Manager
WELCOME ASSET MANAGEMENT, SGIIC, S.A.
See the CNMV manager universe →
Fund page
WAM HIGH CONVICTION, FI
Category
—
Latest period
H2 2025
Positions
43
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.
43
Company
Type
Country
Weight
Price
This period's moves
H2 2025 vs H1 2025 (estimated)
New: 14
Exits: 8
Increases: 3
Cuts: 16
+ ACCIONES|Schlumberger
Enters the portfolio at 2.72% 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|Inmob. Colonial
Enters the portfolio at 0.93% 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 →− CAIXABANK
Leaves the portfolio; it was 3.35% of weight.
− ACCIONES|Merlin Properties
Leaves the portfolio; it was 2.58% of weight.
MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.
View company page →− BANCO INVERSIS, S.A.
Leaves the portfolio; it was 2.36% of weight.
− ACCIONES|Starbucks Corp.
Leaves the portfolio; it was 2.23% of weight.
− ABN AMRO BANK NV
Leaves the portfolio; it was 1.83% of weight.
− ACCIONES|Americold Realty Tru
Leaves the portfolio; it was 1.80% of weight.
− ACCIONES|Basf
Leaves the portfolio; it was 0.98% of weight.
− BNP
Leaves the portfolio; it was 0.60% of weight.
▼ ACCIONES|ZEGONA FINANCE PLC
Goes from 1.51% to 0.57%.
Zegona Communications plc engages in the provision of integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services. It serves business-to-consumer and business-to-business markets. The company was incorporated in 2015 and is based in London, the United Kingdom. Zegona Communications plc operates as a subsidiary of Ejlshm Funding Limited.
View company page →▼ ACCIONES|Microsoft Corp
Goes from 2.71% to 2.41%.
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 →Fixed income
Declared FI exposure
10.2 M €
% of portfolio
31.3%
Positions
15
Issuers
14
Sovereign: 0 €
Corporate: 9.9 M €
Repos / treasury management: 300,000 €
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 · 7.9%1-2 years · 16.1%5-10 years · 8.0%> 10 years · 68.0%
Maturity
Positions
Exposure
%
Matured or ≤3 months
1
774,579 €
7.9%
3-6 months
0
0 €
0.0%
6-12 months
0
0 €
0.0%
1-2 years
2
1.6 M €
16.1%
2-5 years
0
0 €
0.0%
5-10 years
1
791,938 €
8.0%
> 10 years
10
6.7 M €
68.0%
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
CAIXABANK SA
Bank
1
1.0 M €
2048-10-09
BANCO SANTANDER SA
Bank
1
946,765 €
2048-11-21
de VOLKSBANK NV
Corporate
1
847,196 €
2027-12-15
ABN AMRO
Corporate
1
808,787 €
2049-09-22
HSBC HOLDINGS PLC
Corporate
1
805,179 €
2048-09-28
BANCO COMERC PORTUGU
Corporate
1
791,938 €
2032-05-17
UNICREDITO ITALIANO
Corporate
1
791,139 €
2049-06-03
Novacaixagalicia
Corporate
1
774,579 €
2026-01-20
ERSTE GROUP BANK AG
Corporate
1
742,334 €
2027-04-15
SOCIETE GENERALE SA
Bank
1
675,557 €
2049-05-26
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
ES0840609020 CAIXABANK SA
5.88%
2048-10-09
1.0 M €
US05971KAP49 BANCO SANTANDER SA
9.63%
2048-11-21
946,765 €
XS2454874285 de VOLKSBANK NV
7.00%
2027-12-15
847,196 €
XS1693822634 ABN AMRO
4.75%
2049-09-22
808,787 €
XS1884698256 HSBC HOLDINGS PLC
5.88%
2048-09-28
805,179 €
PTBCPGOM0067 BANCO COMERC PORTUGU
4.00%
2032-05-17
791,938 €
XS2121441856 UNICREDITO ITALIANO
3.88%
2049-06-03
791,139 €
ES0865936019 Novacaixagalicia
6.00%
2026-01-20
774,579 €
XS2108494837 ERSTE GROUP BANK AG
3.38%
2027-04-15
742,334 €
USF8500RAB80 SOCIETE GENERALE SA
4.75%
2049-05-26
675,557 €
Currencies
Fixed-income exposure by instrument currency.
Currency
Exposure
%
EUR
7.1 M €
69.7%
USD
2.3 M €
22.4%
GBP
805,179 €
7.9%
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: 3
Exits at maturity: 1
Exits not explained by maturity: 2
+ CAIXABANK SA
Enters the portfolio at 3.19% weight.
+ ABN AMRO
Enters the portfolio at 2.49% weight.
+ HSBC HOLDINGS PLC
Enters the portfolio at 2.48% weight.
− CAIXABANK
Leaves the portfolio; it was 3.35% of weight.
− BNP
Leaves the portfolio; it was 0.60% of weight.
◦ ABN AMRO BANK NV
Leaves the portfolio; it was 1.83% 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.