Securities Investment Funds
In April 2009, the amount under management by UCITS[1] increased by 1.7% attaining € 9,375.1 million (€ 9,217.0 million during the previous month). Special Investment Funds increased by 2.4% attaining € 4,182.7 million (€ 4,085.7 million in March 2009). Investment in national and foreign shares rose 26.8% and 14.5%, respectively. In the domestic market front, BES was the most sought-after security with a weighting of 28.1% in the funds portfolio followed by Zon Multimédia (8.3%) and Portugal Telecom (6.4%). Internationally, the most significant shares were Banco Bradesco (33.4%), Total Efina (3.8%) and E. ON AG (3%). Foreign bonds maintained their primacy as the most sought-after asset, representing 46% of the total amount under management for securities' funds thereby increasing their exposure in national public debt (+36%) and divested in foreign investment units (-2.5%). Luxembourg was the most sought after country for investment, reaching 36.5% of the total amount of investment followed by Ireland (17%) and the United Kingdom (10.6%). Caixagest (26.3%), ESAF (21.5%) and Santander Asset Management (15%) held the largest market share. Espírito Santo Monetário managed by ESAF was yet again the largest fund (€ 926.9 million). During this period, the open-end Special Investment Fund Caixa Fundo Rendimento Fixo III managed by Caixagest was established. BBVA GEST incorporated the BBVA Taxa Fixa Euro, BBVA Liquidez and the BBVA Taxa Variável Euro funds in the BBVA Cash fund. The closed-end fund Popular Eurodividendo Protegido managed by Gerfundos was terminated. 12 May 2009 Table 1 – Aggregate Indicators Unit: 10^6 EUR | | CIU in Transferable Securities | Special Investment Funds | | | Apr - 09 | Mar - 09 | Monthly D | Apr - 09 | Mar - 09 | Monthly D | | Assets under Management (1) | 9.375,1 | 9.217,0 | 1,7% | 4.182,7 | 4.085,7 | 2,4% | | No. of Fund Operators | 19 | 19 | 0 | 13 | 13 | 0 | | No. of Funds (2) | 199 | 202 | -3 | 87 | 87 | 0 | | Mean Capitalisation of Funds [(1)/(2)] | 47,1 | 45,6 | 1,5 | 48,1 | 47,0 | 1,12 | Table 2 - Investment per Country Unit: 10^6 EUR | Country | Apr - 09 | Monthly D | | Value | % Total | Value | | PORTUGAL | 898,3 | 10,2% | 9,2% | | LUXEMBOURG | 3.218,1 | 36,5% | 0,2% | | IRELAND | 1.497,7 | 17,0% | -2,9% | | UNITED KINGDOM | 933,2 | 10,6% | -2,4% | | GERMANY | 486,4 | 5,5% | 8,5% | | FRANCE | 388,1 | 4,4% | 2,2% | | SPAIN | 290,3 | 3,3% | -1,5% | | USA | 253,1 | 2,9% | 3,0% | | BRAZIL | 243,8 | 2,8% | 24,4% | | ITALY | 152,8 | 1,7% | 35,0% | | OTHER COUNTRIES | 459,5 | 5,2% | -9,3% | | TOTAL | 8.821,4 | 100,0% | 1,2% | 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 Undertakings (CIU) based in Portugal and EU and Non-EU Member States. Table 3 – Amount invested in Domestic and Foreign Shares (10 largest) Unit: 10^6 EUR | Shares | Apr - 09 | Monthly D | | Value | % | Value | | DOMESTIC MARKET | | | | | BES | 169,9 | 28,1% | 101,5% | | ZON MULTIMEDIA | 50,2 | 8,3% | 2,5% | | P. TELECOM, SGPS | 38,9 | 6,4% | 0,0% | | EDP | 29,5 | 4,9% | 10,2% | | MOTA ENGIL | 28,7 | 4,7% | 