Manager
VARIANZA GESTION, SGIIC, S.A.
See the CNMV manager universe →
Fund page
VARIANZA ALTUM FAITH-CONSISTENT, FI
Category
—
Latest period
H2 2025
Positions
68
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.
68
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 9
Exits: 11
Increases: 8
Cuts: 3
+ ACCIONES|SCHLUMBERGER LTD
Enters the portfolio at 2.53% 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 →− ACCIONES|PROSUS NV (PRX NA)
Leaves the portfolio; it was 3.09% of weight.
Prosus N.V. engages in the e-commerce and internet businesses in Asia, Europe, Latin America, North America, and internationally. It operates internet platforms, such as classifieds, payments and fintech, etail, food delivery, education technology, Etail, ventures, tencent, and other platforms. It also provides online food delivery service. The company was formerly known as Myriad International Holdings N.V. and changed its name to Prosus N.V. Prosus N.V. was incorporated in 1994 and is headquartered in Amsterdam, the Netherlands.
View company page →− ACCIONES|VEOLIA ENVIROMENT
Leaves the portfolio; it was 2.58% of weight.
− ACCIONES|PIRAEUS FINANCIAL HOLDINGS S.A
Leaves the portfolio; it was 1.72% of weight.
− ACCIONES|EDP ENERGIAS DE PORTUGAL SA
Leaves the portfolio; it was 1.53% of weight.
− PROSUS NV
Leaves the portfolio; it was 1.06% of weight.
− EUROPEAN UNION
Leaves the portfolio; it was 1.05% of weight.
− ACCIONES|PORSCHE AG
Leaves the portfolio; it was 1.00% of weight.
Dr. Ing. h.c. F. Porsche AG engages in automotive and financial services business in Germany, Europe, North America, China, and internationally. The company procures, develops, manufactures, and sells vehicles, as well as related services. It also offers leasing, dealer and customer financing, mobility services for Porsche brand vehicles, and other finance-related services. The company was formerly known as Porsche Fünfte Vermögensverwaltung AG and changed its name to Dr. Ing. h.c. F. Porsche AG in November 2009. The company was founded in 2009 and is headquartered in Stuttgart, Germany. Dr. Ing. h.c. F. Porsche AG is a subsidiary of Porsche Holding Stuttgart GmbH.
View company page →− EMBRAER NETHERLA
Leaves the portfolio; it was 0.98% of weight.
− CORP NACIONAL DE
Leaves the portfolio; it was 0.92% of weight.
− ACCIONES|COVESTRO AG
Leaves the portfolio; it was 0.79% of weight.
− KION GROUP AG
Leaves the portfolio; it was 0.53% of weight.
▲ ACCIONES|REXEL SA
Goes from 1.76% to 2.65%.
Rexel S.A., together with its subsidiaries, engages in the distribution of low voltage electrical products for the residential, commercial, and industrial markets in France, rest of Europe, North America, and the Asia-Pacific. The company offers electrical supplies and solutions including industrial control, automation and specialty products. It also offers a range of digital channels: automated logistics, webshops, mobile apps, online tools for product configuration, and electronic data interchanges. The company was founded in 1967 and is headquartered in Paris, France.
View company page →▲ ACCIONES|AKER BP ASA
Goes from 1.54% to 1.75%.
Aker BP ASA engages in the exploration, field development, and production of oil and gas on the Norwegian Continental Shelf. It operates field centers, including Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim, and Skarv. The company was formerly known as Det norske oljeselskap ASA and changed its name to Aker BP ASA in October 2016. Aker BP ASA was founded in 2001 and is headquartered in Lysaker, Norway.
View company page →▼ ACCIONES|VERALLIA
Goes from 1.57% to 1.17%.
Verallia Société Anonyme manufactures and sells glass packaging products for beverages and food products worldwide. It provides bottles for still and semi-sparkling wines, spirits, beers, soft drinks, and oils. The company also offers jars for baby food, dairy products, jams, honey, spreads, condiments, sauces, preserves, etc. Verallia Société Anonyme was founded in 1827 and is based in Courbevoie, France.
View company page →Fixed income
Declared FI exposure
6.2 M €
% of portfolio
31.1%
Positions
36
Issuers
34
Sovereign: 0 €
Corporate: 6.2 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 · 6.4%3-6 months · 10.2%6-12 months · 12.8%1-2 years · 24.1%2-5 years · 43.0%5-10 years · 3.4%
Maturity
Positions
Exposure
%
Matured or ≤3 months
2
397,505 €
6.4%
3-6 months
4
633,249 €
10.2%
6-12 months
4
791,467 €
12.8%
1-2 years
8
1.5 M €
24.1%
2-5 years
17
2.7 M €
43.0%
5-10 years
1
211,523 €
3.4%
> 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
European Union
Supranational
2
552,894 €
2026-09-14
SIGNIFY NV
Corporate
1
295,698 €
2027-05-11
HAMMERSON PLC
Corporate
1
243,228 €
2028-04-21
ICO
Corporate
1
216,838 €
2026-10-31
SCHAEFFLER
Corporate
1
211,523 €
2031-04-01
ERAMET
Corporate
1
203,826 €
2028-05-22
BANKINTER, S.A.
Bank
1
200,426 €
2026-01-17
ORANO SA
Corporate
1
199,055 €
2026-04-23
WIZZ AIR FINANCE
Corporate
1
197,079 €
2026-01-19
MONDI FINANCE LT
Corporate
1
194,355 €
2028-04-01
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
EU000A1Z99Q7 European Union
1.00%
2027-06-23
338,946 €
XS2128499105 SIGNIFY NV
2.38%
2027-05-11
295,698 €
XS0085732716 HAMMERSON PLC
7.25%
2028-04-21
243,228 €
XS2487056041 ICO
1.30%
2026-10-31
216,838 €
XS2682061754 European Union
4.75%
2026-09-14
213,948 €
DE000A4DFLQ6 SCHAEFFLER
5.38%
2031-04-01
211,523 €
FR001400HZE3 ERAMET
7.00%
2028-05-22
203,826 €
XS2199369070 BANKINTER, S.A.
6.25%
2026-01-17
200,426 €
FR0013414919 ORANO SA
3.38%
2026-04-23
199,055 €
XS2433361719 WIZZ AIR FINANCE
1.00%
2026-01-19
197,079 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
3.2 M €
52.1%
USD
2.2 M €
35.7%
GBP
413,772 €
6.7%
NOK
339,970 €
5.5%
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: 0
Exits at maturity: 3
Exits not explained by maturity: 2
− PROSUS NV
Leaves the portfolio; it was 1.06% of weight.
− EMBRAER NETHERLA
Leaves the portfolio; it was 0.98% of weight.
◦ EUROPEAN UNION
Leaves the portfolio; it was 1.05% of weight.
◦ CORP NACIONAL DE
Leaves the portfolio; it was 0.92% of weight.
◦ KION GROUP AG
Leaves the portfolio; it was 0.53% 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.