In September 2009, investment in domestic and foreign shares by Securities Investment Funds (SIF) escalated 15% and 8.6% respectively when compared to August. The most sought-after security on the domestic market with a 25.2% weighting in the amount under management continued to be BES, followed by EDP (9.7%), Semapa (6.7%), Zon Multimédia (6.4%), and GALP (5.6%).
Banco Bradesco (38.2%), Banco Santander Central Hispano (3.6%) and Telefonica (3.1%) were the shares that were most in demand by the SIF on the international market.
Foreign bonds continued to be the most sought after asset with 45.1% of the total amount under management. Investment in other foreign public funds recorded the greatest upsurge (24.7%) and investment in public debt experienced the sharpest decline (-17.3%).
In said period, the amount under management by UCITS edged 4.2% up to €11,140.5 million (€10,692 million in August) and the Special Investment Funds rose 4.3% up to €5,074.1 million (€4,864.1 million in the previous month).
Luxembourg (37%), United Kingdom (13%) and Ireland (11.4%) continued to be the most sought-after countries for investment.
The three management entities with the largest market share were Caixagest (22.6%), ESAF (21.1%) and Santander Asset Management (18.4%). ESAF's 'Espírito Santo Monetário' continued to be the largest fund on the market with €914.6 million under management.
The following funds were established in September: 'Fundo Especial de Investimento Aberto Caixagest Oportunidades', managed by Caixagest and 'Benfica Stars Fund – Fundo Especial de Investimento Mobiliário Fechado', managed by ESAF.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Sep - 09 |
Aug - 09 |
Monthly D |
Sep - 09 |
Aug - 09 |
Monthly D |
|
Assets under Management (1) |
11,140.5 |
10,692.0 |
4.2% |
5,074.1 |
4,864.1 |
4.3% |
|
No. of Fund Operators |
18 |
18 |
0 |
13 |
13 |
0 |
|
No. of Funds (2) |
195 |
195 |
0 |
96 |
94 |
2 |
|
Mean Capitalisation of Funds [(1)/(2)] |
57.1 |
54.8 |
2.3 |
52.9 |
51.7 |
1.11 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Sep - 09 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,308.9 |
12.2% |
8.9% |
|
LUXEMBOURG |
3,967.3 |
37.0% |
4.9% |
|
UNITED KINGDOM |
1,388.5 |
13.0% |
0.7% |
|
IRELAND |
1,220.5 |
11.4% |
0.1% |
|
GERMANY |
672.0 |
6.3% |
0.3% |
|
FRANCE |
451.1 |
4.2% |
-2.3% |
|
BRAZIL |
347.4 |
3.2% |
22.1% |
|
SPAIN |
301.9 |
2.8% |
7.8% |
|
ITALY |
234.6 |
2.2% |
1.2% |
|
USA |
232.7 |
2.2% |
9.1% |
|
OTHERS |
596.5 |
5.6% |
-2.2% |
|
TOTAL |
10,721.4 |
100.0% |
3.8% |
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 |
Sep - 09 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
226.6 |
25.2% |
6.7% |
| EDP |
87.1 |
9.7% |
143.1% |
|
SEMAPA, SGPS |
60.2 |
6.7% |
8.7% |
|
ZON MULTIMEDIA |
57.8 |
6.4% |
8.5% |
|
GALP |
49.8 |
5.6% |
12.1% |
|
P. TELECOM, SGPS |
36.1 |
4.0% |
- |
|
SONAE SGPS |
34.5 |
3.8% |
-17.1% |
|
BRISA |
34.0 |
3.8% |
54.0% |
|
MOTA ENGIL |
28.3 |
3.2% |
32.4% |
|
BCP |
23.2 |
2.6% |
49.4% |
|
Sub-total |
637.7 |
71.0% |
15.3% |
|
Others |
260.2 |
29.0% |
14.2% |
|
TOTAL Domestic Shares (1) |
897.9 |
100.0% |
15.0% |
|
EUROPEAN UNION MARKET |
|
|
|
|
BSCH |
24.7 |
3.6% |
9.4% |
|
TELEFONICA |
21.0 |
3.1% |
8.9% |
|
TOTAL EFINA |
20.8 |
3.0% |
-4.1% |
|
E. ON AG |
18.4 |
2.7% |
-8.3% |
|
BNP PARIBAS |
17.2 |
2.5% |
-1.3% |
| ALLIANZ |
14.7 |
2.1% |
17.2% |
|
SIEMENS AG - REG |
14.4 |
2.1% |
4.5% |
|
HSBC HOLDING PLC |
12.3 |
1.8% |
3.7% |
|
BBVA |
12.3 |
1.8% |
-7.4% |
|
SANOFI-AVENTIS |
11.3 |
1.6% |
8.1% |
|
Sub-total |
167.0 |
24.3% |
2.6% |
|
Others |
521.0 |
75.7% |
4.7% |
|
TOTAL EU Shares (2) |
688.0 |
100.0% |
4.2% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
276.9 |
38.2% |
21.6% |
|
CREDIT SUISSE GROUP |
8.0 |
1.1% |
-5.3% |
|
ROYAL GOLD INC |
7.0 |
1.0% |
12.0% |
| NOVARTIS |
6.3 |
0.9% |
31.4% |
|
UBS AG |
6.1 |
0.8% |
-6.7% |
|
NESTLE REG |
5.6 |
0.8% |
24.1% |
|
ROCHE |
5.3 |
0.7% |
-2.7% |
|
PETROBRASPETROLEO BRASIL PREF |
5.2 |
0.7% |
34.3% |
|
BRITUBACNPR1 |
4.6 |
0.6% |
30.4% |
|
DNB NOR ASA |
4.5 |
0.6% |
13.9% |
|
Sub-total |
329.6 |
45.5% |
19.8% |
|
Others |
395.1 |
54.5% |