29,8% | | GALP | 27,2 | 4,5% | - | | SONAE SGPS | 20,7 | 3,4% | 18,2% | | JM | 19,9 | 3,3% | 21,7% | | NOVABASE, SGPS | 17,3 | 2,9% | 33,6% | | Banco BPI | 15,3 | 2,5% | 10,1% | | Sub-Total | 417,5 | 69,0% | 36,8% | | Other Domestic Market Shares | 187,2 | 31,0% | 9,1% | | TOTAL Domestic Shares (1) | 604,7 | 100,0% | 26,8% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 19,4 | 3,8% | 15,5% | | E. ON AG | 15,3 | 3,0% | 31,8% | | TELEFONICA | 14,6 | 2,8% | 3,8% | | BSCH | 13,1 | 2,5% | 60,4% | | SIEMENS AG - REG | 10,9 | 2,1% | 36,5% | | ENI SPA | 9,9 | 1,9% | 25,4% | | ALLIANZ | 9,4 | 1,8% | 19,6% | | BNP PARIBAS | 9,2 | 1,8% | 43,6% | | GDF SUEZ | 9,0 | 1,7% | 10,9% | | HSBC HOLDING PLC | 8,4 | 1,6% | 61,8% | | Sub-Total | 119,3 | 23,0% | 26,7% | | Other EU Market Shares | 399,0 | 77,0% | 13,1% | | TOTAL EU Shares (2) | 518,3 | 100,0% | 16,0% | | NON-EU MARKET | | | | | BANCO BRADESCO ORD | 198,5 | 33,4% | 26,1% | | NESTLE REG | 7,1 | 1,2% | -6,4% | | ROCHE | 6,3 | 1,1% | -8,5% | | ROYAL GOLD INC | 6,1 | 1,0% | -22,5% | | CREDIT SUISSE GROUP | 5,6 | 0,9% | 26,0% | | NOVARTIS | 4,9 | 0,8% | -8,3% | | UBS AG | 4,8 | 0,8% | 62,1% | | EXXON MOBIL CORP | 4,7 | 0,8% | -7,2% | | CHEVRONTEXACO CORP | 4,2 | 0,7% | -2,1% | | BRITAUACNPR3 | 4,0 | 0,7% | 13,6% | | Sub-Total | 246,2 | 41,4% | 19,9% | | Other Non-EU Market Shares | 348,3 | 58,6% | 9,0% | | TOTAL Non-EU Shares (3) | 594,5 | 100,0% | 13,3% | | Total International Shares (2)+(3) | 1.112,8 | - | 14,5% | | TOTAL | 1.717,6 | 18,6% | Note: Refers exclusively to shares listed on Regulated Markets of the Stock Exchanges. Table 4 – Weight of Domestic Group Bonds issued abroad* in Foreign Bonds held by Securities Investment Funds (10 largest) Unit: 10^6 EUR | Bonds** | Apr - 09 | Monthly D | | Value | % | Value | | BANCO PORT ATLAN FLOAT 29/09/49 | 65,4 | 3,5% | 0,3% | | CGD S.757 12/2017 | 53,0 | 2,8% | 4,0% | | REND.MAIS SUB/16 B-3 | 44,4 | 2,4% | 0,0% | | BANCO COMERCIAL PORTUGUESTV28052010 | 38,9 | 2,1% | 22,2% | | REND.MAIS SUB/16 B-5 | 38,6 | 2,0% | 0,4% | | REND.MAIS SUB/16 B-4 | 38,5 | 2,0% | 0,3% | | REND.MAIS SUB/16 B-1 | 38,5 | 2,0% | 0,2% | | REND.MAIS SUB/16 B-2 | 38,5 | 2,0% | 0,2% | | CX MONTEPIO GERALCAYTV31012011 | 31,7 | 1,7% | -0,6% | | REND.NACIONAL B2/17 | 25,5 | 1,4% | 1,4% | | Sub-total (1) | 412,9 | 21,9% | 2,5% | | Other Bonds | 1.473,1 | 78,1% | 7,7% | | TOTAL Bonds issued by Domestic Groups (2) | 1.886,1 | 100,0% | 6,5% | | TOTAL Foreign Bonds in Funds' Portfolios (3) | 5.948,8 | -1,7% | | (1)/(3) | 6,9% | 0,28 p.p. | | (2)/(3) | 31,7% | 2,44 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 Asset and Market Unit: 10^6 EUR | Security | Apr - 09 | Monthly D | | Value | % | Value | | Public Debt | Domestic | 57,4 | 0,4% | 5,5% | | | Foreign | 797,5 | 5,9% | -1,8% | | Other Public Funds | Domestic | 5,2 | 0,0% | -6,8% | | | Foreign | 16,5 | 0,1% | 4,0% | | Bonds | Domestic | 1.058,1 | 7,8% | -3,2% | | | Foreign | 6.238,3 | 46,0% | 0,4% | | Shares | Domestic | 606,7 | 4,5% | 26,7% | | | Foreign | 1.116,4 | 8,2% | 14,5% | | Investment Units | Domestic | 616,9 | 4,6% | 