Securities Investment Funds
In July 2009, investment in national and foreign securities investment fund shares increased by 4.1% and 8.6% respectively, apropos June. 'BES' continued as the most sought-after security, with a 28.7% weighting in the amount under management, followed by 'Zon Multimédia' (7.3%), 'Semapa' (7%), 'Portucel' (6.1%) and 'GALP' (5.5%).
On the international market front, the most sought-after shares by Securities Investment Funds were 'Banco Bradescon' (35.1%), 'Banco Santander Central Hispano' (3.5%) and 'Total Efina' (3.5%).
Foreign bonds continued to the most sought-after asset and represented 43.7% of the total amount under management. Investment in public debt registered the highest increase (150%), yet investment in options suffered a major drop (-42.2%).
During this period, the amount under management by UCITS [1] increased 5.5% to € 10,415.1 million (€ 9,876.5 million in June) and special investment funds increased 3.6% to € 4,483.5 million (€ 4,328.7 million in the previous month). Since the beginning of the year, the amount under management by UCITS and Special Investment Funds rose 3.87% to € 14,898.6 million (€ 14,343.9 million in December 2008).
The countries with the highest investment weighting have kept as Luxembourg (36.7%), United Kingdom (12.5%) and Ireland (11.8%).
The largest market share entities were 'Caixagest' (23.8%), 'ESAF' (20.8%) and 'Santander Asset Management' (18.1%). 'Espírito Santo Monetário' managed by 'ESAF' kept as the largest fund on the market attaining €1,074.7 million under management.
During July the following funds were established: 'Caixa Fundo Rendimento IV - Fundo Especial de Investimento Aberto' managed by 'Caixagest'; 'CA Euribor II - Fundo Especial de Investimento Aberto' managed by 'Crédito Agrícola Gest'; 'Santander Europa Invest - Fundo Especial de Investimento Aberto' managed by 'Santander Asset Management'; and 'Montepio Monetario Plus - Fundo de Investimento Especial Aberto' managed by 'Montepio Gestão de Activos'.
During the same period, 'BBVA Gest' incorporated the following funds in the fund 'BBVA Gestão Flexível Todo-o-Terreno - Fundo de Investimento Aberto': 'BBVA Flexível - Fundo de Investimento Mobiliário Aberto'; 'Fundo de Investimento Mobiliário Aberto de Fundos de Acções BBVA Multifundo Dinâmico' and 'BBVA Multifundo Alternativo - Fundo Especial de Investimento Aberto'. Furthermore, the following funds were liquidated: 'Popular Cabaz Mundial - Fundo de Investimento Mobiliário Aberto de Capital garantido' managed by 'Popular Gestão de Activos' and 'Pedro Arroja Fundo de Investimento do Mercado Monetário Aberto' managed by the company 'Pedro Arroja'.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Jul - 09 |
Jun - 09 |
Monthly D |
Jul - 09 |
Jun - 09 |
Monthly D |
|
Assets under management (1) |
10.415,1 |
9.876,5 |
5,5% |
4.483,5 |
4.328,7 |
3,6% |
|
No. of Fund Operators |
18 |
19 |
-1 |
13 |
13 |
0 |
|
No. of Funds (2) |
195 |
199 |
-4 |
93 |
90 |
3 |
|
Mean Capitalisation of Funds [(1)/(2)] |
53,4 |
49,6 |
3,8 |
48,2 |
48,1 |
0,11 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Jul - 09 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1.125,7 |
11,6% |
12,4% |
|
LUXEMBOURG |
3.567,0 |
36,7% |
5,7% |
|
UNITED KINGDOM |
1.215,0 |
12,5% |
16,2% |
|
IRELAND |
1.143,0 |
11,8% |
-1,4% |
|
GERMANY |
607,7 |
6,2% |
20,5% |
|
FRANCE |
450,1 |
4,6% |
1,6% |
|
ITALY |
293,1 |
3,0% |
68,8% |
|
BRAZIL |
285,6 |
2,9% |
6,7% |
|
SPAIN |
279,7 |
2,9% |
11,7% |
|
USA |
219,0 |
2,3% |
-8,2% |
|
OTHER COUNTRIES |
539,9 |
5,6% |
0,4% |
|
TOTAL |
9.725,8 |
100,0% |
8,1% |
Note: Investment in listed securities (excluding amounts to be admitted to the domestic and foreign market), do not include investment units of Collective Investment Schemes (CIS) based in Portugal, in the EU and in Non-EU Member States.
