0.33% of weight.
◦ AVANTOR FUNDING INC
Leaves the portfolio; it was 0.33% of weight.
◦ HEIMSTADEN BOSTAD TRESRY
Leaves the portfolio; it was 0.33% of weight.
◦ ZF EUROPE FINANCE BV
Leaves the portfolio; it was 0.33% of weight.
◦ SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.25% of weight.
◦ SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.17% of weight.
◦ SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.08% of weight.
◦ SPAIN LETRAS DEL TESORO
Leaves the portfolio; it was 0.08% 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.