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WELZIA COYUNTURA, FI

Category
Latest period
H2 2025
Positions
73

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.

73
Company Type Country Weight Price
CECA ES0000012K53 · EUR Adquisicion Temporal Activos ES 7.69%
Acciones|LVMH MOET HENNESSY LOUIS VUITT FR0000121014 · EUR Renta Variable Cotizada FR 3.02%
Acciones|SAFRAN SA FR0000073272 · EUR Renta Variable Cotizada FR 2.50%
Acciones|BSCH ES0113900J37 · EUR Renta Variable Cotizada ES 2.48%
Acciones|EUROPEAN AERO DEFENSE & SPACE NL0000235190 · EUR Renta Variable Cotizada NL 2.47% 203.70 EUR
Acciones|BNP PARIBAS FR0000131104 · EUR Renta Variable Cotizada FR 2.35%
Acciones|ALLIANZ AG DE0008404005 · EUR Renta Variable Cotizada DE 2.13%
Acciones|SCHNEIDER ELECTRIC SA FR0000121972 · EUR Renta Variable Cotizada FR 2.09%
Acciones|REPSOL YPF SA ES0173516115 · EUR Renta Variable Cotizada ES 2.07%
Acciones|ASML HOLDING NV NL0010273215 · EUR Renta Variable Cotizada NL 2.04%
Acciones|CAP GEMINI SA FR0000125338 · EUR Renta Variable Cotizada FR 1.94%
Acciones|INDITEX ES0148396007 · EUR Renta Variable Cotizada ES 1.85%
Acciones|GAZ DE FRANCE FR0010208488 · EUR Renta Variable Cotizada FR 1.80%
Acciones|ENI_ENTE NAZIONALE IDROCARBURI IT0003132476 · EUR Renta Variable Cotizada IT 1.80%
Acciones|IBERDROLA SA ES0144580Y14 · EUR Renta Variable Cotizada ES 1.79%
Acciones|ACCENTURE LTD IE00B4BNMY34 · USD Renta Variable Cotizada IE 1.79%
Acciones|LINDE IE000S9YS762 · EUR Renta Variable Cotizada IE 1.73%
Acciones|FERROVIAL SA NL0015001FS8 · EUR Renta Variable Cotizada NL 1.68%
Acciones|NESTLE CH0038863350 · CHF Renta Variable Cotizada CH 1.67%
Acciones|SAP AG DE0007164600 · EUR Renta Variable Cotizada DE 1.64%
Acciones|DEUTSCHE POST DE0005552004 · EUR Renta Variable Cotizada DE 1.60%
Acciones|MICROSOFT CORP. US5949181045 · USD Renta Variable Cotizada US 1.57% 483.24 USD
Acciones|NOVO NORDISK DK0062498333 · DKK Renta Variable Cotizada DK 1.53%
Acciones|AIR LIQUIDE FR0000120073 · EUR Renta Variable Cotizada FR 1.52%
Acciones|TOTAL FINA ELF SA FR0000120271 · EUR Renta Variable Cotizada FR 1.52%
Acciones|LOREAL FR001400UH43 · EUR Renta Variable Cotizada FR 1.50%
Acciones|BEFESA S.A. LU1704650164 · EUR Renta Variable Cotizada LU 1.47%
Acciones|RIO TINTO PLC GB0007188757 · GBP Renta Variable Cotizada GB 1.46%
Acciones|AKZO NOBEL NL0013267909 · EUR Renta Variable Cotizada NL 1.33%
Acciones|WOLTERS KLUWER NL0000395903 · EUR Renta Variable Cotizada NL 1.30%
Acciones|EIFFAGE FR0000130452 · EUR Renta Variable Cotizada FR 1.28%
Acciones|HANOVER COMPRESSOR DE0008402215 · EUR Renta Variable Cotizada DE 1.27%
Acciones|ROCHE HOLDING CH0012032048 · CHF Renta Variable Cotizada CH 1.25%
Acciones|WATCHES OF SWITZERLAND GB00BJDQQ870 · GBP Renta Variable Cotizada GB 1.22%
Acciones|MASTERCARD US57636Q1040 · USD Renta Variable Cotizada US 1.21%
US TREASURY US91282CCF68 · USD Deuda Publica Cotizada Memos 1 Anio US 1.15%
