Securities Investment Funds
In April 2006, the amount managed by UCITS[1] fell by 0.6%, while the amount managed by Special Investment Funds rose by 2.4%. Two funds managed by BPN Gestão de Activos, the BPN Taxa Fixa Euro – Fundo de Investimento Aberto de Obrigações de Taxa Fixa and BPN Acções Europa – Fundo de Investimento Aberto started operating. Barclays Rendimento – Fundo de Investimento Mobiliário Aberto de Tesouraria merged by incorporation with Barclays Premier Tesouraria – Fundo de Investimento Mobiliário Aberto de Tesouraria, managed by Barclays Fundos. The total investment in listed securities dropped 0.9% compared to the previous month, reaching €19,885.2 million. Particularly noteworthy is the increase of investment in Italy (58.9%) and a drop of investment in securities listed in USA (-5.6%) and Germany (-5.3%). 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 €1,021.8 million, which represents a gain of 0.7% compared to March 2006. In the top domestic shares, particularly noteworthy was the increase of investment in Cimpor (12.2%) and Brisa (Privat.) (11.9%). Investment in BCP fell by 15.7% in said period. On the other hand, investment in international shares rose 5% in comparison to the previous month. In regard to the composition of the funds portfolio, foreign bonds continued to be the most significant. Particularly salient was the increase of investment in other foreign securities, namely investment units (10.2%), public debt (7%) and shares (5%). In April 2006, Millennium BCP held the largest market share in terms of the value of assets managed (21.1%) and Caixagest the greatest number of funds managed (41). The 'Multiobrigações' fund managed by Santander Gestão de Activos was the largest fund. 05 May 2006 Table 1 – Aggregate Benchmarks Unit: 10^6 EUR | | CIS in transferable securities | Special Inv. Funds | | | Apr - 06 | Mar - 06 | monthly D | Apr - 06 | Mar - 06 | Monthly D | | Assets under management (1) | 26.770,7 | 26.942,9 | -0,6% | 2.028,9 | 1.982,1 | 2,4% | | No. of Fund Operators | 16 | 16 | 0 | 9 | 9 | 0 | | No. of Funds (2) | 218 | 217 | 1 | 31 | 31 | 0 | | Mean capitalisation of funds [(1)/(2)] | 122,8 | 124,2 | -1,4 | 65,4 | 63,9 | 1,5 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | Apr - 06 | Monthly D | | Value | % Total | Value | | PORTUGAL | 1.598,2 | 8,0% | 2,1% | | LUXEMBOURG | 6.982,5 | 35,1% | -4,2% | | UNITED KINGDOM | 2.456,8 | 12,4% | -1,6% | | IRELAND | 2.286,8 | 11,5% | 0,5% | | GERMANY | 1.669,4 | 8,4% | -5,3% | | SPAIN | 1.274,3 | 6,4% | -1,2% | | FRANCE | 846,7 | 4,3% | 2,8% | | NETHERLANDS | 709,9 | 3,6% | -0,5% | | USA | 653,0 | 3,3% | -5,6% | | ITALY | 529,3 | 2,7% | 58,9% | | OTHERS | 878,3 | 4,4% | 5,4% | | TOTAL | 19.885,2 | 100,0% | -0,9% | 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 | Apr - 06 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | EDP | 93,3 | 9,1% | -5,3% | | BCP | 76,3 | 7,5% | -15,7% | | PORTUGAL TELECOM | 75,6 | 7,4% | 2,7% | | BRISA (Privat.) | 70,0 | 6,8% | 11,9% | | SONAE SGPS | 69,0 | 6,8% | 0,3% | | BPI | 65,8 | 6,4% | 8,3% | | PT MULTIMÉDIA | 47,9 | 4,7% | -4,7% | | SEMAPA | 46,8 | 4,6% | -1,2% | | CIMPOR | 40,2 | 3,9% | 12,2% | | NOVABASE | 39,6 | 3,9% | 2,4% | | Sub-total | 624,4 | 61,1% | -0,4% | | Others | 397,4 | 38,9% | 2,4% | | TOTAL Domestic Shares (1) | 1.021,8 | 100,0% | 0,7% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 36,2 | 2,9% | 12,1% | | AXA | 22,5 | 1,8% | 6,3% | | NOKIA | 21,8 | 1,7% | 8,0% | | SIEMENS AG - REG | 21,3 | 1,7% | 1,9% | | UNICRÉDITO ITALIANO | 20,6 | 1,6% | 8,0% | | E ON AG | 20,5 | 1,6% | 11,4% | | ING GROEP N.V. | 17,7 | 1,4% | 7,9% | | GAMESA CORP TECNOLOGICA | 17,2 | 1,4% | 23,1% | | BNP PARIBAS | 16,7 | 1,3% | -18,6% | | SANOFI-AVENTIS | 16,6 | 1,3% | -0,9% | | Sub-total | 211,1 | 16,6% | 5,7% | | Others | 1.058,3 | 83,4% | 7,3% | | TOTAL EU Shares (2) | 1.269,3 | 100,0% | 7,0% | | NON-EU MARKET | | | | | NOVARTIS | 10,7 | 1,4% | 2,4% | | ZURICH FIN. SERVICE | 10,6 | 1,4% | 57,6% | | UBS AG - REGISTERED | 10,3 | 1,3% | 49,2% | | CREDIT SUISSE GROUP | 8,2 | 1,1% | 22,3% | | GOLD CORP | 8,0 | 1,0% | 20,0% | | EXXON MOBIL CORP | 7,0 | 0,9% | -8,1% | | NEWMONT MINING CORP HOLDING CO | 6,2 | 0,8% | 13,7% | | PEPSI CO. INC | 6,0 | 0,8% | 33,4% | | PROCTER & GAMBLE | 5,9 | 0,8% | 15,4% | | BHP BILLITON LIMITED | 5,8 | 0,8% | 7,2% | | Sub-total | 78,9 | 10,2% | 20,0% | | Others | 696,7 | 89,8% | 0,2% | | TOTAL Non-EU Shares (3) | 775,6 | 100,0% | 1,9% | | Total International Shares (2)+(3) | 2.044,9 | - | 5,0% | | TOTAL | 3.066,7 | 3,5% | 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** | Apr - 06 | Monthly D | | Value | % | Value | | BII FINANCE CO FLOAT 26/09/11 | 159,8 | 10,4% | 0,2% | | BANCO PORT ATLAN FLOAT 29/09/49 | 146,4 | 9,5% | 0,8% | | BPI CAPITAL FINANCE LTD PERP FLO | 89,6 | 5,8% | 0,3% | | CAIXA GERAL FIN FLOAT PERPETUAL | 75,6 | 4,9% | 0,2% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 71,3 | 4,6% | -1,1% | | CAIXA GERAL DEPFINTXVAR24042007 | 52,0 | 3,4% | -0,4% | | GALP 1 A | 45,4 | 2,9% | -0,1% | | BCP FINANCE 28/10/13 | 45,1 | 2,9% | -12,2% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 42,4 | 2,7% | 0,4% | | CEMG FLOAT 11/09 | 40,9 | 2,7% | -4,2% | | Sub-total (1) | 768,5 | 49,9% | -0,9% | | Others | 772,1 | 50,1% | -3,8% | | TOTAL Bonds issued by Domestic Groups (2) | 1.540,5 | 100,0% | -2,4% | | TOTAL Foreign Bonds in the Funds’ Portfolios (3) | 13.520,8 | -3,5% | | (1)/(3) | 5,7% | 0,15 p.p. | | (2)/(3) | 11,4% | 0,13 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 | Apr - 06 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 69,5 | 0,2% | 27,5% | | | Foreign | 2.568,9 | 8,9% | 7,0% | | Other Public Funds | Domestic | 18,5 | 0,1% | 0,1% | | | Foreign | 79,5 | 0,3% | -2,6% | | Bonds | Domestic | 1.010,4 | 3,5% | 0,3% | | | Foreign | 