Securities Investment Funds
In October 2007, the amount under management by UCITS[1] was €23,627.8 million, representing a drop of 3.1% compared to September 2007. The amount under management by Special Investment Funds rose 1.6% attaining €3,692.6 million. In said period, two Securities Investment Funds were established, Fundo de Investimento Aberto de Acções Internacionais, Espírito Santo Momentum, managed by ESAF, and Fundo de Investimento Mobiliário Aberto de Obrigações de Taxa Fixa, Caixagest Obrigações Mais, managed by Caixagest. Also managed by the latter management company, the Fundo Especial de Investimento Aberto, Caixagest Valor Premium were established. The BPI Renda Trimestral, Fundo de Investimento Aberto de Obrigações de Taxa Variável, managed by BPI Gestão de Activos were terminated.
The total investment in listed securities fell by 0.9% with regard to September, reaching €19,283.7 million. As to geographical distribution, Italy and the Netherlands recorded the largest fluctuations in investment, the former rose 20%, while the latter fell by 24.3%. Luxembourg continued to be the most sought-after country. The investment in domestic shares on the regulated markets of the Stock Exchange reversed the trend of the last two months, gaining 12.9% in October and attaining €1,451.1 million. With the exception of GALP (-7.9%), all the top domestic shares recorded positive trends in October. The most prominent was BCP (+60.6%), followed by BES (+37.4%) and BRISA (Privat.) (+28.8%). Investment in International shares rose by 1.2% when compared to September. Both the European Union Market and the EU Off-Market globally recorded positive performances. Foreign bonds continued to be the most significant security with regard to the composition of the funds' portfolio. The liquidity component recorded a drop of 14%, representing 9.2% of the amount under management at the end of October. In October 2007, Caixagest continued to hold the largest market share in terms of the value of assets managed (23.9%), followed by Santander Asset Management (19.1%) and Millenium BCP (16.9%). 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 | | | Oct - 07 | Sep - 07 | Monthly D | Oct - 07 | Sep - 07 | Monthly D | | Assets under management (1) | 23.627,8 | 24.383,5 | -3,1% | 3.692,6 | 3.635,2 | 1,6% | | No. of fund operators | 17 | 17 | 0 | 12 | 12 | 0 | | No. of Funds (2) | 222 | 221 | 1 | 63 | 62 | 1 | | Mean capitalisation of funds [(1)/(2)] | 106,4 | 110,3 | -3,9 | 58,6 | 58,6 | -0,02 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | Oct - 07 | Monthly D | | Value | % Total | Value | | PORTUGAL | 1.893,4 | 9,8% | 8,8% | | LUXEMBOURG | 6.222,2 | 32,3% | -2,2% | | UNITED KINGDOM | 2.601,2 | 13,5% | -3,3% | | IRELAND | 2.557,1 | 13,3% | 2,2% | | GERMANY | 1.446,1 | 7,5% | 5,5% | | SPAIN | 1.082,4 | 5,6% | -0,7% | | FRANCE | 942,2 | 4,9% | -7,4% | | USA | 587,6 | 3,0% | -4,9% | | NETHERLANDS | 566,1 | 2,9% | -24,3% | | ITALY | 285,1 | 1,5% | 20,0% | | OTHERS | 1.100,0 | 5,7% | 2,5% | | TOTAL | 19.283,7 | 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 | Oct - 07 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | BCP | 149,2 | 10,3% | 60,6% | | SONAE SGPS | 119,3 | 8,2% | 0,1% | | EDP | 109,3 | 7,5% | 1,7% | | CIMPOR | 91,7 | 6,3% | 14,7% | | BRISA (Privat.) | 73,3 | 5,1% | 28,8% | | GALP | 72,9 | 5,0% | -7,9% | | BES | 62,9 | 4,3% | 37,4% | | MOTA ENGIL | 54,5 | 3,8% | 5,2% | | JM | 53,6 | 3,7% | 7,2% | | SONAE INDÚSTRIA | 53,4 | 3,7% | 4,6% | | Sub-total | 840,1 | 57,9% | 14,4% | | Others | 610,9 | 42,1% | 10,9% | | TOTAL Domestic Shares (1) | 1.451,1 | 100,0% | 12,9% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 43,2 | 2,4% | -5,7% | | ALLIANZ | 38,1 | 2,1% | -4,7% | | BSCH | 37,3 | 2,1% | 77,4% | | UNICRÉDITO ITALIANO | 35,4 | 2,0% | 47,3% | | TELEFONICA | 32,2 | 1,8% | -0,8% | | NOKIA | 31,9 | 1,8% | 5,6% | | AXA | 29,6 | 1,7% | 1,2% | | SIEMENS AG - REG | 29,6 | 1,7% | 0,7% | | ING GROEP N.V. | 25,4 | 1,4% | 3,2% | | E ON AG | 24,0 | 1,3% | 7,0% | | Sub-total | 326,6 | 18,4% | 9,2% | | Others | 1.449,1 | 81,6% | -0,7% | | TOTAL EU Shares (2) | 1.775,7 | 100,0% | 1,0% | | NON-EU MARKET | | | | | CREDIT SUISSE GROUP | 15,8 | 1,6% | -1,8% | | ROCHE | 11,1 | 1,1% | -16,3% | | ZURICH FIN. SERVICE | 10,7 | 1,1% | 7,8% | | KINGROSS GOLD CORPORATION | 10,5 | 1,1% | 28,9% | | NESTLE | 9,7 | 1,0% | -1,6% | | GOLD CORP | 9,2 | 0,9% | 12,8% | | EXXON MOBIL CORP | 8,7 | 0,9% | 2,6% | | MICROSOFT | 8,5 | 0,9% | 16,9% | | PETROLEUM GEOSERVICES ASA | 7,9 | 0,8% | -1,2% | | ROYAL GOLD INC | 7,8 | 0,8% | 5,9% | | Sub-total | 99,8 | 10,2% | 3,5% | | Others | 876,7 | 89,8% | 1,5% | | TOTAL non EU Shares (3) | 976,5 | 100,0% | 1,7% | | Total International Shares (2)+(3) | 2.752,2 | - | 1,2% | | TOTAL | 4.203,2 | 5,0% | 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 biggest) Unit: 10^6 EUR | Bonds** | Oct - 07 | Monthly D | | Value | % | Value | | BANCO PORT ATLAN FLOAT 29/09/49 | 146,7 | 7,4% | 0,3% | | BPI CAP FINANCE PREFERENCIAIS SERIE C | 73,0 | 3,7% | -0,2% | | CXGD 0 06/29/49 | 71,4 | 3,6% | -4,1% | | REND.MAIS SUB/16 B-5 | 61,3 | 3,1% | 6,2% | | EDP FINANCE BVTV 14062010 | 45,6 | 2,3% | -0,2% | | BANCO BPICAY TXVR 16102013 | 44,5 | 2,2% | -0,6% | | REND.MAIS SUB/16 B-3 | 40,9 | 2,1% | 0,8% | | REND.MAIS SUB/16 B-2 | 40,1 | 2,0% | 0,4% | | REND.MAIS SUB/16 B-4 | 38,5 | 1,9% | 1,5% | | MONTEPIO GERAL CAYMAN TXVR2822013 | 37,9 | 1,9% | 0,3% | | Sub-total (1) | 599,9 | 30,3% | 0,3% | | Others | 1.383,1 | 69,7% | 4,2% | | TOTAL bonds issued by domestic Groups (2) | 1.983,0 | 100,0% | 3,0% | | TOTAL foreign bonds in the portfolios of Funds (3) | 12.564,4 | -1,9% | | (1)/(3) | 4,8% | 0,1 p.p. | | (2)/(3) | 15,8% | 0,75 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 | Oct - 07 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 42,9 | 0,2% | -3,8% | | | Foreign | 1.947,9 | 7,1% | -5,5% | | Other Public Funds | Domestic | 2,0 | 0,0% | -2,7% | | | Foreign | 29,9 | 0,1% | -0,1% | | Bonds | Domestic | 1.443,7 | 5,3% | -1,2% | | | Foreign | 12.814,1 | 