Fund Radar · Fixed income

Fixed-income moves

This data compares the fixed-income portfolios funds declared between the two latest periods available from the CNMV. A change in exposure doesn't necessarily mean a buy or a sell: it can also reflect price moves, currency effects, or a partial redemption.

Portfolio data as of 2025-12-31, compared with 2025-06-30.

Issuers with a move

140

Compares the fixed-income holdings funds declare to the CNMV between 2025-06-30 and 2025-12-31 (the two latest half-years available).

The headline signal is the NET change in distinct managers holding the issuer (the “Net change” column). An exit counts as “not maturity” only if the bond had not reached its contractual date.

A change in exposure is not a buy or a sell: market value also moves with price, FX and redemptions.

Showing 140 issuers of 3842 with a move; the rest changed by 0-1 manager. Show every issuer with a move · How to read this data

140

Issuer Managers (before → now) Net change Exiting, not maturity Exposure Δ exposure

FLUIDRA Corporate 10 → 0 -10 — · 12 funds at maturity 0 € -20.0 M €

INFORMA PLC Corporate 15 → 6 -9 · 1 with new positions 4 · 15 funds at maturity 32.7 M € -35.8 M €

MASORANGE SL Corporate 0 → 8 +8 · 8 with new positions — 47.4 M € 47.4 M €

ALD SA Corporate 16 → 9 -7 5 · 13 funds at maturity 8.6 M € -40.9 M €

ORANGE Corporate 16 → 23 +7 · 18 with new positions 3 · 2 funds at maturity 466.0 M € 193.8 M €

VERALLIA SA Corporate 7 → 14 +7 · 11 with new positions 3 93.5 M € 53.5 M €

PROSEGUR CASH SA Corporate 11 → 18 +7 · 16 with new positions — · 2 funds at maturity 127.0 M € 63.3 M €

HEATHROW FUNDING LTD Corporate 13 → 6 -7 — · 16 funds at maturity 6.0 M € -132.0 M €

República Portuguesa Sovereign 13 → 7 -6 · 1 with new positions 4 · 17 funds at maturity 502.7 M € -190.6 M €

AEDAS HOMES Corporate 14 → 8 -6 4 · 9 funds at maturity 16.5 M € -14.8 M €

ORSTED A/S Corporate 8 → 14 +6 · 8 with new positions 2 35.5 M € 23.2 M €

FIBERCOP SPA Corporate 6 → 12 +6 · 11 with new positions 1 246.0 M € 132.2 M €

PERNOD RICARD SA Corporate 6 → 12 +6 · 10 with new positions 1 58.8 M € 32.2 M €

HEINEKEN NV Corporate 12 → 18 +6 · 11 with new positions — · 10 funds at maturity 185.2 M € 92.2 M €

L´OREAL SA Corporate 6 → 12 +6 · 11 with new positions — 146.5 M € 91.7 M €

IHG Finance Corporate 4 → 10 +6 · 7 with new positions — 18.9 M € 12.6 M €

CANAL PLUS SA Corporate 0 → 6 +6 · 6 with new positions — 11.2 M € 11.2 M €

SOCIETE GENERALE SA Bank 38 → 33 -5 · 10 with new positions 12 · 5 funds at maturity 1.07 B € 144.7 M €

BANK OF AMERICA Corporate 15 → 10 -5 · 4 with new positions 5 · 1 funds at maturity 151.1 M € 13.8 M €

PETROLEOS MEXICANOS Corporate 14 → 9 -5 · 3 with new positions 5 · 3 funds at maturity 10.0 M € -42.3 M €

VIRGIN MONEY UK PLC Corporate 5 → 0 -5 5 0 € -9.9 M €

IBERDROLA FINANZAS S Corporate 15 → 20 +5 · 8 with new positions 2 267.6 M € 45.4 M €

2I RETE GAS SPA Corporate 9 → 4 -5 2 · 6 funds at maturity 28.8 M € -70.1 M €

REPSOL SA Corporate 7 → 2 -5 · 1 with new positions 2 · 13 funds at maturity 16.7 M € -105.0 M €