13.660,1 | 47,4% | -4,9% | | Shares | Domestic | 1.023,2 | 3,6% | 0,7% | | | Foreign | 2.046,0 | 7,1% | 5,0% | | Investment Units | Domestic | 1.754,6 | 6,1% | 0,6% | | | Foreign | 1.476,7 | 5,1% | 10,2% | | Equity Certificates | Domestic | 3,3 | 0,0% | -6,7% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 2,4 | 0,0% | 685,6% | | | Foreign | 0,7 | 0,0% | -17,4% | | Warrants | Domestic | 0,0 | 0,0% | - | | | Foreign | 29,1 | 0,1% | -1,2% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 2,2 | 0,0% | 8,9% | | Others | Domestic | 17,0 | 0,1% | -1,5% | | | Foreign | 18,8 | 0,1% | -15,7% | | SECURITIES | | 23.780,7 | 82,6% | -1,1% | | Other Assets | | 1,9 | 0,0% | 0,3% | | Other Debt Instruments | | 2.425,9 | 8,4% | 5,9% | | Liquidity | | 3.070,0 | 10,7% | 5,7% | | Loans | | -8,4 | 0,0% | -4,7% | | Unsettled Amounts | | -470,5 | -1,6% | 52,4% | | TOTAL | | 28.799,6 | 100,0% | -0,4% | Table 6 – Number of Funds and Market Share (10 biggest) Unit: 10^6 EUR | Entity | Apr - 06 | Monthly D | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 21,1% | 0 | 0,19 p.p. | | Caixagest | 41 | 19,6% | 0 | 0,17 p.p. | | Santander Gestão de Activos | 27 | 18,1% | 0 | 0,08 p.p. | | BPI Gestão de Activos | 21 | 16,4% | 0 | 0,12 p.p. | | ESAF | 29 | 11,7% | 0 | -0,73 p.p. | | BPN Gestão de Activos | 9 | 2,6% | 2 | 0,07 p.p. | | Barclays Fundos | 13 | 2,6% | -1 | 0 p.p. | | BBVA Gest | 20 | 2,5% | 0 | 0,03 p.p. | | Banif Gestão de Activos | 11 | 1,5% | 0 | 0,02 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,3% | 0 | 0,02 p.p. | | Others | 30 | 2,6% | 0 | 0,04 p.p. | | TOTAL | 249 | 100,0% | 1 | - | Legend: p.p. – percentage points. Table 7 – Ranking of the funds (10 largest) Unit: 10^6 EUR | Entity | Fund | Apr - 06 | Monthly D | | Value | % | Value | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.741,9 | 6,0% | -1,3% | | BPI Gestão de Activos | BPI LIQUIDEZ | 1.102,0 | 3,8% | -2,4% | | Millennium BCP | MILLENNIUM PRUDENTE | 1.051,7 | 3,7% | 1,9% | | Caixagest | CAIXAGEST RENDIMENTO | 1.011,8 | 3,5% | -1,3% | | Caixagest | CAIXAGEST TESOURARIA | 985,8 | 3,4% | 2,5% | | Millennium BCP | MILLENNIUM CURTO PRAZO | 955,3 | 3,3% | -1,5% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES | 939,2 | 3,3% | -1,7% | | Santander Gestão Activos | MULTIBOND PREMIUM | 909,9 | 3,2% | -0,4% | | BPI Gestão de Activos | BPI GLOBAL | 889,6 | 3,1% | 4,1% | | ESAF | ESPÍRITO SANTO MONETÁRIO | 882,1 | 3,1% | 1,8% | | Others | | 18.330,3 | 63,6% | -0,7% | | | TOTAL | 28.799,6 | 100,0% | -0,4% | Note: In descending order of the amounts managed by the funds during the last period under analysis. 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 2006-05-09. The monthly variation (monthly D ) always refers to the comparison between the month under analysis and the previous month. [1]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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