Real Estate Investment Funds
The value under management in the Property Investment Funds reached €7 133,7 million, 0,7% more than in January 2005. The number of active funds and management companies did not change as regards the previous month. The real estate located in Portugal represented 89,7% of the value managed by funds, with 61% (€4 352,6 million) relating to rented property and 20,3% (€1 446,6 million) to building projects. ESAF, of all the management companies, held the largest share in the market, managing 19,6% of the total property investment funds’ assets (0,18% less in comparison to January 2005), followed by BPN Imofundos with 12,9% and Fundimo with 11,5%. These three companies managed 43,9% of the property assets held by funds, which represents a reduction of 0,1% compared to the previous month. AF Investimentos – Fundos Imobiliários, SA was terminated and AF Investimentos – Fundos Mobiliários, SA changed its name to Millennium BCP – Gestão de Fundos de Investimento, SA, extending its company’s object to property investment fund management. The value managed by the 10 largest funds was equivalent, in the said month, to 59,2% of the total, registering the same as in January 2005. 15 March 2005 Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Feb - 05 | monthly Δ | | Assets under management (1) | 7.133,7 | 0,7% | | No. of fund operators | 27 | 0 | | No. of Funds (2) | 66 | 0 | | Mean capitalisation of funds [(1)/(2)] | 108,1 | 0,8 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Feb - 05 | monthly Δ | | Value | % Total | | Property located in Portugal | 6.401,3 | 89,7% | 0,5% | | Construction Projects | 1.446,6 | 20,3% | 0,2% | | Completed Construction | 4.954,7 | 69,5% | 0,6% | | Let | 4.352,6 | 61,0% | 0,6% | | Not let | 602,0 | 8,4% | 0,9% | | Property located in other EU countries | - | - | - | | Construction Projects | - | - | - | | Completed Construction | - | - | - | | Let | - | - | - | | Not let | - | - | - | | Sub-Total Property | 6.401,3 | 89,7% | 0,5% | | Units in Property Investment Funds | 8,3 | 0,1% | 0,4% | | Liquidity | 602,1 | 8,4% | 0,8% | | spot | 288,4 | 4,0% | -0,7% | | forward | 313,7 | 4,4% | 2,2% | | Loans | -125,3 | -1,8% | 2,5% | | Other sums to be settled | 247,4 | 3,5% | 7,1% | | Sub-Total | 732,4 | 10,3% | 2,6% | | TOTAL | 7.133,7 | 100,0% | 0,7% | Table 3 – Purpose of Property Unit: 10^6 Euro | | Feb-05 | monthly Δ | | Value | % Total | | Property located in Portugal | 6.401,3 | 100,0% | 0,5% | | Housing | 543,9 | 8,5% | 1,2% | | Commerce | 1.356,1 | 21,2% | 3,0% | | Services | 2.680,2 | 41,9% | 0,0% | | Others | 1.821,1 | 28,4% | -0,7% | | Property located in other EU countries | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.401,3 | 100,0% | 0,5% | Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Feb - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 1 | 19,6% | 0 | -0,18 p.p. | | BPN Imofundos | 6 | 12,9% | 0 | 0,06 p.p. | | Fundimo | 9 | 11,5% | 0 | 0,09 p.p. | | Santander Gestão de Activos | 3 | 8,7% | 0 | 0,03 p.p. | | Millennium BCP | 5 | 8,3% | 0 | -0,01 p.p. | | TDF | 3 | 7,8% | 0 | -0,04 p.p. | | Banif Gestão de Activos | 4 | 5,5% | 0 | 0,08 p.p. | | Norfin | 6 | 4,7% | 0 | -0,02 p.p. | | Imopólis | 2 | 3,5% | 0 | -0,02 p.p. | | Silvip | 1 | 3,3% | 0 | -0,05 p.p. | | Others | 26 | 14,2% | 0 | 0,05 p.p. | | TOTAL | 66 | 100,0% | 0 | - | Legend: p.p. – percentage points.
Note: AF Investimentos – Fundos Mobiliários, SA changed its name to Millennium BCP - Gestão de Fundos de Investimento, SA. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Feb - 05 | monthly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.398,8 | 19,6% | -0,2% | | Fundimo | FUNDIMO | 619,5 | 8,7% | 2,2% | | BPN Imofundos | BPN IMONEGÓCIOS | 479,6 | 6,7% | 2,4% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 264,4 | 3,7% | 0,3% | | TDF | IMORENDA | 263,4 | 3,7% | 0,0% | | Imopólis | IMODESENVOLVIMENTO | 249,4 | 3,5% | 0,1% | | Santander Gestão de Activos | NOVIMOVEST | 241,1 | 3,4% | 2,5% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 238,5 | 3,3% | -0,7% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 237,6 | 3,3% | -0,6% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 227,9 | 3,2% | 0,0% | | Others | 2.913,6 | 40,8% | 0,9% | | TOTAL | 7.133,7 | 100,0% | 0,7% | Note: Decreasing order of amounts managed by funds in the last period under analysis. 1 The data presented in this report is based, unless otherwise stated, on information submitted to the CMVM by Securities Investment Fund Operators, in accordance with the legislation in force. The information used relates to 29 March 2005. Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
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