Securities Investment Funds
In March 2006, the amount managed by UCITS gained 1.6%, and the amount managed by Special Investment Funds rose by 7.1%. The following funds started operating: an Open-end Guaranteed Fund, Fundo Capital Garantido Euro Consolidado BBVA, managed by BBVA Gest, a Flexible Fund, Espírito Santo Estratégia Activa II, managed by ESAF and an Open-end International Shares Fund, Orey Acções Europa, managed by Orey – Gestão de Activos entity which commenced activity this month. As regards the Special Investment Funds, 2 new funds were established: an open-end, BANIF Europa de Leste, managed by Banif Gestão de Activos and a closed-end, Caixagest Rendimento Crescente 2011, managed by Caixagest. The total investment in listed securities rose by 1.4% compared to the previous month, reaching €20,073.8 million. Particularly noteworthy is the increase of investment in Italy (25.8%) and Portugal (8.2%) and a drop of investment in securities listed in France (-1.6%) and the UK (-1.5%). 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 €1,014.9 million, which represents a gain of 13.6% compared to February 2006. there was an overall gain in the top ten domestic shares, and particularly salient were Brisa (Privat.) (49.1%), Impresa (38,5%) and Banco Comercial Português (26.2%). Investment in international shares on the European and non-European Union markets rose 5.6% in comparison to the previous month. In regard to the composition of the funds portfolio, foreign bonds continued to be the most significant, however, for the first time with a weight inferior to 50% of the total portfolio. In March 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. 07 April 2006 Table 1 – Aggregate Benchmarks Unit: 10^6 EUR | | CIS in transferable securities | Special Inv. Funds | | | Mar - 06 | Feb - 06 | Monthly D | Mar - 06 | Feb - 06 | Monthly D | | Assets under management (1) | 26.942,9 | 26.523,4 | 1,6% | 1.982,1 | 1.851,2 | 7,1% | | No. of Fund Operators | 16 | 15 | 1 | 9 | 9 | 0 | | No. of Funds (2) | 217 | 214 | 3 | 31 | 29 | 2 | | Mean capitalisation of funds [(1)/(2)] | 124,2 | 123,9 | 0,2 | 63,9 | 63,8 | 0,1 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | Mar - 06 | Monthly D | | Value | % Total | Value | | PORTUGAL | 1.565,9 | 7,8% | 8,2% | | LUXEMBOURG | 7.285,6 | 36,3% | 0,7% | | UNITED KINGDOM | 2.497,9 | 12,4% | -1,5% | | IRELAND | 2.275,4 | 11,3% | -0,8% | | GERMANY | 1.763,8 | 8,8% | -0,4% | | SPAIN | 1.289,2 | 6,4% | 3,3% | | FRANCE | 823,6 | 4,1% | -1,6% | | NETHERLANDS | 713,8 | 3,6% | -0,3% | | USA | 691,8 | 3,4% | -0,5% | | ITALY | 333,1 | 1,7% | 25,8% | | OTHERS | 833,7 | 4,2% | 10,6% | | TOTAL | 20.073,8 | 100,0% | 1,4% | 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 | Mar - 06 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | EDP | 98,5 | 9,7% | 13,6% | | BCP | 90,6 | 8,9% | 26,2% | | PORTUGAL TELECOM | 73,6 | 7,3% | 4,5% | | SONAE SGPS | 68,8 | 6,8% | 6,9% | | BRISA (Privat.) | 62,5 | 6,2% | 49,1% | | BPI | 60,8 | 6,0% | 16,1% | | PT MULTIMÉDIA | 50,2 | 4,9% | 21,3% | | SEMAPA | 47,4 | 4,7% | 2,0% | | IMPRESA | 41,7 | 4,1% | 38,5% | | NOVABASE | 38,7 | 3,8% | 16,0% | | Sub-total | 632,7 | 62,3% | 17,4% | | Others | 382,2 | 37,7% | 7,8% | | TOTAL Domestic Shares (1) | 1.014,9 | 100,0% | 13,6% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 32,3 | 2,7% | -8,8% | | AXA | 21,2 | 1,8% | 101,3% | | SIEMENS AG - REG | 20,9 | 1,8% | 18,5% | | BNP PARIBAS | 20,5 | 1,7% | 6,2% | | NOKIA | 20,2 | 1,7% | 23,7% | | UNICRÉDITO ITALIANO | 19,1 | 1,6% | 2,0% | | E ON AG | 18,4 | 1,5% | 1,4% | | SANOFI-AVENTIS | 16,7 | 1,4% | 23,2% | | ING GROEP N.V. | 16,4 | 1,4% | 11,2% | | BSCH | 14,9 | 1,3% | 0,1% | | Sub-total | 200,5 | 16,9% | 11,9% | | Others | 985,6 | 83,1% | 8,0% | | TOTAL EU Shares (2) | 1.186,1 | 100,0% | 8,7% | | NON EU-MARKET | | | | | NOVARTIS | 10,5 | 1,4% | -0,4% | | MICROSOFT | 8,7 | 1,1% | 42,2% | | EXXON MOBIL CORP | 7,7 | 1,0% | 12,7% | | UBS AG - REGISTERED | 6,9 | 0,9% | 12,2% | | ZURICH FIN. SERVICE | 6,7 | 0,9% | 27,5% | | CREDIT SUISSE GROUP | 6,7 | 0,9% | -7,0% | | HEWLETT PACKARD CO | 6,7 | 0,9% | -13,7% | | GOLD CORP | 6,7 | 0,9% | 12,6% | | GENERAL