In May 2009, the amount under management by UCITS[1] rose 3.2% up to €9,674.4 million, (€9,374.7 million in April) and the Special Investment Funds gained 3% up to €4,307.6 million (€4,182.7 million in the preceding month).
Investment in domestic and foreign shares soared 11.8% and 6.3% respectively when compared to the previous month. On the national market, BES continued to be the most sought-after security, with a 26.4% weighting in the funds' portfolio (28.1% in April), followed by Zon Multimédia (7.1%) and Portugal Telecom (6.4%). Banco Bradesco (34%), Total Efina (3.7%) and Telefonica (3%) were the shares that were in demand on the international market.
Corresponding to 44.9% of the value under management in securities investment funds, the foreign bonds continued to be in demand. The national public debt was the category that plunged (-18.9%) the most and the investment in foreign debt gained 6.4%.
The most sought-after countries for UCITS investment continued to be Luxembourg (35.9% of the total investment), Ireland (16.4%) and the United Kingdom (10.9%).
The three management entities with the largest market share were Caixagest (25.2%), ESAF (21.5%) and Santander Asset Management (16.4%). ESAF's 'Espírito Santo Monetário' continued to be the largest fund on the market with €998.5 million under management.
In said period the following funds were established: 'Fundo de Investimento Mobiliário Aberto Obrigações Governos ou Equiparados Zona Euro', managed by BBVA Gest, 'Santander Market Invest – Fundo Especial de Investimento Aberto' and 'Santander Global Credit Julho 2011 Private – Fundo Especial de Investimento Aberto', both managed by Santander Asset Management.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
May - 09 |
Apr - 09 |
Monthly D |
May - 09 |
Apr - 09 |
Monthly D |
|
Assets under Management (1) |
9,674.4 |
9,374.7 |
3.2% |
4,307.6 |
4,182.7 |
3.0% |
|
No. of Fund Operators |
19 |
19 |
0 |
13 |
13 |
0 |
|
No. of Funds (2) |
200 |
199 |
1 |
89 |
87 |
2 |
|
Mean Capitalisation of Funds [(1)/(2)] |
48.4 |
47.1 |
1.3 |
48.4 |
48.1 |
0.32 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
May - 09 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
986.2 |
10.8% |
9.8% |
|
LUXEMBOURG |
3,271.9 |
35.9% |
1.7% |
|
IRELAND |
1,494.4 |
16.4% |
-0.2% |
|
UNITED KINGDOM |
997.7 |
10.9% |
6.9% |
|
GERMANY |
444.8 |
4.9% |
-8.6% |
|
FRANCE |
436.1 |
4.8% |
12.4% |
|
SPAIN |
274.4 |
3.0% |
-5.5% |
|
BRAZIL |
267.4 |
2.9% |
9.7% |
|
USA |
240.3 |
2.6% |
-5.1% |
|
NETHERLANDS |
195.8 |
2.1% |
28.7% |
|
OTHERS |
509.2 |
5.6% |
10.7% |
|
TOTAL |
9,118.2 |
100.0% |
3.4% |
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 |
May - 09 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
178.2 |
26.4% |
4.9% |
|
ZON MULTIMEDIA |
48.2 |
7.1% |
-4.0% |
|
P. TELECOM. SGPS |
43.3 |
6.4% |
11.4% |
|
GALP |
39.2 |
5.8% |
44.0% |
|
