xbrli:pure iso4217:EUR BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2025-01-01 2025-06-30 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2024-07-01 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2025-01-01 2025-06-30 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2024-01-01 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2025-04-01 2025-06-30 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2025-01-01 2025-03-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2024-10-01 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2024-07-01 2024-09-30 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2023-01-01 2023-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2022-01-01 2022-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2020-01-01 2020-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2022-01-01 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2020-01-01 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2025-06-30 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2024-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2023-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 1.0.0 2022-12-31 BBVA PATRIMONIO CORTO PLAZO, FI 5605 02 02 2025 EUR A- false BBVA PATRIMONIO CORTO PLAZO, FI CL/ AZUL 4 Madrid EM bbvafondos@bbvaam.com www.bbvaassetmanagement.com 05 Azul, 4 Madrid tel.900108598 EM bbvafondos@bbvaam.com 2022-03-25 08 02 1 (En una escala del 1 al 7) Fondo de renta fija euro de corto plazo que invierte en deuda pública y privada de emisores OCDE con calidad crediticia mínima BBB-. La duración media de la cartera es inferior a 1 año y no tiene exposición a riesgo divisa. El fondo podrá realizar operaciones con instrumentos financieros derivados con la finalidad de inversión. La metodología aplicada para calcular la exposición total al riesgo de mercado es la metodología del compromiso. Una información más detallada sobre la política de inversión del fondo se puede encontrar en su folleto informativo. 01 2.74 2.13 2.74 3.70 2.30 3.41 2.30 3.66 EUR 4033664.38 4230727.74 352 366 0.00 0.00 false 500000 EUR 43297000 44936000 73483000 207012000 10.7338 10.6213 10.2826 9.9926 0.15 0.15 0.00 0.00 0.15 0.15 01 0.02 0.02 01 1.06 0.48 0.58 0.73 0.84 3.29 2.90 -0.01 -0.01 2025-04-21 2025-04-21 0.03 0.03 2025-04-16 2025-04-16 01 0.09 0.09 0.09 0.14 0.11 0.13 0.13 1.21 1.44 0.90 0.80 0.85 13.28 13.98 0.03 0.03 0.03 0.04 0.05 0.63 1.06 BENCHMARK 0.10 0.09 0.10 0.12 0.13 0.14 0.13 -0.01 -0.01 0.00 -0.01 0.00 -0.01 -0.01 0.18 0.09 0.09 0.09 0.09 0.36 0.36 0.30 4481001_20250630_VL png 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 0 0 false false false false false false false false false true BBVA ASSET MANAGEMENT, S.A., SGIIC comunica como hecho relevante de fecha 16/06/2025 que desde el 1 de junio de 2025 deja de publicarse en el Boletín de Cotización de la Bolsa de Valores de Madrid el valor liquidativo del fondo publicándose exclusivamente en la página web de la entidad gestora. false false true false false false false true BBVA Asset Management SA SGIIC cuenta con un procedimiento simplificado de aprobación de otras operaciones vinculadas no incluidas en los apartados anteriores. 1. SITUACIÓN DE LOS MERCADOS Y EVOLUCIÓN DEL FONDO. a) Visión de la gestora sobre la situación de los mercados. El BCE continuó con las bajadas de tipos durante el primer semestre de 2025, llevando el tipo de depósito al 2,0% en su reunión de junio. La presidenta Christine Lagarde afirmó que los miembros del Consejo ya se encuentran cómodos con el nivel de tipos actual para afrontar la incertidumbre existente, lo que lleva a pensar que el BCE podría estar cerca de terminar su ciclo de bajadas. En este entorno, las rentabilidades de la deuda soberana disminuyeron significativamente en los plazos cortos, pero la incertidumbre arancelaria y los anuncios de mayor déficit público causaron que los tipos de más largo plazo mostraran más resistencia a la baja o incluso aumentaran, como en el caso de Alemania. Al mismo tiempo, la previsión de un menor ritmo de crecimiento llevó a los diferenciales de crédito a ampliarse ligeramente. El Euribor alcanza el 2.07 a final del primer semestre de 2025 cuando a finales del año pasado se situaba en un 2.46%. Esto ha afectado a las letras de los países miembros de la eurozona. España, en el plazo de 3 meses, pasaba del 2.60% al 1.94%. b) Decisiones generales de inversión adoptadas. En la primera mitad del hemos mantenido en los fondos, de forma