Investment in shares of domestic and foreign securities investment funds (SIF) tumbled 2.7% and 2.4% respectively in October 2009. Nevertheless, the amount managed by Undertakings for Collective Investment in Transferable Securities (UCITS) rose 3.3% to €11,511.5 million and the Special Investment Funds dipped 0.6% down to €5,042.0 million. The investment hike in the bond markets expounds the uptrend in the SIF's assets.
Although foreign bonds continued to reflect the largest share of investment in SIF, with 44.1% of the total value under management, the national public debt and other foreign public funds have gained importance when recording respective upsurges of 94.8% and 327. 9% in October.
In the SIF’s share segments, BES continued to be the most sought-after security on the domestic market, with 26.4% of the total invested in the Portuguese market, followed by Semapa (6.9%), Zon Multimédia (6.1%) and Galp Energia (5.6%).
Banco Bradesco (37.5% of investments outside the European Union), Banco Santander and Telefónica (3.7% and 3.3% of investments in the EU Union, respectively) were the securities that were most in demand by the Securities Investment Funds on the international markets.
In October, Portugal moved up to third position with regard to countries wherein the largest investments of SIF were made, with 12.5% of all investments, falling behind Luxembourg (36.4%) and the United Kingdom (13.1%).
The management entities with the largest market share in October were Caixagest (22.9%), ESAF (20.0%) and Santander Asset Management (18.6%). Espírito Santo Monétario, which had €860 million under management in October, continued to be the largest Securities Investment Fund.
The 'Fundo Especial de Investimento Aberto Caixagest Super Memory' and 'Fundo Especial de Investimento Aberto Caixa Fundo Rendimento Fixo VI', both managed by Caixagest were established in October.
In said period, Santander Asset Management incorporated the 'Fundo de Investimento Mobiliário Aberto de Obrigações de Taxa Variável Santander Multibond Premium' into 'Fundo de Investimento Mobiliário Aberto de Obrigações de Taxa Variável Santander Multiobrigações' and 'Fundo de Investimento Mobiliário Aberto Santander Poupança Premium FPR – Fundo de Poupança Reforma' into 'Fundo de Investimento Mobiliário Aberto Santander Poupança Segura FPR – Fundo de Poupança Reforma', which has changed name to 'Fundo de Investimento Mobiliário Aberto Santander Poupança Futura FPR – Fundo de Poupança Reforma'. Popular Gestão de Activos has also incorporated 'Popular Rendimento – Fundo de Investimento Mobiliário Aberto de Obrigações de Taxa Variável' into 'Popular Euro Taxa Fixa – Fundo de Investimento Mobiliário Aberto de Obrigações de Taxa Fixa', which changed its name to 'Popular Euro Obrigações – Fundo de Investimento Mobiliário Aberto de Obrigações Euro'.
