Where it invests
At least 60% in public and private bonds, mainly in euro assets. Up to 30% in other funds.
Securities investment funds · European bonds
BIZ Europa Bear
A euro portfolio with at least 60% in bonds, focused on interest income and real capital growth over the medium term. Designed for conservative profiles.
Risk indicator3 of 7
Minimum recommended term1 year
Initial subscription€1,000
Illustration of the concept. It does not represent fund performance.
About the fund
Interest income in euros
BIZ Europa Bear is an open-ended alternative investment fund, managed by BIZ Capital and supervised by the CMVM. It aims to earn interest income and real capital growth over the medium term, with at least 60% of fund value in bonds.
The portfolio includes fixed and floating-rate bonds, covered and convertible bonds, public and private debt and short-term assets, mainly in euros. It may hold up to 30% in other funds and does not favour specific sectors or economies.
It suits conservative profiles with a low tolerance for fluctuations, and those who want to diversify a riskier portfolio. There is no guarantee of capital or return.
Strategy
How the fund is managed
What it seeks
Interest income and real capital growth over the medium term, for those who want a more defensive profile.
How it manages risk
It uses derivatives for hedging and portfolio management, without additional risk exposure. Capital is not guaranteed.
Management commentThe fund lost about 0.2% in October and gained 2.42% in November. The management team notes that the strategy is long term.
Performance
Fund and benchmark
BIZ Europa BearBenchmark
Calendar years, from 31 December to 31 December. The annualised return is the average yearly rate over each period, based on the unit values.
Fund: class A, unit value from DECO PROteste to 2/11/2026, monthly until November 2025 and weekly after that. The benchmark is set once a year, as the higher of the 1-year Euro Swap rate and the ECB inflation forecast, and we found no published series. Between published dates, the line joins the points.
Past returns do not guarantee future returns. Prototype: data to be validated by the manager.
Composition
Where the fund invests
Data as of 30/11/2023
Top holdings
- BFOOD 8,93257% 09/239.89%
- Greenpower FCR6.67%
- BFOOD 7,396% 09/236.64%
- ENGIFP 5.95 03/16/116.49%
- AXASA 3 7/8 05/20/496.14%
Sectors
Countries
The fund's official monthly factsheet, November 2023, the latest we found published. The factsheet only lists the top 5 holdings and does not show the whole portfolio: sectors add up to 88% and countries to 92%, the latter rounded to whole numbers.
Terms
Fund details
| Management company | BIZ Capital SGOIC, SA |
|---|---|
| Currency | EUR |
| Class | Open-ended alternative investment fund |
| Benchmark | The higher of the 1-year Euro Swap rate and the ECB inflation forecast for the euro area |
| Initial subscription | €1,000 |
| Subscription fee | 0% |
| Redemption fee | 0.5% up to 2 years, 0% thereafter |
| Management fee | Class A: 1.5% · Class B: 0.5% |
| Variable management fee | Up to 25% of the excess over the benchmark, if the final return is positive |
| Redemption payment | 4th business day after the redemption period |
| Income | Accumulation |
| Inception | 18/01/2021 |
| ISIN class A | PTBZSEHM0001 |
| ISIN class B | PTBZSFHM0000 |
|---|---|
| Bonds | At least 60% of fund value |
| Investment in other funds | Up to 30% of fund value |
| Top-ups | €100 |
| Custody fee | 0.14% per year |
| Ongoing charges (2023) | Class A: 1.80% · Class B: 0.82% |
| Valuation | Weekly, on Mondays |
| Subscription and redemption | From Tuesday 9:00 to Monday 12:00, at an unknown price |
| Depositary bank | Bison Bank, S.A. |
| Auditor | BDO & Associados, SROC |
| Assets (30/09/2026) | €14.17m |
| Unit value, class A (26/10/2026) | €960.22 |
Data from bizcapital.eu, the prospectus and the official fund documents, accessed on 6/11/2026. Assets and unit value: DECO PROteste. Always check the Key Information Document.
Documents
Fund documents
Frequently asked questions
The essentials about the fund
What does the fund invest in?
Mainly euro bonds, with a minimum of 60% of fund value. It includes public and private debt, convertible bonds and short-term assets, and may hold up to 30% in other funds.
What is the benchmark?
It is a rate set at the start of each year: the higher of the 1-year Euro Swap rate and the latest ECB inflation forecast for the euro area. It is the basis for the performance fee.
What is the risk?
The risk indicator is 3 out of 7. Even as a bond fund, there is no capital guarantee and the value can fall. The main risks are loss of capital, liquidity, concentration, management and conflicts of interest.
How much does it cost?
There is no subscription fee. Redemption costs 0.5% up to 2 years and nothing after that. The fixed management fee is 1.5% for class A and 0.5% for class B, with a performance fee of up to 25% of the excess over the benchmark. Ongoing charges in 2023 were 1.80% and 0.82%.
How do I subscribe and redeem?
The window is weekly, from Tuesday 9:00 to Monday 12:00. The initial minimum is €1,000 and top-ups start at €100. The price is unknown when you place the order: the unit value of the business day after the window applies. Redemptions are paid on the 4th business day after the window closes.
What is the difference between classes A and B?
They differ in the fixed management fee. Subscribing to class B requires a minimum net subscription balance of €750,000 in class A.
Does the fund pay dividends?
No. It is an accumulation fund: income stays in the fund and is reflected in the unit value.
How is it taxed?
Income is taxed on exit, at redemption. For resident individuals, the gain is subject to a final 28% withholding tax, with the option to aggregate it with other income. Your personal situation may change this treatment.