generalizada, una posición ligeramente más larga en duración que su índice de referencia. Hemos intentado beneficiarnos de los rangos, tratando comprar la duración que perdíamos con el paso del tiempo en correcciones de mercado. Los inversores han ido descontando un tipo terminal entre 1.50-1.75%, que pensamos que es razonable dado el escaso crecimiento en la Eurozona, y una inflación subyacente todavía algo por encima del 2%. No obstante, seguimos viendo valor en el corto plazo europeo. Asignamos una mayor probabilidad al escenario de que finalmente haya más bajadas de lo esperado que lo contrario. c) Índice de referencia. La gestión toma como referencia la rentabilidad del índice €STR. El índice se tomará únicamente a efectos meramente informativos o comparativos. d) Evolución del patrimonio, partícipes, rentabilidad y gastos de la IIC El patrimonio del fondo ha disminuido un 3,65% en el periodo y el número de partícipes ha disminuido un 3,83%. El impacto de los gastos soportados por el fondo ha sido de un 0,18%. La liquidez del fondo se ha remunerado a un tipo medio del 2,30%. El índice de rotación de la cartera ha sido del 2,74%. La rentabilidad del fondo en el periodo ha sido del 1,06%. e) Rendimiento del fondo en comparación con el resto de fondos de la gestora La rentabilidad del fondo en el periodo ha sido superior a la de la media de la gestora situada en el 0,98%. Los fondos de la misma categoría gestionados por BBVA AM tuvieron una rentabilidad media ponderada del 1,41% y la rentabilidad del índice de referencia ha sido de un 1,20%. 2. INFORMACIÓN SOBRE LAS INVERSIONES. a) Inversiones concretas realizadas durante el periodo. Durante el semestre hemos mantenida muy contenida la duración del fondo. A final del semestre nos situábamos en una duración de 0.30. Registramos bastante actividad en los diferentes países y plazos de la zona euro. Destaca nuestra mayor posición en Francia. El fondo ha cerrado el semestre con una volatilidad contenida en torno al 0.09% y un tracking error de 0.13%. La TIR de cartera se sitúa en torno al 1.82% con una duración aproximada de 0.30. b) Operativa de préstamo de valores No se han realizado operaciones de préstamo de valores durante el periodo. c) Operativa en derivados y adquisición temporal de activos No se han realizado operaciones con derivados durante el periodo. d) Otra información sobre inversiones. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. 3. EVOLUCIÓN DEL OBJETIVO CONCRETO DE RENTABILIDAD. No aplica 4. RIESGO ASUMIDO POR EL FONDO La volatilidad del fondo ha sido del 0,09% , inferior a la del índice de referencia que ha sido de un 0,10%. El VaR histórico acumulado en el año alcanzó -0,01%. El tracking error ha sido 0.13%. 5. EJERCICIO DERECHOS POLÍTICOS. No aplica 6. INFORMACIÓN Y ADVERTENCIAS CNMV. No aplica 7. ENTIDADES BENEFICIARIAS DE LA IIC SOLIDARIA E IMPORTE CEDIDO A LAS MISMAS. No aplica 8. COSTES DERIVADOS DEL SERVICIO DE ANÁLISIS. No aplica 9. COMPARTIMENTOS DE PROPÓSITO ESPECIAL (SIDE POCKETS). No hay compartimentos de propósito especial 10. PERSPECTIVAS DE MERCADO Y ACTUACIÓN PREVISIBLE DEL FONDO. De cara a la segunda mitad del año esperamos que el ECB vuelva a bajar tipos una o dos veces más, como ya descuenta el mercado. Sin embargo, asignamos más probabilidad a que las sorpresas vengan por más bajadas que lo contrario. Por esto seguimos estando cómodos con una posición algo larga en duración y nuestro sesgo es de añadir más si el mercado registra correcciones. No aplicable A 30 de junio el fondo ha realizado operaciones de recompra, según criterio CNMV, entre un día y una semana en las que BBVA ha actuado como contraparte por importe de 2.699.992,70 euros, lo que supone un 6,24% sobre el patrimonio del fondo. No obstante, estas operaciones han sido ejecutadas en mercado como una simultanea. Como garantía real se ha utilizado deuda soberana de gobiernos de la UE, denominada en euros, de vencimiento a menos de un año. El custodio de esta garantía es BBVA y se encuentra mantenido en cuenta separada. El rendimiento de este tipo de operación ha sido de 145,73 euros. 10532077000 220412 1.41 1667901000 55620 1.75 191350000 5467 2.18 1552369000 53961 0.99 0 0 0.00 1321812000 45735 2.84 103865000 7114 18.38 7058910000 323241 -0.95 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 74068000 4332 1.34 21054285000 702432 0.65 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 8874028000 219517 1.06 2221581000 81175 5.27 0 0 0.00 54652244000 1719006 0.98