EDP |
36.7 |
5.4% |
24.4% |
|
SEMAPA |
35.5 |
5.3% |
890.2% |
|
MOTA ENGIL |
26.6 |
3.9% |
-7.2% |
|
SONAE SGPS |
24.8 |
3.7% |
19.8% |
|
JM |
19.6 |
2.9% |
-1.2% |
|
NOVABASE, SGPS |
18.2 |
2.7% |
4.8% |
|
Sub-total |
470.3 |
69.5% |
15.9% |
|
Others |
206.0 |
30.5% |
3.5% |
|
TOTAL Domestic Shares (1) |
676.3 |
100.0% |
11.8% |
|
EUROPEAN UNION MARKET |
|
|
|
|
TOTAL EFINA |
20.2 |
3.7% |
3.9% |
|
TELEFONICA |
16.3 |
3.0% |
11.9% |
|
E. ON AG |
15.8 |
2.9% |
3.6% |
|
BSCH |
13.4 |
2.5% |
2.3% |
|
BNP PARIBAS |
13.4 |
2.5% |
45.2% |
|
SIEMENS AG - REG |
10.7 |
2.0% |
-1.7% |
|
GDF SUEZ |
10.0 |
1.8% |
10.4% |
|
ALLIANZ |
9.8 |
1.8% |
4.3% |
|
HSBC HOLDING PLC |
9.5 |
1.8% |
13.5% |
|
ENI SPA |
8.9 |
1.6% |
-10.0% |
|
Sub-total |
128.2 |
23.5% |
7.4% |
|
Others |
416.8 |
76.5% |
4.5% |
|
TOTAL EU Shares (2) |
545.0 |
100.0% |
5.2% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
216.9 |
34.0% |
9.3% |
|
ROYAL GOLD INC |
7.4 |
1.2% |
21.3% |
|
NESTLE REG |
7.4 |
1.2% |
3.6% |
|
CREDIT SUISSE GROUP |
6.2 |
1.0% |
11.1% |
|
NOVARTIS |
5.9 |
0.9% |
21.4% |
|
ROCHE |
5.9 |
0.9% |
-6.7% |
|
EXXON MOBIL CORP |
5.7 |
0.9% |
21.6% |
|
UBS AG |
4.6 |
0.7% |
-4.2% |
|
PETROBRASPETROLEO BRASIL PREF |
3.9 |
0.6% |
12.3% |
|
ZURICH FIN. SERVICE |
3.9 |
0.6% |
-3.0% |
|
Sub-total |
267.8 |
42.0% |
9.1% |
|
Others |
370.1 |
58.0% |
6.0% |
|
TOTAL Non-EU Shares (3) |
637.9 |
100.0% |
7.3% |
|
Total International Shares (2)+(3) |
1,182.9 |
- |
6.3% |
|
TOTAL |
1,859.2 |
8.2% |
Note: Refers exclusively to shares listed on Regulated Markets of the Stock Exchanges.
Table 4 – Weight of Domestic Groups Bonds issued abroad* in Foreign Bonds held by Securities Investment Funds (10 biggest)
Unit: 10^6 EUR
|
Bonds** |
May - 09 |
Monthly D |
|
Value |
% |
Value |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
65.6 |
3.5% |
0.3% |
|
CGD S.757 12/2017 |
53.8 |
2.9% |
1.6% |
|
BANCO COMERCIAL PORTUGUESTV28052010 |
46.4 |
2.5% |
19.5% |
|
REND.MAIS SUB/16 B-3 |
44.4 |
2.4% |
0.0% |
|
REND.MAIS SUB/16 B-4 |
38.8 |
2.1% |
0.7% |
|
REND.MAIS SUB/16 B-5 |
38.8 |
2.1% |
0.6% |
|
REND.MAIS SUB/16 B-1 |
38.6 |
2.1% |
0.2% |
|
REND.MAIS SUB/16 B-2 |
38.6 |
2.1% |
0.2% |
|
CX MONTEPIO GERALCAYTV31012011 |
31.8 |
1.7% |
0.2% |
|
BESPL FLOAT 05/2010 |
29.3 |
1.6% |
108.2% |
|
Sub-total (1) |
426.2 |
22.9% |
6.1% |
|
Others |
1,434.4 |
77.1% |
2.7% |
|
TOTAL Bonds issued by Domestic Groups (2) |
1,860.5 |
100.0% |
3.4% |
|
TOTAL Foreign Bonds in the Funds’ Portfolios (3) |
6,031.2 |
1.4% |
|
(1)/(3) |
7.1% |
0.32 p.p. |
|
(2)/(3) |
30.8% |
0.61 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 |
May - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
46.5 |
0.3% |
-18.9% |
|
|
Foreign |
848.6 |
6.1% |
6.4% |
|
Other Public Funds |
Domestic |
5.1 |
0.0% |
-2.5% |
|
|
Foreign |
19.4 |
0.1% |
17.6% |
|
Bonds |
Domestic |
1,090.7 |
7.8% |
3.1% |
|
|
Foreign |
6,279.4 |
