In August 2009, investment in domestic and foreign shares by Securities Investment Funds (SIF) soared 11% and 2.1% respectively when compared to July. BES continued to be the most sought-after security on the domestic market with a 27.2% weighting in the amount under management, followed by Semapa (7.1%), Zon Multimédia (6.8%), Portugal Telecom (6.5%)and GALP (5.7%).
Banco Bradesco (35.5%), Banco Santander Central Hispano (3.4%) and Total Efina (3.3%) were the shares that were most in demand by the SIF on the international market.
The most sought after asset continued to be foreign bonds with 45.2% of the total amount under management. Investment in foreign warrants recorded the greatest upsurge (15.4%) and investment in foreign options experienced the sharpest dive (-64.4%).
In said period, the amount under management by UCITS rose 2.7% up to €10,692 million (€10,415.1 million in July) and the Special Investment Funds soared 8.5% up to €4,864.1 million (€4,483.5 million in the previous month). The amount under management of UCITS and and the Special Investment Funds soared 8.45% up to €15,556.1 million (€14,343.9 million in December 2008) since the beginning of the year.
Luxembourg (36.6%), United Kingdom (13.3%) and Ireland (11.8%) continued to be the most sought-after countries.
The three management entities with the largest market share were Caixagest (23.4%), ESAF (20.5%) and Santander Asset Management (18.5%). ESAF's 'Espírito Santo Monetário' continued to be the largest fund on the market with €866.4 million under management.
In August the following funds were established: 'Popular Grandes Empresas – Fundo Especial de Investimento Fechado', managed by Popular Gestão de Activos, 'Fundo Especial de Investimento Aberto Caixa Fundo Rendimento Fixo V', managed by Caixagest and 'BPI Perpétuas Fundo Especial de Investimento Fechado', managed by BPI Gestão de Activos.
The following were terminated in said period: 'Banif Gestão Dinâmica – Fundo Especial de Investimento Aberto' and 'Banif Gestão de Retorno Absoluto – Fundo Especial de Investimento Aberto', both managed by Banif Gestão de Activos.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Aug - 09 |
Jul - 09 |
Monthly D |
Aug - 09 |
Jul - 09 |
Monthly D |
|
Assets under Management (1) |
10,692.0 |
10,415.1 |
2.7% |
4,864.1 |
4,483.5 |
8.5% |
|
No. of Fund Operators |
18 |
18 |
0 |
13 |
13 |
0 |
|
No. of Funds (2) |
195 |
195 |
0 |
94 |
93 |
1 |
|
Mean Capitalisation of Funds [(1)/(2)] |
54.8 |
53.4 |
1.4 |
51.7 |
48.2 |
3.54 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Aug - 09 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,202.1 |
11.6% |
6.8% |
|
LUXEMBOURG |
3,780.6 |
36.6% |
6.0% |
|
UNITED KINGDOM |
1,378.5 |
13.3% |
13.5% |
|
IRELAND |
1,218.9 |
11.8% |
6.6% |
|
GERMANY |
670.0 |
6.5% |
10.2% |
|
FRANCE |
461.7 |
4.5% |
2.6% |
|
BRAZIL |
284.5 |
2.8% |
-0.4% |
|
SPAIN |
280.2 |
2.7% |
0.2% |
|
ITALY |
231.7 |
2.2% |
-20.9% |
|
USA |
213.3 |
2.1% |
-2.6% |
|
OTHERS |