Table 3 – Amount invested in Domestic and Foreign Shares (10 largest)
Unit: 10^6 EUR
|
Shares |
Jul - 09 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
202,0 |
28,7% |
13,9% |
|
ZON MULTIMEDIA |
51,4 |
7,3% |
9,3% |
|
SEMAPA, SGPS |
49,2 |
7,0% |
21,6% |
|
P. TELECOM, SGPS |
42,6 |
6,1% |
-7,1% |
|
GALP |
39,0 |
5,5% |
-0,9% |
|
EDP |
34,6 |
4,9% |
- |
|
SONAE SGPS |
27,6 |
3,9% |
22,6% |
|
BRISA |
23,0 |
3,3% |
33,3% |
|
MOTA ENGIL |
19,2 |
2,7% |
-18,1% |
|
IBERSOL , SGPS |
18,2 |
2,6% |
2,7% |
|
Sub-Total |
506,8 |
72,1% |
8,4% |
|
Other Shares |
196,5 |
27,9% |
-5,4% |
|
TOTAL Domestic Shares (1) |
703,3 |
100,0% |
4,2% |
|
EU MARKET |
|
|
|
|
BSCH |
21,9 |
3,5% |
42,9% |
|
TOTAL EFINA |
21,8 |
3,5% |
11,9% |
|
TELEFONICA |
20,1 |
3,2% |
21,7% |
|
E. ON AG |
19,0 |
3,1% |
11,5% |
|
BNP PARIBAS |
16,5 |
2,7% |
21,2% |
|
SIEMENS AG - REG |
12,8 |
2,1% |
26,9% |
|
BBVA |
11,9 |
1,9% |
61,8% |
|
ENI SPA |
10,9 |
1,8% |
20,1% |
|
ALLIANZ |
10,7 |
1,7% |
2,0% |
|
HSBC HOLDING PLC |
10,5 |
1,7% |
21,1% |
|
Sub-Total |
156,1 |
25,1% |
22,3% |
|
Other Shares |
465,4 |
74,9% |
13,6% |
|
TOTAL EU Shares (2) |
621,5 |
100,0% |
15,7% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
228,9 |
35,1% |
6,2% |
|
CREDIT SUISSE GROUP |
8,2 |
1,3% |
7,7% |
|
ROCHE |
6,5 |
1,0% |
12,0% |
|
ROYAL GOLD INC |
6,5 |
1,0% |
-1,5% |
|
NESTLE REG |
6,2 |
0,9% |
-0,2% |
|
UBS AG |
6,0 |
0,9% |
22,9% |
|
NOVARTIS |
5,3 |
0,8% |
-15,1% |
|
EXXON MOBIL CORP |
3,9 |
0,6% |
-30,2% |
|
DNB NOR ASA |
3,8 |
0,6% |
12,7% |
|
BRITUBACNPR1 |
3,7 |
0,6% |
18,1% |
|
Sub-Total |
279,1 |
42,8% |
5,3% |
|
Other Shares |
373,7 |
57,2% |
-0,3% |
|
TOTAL Non-EU Shares (3) |
652,8 |
100,0% |
2,0% |
|
Total International Shares (2)+(3) |
1.274,2 |
- |
8,3% |
|
TOTAL |
1.977,5 |
6,8% | 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** |
Jul - 09 |
Monthly D |
|
Value |
% |
Value |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
65,6 |
3,1% |
0,3% |
|
BCPPLFLOAT 05/10 |
53,9 |
2,5% |
15,2% |
|
CGD S.757 12/2017 |
46,3 |
2,2% |
-13,5% |
|
BCPPL 3.75% 06/11 |
45,4 |
2,1% |
39,8% |
|
CGD 3.10% 06/06/2012 |
39,2 |
1,8% |
- |
|
REND.MAIS SUB/16 B-5 |
38,8 |
1,8% |
0,3% |
|
REND.MAIS SUB/16 B-4 |
38,8 |
1,8% |
0,1% |
|
REND.MAIS SUB/16 B-1 |
38,7 |
1,8% |
0,2% |
|
REND.MAIS SUB/16 B-2 |
38,7 |
1,8% |
0,2% |
|
REND.MAIS SUB/16 B-3 |
38,7 |
1,8% |
0,2% |
|
Sub-Total (1) |
444,3 |
20,8% |
13,4% |
|
Other Bonds |
1.692,6 |
79,2% |
8,9% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2.136,9 |
100,0% |
9,8% |
|
TOTAL Foreign Bonds in the Portfolios of Funds (3) |
6.255,2 |
7,5% |
|
(1)/(3) |
7,1% |
0,37 p.p. |
|
(2)/(3) |
34,2% |
0,7 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 |
Jul - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
149,2 |
1,0% |
150,0% |
|
|
Foreign |
995,5 |
6,7% |
6,6% |
|
Other Public Funds |
Domestic |
5,8 |
0,0% |
0,6% |
|
|
Foreign |
27,7 |
0,2% |
24,2% |
|
Bonds |
Domestic |
1.105,1 |
7,4% |
0,6% |
|
|
Foreign |
6.515,4 |
43,7% |
6,7% |
|
Shares |
Domestic |
703,8 |
4,7% |
4,1% |
|
|
Foreign |
1.282,2 |
8,6% |
8,6% |
|
Investment Units |
Domestic |
596,6 |
4,0% |
-4,4% |
|
|
Foreign |
1.101,4 |
7,4% |
4,8% |
|
Equity Certificates |
Domestic |
