Securities Investment Funds
In June 2006, the amount managed by UCITS[1] gained 0.1% and the amount managed by Special Investment Funds rose by 9.5%.
The fund Multiglobal - Fundo de Investimento Mobiliário Aberto Misto de Obrigações, managed by Santander Gestão de Activos was terminated and, in addition, the termination of the funds Espírito Santo Portfólio and Espírito Santo Portfólio I by means of merger by incorporation into the fund Espírito Santo Opção Conservadora, three Fundos de Investimento de Fundos Aberto Misto de Obrigações, managed by ESAF. Two funds started operating: Popular Eurovalor Protegido - Fundo Especial de Investimento Fechado, managed by Gerfundos, and Caixagest Rendimento Mais - Fundo Especial de Investimento Aberto, managed by Caixagest. The total investment in listed securities rose by 2% compared to the previous month, reaching €20,163.5 million. Germany registered the greatest increase in investment (12.4%) and Italy the most significant drop (-22.2%). 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 €955.1 million, which represents a gain of 2% compared to May 2006. In the top domestic shares, there was an increase of investment in BES (37.5%), BPI (15.5%) and Sonae Indústria (13.1%), followed by EDP (10.1%), Portugal Telecom (8.8%) and BCP (1.7%). Investment in international shares rose 0.7% 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 1.6% over the month. In June 2006, Millennium BCP held the largest market share in terms of the value of assets managed (20.6%) and Caixagest the greatest number of funds managed (42). The 'Multiobrigações' fund managed by Santander Gestão de Activos was the largest fund. 12 July 2006 Table 1 – Aggregate Benchmarks Unit: 10^6 EUR | | CIS in transferable securities | Special Inv. Funds | | | Jun - 06 | May - 06 | monthly D | Jun - 06 | May - 06 | Monthly D | | Assets under management (1) | 26.346,8 | 26.308,0 | 0,1% | 2.367,1 | 2.161,6 | 9,5% | | No. of fund operators | 16 | 16 | 0 | 9 | 9 | 0 | | No. of Funds (2) | 216 | 219 | -3 | 34 | 32 | 2 | | Mean capitalisation of funds [(1)/(2)] | 122,0 | 120,1 | 1,8 | 69,6 | 67,6 | 2,1 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | Jun - 06 | Monthly D | | Value | % Total | Value | | PORTUGAL | 1.494,2 | 7,4% | 0,5% | | LUXEMBOURG | 7.195,7 | 35,7% | 2,5% | | UNITED KINGDOM | 2.445,1 | 12,1% | -0,5% | | IRELAND | 2.435,0 | 12,1% | 4,4% | | GERMANY | 1.964,4 | 9,7% | 12,4% | | SPAIN | 1.289,4 | 6,4% | -0,1% | | FRANCE | 893,6 | 4,4% | 7,4% | | USA | 666,4 | 3,3% | 1,4% | | NETHERLANDS | 654,5 | 3,2% | -3,4% | | ITALY | 338,3 | 1,7% | -22,2% | | OTHERS | 787,2 | 3,9% | -6,3% | | TOTAL | 20.163,5 | 100,0% | 2,0% | 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 | Jun - 06 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | EDP | 91,5 | 9,6% | 10,1% | | PORTUGAL TELECOM | 69,3 | 7,3% | 8,8% | | BRISA (Privat.) | 68,0 | 7,1% | -3,1% | | BCP | 64,9 | 6,8% | 1,7% | | BPI | 64,0 | 6,7% | 15,5% | | SONAE SGPS | 55,1 | 5,8% | -1,4% | | BES | 46,3 | 4,8% | 37,5% | | PT MULTIMÉDIA | 39,7 | 4,2% | -0,5% | | SONAE INDÚSTRIA | 39,2 | 4,1% | 13,1% | | JM | 38,6 | 4,0% | -1,8% | | Sub-total | 576,4 | 60,3% | 6,9% | | Others | 378,7 | 39,7% | -4,6% | | TOTAL Domestic Shares (1) | 955,1 | 100,0% | 2,0% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 36,9 | 3,0% | 1,3% | | TELEFONICA | 25,5 | 2,0% | 15,0% | | BNP PARIBAS | 25,2 | 2,0% | 5,9% | | UNICRÉDITO ITALIANO | 22,7 | 1,8% | 8,0% | | AXA | 20,2 | 1,6% | 1,7% | | E ON AG | 20,0 | 1,6% | 0,3% | | ENDESA | 18,9 | 1,5% | 10,1% | | NOKIA | 18,8 | 1,5% | -6,0% | | SIEMENS AG - REG | 17,7 | 1,4% | 9,2% | | ING GROEP N.V. | 17,5 | 1,4% | -2,2% | | Sub-total | 223,4 | 18,0% | 4,1% | | Others | 1.020,8 | 82,0% | 0,2% | | TOTAL EU Shares (2) | 1.244,2 | 100,0% | 0,9% | | NON-EU MARKET | | | | | NOVARTIS | 10,4 | 1,4% | -6,6% | | ZURICH FIN. SERVICE | 10,2 | 1,4% | 4,2% | | UBS AG - REGISTERED | 9,9 | 1,4% | 0,0% | | GENERAL ELECTRICS | 9,3 | 1,3% | 70,1% | | NESTLE | 9,2 | 1,3% | 11,5% | | CREDIT SUISSE GROUP | 9,1 | 1,3% | -2,3% | | ROCHE | 8,9 | 1,2% | -6,9% | | PFIZER | 8,6 | 1,2% | 164,7% | | AT & T INC | 7,3 | 1,0% | 146,9% | | GOLD CORP | 6,9 | 0,9% | -2,2% | | Sub-total | 89,8 | 12,3% | 17,1% | | Others | 637,4 | 87,7% | -1,6% | | TOTAL Non-EU Shares (3) | 727,2 | 100,0% | 0,4% | | Total International Shares (2)+(3) | 1.971,3 | - | 0,7% | | TOTAL | 2.926,4 | 1,1% | 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** | Jun - 06 | Monthly D | | Value | % | Value | | BII FINANCE CO FLOAT 26/09/11 | 159,0 | 9,1% | -0,7% | | BANCO PORT ATLAN FLOAT 29/09/49 | 146,0 | 8,4% | -0,5% | | BPI CAPITAL FINANCE LTD PERP FLO | 86,7 | 5,0% | -2,3% | | CAIXA GERAL FIN FLOAT PERPETUAL | 75,4 | 4,3% | -0,6% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 71,5 | 4,1% | 0,1% | | EDP FINANCE BVTV 14062010 | 49,3 | 2,8% | - | | GALP 1 A | 45,3 | 2,6% | 0,0% | | CEMG-CAYMAN ISLAND FLT 04/11/09 | 43,0 | 2,5% | -0,6% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 42,2 | 2,4% | 0,3% | | REND.MAIS SUB/16 B-5 | 41,5 | 2,4% | - | | Sub-total (1) | 760,0 | 43,6% | 12,8% | | Others | 982,6 | 56,4% | 14,9% | | TOTAL bonds issued by Domestic Groups (2) | 1.742,6 | 100,0% | 14,0% | | TOTAL Foreign Bonds in the Funds’ Portfolios (3) | 13.886,3 | 1,5% | | (1)/(3) | 5,5% | 0,55 p.p. | | (2)/(3) | 12,5% | 1,37 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 | Jun - 06 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 50,7 | 0,2% | 3,9% | | | Foreign | 2.668,9 | 9,3% | 6,7% | | Other Public Funds | Domestic | 18,1 | 0,1% | 0,7% | | | Foreign | 72,0 | 0,3% | -18,0% | | Bonds | Domestic | 1.063,0 | 3,7% | -0,8% | | | Foreign | 14.076,0 | 49,0% | 1,6% | | Shares | Domestic | 957,8 | 3,3% | 1,7% | | | Foreign | 1.972,0 | 6,9% | 0,7% | | Investment Units | Domestic | 1.727,1 | 6,0% | -1,9% | | | Foreign | 1.529,4 | 5,3% | 3,5% | | Equity Certificates | Domestic | 3,4 | 0,0% | 0,2% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 2,6 | 0,0% | - | | | Foreign | 1,3 | 0,0% | 56,9% | | Warrants | Domestic | 0,0 | 0,0% | - | | | Foreign | 24,6 | 0,1% | -1,0% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 1,9 | 0,0% | 2,2% | | Others | Domestic | 15,2 | 0,1% | -53,7% | | | Foreign | 15,4 | 0,1% | 1,5% | | SECURITIES | | 24.199,5 | 84,3% | 1,7% | | Other Assets | | 1,9 | 0,0% | 0,3% | | Other Debt Instruments | | 2.365,3 | 8,2% | 5,1% | | Liquidity | | 2.474,3 | 8,6% | -5,5% | | Loans | | -14,8 | -0,1% | -40,6% | | Unsettled Amounts | | -312,3 | -1,1% | 83,6% | | TOTAL | | 28.713,9 | 100,0% | 0,9% | Table 6 – Number of Funds and Market Share (10 biggest) Unit: 10^6 EUR | Entity | Jun - 06 | Monthly D | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 20,6% | 0 | -0,41 p.p. | | Caixagest | 42 | 20,4% | 1 | 0,84 p.p. | | Santander Gestão de Activos | 27 | 18,1% | -1 | -0,28 p.p. | | BPI Gestão de Activos | 21 | 16,1% | 0 | -0,25 p.p. | | ESAF | 26 | 11,9% | -2 | 0,4 p.p. | | BPN Gestão de Activos | 9 | 2,5% | 0 | -0,06 p.p. | | Barclays Fundos | 14 | 2,5% | 0 | -0,06 p.p. | | BBVA Gest | 20 | 2,4% | 0 | -0,04 p.p. | | Banif Gestão de Activos | 11 | 1,5% | 0 | -0,09 p.p. | | MG Gestão de Activos Financeiros | 14 | 1,4% | 0 | -0,07 p.p. | | Others | 31 | 2,6% | 1 | 0 p.p. | | TOTAL | 250 | 100,0% | -1 | - | Legend: p.p. – percentage points. Table 7 – Ranking of the funds (10 largest) Unit: 10^6 EUR | Entity | Fund | Jun - 06 | Monthly D | | Valor | % | Value | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.669,9 | 5,8% | -2,3% | | BPI Gestão de Activos | BPI LIQUIDEZ | 1.071,8 | 3,7% | -0,1% | | Caixagest | CAIXAGEST TESOURARIA | 1.020,0 | 3,6% | 3,5% | | Millennium BCP | MILLENNIUM PRUDENTE | 998,7 | 3,5% | -2,1% | | Caixagest | CAIXAGEST RENDIMENTO | 987,4 | 3,4% | -0,9% | | ESAF | ESPÍRITO SANTO MONETÁRIO | 927,7 | 3,2% | 0,0% | | BPI Gestão de Activos | BPI GLOBAL | 924,7 | 3,2% | 0,6% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES | 913,6 | 3,2% | -1,5% | | Santander Gestão Activos | MULTIBOND PREMIUM | 905,4 | 3,2% | 0,3% | | Millennium BCP | MILLENNIUM CURTO PRAZO | 898,5 | 3,1% | -3,7% | | Others | | 18.396,2 | 64,1% | 1,8% | | | TOTAL | 28.713,9 | 100,0% | 0,9% | 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 2006-07-11. 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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