BANCA MONTE DEI PASC Corporate 5 → 10 +5 · 6 with new positions 1 161.3 M € 148.2 M €

CMA CGM Corporate 5 → 10 +5 · 8 with new positions 1 62.1 M € 54.6 M €

VITERRA FINANCE Corporate 5 → 0 -5 1 · 6 funds at maturity 0 € -52.5 M €

CAPGEMINI SE Corporate 4 → 9 +5 · 8 with new positions — 167.5 M € 119.3 M €

NEW IMMO HOLDING Corporate 1 → 6 +5 · 6 with new positions — 140.4 M € 111.5 M €

ALPHABET INC Corporate 4 → 9 +5 · 6 with new positions — 122.8 M € 93.9 M €

NTT FINANCE CORP Corporate 5 → 10 +5 · 10 with new positions — · 3 funds at maturity 106.7 M € 77.7 M €

WPP FINANCE SA Corporate 3 → 8 +5 · 7 with new positions — 33.2 M € 27.9 M €

BPCE ASSURANCES SA Corporate 0 → 5 +5 · 5 with new positions — 6.0 M € 6.0 M €

LUNA 2 5SARL Corporate 0 → 5 +5 · 5 with new positions — 3.0 M € 3.0 M €

Citigroup Inc Corporate 34 → 30 -4 · 11 with new positions 14 · 5 funds at maturity 537.9 M € -108.6 M €

République Française Sovereign 30 → 26 -4 · 12 with new positions 9 · 24 funds at maturity 16.36 B € 1.05 B €

BANCO DE SABADELL, S Bank 19 → 15 -4 · 6 with new positions 7 · 14 funds at maturity 480.8 M € 38.2 M €

CREDIT AGRICOLE Corporate 34 → 38 +4 · 16 with new positions 6 · 18 funds at maturity 1.21 B € 59.3 M €

PROSUS NV Corporate 23 → 27 +4 · 11 with new positions 5 242.3 M € 9.8 M €

Samsonite Finco SARL Corporate 6 → 2 -4 · 1 with new positions 5 · 1 funds at maturity 1.4 M € -27.5 M €

VALEO Corporate 21 → 25 +4 · 12 with new positions 3 · 2 funds at maturity 235.8 M € 56.2 M €

BANK OF MONTREAL Corporate 12 → 16 +4 · 8 with new positions 2 · 3 funds at maturity 235.2 M € 76.5 M €

RYANAIR HOLDINGS PLC Corporate 9 → 5 -4 · 1 with new positions 2 · 19 funds at maturity 34.4 M € -75.4 M €

BANCA MARCH Bank 16 → 12 -4 2 · 5 funds at maturity 34.1 M € -12.2 M €

LOUIS DREYFUS CO BV Corporate 5 → 1 -4 2 · 7 funds at maturity 3.3 M € -85.2 M €

CONTINENTAL AG Corporate 17 → 21 +4 · 12 with new positions 1 137.3 M € 55.5 M €

RYANAIR DAC Corporate 11 → 7 -4 · 1 with new positions 1 · 5 funds at maturity 96.1 M € -14.2 M €

FEDEX CORP Corporate 11 → 7 -4 · 3 with new positions 1 · 7 funds at maturity 55.0 M € -5.7 M €

Imerys SA Corporate 2 → 6 +4 · 5 with new positions 1 30.8 M € 9.6 M €

GOLDMAN SACHS Corporate 6 → 10 +4 · 5 with new positions 1 29.3 M € 4.5 M €

BANCA IFIS SPA Corporate 1 → 5 +4 · 4 with new positions 1 8.9 M € 6.7 M €

BELFIUS BANK SA/NV Corporate 16 → 20 +4 · 13 with new positions — · 13 funds at maturity 487.1 M € 89.6 M €

SCHNEIDER ELECTRIC S Corporate 6 → 10 +4 · 8 with new positions — 285.1 M € 173.0 M €

NOVO NORDISK FINANCE Corporate 2 → 6 +4 · 5 with new positions — 228.6 M € 53.8 M €

