In November 2007, the amount under management by UCITS[1] was €22,773.9 million, representing a drop of 3.6% compared to October 2007. The amount under management by Special Investment Funds rose 1.3%  attaining €3,740.5 million. In said period, four Securities Investment Funds were established - three Open-End and one Closed-end - 'Santander Seleccção Acções', managed by Santander Gestão de Activos, 'Banif América Latina' and 'Banif Ásia', both managed by Banif Gestão de Activos, which is also the management company for the Closed-end Special Investment Fund, 'New Energy Fund'.

Total investment in listed securities fell by 3% with regard to the previous month, reaching €18,701.4 million. As to geographical distribution, Germany recorded the highest increase (+6.1%), while the USA dropped by 16.9%. Luxembourg continued to be the most sought-after country.

The investment in domestic shares on the regulated markets of the Stock Exchange reversed to the declining trend, loosing 2.2% and attaining €1,419.5 million.  Securities experienced a sundry variation and PT Multimédia grew 113.3% followed by Galp with a positive variation of 53.3%, whilst BCP dropped by -30.6% and BES by -23.7%.  Investment in International shares decreased by 8.9% during this period.  Both the European Union Market and the EU Off-Market globally recorded negative performances.

Foreign bonds continued to be the most significant security with regard to the composition of the funds' portfolio. The liquidity component recorded an increase of 5.7%, representing 10% of the amount under management at the end of November.

In November 2007, Caixagest continued to hold the largest market share in terms of the value of assets managed (23.9%), followed by Santander Asset Management (19.4%) and Millenium BCP (16.4%). The Santander Multiobrigações fund of Santander Asset Management continued to be the largest fund.

Table 1 – Aggregate Indicators

Unit: 10^6 EUR

	CIS in Transferable Securities			Special Investment Funds
	Nov - 07	Oct - 07	Monthly D	Nov - 07	Oct - 07	Monthly D
Assets under Management (1)	22.773,9	23.627,8	-3,6%	3.740,5	3.692,6	1,3%
No. of Fund Operators	17	17	0	12	12	0
No. of Funds (2)	222	222	0	67	63	4
Mean Capitalisation of Funds [(1)/(2)]	102,6	106,4	-3,8	55,8	58,6	-2,78

 

Table 2 - Investment per Country

Unit: 10^6 EUR

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

Table 4 – Weight of the bonds of Domestic Groups issued abroad* in foreign bonds held by the Investment Funds (FIM) (10 biggest)

Unit: 10^6 EUR

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

Table 6 – Number of Funds and Market Share 

Unit: 10^6 EUR

Table 7 – Ranking of the funds (10 biggest)

Unit: 10^6 EUR

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 used dates back to 7th December 2007. 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, 17th October) and non-harmonised UCITS categories.