44.9% |
0.7% |
|
Shares |
Domestic |
678.2 |
4.9% |
11.8% |
|
|
Foreign |
1,186.5 |
8.5% |
6.3% |
|
Investment Units |
Domestic |
620.3 |
4.4% |
0.5% |
|
|
Foreign |
1,046.4 |
7.5% |
-1.8% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.5 |
0.0% |
- |
|
|
Foreign |
0.2 |
0.0% |
144.6% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
9.5 |
0.1% |
4.2% |
|
Options |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
7.5 |
0.1% |
-19.9% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.4 |
0.0% |
7.9% |
|
SECURITIES |
|
11,839.2 |
84.7% |
2.1% |
|
Other Assets |
|
62.3 |
0.4% |
4.5% |
|
Other Debt Instruments |
|
580.4 |
4.2% |
15.5% |
|
Liquidity |
|
1,697.7 |
12.1% |
9.0% |
|
Loans |
|
-42.7 |
-0.3% |
-7.9% |
|
Unsettled Amounts |
|
-154.8 |
-1.1% |
37.0% |
|
TOTAL |
|
13,982.0 |
100.0% |
3.1% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
May - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
53 |
25.2% |
0 |
-1.08 p.p. |
|
ESAF |
28 |
21.5% |
0 |
0 p.p. |
|
Santander Asset Management |
37 |
16.4% |
2 |
1.4 p.p. |
|
BPI Gestão de Activos |
22 |
12.9% |
0 |
-0.13 p.p. |
|
Millennium BCP Gestão de Activos - Sociedade Gestora de Fundos de Investimento, SA |
29 |
11.9% |
0 |
-0.24 p.p. |
|
Montepio Gestão de Activos |
16 |
2.4% |
0 |
0.13 p.p. |
|
Barclays Wealth Managers Portugal |
17 |
2.3% |
0 |
0.08 p.p. |
|
BPN Gestão de Activos |
8 |
1.9% |
0 |
-0.05 p.p. |
|
BBVA Gest |
17 |
1.6% |
1 |
-0.06 p.p. |
|
Banif Gestão de Activos |
16 |
1.6% |
0 |
-0.03 p.p. |
|
Gerfundos |
14 |
0.8% |
0 |
-0.01 p.p. |
|
Crédito Agrícola Gest |
12 |
0.8% |
0 |
-0.03 p.p. |
|
Finivalor |
10 |
0.5% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0.1% |
0 |
0 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 |
289 |
100.0% |
3 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 biggest)
Unit: 10^6 EUR
|
Entity |
Fund |
May - 09 |
Monthly D |
|
Value |
% |
Value |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
998.5 |
7.1% |
7.7% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
541.9 |
3.9% |
1.7% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
461.5 |
3.3% |
-0.7% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
359.5 |
2.6% |
0.9% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
318.0 |
2.3% |
3.1% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
316.2 |
2.3% |
0.2% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
301.2 |
2.2% |
-7.5% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
300.3 |
2.1% |
65.4% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
284.0 |
2.0% |
3.8% |
|
Caixagest |
CAIXAGEST RENDA MENSAL |
278.3 |
2.0% |
-2.0% |
|
Others |
|
9,822.7 |
70.3% |
2.5% |
|
|
TOTAL |
13,982.0 |
100.0% |
3.1% |
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 9th June 2009. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding 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.