46,9% | -1,6% | | Shares | Domestic | 1.465,3 | 5,4% | 13,1% | | | Foreign | 2.756,4 | 10,1% | 1,2% | | Investment Units | Domestic | 1.276,6 | 4,7% | -5,9% | | | Foreign | 2.018,1 | 7,4% | 1,4% | | Equity Certificates | Domestic | 2,0 | 0,0% | -0,8% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,0 | 0,0% | -99,7% | | Warrants | Domestic | 0,0 | 0,0% | - | | | Foreign | 39,9 | 0,1% | 8,8% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 3,3 | 0,0% | 54,5% | | Others | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,1 | 0,0% | -2,5% | | SECURITIES | | 23.842,1 | 87,3% | -0,8% | | Other Assets | | 15,0 | 0,1% | 1,2% | | Other Debt Instruments | | 1.265,3 | 4,6% | -11,5% | | Liquidity | | 2.505,1 | 9,2% | -14,2% | | Loans | | -41,6 | -0,2% | 52,0% | | Unsettled Amounts | | -265,6 | -1,0% | -24,3% | | TOTAL | | 27.320,4 | 100,0% | -2,5% | Table 6 – Number of Funds and Market Share Unit: 10^6 EUR | Entity | Oct - 07 | Monthly D | | No. | Market Share | No. | Market Share | | Caixagest | 49 | 23,9% | 2 | -0,15 p.p. | | Santander Asset Management | 34 | 19,1% | 0 | 0,28 p.p. | | Millennium BCP | 38 | 16,9% | 0 | -0,26 p.p. | | BPI Gestão de Activos | 21 | 15,9% | -1 | 0,06 p.p. | | ESAF | 28 | 11,5% | 1 | 0,03 p.p. | | BBVA Gest | 24 | 2,5% | 0 | 0,04 p.p. | | Barclays Fundos | 16 | 2,1% | 0 | 0,03 p.p. | | BPN Gestão de Activos | 9 | 2,0% | 0 | -0,1 p.p. | | MG Gestão de Activos Financeiros | 17 | 2,0% | 0 | 0,04 p.p. | | Banif Gestão de Activos | 12 | 1,5% | 0 | 0 p.p. | | Gerfundos | 15 | 1,1% | 0 | -0,01 p.p. | | Finivalor | 7 | 0,8% | 0 | 0,01 p.p. | | Crédito Agrícola Gest | 9 | 0,6% | 0 | 0,01 p.p. | | Invest Gestão de Activos | 2 | 0,1% | 0 | 0,01 p.p. | | Valor Alternativo Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. | | Pedro Arroja | 1 | 0,0% | 0 | 0 p.p. | | Orey Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. | | Privado Fundos | 1 | 0,0% | 0 | 0 p.p. | | TOTAL | 285 | 100,0% | 2 | - | Legend: p.p. – percentage points. Table 7 – Ranking of the funds (10 biggest) Unit: 10^6 EUR | Entity | Fund | Oct - 07 | Monthly D | | Value | % | Value | | Santander Asset Management | SANTANDER MULTIOBRIGAÇÕES | 1.207,5 | 4,4% | -6,5% | | Caixagest | CAIXAGEST RENDA MENSAL | 978,4 | 3,6% | -7,0% | | Caixagest | CAIXAGEST TESOURARIA | 927,1 | 3,4% | -6,3% | | BPI Gestão de Activos | BPI REFORMA INVESTIMENTO PPR | 920,0 | 3,4% | 2,0% | | ESAF | ESPÍRITO SANTO MONETÁRIO | 869,9 | 3,2% | -4,6% | | Caixagest | CAIXAGEST RENDIMENTO | 852,0 | 3,1% | -6,8% | | BPI Gestão de Activos | BPI GLOBAL | 816,4 | 3,0% | -2,2% | | BPI Gestão de Activos | BPI LIQUIDEZ | 785,7 | 2,9% | -3,1% | | Santander Asset Management | SANTANDER MULTIBOND PREMIUM | 776,5 | 2,8% | -4,3% | | Caixagest | CAIXAGEST MOEDA | 754,7 | 2,8% | -9,9% | | Others | | 18.432,2 | 67,5% | -1,2% | | | TOTAL | 27.320,4 | 100,0% | -2,5% | 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 8th November 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.
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