ELECTRICS | 6,6 | 0,9% | -11,3% | | AMERICAN INTERNATIONAL GROUP | 6,4 | 0,8% | 30,5% | | Sub-total | 73,6 | 9,7% | 8,0% | | Others | 687,6 | 90,3% | 0,6% | | TOTAL Non-EU Shares (3) | 761,2 | 100,0% | 1,3% | | Total International Shares (2)+(3) | 1.947,3 | - | 5,6% | | TOTAL | 2.962,2 | 8,3% | 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** | Mar - 06 | Monthly D | | Value | % | Value | | BII FINANCE CO FLOAT 26/09/11 | 159,5 | 10,1% | -0,6% | | BANCO PORT ATLAN FLOAT 29/09/49 | 145,3 | 9,2% | -0,4% | | BPI CAPITAL FINANCE LTD PERP FLO | 89,4 | 5,7% | 0,7% | | CAIXA GERAL FIN FLOAT PERPETUAL | 75,4 | 4,8% | -0,7% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 72,1 | 4,6% | 0,1% | | CAIXA GERAL DEPFINTXVAR24042007 | 52,2 | 3,3% | -7,0% | | BCP FINANCE 28/10/13 | 51,3 | 3,3% | 0,2% | | GALP 1 A | 45,4 | 2,9% | 0,0% | | CEMG FLOAT 11/09 | 42,7 | 2,7% | 1,4% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 42,2 | 2,7% | 0,5% | | Sub-total (1) | 775,5 | 49,1% | -0,6% | | Others | 802,9 | 50,9% | 11,9% | | TOTAL bonds issued by domestic Groups (2) | 1.578,4 | 100,0% | 5,4% | | TOTAL foreign bonds in the portfolios of Funds (3) | 14.007,7 | 0,4% | | (1)/(3) | 5,5% | -0,06 p.p. | | (2)/(3) | 11,3% | 0,53 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 | Mar - 06 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 54,5 | 0,2% | -13,2% | | | Foreign | 2.400,6 | 8,3% | -0,5% | | Other Public Funds | Domestic | 18,4 | 0,1% | 0,7% | | | Foreign | 81,7 | 0,3% | -2,5% | | Bonds | Domestic | 1.006,9 | 3,5% | 1,5% | | | Foreign | 14.359,4 | 49,6% | 0,7% | | Shares | Domestic | 1.016,2 | 3,5% | 13,6% | | | Foreign | 1.947,6 | 6,7% | 5,6% | | Investment Units | Domestic | 1.744,3 | 6,0% | -0,6% | | | Foreign | 1.340,4 | 4,6% | 12,0% | | Equity Certificates | Domestic | 3,6 | 0,0% | 0,4% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,3 | 0,0% | - | | | Foreign | 0,9 | 0,0% | 31,9% | | Warrants | Domestic | 0,0 | 0,0% | - | | | Foreign | 29,4 | 0,1% | 20,7% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 2,0 | 0,0% | 2,0% | | Others | Domestic | 17,2 | 0,1% | 25,4% | | | Foreign | 22,3 | 0,1% | 3,0% | | SECURITIES | | 24.045,8 | 83,1% | 2,0% | | Other Assets | | 1,9 | 0,0% | 0,4% | | Other Debt Instruments | | 2.290,5 | 7,9% | -8,0% | | Liquidity | | 2.904,2 | 10,0% | 8,6% | | Loans | | -8,8 | 0,0% | -27,9% | | Unsettled Amounts | | -308,6 | -1,1% | -14,9% | | TOTAL | | 28.925,1 | 100,0% | 1,9% | Table 6 – Number of Funds and Market Share (10 biggest) Unit: 10^6 EUR | Entity | Mar - 06 | Monthly D | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 21,0% | 0 | -0,29 p.p. | | Caixagest | 41 | 19,5% | 1 | 0,14 p.p. | | Santander Gestão de Activos | 27 | 18,0% | 0 | -0,11 p.p. | | BPI Gestão de Activos | 21 | 16,2% | 0 | -0,14 p.p. | | ESAF | 29 | 12,4% | 1 | 0,63 p.p. | | Barclays Fundos | 14 | 2,6% | 0 | -0,04 p.p. | | BPN Gestão de Activos | 7 | 2,6% | 0 | -0,07 p.p. | | BBVA Gest | 20 | 2,4% | 1 | -0,02 p.p. | | Banif Gestão de Activos | 11 | 1,5% | 1 | -0,07 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,3% | 0 | -0,01 p.p. | | Others | 30 | 2,6% | 1 | -0,04 p.p. | | TOTAL | 248 | 100,0% | 5 | - | Legend: p.p. – percentage points. Table 7 – Ranking of the funds (10 largest) Unit: 10^6 EUR | Entity | Fund | Mar - 06 | Monthly D | | Valor | % | Value | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.765,2 | 6,1% | -0,2% | | BPI Gestão de Activos | BPI LIQUIDEZ | 1.129,2 | 3,9% | -1,9% | | Millennium BCP | MILLENNIUM PRUDENTE | 1.032,0 | 3,6% | 4,4% | | Caixagest | CAIXAGEST RENDIMENTO | 1.025,2 | 3,5% | -2,0% | | Millennium BCP | MILLENNIUM CURTO PRAZO | 970,3 | 3,4% | -3,3% | | Caixagest | CAIXAGEST TESOURARIA | 961,8 | 3,3% | 1,8% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES | 955,3 | 3,3% | -2,6% | | Santander Gestão Activos | MULTIBOND PREMIUM | 913,3 | 3,2% | -1,1% | | ESAF | ESPÍRITO SANTO MONETÁRIO | 866,1 | 3,0% | 5,3% | | BPI Gestão de Activos | BPI GLOBAL | 854,9 | 3,0% | 6,4% | | Others | | 18.452,0 | 63,8% | 2,8% | | | TOTAL | 28.925,1 | 100,0% | 1,9% | Note: In descending order of the amounts managed by the funds during the last period under analysis.
|
|
|