609.9 |
5.9% |
13.0% |
|
TOTAL |
10,331.4 |
100.0% |
6.2% |
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 Schemes (CIS) 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 |
Aug - 09 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
212.3 |
27.2% |
5.1% |
|
SEMAPA, SGPS |
55.4 |
7.1% |
12.6% |
|
ZON MULTIMEDIA |
53.3 |
6.8% |
3.7% |
|
P. TELECOM, SGPS |
51.1 |
6.5% |
19.9% |
|
GALP |
44.5 |
5.7% |
14.0% |
|
SONAE SGPS |
41.7 |
5.3% |
- |
|
EDP |
35.8 |
4.6% |
3.6% |
|
BRISA |
22.1 |
2.8% |
-3.8% |
|
MOTA ENGIL |
21.4 |
2.7% |
11.3% |
|
IBERSOL . SGPS |
20.2 |
2.6% |
11.1% |
|
Sub-total |
557.7 |
71.4% |
10.0% |
|
Others |
223.2 |
28.6% |
13.6% |
|
TOTAL Domestic Shares (1) |
780.9 |
100.0% |
11.0% |
|
EUROPEAN UNION MARKET |
|
|
|
|
BSCH |
22.6 |
3.4% |
3.0% |
|
TOTAL EFINA |
21.7 |
3.3% |
-0.5% |
|
E. ON AG |
20.0 |
3.0% |
5.2% |
|
TELEFONICA |
19.3 |
2.9% |
-3.8% |
|
BNP PARIBAS |
17.4 |
2.6% |
5.5% |
|
SIEMENS AG - REG |
13.7 |
2.1% |
7.5% |
|
BBVA |
13.2 |
2.0% |
11.3% |
|
ALLIANZ |
12.6 |
1.9% |
17.3% |
|
HSBC HOLDING PLC |
11.9 |
1.8% |
13.1% |
|
SOCIETE GENERALE |
11.4 |
1.7% |
14.3% |
|
Sub-total |
163.8 |
24.8% |
5.6% |
|
Others |
496.8 |
75.2% |
6.5% |
|
TOTAL EU Shares (2) |
660.6 |
100.0% |
6.3% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
227.6 |
35.5% |
-0.6% |
|
CREDIT SUISSE GROUP |
8.4 |
1.3% |
3.3% |
|
UBS AG |
6.6 |
1.0% |
9.2% |
|
ROYAL GOLD INC |
6.3 |
1.0% |
-4.3% |
|
ROCHE |
5.5 |
0.9% |
-16.6% |
|
NOVARTIS |
4.8 |
0.8% |
-9.5% |
|
NESTLE REG |
4.5 |
0.7% |
-26.8% |
|
DNB NOR ASA |
4.0 |
0.6% |
5.3% |
|
PETROBRASPETROLEO BRASIL PREF |
3.9 |
0.6% |
9.2% |
|
EXXON MOBIL CORP |
3.5 |
0.6% |
-9.7% |
|
Sub-total |
275.1 |
42.9% |
-1.4% |
|
Others |
365.7 |
57.1% |
-2.2% |
|
TOTAL Non-EU Shares (3) |
640.8 |
100.0% |
-1.8% |
|
Total International Shares (2)+(3) |
1,301.3 |
- |
2.1% |
|
TOTAL |
2,082.2 |
5.3% |
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 largest)
Unit: 10^6 EUR
|
Bonds** |
Aug - 09 |
Monthly D |
|
Value |
% |
Value |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
65.8 |
2.9% |
0.3% |
|
BCPPLFLOAT 05/10 |
58.6 |
2.6% |
8.7% |
|
MONTEPIO FLOAT 01/11 |
53.9 |
2.4% |
58.5% |
|
BCPPL 3.75% 06/11 |
45.6 |
2.0% |
0.6% |
|
CGD 3.10% 06/06/2012 |
39.6 |
1.7% |
1.1% |
|
REND.MAIS SUB/16 B-5 |
38.9 |
1.7% |
0.2% |
|
REND.MAIS SUB/16 B-4 |
38.9 |
1.7% |
0.3% |
|
REND.MAIS SUB/16 B-1 |
38.8 |
1.7% |
0.2% |
|
REND.MAIS SUB/16 B-2 |
38.8 |
1.7% |
0.2% |
|
REND.MAIS SUB/16 B-3 |
38.8 |
1.7% |
0.2% |
|
Sub-total (1) |
457.9 |
20.0% |
6.0% |
|
Others |
1,831.4 |
80.0% |
7.4% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2,289.3 |
100.0% |
7.1% |
|
TOTAL Foreign Bonds in the Funds’ Portfolios (3) |
6,750.4 |
7.9% |
|
(1)/(3) |
6.8% |
-0.12 p.p. |
|
(2)/(3) |
33.9% |
-0.25 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 |
Aug - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
78.5 |
0.5% |
-47.4% |
|
|
Foreign |
989.7 |
6.4% |
-0.6% |
|
Other Public Funds |
Domestic |
5.8 |
