Securities Investment Funds
In May 2006, the amount managed by UCITS[1] fell by 1.7% and the amount managed by Special Investment Funds rose by 6.5%.
Three funds started operating: Barclays Global Defensivo – Fundo de Investimento Mobiliário Aberto de Fundos Mistos, managed by Barclays Fundos, Multi Gestão Mercados Emergentes – Fundo de Investimento Mobiliário de Fundos Aberto de Acções, managed by MG Gestão de Activos and Multisector Invest – Fundo Especial de Investimento, managed by Santander Gestão de Activos. The Fundo de Investimento Mobiliário BIC Tesouraria - Fundo de Investimento Aberto de Tesouraria Euro was terminated by merger and incorporation into Fundo Espírito Santo Monetário - Fundo de Investimento Aberto de Tesouraria, both managed by ESAF. The total investment in listed securities fell by 0.5% compared to the previous month, reaching €19,177.1 million. Germany registered the largest increase in investment (4.7%), insufficient to compensate for the reduction of investment in listed securities in Portugal (-7%) and Italy (-17.9%). Luxembourg continued to be the most sought-after country, with Portugal in fifth place. The investment in domestic shares on the regulated markets of the stock exchange, in said period, reached €936.2 million, which represents a drop of 8.4% compared to April 2006. In the top domestic shares, there was an increase in investment in Brisa (Privat.) and Jerónimo Martins. Investment in international shares fell (-4.3% in comparison to the previous month). In regard to the composition of the funds portfolio, foreign bonds continued to be the most significant, having risen 1.4% over the month. In May 2006, Millennium BCP held the largest market share in terms of the value of assets managed (21%) and Caixagest the greatest number of funds managed (41). The 'Multiobrigações' fund managed by Santander Gestão de Activos was the largest fund. 09 June 2006 Table 1 – Aggregate Benchmarks Unit: 10^6 EUR | | CIS in transferable securities | Special Inv. Funds | | | May - 06 | Apr - 06 | Monthly D | May - 06 | Apr - 06 | Monthly D | | Assets under management (1) | 26.308,0 | 26.770,7 | -1,7% | 2.161,6 | 2.028,9 | 6,5% | | No. of Fund operators | 16 | 16 | 0 | 9 | 9 | 0 | | No. of Funds (2) | 219 | 218 | 1 | 32 | 31 | 1 | | Mean capitalisation of funds [(1)/(2)] | 120,1 | 122,8 | -2,7 | 67,6 | 65,4 | 2,1 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | May - 06 | Monthly D | | Value | % Total | Value | | PORTUGAL | 1.486,6 | 7,5% | -7,0% | | LUXEMBOURG | 7.020,2 | 35,5% | 0,5% | | UNITED KINGDOM | 2.458,6 | 12,4% | 0,1% | | IRELAND | 2.332,6 | 11,8% | 2,0% | | GERMANY | 1.747,4 | 8,8% | 4,7% | | SPAIN | 1.290,4 | 6,5% | 1,3% | | FRANCE | 832,3 | 4,2% | -1,7% | | NETHERLANDS | 677,6 | 3,4% | -4,6% | | USA | 656,9 | 3,3% | 0,6% | | ITALY | 434,6 | 2,2% | -17,9% | | OTHERS | 839,9 | 4,2% | -4,4% | | TOTAL | 19.777,1 | 100,0% | -0,5% | Note: Investment in listed securities (excluding amounts in the process of being admitted to the domestic and foreign market), and not including investment units of Collective Investment Schemes (CIS) based in Portugal and EU and Non-EU Member States. Table 3 – Amount invested in Domestic and Foreign shares (10 biggest) Unit: 10^6 EUR | Shares | May - 06 