Acciones|STMICROELECTRONICS NV NL0000226223 · EUR Renta Variable Cotizada NL 1.10%
Acciones|VINCI FR0000125486 · EUR Renta Variable Cotizada FR 1.05%
MASTERCARD XS2448014808 · EUR Renta Fija Cotizada Mas 1 Anio XS 1.04%
Acciones|PEPSICO INC US7134481081 · USD Renta Variable Cotizada US 1.00%
Acciones|PULTE HOMES INC US7458671010 · USD Renta Variable Cotizada US 0.95%
Acciones|COCA-COLA ENTERPRISES GB00BDCPN049 · EUR Renta Variable Cotizada GB 0.90%
Acciones|JERONIMO MARTINS PTJMT0AE0001 · EUR Renta Variable Cotizada PT 0.90%
NEINOR HOMES SLU XS2933536034 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.85%
Acciones|UNITEDHEALTH GROUP INCORPORATE US91324P1021 · USD Renta Variable Cotizada US 0.84%
BANCA MONTE DEI PASC IT0005652448 · EUR Deuda Publica Cotizada Mas 1 Anio IT 0.83%
CROATIA HRRHMFO297A0 · EUR Deuda Publica Cotizada Mas 1 Anio HR 0.81%
Acciones|ANTHEM INC US0367521038 · USD Renta Variable Cotizada US 0.77% 400.54 USD
TEVA PHARMACEUTICAL XS2592804434 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.77%
Acciones|DR ING HC F PORSCHE AG DE000PAG9113 · EUR Renta Variable Cotizada DE 0.75% 45.01 EUR
UNICAJA BANCO SA ES0280907033 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.71%
NOVO BANCO SA PTNOBIOM0006 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.70%
ALD SA FR001400O457 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.69%
IBERCAJA ES0344251014 · EUR Renta Fija Cotizada Mas 1 Anio ES 0.69%
VOLKSWAGEN XS2745344601 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.69%
INSUR PROMOCION INTE ES0305626006 · EUR Renta Fija Cotizada Menos 1 Anio ES 0.69%
CENCORA INC XS3071246295 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.69%
PIRAEUS BANK XS3244184159 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.68%
BNP PARIBAS FR0014009LQ8 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.63%
US TREASURY US91282CKX82 · USD Deuda Publica Cotizada Mas 1 Anio US 0.59%
US TREASURY US91282CNH06 · USD Deuda Publica Cotizada Mas 1 Anio US 0.59%
PANDORA XS2596599147 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.57%
STELLANTIS NV XS2597110027 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.57%
CAIXA ECO MONTEPIO G PTCMKAOM0008 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.57%
BANCO DE CREDITO SOC XS2893180039 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.56%
TELEPERFORMANCE FR001400WRE9 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.56%
CAIXA GERAL PTCCCOOM0004 · EUR Renta Fija Cotizada Mas 1 Anio PT 0.55%
CEPSA XS2202744384 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.55%
KERING FR001400ZZC9 · EUR Renta Fija Cotizada Mas 1 Anio FR 0.55%
ACCIONA S.A. XS2036691868 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.54%
PROSUS NV XS2360853332 · EUR Renta Fija Cotizada Mas 1 Anio XS 0.51%
GOLDMAN SACHS XS0260867287 · EUR Renta Fija Cotizada Menos 1 Anio XS 0.28%
EURONAV LUXEMBOURG S NO0011091290 · USD Renta Fija Cotizada Menos 1 Anio NO 0.23%