8.0% |
|
TOTAL Non-EU Shares (3) |
724.8 |
100.0% |
13.1% |
|
Total International Shares (2)+(3) |
1,412.8 |
- |
8.6% |
|
TOTAL |
2,310.7 |
11.0% |
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** |
Sep - 09 |
Monthly D |
|
Value |
% |
Value |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
63.0 |
2.7% |
-4.3% |
|
BCPPLFLOAT 05/10 |
58.5 |
2.5% |
-0.2% |
|
MONTEPIO FLOAT 01/11 |
57.8 |
2.5% |
7.1% |
|
BCPPL 3.75% 06/11 |
45.9 |
2.0% |
0.6% |
|
CGD 3.10% 06/06/2012 |
40.1 |
1.7% |
1.4% |
|
REND.MAIS SUB/16 B-5 |
39.2 |
1.7% |
0.7% |
|
REND.MAIS SUB/16 B-4 |
39.1 |
1.7% |
0.4% |
|
REND.MAIS SUB/16 B-1 |
39.0 |
1.7% |
0.4% |
|
REND.MAIS SUB/16 B-3 |
39.0 |
1.7% |
0.4% |
|
REND.MAIS SUB/16 B-2 |
39.0 |
1.7% |
0.4% |
|
Sub-total (1) |
460.5 |
20.0% |
0.6% |
|
Others |
1,839.4 |
80.0% |
0.4% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2,299.9 |
100.0% |
0.5% |
|
TOTAL Foreign Bonds in the Funds’ Portfolios (3) |
7,018.1 |
4.0% |
|
(1)/(3) |
6.6% |
-0.22 p.p. |
|
(2)/(3) |
32.8% |
-1.14 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 |
Sep - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
64.9 |
0.4% |
-17.3% |
|
|
Foreign |
879.0 |
5.4% |
-11.2% |
|
Other Public Funds |
Domestic |
6.9 |
0.0% |
18.7% |
|
|
Foreign |
50.4 |
0.3% |
24.7% |
|
Bonds |
Domestic |
1,201.0 |
7.4% |
0.3% |
|
|
Foreign |
7,319.4 |
45.1% |
4.0% |
|
Shares |
Domestic |
898.4 |
5.5% |
15.0% |
|
|
Foreign |
1,423.8 |
8.8% |
8.8% |
|
Investment Units |
Domestic |
600.5 |
3.7% |
1.0% |
|
|
Foreign |
1,110.4 |
6.8% |
1.2% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.3 |
0.0% |
- |
|
|
Foreign |
0.7 |
0.0% |
- |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
10.1 |
0.1% |
-5.7% |
|
Options |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.2 |
0.0% |
-1.2% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.7 |
0.0% |
33.9% |
|
SECURITIES |
|
13,568.6 |
83.7% |
3.2% |
|
Other Assets |
|
76.8 |
0.5% |
19.7% |
|
Other Debt Instruments |
|
798.5 |
4.9% |
8.5% |
|
Liquidity |
|
2,020.6 |
12.5% |
7.4% |
|
Loans |
|
-45.0 |
-0.3% |
- |
|
Unsettled Amounts |
|
-204.9 |
-1.3% |
- |
|
\TOTAL |
|
16,214.6 |
100.0% |
4.2% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Sep - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
56 |
22.6% |
1 |
-0.71 p.p. |
|
ESAF |
29 |
21.1% |
0 |
0.67 p.p. |
|
Santander Asset Management |
38 |
18.4% |
0 |
-0.14 p.p. |
|
BPI Gestão de Activos |
23 |
14.8% |
0 |
0.53 p.p. |
|
Millennium BCP Gestão de Activos |
29 |
10.2% |
0 |
-0.37 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
3.2% |
0 |
0.22 p.p. |
|
Montepio Gestão de Activos |
17 |
2.9% |
0 |
-0.07 p.p. |
|
Banif Gestão de Activos |
16 |
1.5% |
0 |
-0.06 p.p. |
|
BPN Gestão de Activos |
8 |
1.5% |
0 |
-0.5 p.p. |
|
BBVA Gest |
13 |
1.4% |
0 |
-0.04 p.p. |
|
Crédito Agrícola Gest |
13 |
0.7% |
0 |
-0.01 p.p. |
|
Popular Gestão de Activos |
14 |
0.7% |
0 |
0 p.p. |
|
Finivalor |
10 |
0.7% |
0 |
0.05 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 |
291 |
100.0% |
2 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 EUR
|
Entity |
Fund |
Sep - 09 |
Monthly D |
|
Value |
% |
Value |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
914.6 |
5.6% |
5.6% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
699.4 |
4.3% |
19.6% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
669.3 |
4.1% |
3.2% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
582.9 |
3.6% |
3.5% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
499.9 |
3.1% |
1.6% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
482.1 |
3.0% |
11.3% |
| Santander Asset Management |
SANTANDER GLOBAL |
379.1 |
2.3% |
14.8% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
345.2 |
2.1% |
-0.3% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
327.3 |
2.0% |
1.3% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
294.9 |
1.8% |
0.0% |
|
Others |
|
11,020.1 |
68.0% |
3.2% |
|
|
TOTAL |
16,214.6 |
100.0% |
4.2% |
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 results from 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 12th October 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.