CIE AUTOMOTIVE SA Corporate 19 → 23 +4 · 9 with new positions — · 5 funds at maturity 194.1 M € 35.1 M €

CREDIT MUTUEL ARKEA, S.A. Corporate 9 → 13 +4 · 5 with new positions — 93.1 M € 14.7 M €

ASN BANK NV Corporate 0 → 4 +4 · 4 with new positions — 87.8 M € 87.8 M €

ARLES I Corporate 0 → 4 +4 · 4 with new positions — 15.1 M € 15.1 M €

TAP SA Corporate 2 → 6 +4 · 4 with new positions — 13.1 M € 10.7 M €

ABERTIS FRANCE SAS Corporate 0 → 4 +4 · 4 with new positions — 10.6 M € 10.6 M €

Grupo Ecoener SA Corporate 1 → 5 +4 · 4 with new positions — 7.3 M € 4.0 M €

HAMMERSON PLC Corporate 2 → 6 +4 · 4 with new positions — 5.6 M € 5.3 M €

BANQUE OUEST AFRICAI Corporate 0 → 4 +4 · 4 with new positions — 4.6 M € 4.6 M €

GENERAL DE ALQUILER Corporate 0 → 4 +4 · 4 with new positions — 4.2 M € 4.2 M €

CLEARSTREAM BANKING Corporate 5 → 1 -4 · 1 with new positions — · 5 funds at maturity 1.0 M € -18.8 M €

ACCOR SA Corporate 16 → 13 -3 · 8 with new positions 11 · 3 funds at maturity 79.1 M € -79.4 M €

United States Treasury Sovereign 40 → 37 -3 · 8 with new positions 9 · 8 funds at maturity 1.91 B € -458.1 M €

European Union Supranational 23 → 26 +3 · 13 with new positions 8 · 10 funds at maturity 1.97 B € -1.51 B €

ABN-AMRO BANK Corporate 27 → 24 -3 · 5 with new positions 8 · 4 funds at maturity 747.6 M € 85.3 M €

SNAM SPA Corporate 18 → 15 -3 · 7 with new positions 6 · 9 funds at maturity 342.5 M € -50.9 M €

BANK OF IRELAND Corporate 16 → 13 -3 · 3 with new positions 6 · 2 funds at maturity 96.9 M € -16.0 M €

RABOBANK Corporate 11 → 8 -3 · 4 with new positions 6 · 5 funds at maturity 82.9 M € -18.9 M €

SWEDBANK AB Corporate 18 → 15 -3 · 5 with new positions 5 · 9 funds at maturity 481.5 M € 248.8 M €

STELLANTIS NV Corporate 21 → 24 +3 · 11 with new positions 5 · 1 funds at maturity 479.1 M € 53.5 M €

COTY INC Corporate 9 → 6 -3 · 3 with new positions 5 63.1 M € 30.0 M €

TENNET HOLDING BV Corporate 7 → 4 -3 · 3 with new positions 5 · 2 funds at maturity 24.7 M € -61.8 M €

NISSAN MOTOR CO Corporate 12 → 9 -3 · 4 with new positions 4 · 1 funds at maturity 203.1 M € -14.3 M €

NOVO BANCO Corporate 13 → 10 -3 · 1 with new positions 4 165.7 M € 2.6 M €

VODAFONE GROUP PLC Corporate 8 → 11 +3 · 9 with new positions 4 · 2 funds at maturity 96.9 M € -7.5 M €

APPLE INC Corporate 13 → 10 -3 · 3 with new positions 4 · 4 funds at maturity 59.4 M € 21.2 M €

EURONEXT NV Corporate 6 → 3 -3 · 2 with new positions 4 20.0 M € 13.5 M €

AYVENS SA Corporate 15 → 18 +3 · 8 with new positions 3 · 9 funds at maturity 562.0 M € -88.9 M €

VOLKSWAGEN BANK Corporate 16 → 19 +3 · 12 with new positions 3 · 2 funds at maturity 535.6 M € 250.0 M €

ENEL FINANCE INTL NV Corporate 13 → 10 -3 · 4 with new positions 3 · 7 funds at maturity 143.2 M € 25.7 M €