This period's moves

H2 2025 vs H1 2025 (estimated)

New: 14 Exits: 10 Increases: 15 Cuts: 9
+ CECA

Enters the portfolio at 7.69% weight.

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+ Acciones|ALLIANZ AG

Enters the portfolio at 2.13% weight.

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+ Acciones|BEFESA S.A.

Enters the portfolio at 1.47% weight.

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+ Acciones|RIO TINTO PLC

Enters the portfolio at 1.46% weight.

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+ Acciones|PEPSICO INC

Enters the portfolio at 1.00% weight.

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+ Acciones|PULTE HOMES INC

Enters the portfolio at 0.95% weight.

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+ Acciones|ANTHEM INC

Enters the portfolio at 0.77% weight.

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits. The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers. In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.

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+ PIRAEUS BANK

Enters the portfolio at 0.68% weight.

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+ US TREASURY

Enters the portfolio at 0.59% weight.

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+ US TREASURY

Enters the portfolio at 0.59% weight.

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+ CAIXA GERAL

Enters the portfolio at 0.55% weight.

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+ KERING

Enters the portfolio at 0.55% weight.

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+ PROSUS NV

Enters the portfolio at 0.51% weight.

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+ GOLDMAN SACHS

Enters the portfolio at 0.28% weight.

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− CECA

Leaves the portfolio; it was 6.47% of weight.

− Acciones|AXA

Leaves the portfolio; it was 2.16% of weight.

− Acciones|ACERINOX

Leaves the portfolio; it was 1.53% of weight.

Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.

− Acciones|CELLNEX TELECOM SAU

Leaves the portfolio; it was 1.22% of weight.

− Acciones|ARCELOR

Leaves the portfolio; it was 1.15% of weight.

ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.

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− Acciones|ANGLO AMERICAN CAPITAL

Leaves the portfolio; it was 1.10% of weight.

Anglo American plc, a mining company, produces copper, iron ore, and crop nutrients in the United Kingdom and internationally. The company operates through the Premium Iron Ore and the Copper segments. It also explores for nickel, diamonds, steelmaking coal, and manganese ore. The company was founded in 1917 and is headquartered in London, the United Kingdom.

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− BANK OF AMERICA

Leaves the portfolio; it was 0.99% of weight.

− GESTAMP

Leaves the portfolio; it was 0.85% of weight.

− INTERNATIONAL PETROL

Leaves the portfolio; it was 0.73% of weight.

− CREDIT AGRICOLE

Leaves the portfolio; it was 0.43% of weight.

▲ Acciones|LVMH MOET HENNESSY LOUIS VUITT

Goes from 2.16% to 3.02%.

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▲ Acciones|ACCENTURE LTD

Goes from 1.13% to 1.79%.

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▲ Acciones|NESTLE

Goes from 1.20% to 1.67%.

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▲ CAIXA ECO MONTEPIO G

Goes from 0.15% to 0.57%.

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▲ Acciones|REPSOL YPF SA

Goes from 1.68% to 2.07%.

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▲ Acciones|WATCHES OF SWITZERLAND

Goes from 0.83% to 1.22%.

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▲ Acciones|INDITEX

Goes from 1.50% to 1.85%.

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▲ Acciones|LINDE

Goes from 1.41% to 1.73%.

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▲ Acciones|AIR LIQUIDE

Goes from 1.23% to 1.52%.

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▲ BANCO DE CREDITO SOC

Goes from 0.29% to 0.56%.

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▲ Acciones|FERROVIAL SA

Goes from 1.41% to 1.68%.

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▲ Acciones|BSCH

Goes from 2.21% to 2.48%.

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▲ Acciones|CAP GEMINI SA

Goes from 1.71% to 1.94%.

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▲ Acciones|ENI_ENTE NAZIONALE IDROCARBURI

Goes from 1.59% to 1.80%.

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▲ Acciones|DEUTSCHE POST

Goes from 1.39% to 1.60%.

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▼ Acciones|IBERDROLA SA

Goes from 2.63% to 1.79%.

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▼ Acciones|SAP AG

Goes from 2.40% to 1.64%.

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▼ Acciones|AKZO NOBEL

Goes from 1.90% to 1.33%.