0,0 |
0,0% |
-100,0% |
|
|
Foreign |
0,0 |
0,0% |
- |
|
Rights |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
0,0 |
0,0% |
-74,7% |
|
Warrants |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
9,2 |
0,1% |
11,2% |
|
Options |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
3,4 |
0,0% |
-42,2% |
|
Other Securities |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
1,2 |
0,0% |
7,4% |
|
SECURITIES |
|
12.496,6 |
83,9% |
6,1% |
|
Other Assets |
|
62,3 |
0,4% |
-2,4% |
|
Other Debt Instruments |
|
759,4 |
5,1% |
-11,7% |
|
Liquidity |
|
1.833,4 |
12,3% |
4,8% |
|
Loans |
|
-38,5 |
-0,3% |
-7,2% |
|
Unsettled Amounts |
|
-214,6 |
-1,4% |
7,6% |
|
TOTAL |
|
14.898,6 |
100,0% |
4,9% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Jul - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
54 |
23,8% |
1 |
-0,62 p.p. |
|
ESAF |
28 |
20,8% |
0 |
-0,79 p.p. |
|
Santander Asset Management |
38 |
18,1% |
1 |
0,84 p.p. |
|
BPI Gestão de Activos |
22 |
13,6% |
0 |
0,52 p.p. |
|
Millennium BCP Gestão de Activos |
29 |
11,0% |
0 |
-0,32 p.p. |
|
Montepio Gestão de Activos |
17 |
2,8% |
1 |
0,24 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
2,8% |
0 |
0,34 p.p. |
|
Banif Gestão de Activos |
18 |
1,7% |
0 |
0,02 p.p. |
|
BPN Gestão de Activos |
8 |
1,6% |
0 |
-0,15 p.p. |
|
BBVA Gest |
13 |
1,5% |
-3 |
-0,05 p.p. |
|
Crédito Agrícola Gest |
13 |
0,8% |
1 |
0 p.p. |
|
Popular Gestão de Activos |
13 |
0,7% |
-1 |
-0,05 p.p. |
|
Finivalor |
10 |
0,6% |
0 |
0,03 p.p. |
|
MNF Gestão de Activos |
1 |
0,1% |
0 |
0,01 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Optimize Investment Partners |
3 |
0,1% |
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. |
|
Pedro Arroja |
0 |
0,0% |
-1 |
-0,02 p.p. |
|
TOTAL |
288 |
100,0% |
-1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 EUR
|
Entity |
Fund |
Jul - 09 |
Monthly D |
|
Valor |
% |
Value |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
1.074,7 |
7,2% |
-0,2% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
554,4 |
3,7% |
2,7% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
543,6 |
3,6% |
28,1% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
484,7 |
3,3% |
1,5% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
444,8 |
3,0% |
40,2% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
347,9 |
2,3% |
-0,1% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
329,2 |
2,2% |
5,3% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
319,7 |
2,1% |
0,7% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
294,1 |
2,0% |
-0,8% |
|
Santander Asset Management |
SANTANDER GLOBAL |
279,1 |
1,9% |
26,6% |
|
Others |
|
10.226,5 |
68,6% |
3,6% |
|
|
TOTAL |
14.898,6 |
100,0% |
4,9% |
Note: In descending order of amounts managed by funds during the last period under analysis.
Unless otherwise indicated, the data contained in this report result from the 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 10 August 2009. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month.
[1] Includes harmonised UCITS (in accordance with the Legal Framework for Collective Investment Undertakings approved by Decree-Law No. 252/2003, 17 October) and Non-UCITS categories.
|
|
|