Banco Credito Social Corporate 6 → 3 -3 3 44.5 M € -3.5 M €

GETLINK SE Corporate 6 → 3 -3 3 10.3 M € -1.5 M €

Securitas Ab Corporate 5 → 2 -3 3 1.5 M € -967,345 €

BNP PARIBAS CARDIF Corporate 3 → 0 -3 3 0 € -19.4 M €

JUST EAT TAKEAWAY Corporate 3 → 0 -3 3 · 3 funds at maturity 0 € -31.2 M €

NETHERLANDS GOVERNME Sovereign 6 → 3 -3 2 · 4 funds at maturity 925.8 M € 274.3 M €

CARREFOUR Corporate 23 → 26 +3 · 16 with new positions 2 · 3 funds at maturity 275.8 M € 71.2 M €

VOLKSWAGEN INTL FIN Corporate 15 → 18 +3 · 9 with new positions 2 · 12 funds at maturity 87.1 M € 33.8 M €

ASML HOLDING NV Corporate 9 → 6 -3 · 1 with new positions 2 · 7 funds at maturity 37.5 M € 1.5 M €

KBC BANK NV Corporate 5 → 2 -3 · 1 with new positions 2 · 5 funds at maturity 7.7 M € -13.9 M €

AMERICAN TOWER CORP Corporate 14 → 17 +3 · 10 with new positions 1 328.4 M € 117.7 M €

ILIAD Corporate 15 → 18 +3 · 7 with new positions 1 101.3 M € 30.4 M €

MBANK SA Corporate 4 → 7 +3 · 3 with new positions 1 36.1 M € -372,506 €

AMCOR UK FINANCE PLC Corporate 4 → 7 +3 · 6 with new positions 1 29.8 M € 11.3 M €

LORCA TELECOM BONDCO Corporate 3 → 6 +3 · 3 with new positions 1 17.3 M € 7.4 M €

Kraft Heinz Foods Co Corporate 3 → 6 +3 · 5 with new positions 1 16.7 M € -32.7 M €

NH HOTEL GROUP SA Corporate 3 → 0 -3 1 · 9 funds at maturity 0 € -25.8 M €

ARCHER-DANIELS-MIDLA Corporate 3 → 0 -3 1 · 2 funds at maturity 0 € -10.7 M €

CELANESE US HOLDINGS Corporate 3 → 6 +3 · 6 with new positions — 204.5 M € 47.2 M €

TDC NET AS Corporate 6 → 9 +3 · 5 with new positions — 165.3 M € 31.7 M €

SANTANDER UK PLC Corporate 9 → 12 +3 · 6 with new positions — 156.2 M € 120.8 M €

DEUTSCHE TELEKOM Corporate 6 → 9 +3 · 8 with new positions — 106.6 M € 70.4 M €

ICG PLC Corporate 0 → 3 +3 · 3 with new positions — 87.6 M € 87.6 M €

AP MOLLER-MAERSK A/S Corporate 4 → 7 +3 · 4 with new positions — 80.6 M € 18.6 M €

WOLTERS KLUWER NV Corporate 3 → 6 +3 · 4 with new positions — 45.1 M € 40.3 M €

IDS FINANCING PLC Corporate 0 → 3 +3 · 3 with new positions — 44.9 M € 44.9 M €

ALPHA BANK Corporate 5 → 8 +3 · 4 with new positions — 42.9 M € 21.5 M €

DOMETIC GROUP AB Corporate 5 → 8 +3 · 5 with new positions — 39.6 M € 8.4 M €

EUSTREAM AS Corporate 2 → 5 +3 · 3 with new positions — 36.9 M € 10.1 M €

RTE RESEAU DE TRANSP Corporate 2 → 5 +3 · 3 with new positions — 23.9 M € 18.7 M €

SOFTBANK GROUP CORP Corporate 4 → 7 +3 · 5 with new positions — · 2 funds at maturity 22.3 M € 17.2 M €

Audax Energia Corporate 4 → 7 +3 · 3 with new positions — 21.8 M € 8.3 M €

CARNIVAL CORP Corporate 4 → 7 +3 · 3 with new positions — 18.1 M € 4.1 M €

MAGNUM ICC FINANCE B Corporate 0 → 3 +3 · 3 with new positions — 16.6 M € 16.6 M €