1,3% | | | Foreign | 1.065,3 | 7,9% | -2,5% | | Equity Certificates | Domestic | 0,0 | 0,0% | 0,0% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | -100,0% | | | Foreign | 0,1 | 0,0% | -88,9% | | Warrants | Domestic | 0,0 | 0,0% | -100,0% | | | Foreign | 9,1 | 0,1% | 1,9% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 9,4 | 0,1% | 1709,3% | | Other Securities | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,4 | 0,0% | 29,8% | | SECURITIES | | 11.597,3 | 85,5% | 1,8% | | Other Assets | | 59,6 | 0,4% | 0,7% | | Other Debt Instruments | | 502,3 | 3,7% | -1,2% | | Liquidity | | 1.558,1 | 11,5% | -3,6% | | Loans | | -46,4 | -0,3% | -30,4% | | Unsettled Amounts | | -113,1 | -0,8% | -45,9% | | TOTAL | | 13.557,8 | 100,0% | 1,9% | Table 6 – Number of Funds and Market Share Unit: 10^6 EUR | Entity | Apr -09 | Monthly D | | No. | Market Share | No. | Market Share | | Caixagest | 53 | 26,3% | 1 | -0,28 p.p. | | ESAF | 28 | 21,5% | 0 | 0,46 p.p. | | Santander Asset Management | 35 | 15,0% | 0 | 0,14 p.p. | | BPI Gestão de Activos | 22 | 13,0% | 0 | -0,17 p.p. | | Millennium BCP | 29 | 12,1% | 0 | -0,06 p.p. | | Montepio Gestão de Activos | 16 | 2,3% | 0 | 0,06 p.p. | | Barclays Wealth Managers Portugal | 17 | 2,2% | 0 | 0,09 p.p. | | BPN Gestão de Activos | 8 | 1,9% | 0 | -0,04 p.p. | | BBVA Gest | 16 | 1,7% | -3 | -0,06 p.p. | | Banif Gestão de Activos | 16 | 1,6% | 0 | -0,04 p.p. | | Crédito Agrícola Gest | 12 | 0,8% | 0 | -0,01 p.p. | | Gerfundos | 14 | 0,8% | -1 | -0,11 p.p. | | Finivalor | 10 | 0,5% | 0 | 0,01 p.p. | | Invest Gestão de Activos | 2 | 0,1% | 0 | 0,01 p.p. | | Optimize Investment Partners | 3 | 0,1% | 0 | 0 p.p. | | MNF Gestão de Activos | 1 | 0,1% | 0 | 0 p.p. | | Pedro Arroja | 1 | 0,0% | 0 | 0 p.p. | | Privado Fundos | 1 | 0,0% | 0 | 0 p.p. | | Valor Alternativo Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. | | Orey Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. | | TOTAL | 286 | 100,0% | -3 | - | Legend: p.p. – percentage points. Table 7 – Ranking of Funds (10 largest) Unit: 10^6 EUR | Entity | Fund | Apr - 09 | Monthly D | | Valor | % | Value | | ESAF | ESPÍRITO SANTO MONETÁRIO | 926,9 | 6,8% | 3,8% | | ESAF | ESPÍRITO SANTO PLANO DINÂMICO | 533,0 | 3,9% | 4,8% | | BPI Gestão de Activos | BPI REFORMA INVESTIMENTO PPR | 464,8 | 3,4% | -2,2% | | Millennium BCP | MILLENNIUM DISPONÍVEL | 356,2 | 2,6% | -4,4% | | Santander Asset Management | SANTANDER MULTIOBRIGAÇÕES | 325,7 | 2,4% | -2,6% | | BPI Gestão de Activos | BPI REFORMA SEGURA PPR | 315,7 | 2,3% | -1,7% | | ESAF | ESPÍRITO SANTO PREMIUM | 308,5 | 2,3% | 12,3% | | Caixagest | CAIXAGEST RENDA MENSAL | 283,9 | 2,1% | -1,4% | | BPI Gestão de Activos | BPI LIQUIDEZ | 273,6 | 2,0% | 0,0% | | Caixagest | CAIXAGEST MOEDA | 259,8 | 1,9% | -1,9% | | Other Entities | | 9.509,6 | 70,1% | 2,3% | | | TOTAL | 13.557,8 | 100,0% | 1,9% | 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 12 May 2009. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month. [1] 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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