'Caixagest Rendimento Crescente 2009 – Fundo Especial de Investimento Fechado' and 'Caixagest Valor Absoluto – Fundo Especial de Investimento Aberto', both managed by Caixagest were also terminated.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Oct - 09 |
Sep - 09 |
Monthly D |
Oct - 09 |
Sep - 09 |
Monthly D |
|
Assets under Management (1) |
11,511.5 |
11,140.5 |
3.3% |
5,042.0 |
5,074.1 |
-0.6% |
|
No. of Fund Operators |
18 |
18 |
0 |
13 |
13 |
0 |
|
No. of Funds (2) |
192 |
195 |
-3 |
96 |
96 |
0 |
|
Mean Capitalisation of Funds [(1)/(2)] |
60.0 |
57.1 |
2.8 |
52.5 |
52.9 |
-0.33 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Oct - 09 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,382.5 |
12.5% |
5.6% |
|
LUXEMBOURG |
4,022.3 |
36.4% |
1.4% |
|
UNITED KINGDOM |
1,446.1 |
13.1% |
4.1% |
|
IRELAND |
1,214.4 |
11.0% |
-0.5% |
|
GERMANY |
684.8 |
6.2% |
1.9% |
|
FRANCE |
533.0 |
4.8% |
18.1% |
|
BRAZIL |
342.4 |
3.1% |
-1.4% |
|
SPAIN |
319.4 |
2.9% |
5.8% |
|
ITALY |
291.2 |
2.6% |
24.2% |
|
USA |
233.3 |
2.1% |
0.3% |
|
OTHERS |
591.9 |
5.4% |
-0.8% |
|
TOTAL |
11,061.3 |
100.0% |
3.2% |
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 |
Oct - 09 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
230.6 |
26.4% |
1.7% |
|
SEMAPA, SGPS |
60.6 |
6.9% |
0.6% |
|
ZON MULTIMEDIA |
52.9 |
6.1% |
-8.5% |
|
GALP |
49.2 |
5.6% |
-1.3% |
|
BRISA |
41.9 |
4.8% |
23.2% |
| P. TELECOM, SGPS |
41.8 |
4.8% |
- |
|
MOTA ENGIL |
29.5 |
3.4% |
4.2% |
|
EDP |
28.7 |
3.3% |
-67.0% |
|
SONAE SGPS |
28.6 |
3.3% |
-17.2% |
|
BCP |
28.0 |
3.2% |
20.8% |
|
Sub-total |
591.8 |
67.8% |
-7.2% |
|
Others |
281.4 |
32.2% |
8.2% |
|
TOTAL Domestic Shares (1) |
873.3 |
100.0% |
-2.7% |
|
EUROPEAN UNION MARKET |
|
|
|
|
BSCH |
24.9 |
3.7% |
0.6% |
|
TELEFONICA |
21.7 |
3.3% |
3.1% |
|
TOTAL EFINA |
21.1 |
3.2% |
1.6% |
|
E. ON AG |
17.9 |
2.7% |
-2.5% |
|
BNP PARIBAS |
17.0 |
2.6% |
-1.1% |
|
BBVA |
15.3 |
2.3% |
25.2% |
|
SIEMENS AG - REG |
13.6 |
2.0% |
-5.5% |
|
ALLIANZ |
13.2 |
2.0% |
-10.4% |
|
HSBC HOLDING PLC |
11.6 |
1.8% |
-5.3% |
|
SANOFI-AVENTIS |
11.3 |
1.7% |
0.0% |
|
Sub-total |
167.6 |
25.2% |
0.4% |
|
Others |
496.7 |
74.8% |
-4.7% |
|
TOTAL EU Shares (2) |
664.3 |
100.0% |
-3.5% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
267.8 |
37.5% |
-3.3% |
|
CREDIT SUISSE GROUP |
7.9 |
1.1% |
-1.2% |
|
ROYAL GOLD INC |
6.7 |
0.9% |
-4.2% |
| UBS AG |
6.5 |
0.9% |
5.6% |
|
NOVARTIS |
5.4 |
0.8% |
-14.5% |
|
ROCHE |
5.2 |
0.7% |
-3.1% |
|
NESTLE REG |
4.4 |
0.6% |
-20.9% |
|
BANCO BRADESCO PREF |
4.4 |
0.6% |
2.6% |
|
BRITUBACNPR1 |
4.4 |
0.6% |
-3.5% |
|
APPLE INC |
4.2 |
0.6% |
30.8% |
|
Sub-total |
316.9 |
44.4% |
-3.2% |
|
Others |
397.5 |
55.6% |
0.0% |
|
TOTAL Non-EU Shares (3) |
714.4 |
100.0% |
-1.4% |
|
Total International Shares (2)+(3) |
1,378.7 |
- |
-2.4% |
|
TOTAL |
2,251.9 |
-2.5% |
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** |
Oct - 09 |
Monthly D |
|
Value |
% |
Value |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
63.0 |
2.7% |
-4.3% |
|
BCPPL FLOAT 28/05/10 |
58.5 |
2.5% |
-0.2% |
|
MONTPI O 01/31/11 |
57.8 |
2.5% |
7.1% |
|
BCP 3.75% 17/06/2011 |
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) |