KUNTARAHOITUS OYJ Corporate 3 → 6 +3 · 3 with new positions — 14.8 M € 14.1 M €

WEBUILD SPA Corporate 4 → 7 +3 · 6 with new positions — · 1 funds at maturity 12.9 M € 8.0 M €

MAGNUM ICC FINAN Corporate 0 → 3 +3 · 3 with new positions — 12.2 M € 12.2 M €

CORNING INC Corporate 3 → 6 +3 · 3 with new positions — 10.6 M € 6.7 M €

SMITHS GROUP PLC Corporate 1 → 4 +3 · 3 with new positions — 10.0 M € 6.1 M €

SCHLUMBERGER FINANCE Corporate 0 → 3 +3 · 3 with new positions — 9.3 M € 9.3 M €

INMOBILIARIA DEL SUR Corporate 5 → 8 +3 · 4 with new positions — · 3 funds at maturity 8.5 M € 4.3 M €

SOFINA Corporate 1 → 4 +3 · 3 with new positions — 7.7 M € 3.9 M €

ManpowerGroup Corporate 2 → 5 +3 · 3 with new positions — 6.8 M € 5.3 M €

BANCO CTT Corporate 0 → 3 +3 · 3 with new positions — 5.8 M € 5.8 M €

VIRIDIUM GROUP SARL Corporate 0 → 3 +3 · 3 with new positions — 4.9 M € 4.9 M €

ELECTRICA SA Corporate 0 → 3 +3 · 3 with new positions — 4.1 M € 4.1 M €

SLOVENSKE ELEKTRARNE Corporate 0 → 3 +3 · 3 with new positions — 3.7 M € 3.7 M €

SERVICIOS FINANCIERO Corporate 0 → 3 +3 · 3 with new positions — 3.1 M € 3.1 M €

CARNIVAL Corporate 1 → 4 +3 · 3 with new positions — 3.0 M € 2.5 M €

SOC NAT ROMGAZ Corporate 0 → 3 +3 · 3 with new positions — 3.0 M € 3.0 M €

CEMEX SAB DE CV Corporate 2 → 5 +3 · 3 with new positions — 2.5 M € 2.1 M €

INVITALIA Corporate 5 → 2 -3 · 1 with new positions — · 6 funds at maturity 2.1 M € -7.6 M €

MAXAM PRILL SARL Corporate 0 → 3 +3 · 3 with new positions — 1.8 M € 1.8 M €

NEXTIL Corporate 0 → 3 +3 · 3 with new positions — 970,138 € 970,138 €

CCEP FINANCE IRELAND Corporate 3 → 0 -3 — · 3 funds at maturity 0 € -43.5 M €

TELFONICA DEUTSCH FINAN Corporate 3 → 0 -3 — · 3 funds at maturity 0 € -1.8 M €

How to read this data

Data comes from FONDCART, the half-yearly bulk filing the CNMV publishes with the declared portfolio of every Spanish investment fund. Each row is one debt issuer in a given half-year, aggregating every position funds declare holding in that issuer.

"Funds" counts each fund separately; "managers" counts distinct management companies — one manager with 20 funds adding the same bond counts as a single manager. We prioritize managers over funds because one firm replicating a position across many of its own funds isn't the same as 20 independent managers doing so.

An exit is split in two: "at maturity" when the bond reached its contractual maturity date within the compared window, and "not explained by maturity" when the issuer drops out without that happening. Only the second case reflects an observable active decision; the first is simply that the bond matured.

A change in declared exposure (in euros) is not the same as a buy or a sell: a bond's market value also moves with price, exchange rate, and partial principal redemptions. That's why the product never says "bought" or "sold" — only "declared exposure" and "appears in N funds/managers".

Repos and positions without a reliably resolved issuer are excluded from this table.

Disclaimer

This is not financial advice or a buy/sell recommendation. Data comes from the half-yearly reports funds file with the CNMV and lags the real close of the period.