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | EDP | 83,0 | 8,9% | -11,0% | | BRISA (Privat.) | 70,2 | 7,5% | 0,3% | | BCP | 63,8 | 6,8% | -16,4% | | PORTUGAL TELECOM | 63,7 | 6,8% | -15,8% | | SONAE SGPS | 55,9 | 6,0% | -19,0% | | BPI | 55,4 | 5,9% | -15,9% | | PT MULTIMÉDIA | 39,9 | 4,3% | -16,7% | | JM | 39,3 | 4,2% | 1,9% | | CIMPOR | 37,9 | 4,1% | -5,7% | | NOVABASE | 37,3 | 4,0% | -5,8% | | Sub-total | 546,3 | 58,3% | -11,3% | | Others | 390,0 | 41,7% | -3,9% | | TOTAL Domestic Shares (1) | 936,2 | 100,0% | -8,4% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 36,4 | 3,0% | 0,7% | | BNP PARIBAS | 23,8 | 1,9% | 42,5% | | TELEFONICA | 22,2 | 1,8% | 102,1% | | UNICRÉDITO ITALIANO | 21,0 | 1,7% | 1,9% | | NOKIA | 20,0 | 1,6% | -8,1% | | E ON AG | 19,9 | 1,6% | -2,7% | | AXA | 19,9 | 1,6% | -11,7% | | ING GROEP N.V. | 17,9 | 1,5% | 1,2% | | ENDESA | 17,1 | 1,4% | 10,5% | | GAMESA CORP TECNOLOGICA | 16,6 | 1,3% | -3,4% | | Sub-total | 214,9 | 17,4% | 7,6% | | Others | 1.018,2 | 82,6% | -4,8% | | TOTAL EU Shares (2) | 1.233,1 | 100,0% | -2,8% | | NON-EU MARKET | | | | | NOVARTIS | 11,1 | 1,5% | 3,6% | | UBS AG - REGISTERED | 9,9 | 1,4% | -3,9% | | ZURICH FIN. SERVICE | 9,8 | 1,4% | -7,4% | | ROCHE | 9,5 | 1,3% | 78,0% | | CREDIT SUISSE GROUP | 9,3 | 1,3% | 13,7% | | NESTLE | 8,2 | 1,1% | 65,4% | | GOLD CORP | 7,1 | 1,0% | -11,9% | | EXXON MOBIL CORP | 6,5 | 0,9% | -7,2% | | MICROSOFT | 5,9 | 0,8% | 24,4% | | TELENOR ASA | 5,7 | 0,8% | -1,3% | | Sub-total | 83,2 | 11,5% | 9,7% | | Others | 641,2 | 88,5% | -8,4% | | TOTAL Non-EU Shares (3) | 724,4 | 100,0% | -6,6% | | Total International Shares (2)+(3) | 1.957,5 | - | -4,3% | | TOTAL | 2.893,7 | -5,6% | Note: Refers exclusively to bonds listed on Regulated Markets of the Stock Exchanges. Table 4 – Weight of the bonds of Domestic Groups issued abroad* in foreign bonds held by the Investment Funds (FIM) (10 largest) Unit: 10^6 EUR | Bonds** | May - 06 | Monthly D | | Value | % | Value | | BII FINANCE CO FLOAT 26/09/11 | 160,0 | 10,5% | 0,2% | | BANCO PORT ATLAN FLOAT 29/09/49 | 146,8 | 9,6% | 0,3% | | BPI CAPITAL FINANCE LTD PERP FLO | 88,7 | 5,8% | -1,0% | | CAIXA GERAL FIN FLOAT PERPETUAL | 75,8 | 5,0% | 0,3% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 71,4 | 4,7% | 0,2% | | CAIXA GERAL DEPFINTXVAR24042007 | 52,1 | 3,4% | 0,2% | | GALP 1 A | 45,4 | 3,0% | 0,0% | | BCP FINANCE 28/10/13 | 45,2 | 3,0% | 0,2% | | CEMG-CAYMAN ISLAND FLT 04/11/09 | 43,3 | 2,8% | 5,8% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 42,1 | 2,8% | -0,6% | | Sub-total (1) | 770,8 | 50,4% | 0,3% | | Others | 758,3 | 49,6% | -1,2% | | TOTAL Bonds issued by Domestic Groups (2) | 1.529,1 | 100,0% | -0,4% | | TOTAL Foreign Bonds in the Funds' Portfolios (3) | 13.677,0 | 1,2% | | (1)/(3) | 5,6% | -0,05 p.p. | | (2)/(3) | 11,2% | -0,18 p.p. | Note: (*) Based on the ISIN codes; (**) Refers exclusively to bonds listed on Regulated Markets of EU Member States’ Stock Exchanges. Table 5 – Investment per Type of Assets and Markets Unit: 10^6 EUR | Security | May - 06 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 48,8 | 0,2% | -29,8% | | | Foreign | 2.502,3 | 8,8% | -2,6% | | Other Public Funds | Domestic | 17,9 | 0,1% | -2,8% | | | Foreign | 87,8 | 0,3% | 10,4% | | Bonds | Domestic | 1.071,3 | 3,8% | 6,0% | | | Foreign | 13.849,6 | 48,6% | 1,4% | | Shares | Domestic | 941,6 | 3,3% | -8,0% | | | Foreign | 1.958,3 | 6,9% | -4,3% | | Investment Units | Domestic | 1.760,2 | 6,2% | 0,3% | | | Foreign | 1.478,4 | 5,2% | 0,1% | | Equity Certificates | Domestic | 3,3 | 0,0% | 0,3% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | -100,0% | | | Foreign | 0,8 | 0,0% | 14,5% | | Warrants | Domestic | 0,0 | 0,0% | - | | | Foreign | 24,9 | 0,1% | -14,4% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 1,8 | 0,0% | -15,9% | | Others | Domestic | 32,9 | 0,1% | 93,9% | | | Foreign | 15,1 | 0,1% | -19,4% | | SECURITIES | | 23.795,0 | 83,6% | 0,1% | | Other Assets | | 1,9 | 0,0% | 0,3% | | Other Debt Instruments | | 2.250,2 | 7,9% | -7,2% | | Liquidity | | 2.617,4 | 9,2% | -14,7% | | Loans | | -24,9 | -0,1% | 197,0% | | Unsettled Amounts | | -170,0 | -0,6% | -63,9% | | TOTAL | | 28.469,6 | 100,0% | -1,1% | Table 6 – Number of Funds and Market Share (10 biggest) Unit: 10^6 EUR | Entity | May - 06 | Monthly D | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 21,0% | 0 | -0,11 p.p. | | Caixagest | 41 | 19,5% | 0 | -0,11 p.p. | | Santander Gestão de Activos | 28 | 18,4% | 1 | 0,32 p.p. | | BPI Gestão de Activos | 21 | 16,3% | 0 | -0,02 p.p. | | ESAF | 28 | 11,5% | -1 | -0,19 p.p. | | BPN Gestão de Activos | 9 | 2,6% | 0 | -0,06 p.p. | | Barclays Fundos | 14 | 2,6% | 1 | -0,02 p.p. | | BBVA Gest | 20 | 2,5% | 0 | 0,03 p.p. | | Banif Gestão de Activos | 11 | 1,6% | 0 | 0,01 p.p. | | MG Gestão de Activos Financeiros | 14 | 1,5% | 1 | 0,17 p.p. | | Others | 30 | 2,6% | 0 | -0,01 p.p. | | TOTAL | 251 | 100,0% | 2 | - | Legend: p.p. – percentage points. Table 7 – Ranking of the funds (10 largest) Unit: 10^6 EUR | Entity | Fund | May - 06 | Monthly D | | Valor | % | Value | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.708,5 | 6,0% | -1,9% | | BPI Gestão de Activos | BPI LIQUIDEZ | 1.073,0 | 3,8% | -2,6% | | Millennium BCP | MILLENNIUM PRUDENTE | 1.020,4 | 3,6% | -3,0% | | Caixagest | CAIXAGEST RENDIMENTO | 996,5 | 3,5% | -1,5% | | Caixagest | CAIXAGEST TESOURARIA | 985,4 | 3,5% | 0,0% | | Millennium BCP | MILLENNIUM CURTO PRAZO | 932,8 | 3,3% | -2,4% | | ESAF | ESPÍRITO SANTO MONETÁRIO | 927,9 | 3,3% | 5,2% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES | 927,3 | 3,3% | -1,3% | | BPI Gestão de Activos | BPI GLOBAL | 919,6 | 3,2% | 3,4% | | Santander Gestão Activos | MULTIBOND PREMIUM | 903,0 | 3,2% | -0,7% | | Others | | 18.075,2 | 63,5% | -1,4% | | | TOTAL | 28.469,6 | 100,0% | -1,1% | Note: In descending order of the amounts managed by the funds during the last period under analysis. [1] Unless otherwise indicated, the data contained in this report are a result of information reported to the CMVM by the Securities Investment Fund Management Companies, in accordance with the legislation in force. The information dates back to 2006-06-09. The monthly variation (monthly D ) always refers to the comparison between the month under analysis and the previous month. [2] It includes the harmonised UCITS (in accordance with the Legal Framework for Collective Investment Undertakings approved by Decree-Law No. 252/2003 of 17 October) and Non-harmonised UCITS categories.
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