0.0% |
0.6% |
|
|
Foreign |
40.5 |
0.3% |
45.9% |
|
Bonds |
Domestic |
1,197.7 |
7.7% |
8.4% |
|
|
Foreign |
7,035.0 |
45.2% |
8.0% |
|
Shares |
Domestic |
781.4 |
5.0% |
11.0% |
|
|
Foreign |
1,309.0 |
8.4% |
2.1% |
|
Investment Units |
Domestic |
594.8 |
3.8% |
-0.3% |
|
|
Foreign |
1,096.9 |
7.1% |
-0.4% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.0 |
0.0% |
-99.2% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
10.7 |
0.1% |
15.4% |
|
Options |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.2 |
0.0% |
-64.4% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.3 |
0.0% |
8.9% |
|
SECURITIES |
|
13,142.4 |
84.5% |
5.2% |
|
Other Assets |
|
64.1 |
0.4% |
2.8% |
|
Other Debt Instruments |
|
736.0 |
4.7% |
-3.1% |
|
Liquidity |
|
1,881.6 |
12.1% |
2.6% |
|
Loans |
|
-38.7 |
-0.2% |
0.4% |
|
Unsettled Amounts |
|
-229.3 |
-1.5% |
6.8% |
|
\TOTAL |
|
15,556.1 |
100.0% |
4.4% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Aug - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
55 |
23.4% |
1 |
-0.4 p.p. |
|
ESAF |
28 |
20.5% |
0 |
-0.35 p.p. |
|
Santander Asset Management |
38 |
18.5% |
0 |
0.42 p.p. |
|
BPI Gestão de Activos |
23 |
14.3% |
1 |
0.67 p.p. |
|
Millennium BCP Gestão de Activos |
29 |
10.6% |
0 |
-0.42 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
3.0% |
0 |
0.17 p.p. |
|
Montepio Gestão de Activos |
17 |
2.9% |
0 |
0.13 p.p. |
|
Banif Gestão de Activos |
16 |
1.6% |
-2 |
-0.09 p.p. |
|
BPN Gestão de Activos |
8 |
1.5% |
0 |
-0.1 p.p. |
|
BBVA Gest |
13 |
1.4% |
0 |
-0.05 p.p. |
|
Crédito Agrícola Gest |
13 |
0.7% |
0 |
-0.03 p.p. |
|
Popular Gestão de Activos |
14 |
0.7% |
1 |
0.02 p.p. |
|
Finivalor |
10 |
0.6% |
0 |
0.03 p.p. |
|
MNF Gestão de Activos |
1 |
0.1% |
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. |
|
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% |
1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 EUR
|
Entity |
Fund |
Aug - 09 |
Monthly D |
|
Value |
% |
Value |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
866.4 |
5.6% |
-19.4% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
648.5 |
4.2% |
19.3% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
584.5 |
3.8% |
31.4% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
563.3 |
3.6% |
1.6% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
492.2 |
3.2% |
1.5% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
433.1 |
2.8% |
31.6% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
346.2 |
2.2% |
-0.5% |
|
Santander Asset Management |
SANTANDER GLOBAL |
330.3 |
2.1% |
18.3% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
323.0 |
2.1% |
1.1% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
295.0 |
1.9% |
0.3% |
|
Others |
|
10,673.6 |
68.6% |
4.4% |
|
|
TOTAL |
15,556.1 |
100.0% |
4.4% |
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 September 2009. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month. 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-UCITS categories.