7,006.7 |
-0.2% |
|
(1)/(3) |
6.6% |
0.05 p.p. |
|
(2)/(3) |
32.8% |
0.2 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 |
Oct - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
126.4 |
0.8% |
94.8% |
|
|
Foreign |
1,025.0 |
6.2% |
16.6% |
|
Other Public Funds |
Domestic |
7.3 |
0.0% |
6.0% |
|
|
Foreign |
215.8 |
1.3% |
327.9% |
|
Bonds |
Domestic |
1,230.8 |
7.4% |
2.5% |
|
|
Foreign |
7,304.8 |
44.1% |
-0.2% |
|
Shares |
Domestic |
874.0 |
5.3% |
-2.7% |
|
|
Foreign |
1,390.3 |
8.4% |
-2.4% |
|
Investment Units |
Domestic |
594.9 |
3.6% |
-0.9% |
|
|
Foreign |
1,119.3 |
6.8% |
0.8% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
-6.7% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
-100.0% |
|
|
Foreign |
0.4 |
0.0% |
-33.1% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
10.8 |
0.1% |
7.8% |
|
Options |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.6 |
0.0% |
33.6% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.8 |
0.0% |
7.3% |
|
SECURITIES |
|
13,903.5 |
84.0% |
2.5% |
|
Other Assets |
|
76.7 |
0.5% |
-0.1% |
|
Other Debt Instruments |
|
757.0 |
4.6% |
-5.2% |
|
Liquidity |
|
2,018.7 |
12.2% |
-0.1% |
|
Loans |
|
-44.5 |
-0.3% |
-1.0% |
|
Unsettled Amounts |
|
-157.9 |
-1.0% |
-23.0% |
|
\TOTAL |
|
16,553.5 |
100.0% |
2.1% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Oct - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
56 |
22.9% |
0 |
0.2 p.p. |
|
ESAF |
29 |
20.0% |
0 |
-1.13 p.p. |
|
Santander Asset Management |
36 |
18.6% |
-2 |
0.19 p.p. |
|
BPI Gestão de Activos |
23 |
15.5% |
0 |
0.68 p.p. |
|
Millennium BCP Gestão de Activos |
29 |
9.9% |
0 |
-0.3 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
3.4% |
0 |
0.21 p.p. |
|
Montepio Gestão de Activos |
17 |
2.9% |
0 |
0.06 p.p. |
|
Banif Gestão de Activos |
16 |
1.6% |
0 |
0.11p.p. |
|
BPN Gestão de Activos |
8 |
1.4% |
0 |
-0.07 p.p. |
|
BBVA Gest |
13 |
1.4% |
0 |
-0.02 p.p. |
|
Crédito Agrícola Gest |
13 |
0.7% |
0 |
0.02 p.p. |
|
Finivalor |
10 |
0.7% |
0 |
0.06 p.p. |
|
Popular Gestão de Activos |
13 |
0.7% |
-1 |
-0.01 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 |
288 |
100.0% |
-3 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 EUR
|
Entity |
Fund |
Oct - 09 |
Monthly D |
|
Value |
% |
Value |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
860.1 |
5.2% |
-6.0% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
817.1 |
4.9% |
16.8% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
678.8 |
4.1% |
1.4% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
582.4 |
3.5% |
-0.1% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
501.8 |
3.0% |
0.4% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
485.6 |
2.9% |
64.7% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
479.4 |
2.9% |
-0.5% |
|
Santander Asset Management |
SANTANDER GLOBAL |
446.7 |
2.7% |
17.8% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
344.7 |
2.1% |
-0.1% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
327.1 |
2.0% |
-0.1% |
|
Others |
|
11,029.9 |
66.6% |
0.1% |
|
|
TOTAL |
16,553.5 |
100.0% |
2.1% |
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 12th November 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.