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▼ Acciones|WOLTERS KLUWER

Goes from 1.81% to 1.30%.

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▼ Acciones|ASML HOLDING NV

Goes from 2.55% to 2.04%.

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▼ Acciones|NOVO NORDISK

Goes from 1.87% to 1.53%.

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▼ Acciones|EIFFAGE

Goes from 1.57% to 1.28%.

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▼ Acciones|VINCI

Goes from 1.33% to 1.05%.

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▼ Acciones|STMICROELECTRONICS NV

Goes from 1.32% to 1.10%.

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Fixed income

Declared FI exposure
19.4 M €
% of portfolio
26.5%
Positions
30
Issuers
27
Sovereign: 2.3 M € Corporate: 11.5 M € Repos / treasury management: 5.6 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 · 2.9%3-6 months · 6.1%6-12 months · 12.9%1-2 years · 7.4%2-5 years · 59.4%5-10 years · 11.3%
Maturity Positions Exposure %
Matured or ≤3 months 1 404,384 € 2.9%
3-6 months 1 839,971 € 6.1%
6-12 months 5 1.8 M € 12.9%
1-2 years 2 1.0 M € 7.4%
2-5 years 17 8.2 M € 59.4%
5-10 years 3 1.6 M € 11.3%
> 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
United States Treasury Sovereign 3 1.7 M € 2026-05-31
MASTERCARD Corporate 1 758,133 € 2029-02-22
Neinor Homes SLU Corporate 1 624,646 € 2030-02-15
BANCA MONTE DEI PASC Corporate 1 604,035 € 2031-05-28
CROATIA Sovereign 1 592,564 € 2029-07-09
TEVA PHARMACEUTICAL Corporate 1 564,263 € 2029-09-15
UNICAJA BANCO SA Bank 1 520,694 € 2029-02-21
NOVO BANCO Corporate 1 510,412 € 2028-03-08
ALD SA Corporate 1 507,362 € 2027-02-22
IBERCAJA Corporate 1 507,140 € 2027-06-07

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
US91282CCF68 United States Treasury 0.38% 2026-05-31 839,971 €
XS2448014808 MASTERCARD 1.00% 2029-02-22 758,133 €
XS2933536034 Neinor Homes SLU 2.94% 2030-02-15 624,646 €
IT0005652448 BANCA MONTE DEI PASC 3.50% 2031-05-28 604,035 €
HRRHMFO297A0 CROATIA 1.19% 2029-07-09 592,564 €
XS2592804434 TEVA PHARMACEUTICAL 3.69% 2029-09-15 564,263 €
ES0280907033 UNICAJA BANCO SA 5.12% 2029-02-21 520,694 €
PTNOBIOM0006 NOVO BANCO 4.25% 2028-03-08 510,412 €
FR001400O457 ALD SA 3.88% 2027-02-22 507,362 €
ES0344251014 IBERCAJA 5.62% 2027-06-07 507,140 €

Currencies

Fixed-income exposure by instrument currency.

Currency Exposure %
EUR 17.5 M € 90.3%
USD 1.9 M € 9.7%

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: 7 Exits at maturity: 1 Exits not explained by maturity: 3
+ PIRAEUS BANK

Enters the portfolio at 0.68% weight.

+ US TREASURY

Enters the portfolio at 0.59% weight.

+ US TREASURY

Enters the portfolio at 0.59% weight.

+ CAIXA GERAL

Enters the portfolio at 0.55% weight.

+ KERING

Enters the portfolio at 0.55% weight.

+ PROSUS NV

Enters the portfolio at 0.51% weight.

+ GOLDMAN SACHS

Enters the portfolio at 0.28% weight.

− BANK OF AMERICA

Leaves the portfolio; it was 0.99% of weight.

− GESTAMP

Leaves the portfolio; it was 0.85% of weight.

− INTERNATIONAL PETROL

Leaves the portfolio; it was 0.73% of weight.

◦ CREDIT AGRICOLE

Leaves the portfolio; it was 0.43% 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.