The amount under management by Collective Investment Undertakings (UCITS) dropped by 2.3% in February down to EUR 11,274.0 million (EUR 11,543.3 million in January) when compared to January. On the other hand, the amount under management by Special Investment Funds (SIF) rose 1.2% up to EUR 5,497.0 million.

The amount invested by Securities Investment Funds (SIF) in public debt soared 228.8% in February and foreign debt increased by 18.4%.

Foreign bonds continued to be the most sought-after financial instruments by the SIF. This represented 43.5% of the total investment.

The shares of Banco Espirito Santo continued to be the most popular security on the national domestic market with 22.2% of the total being invested in Portuguese equities. This was followed by Semapa (7.3%), Galp Energia (6.8%) and Portugal Telecom (6.2%). 

The Banco Bradesco's securities continued to be the top preference (31.7% of investment outside the European Union) in the foreign stock exchanges. The shares of Banco Santander, Telefónica and Total Efina (3.4%, 2.9% and 2.7% of investment in the EU markets, respectively) followed suit.

Portugal was the second largest destination for Securities Investment Funds' investments. The domestic securities correspond to 12% of investments, directly below Luxembourg (36.4%).

Caixagest (24.6%), Santander Asset Management (19.3%) and ESAF (17.8%) were the management companies with the largest market share in February. Santander Multitesouraria, the assets of which increased by 5.8% in comparison to January 2010, was the largest Securities Investment Fund.

'Caixagest Liquidez – Fundo de Investimento Mobiliário Aberto de Mercado Monetário' and 'Fundo Especial de Investimento Aberto Caixagest Global Markets', both managed by Caixagest, were established in January.

The designation of 'Valor Alternativo – Sociedade Gestora de Fundos de Investimento Mobiliário' was amended to 'NewGlobe – Sociedade Gestora de Fundos de Investimento Mobiliário, SA'.

Table 1 - Aggregate Indicators

Unit: 10^6 Euro

Country	Feb-10		D Monthly
	Value	% Total	Value
PORTUGAL	1,393.1	12.0%	4.1%
LUXEMBOURG	4,208.7	36.4%	-1.0%
UNITED KINGDOM	1,363.6	11.8%	-11.3%
IRELAND	1,097.2	9.5%	-5.2%
GERMANY	849.8	7.3%	-2.0%
FRANCE	526.6	4.5%	4.7%
SPAIN	440.7	3.8%	5.5%
BRAZIL	398.8	3.4%	14.5%
USA	346.4	3.0%	9.1%
THE NETHERLANDS	237.1	2.0%	12.0%
OTHERS	711.6	6.1%	15.7%
TOTAL	11,573.5	100.0%	0.1%

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 Euro

Shares	Feb-10		D Monthly
	Value	%	Value
DOMESTIC MARKET
BES	170.4	22.2%	-12.7%
SEMAPA, SGPS	56.1	7.3%	-7.0%
GALP	52.5	6.8%	-2.4%
P. TELECOM, SGPS	47.6	6.2%	7.6%
ZON MULTIMÉDIA	42.1	5.5%	-14.0%
BRISA	37.8	4.9%	-7.1%
BCP	37.2	4.8%	5.3%
MOTA ENGIL	28.1	3.7%	11.6%
SONAECOM SGPS	23.3	3.0%	-10.9%
EDP	22.4	2.9%	-7.0%
Sub-total	517.6	67.3%	-6.6%
Others	251.0	32.7%	-11.2%
TOTAL Domestic Shares (1)	768.6	100.0%	-8.1%
EUROPEAN UNION MARKET
BSCH	25.6	3.4%	17.7%
TELEFONICA	21.6	2.9%	5.2%
TOTAL EFINA	20.2	2.7%	-7.0%
BNP PARIBAS	16.2	2.2%	-13.8%
E.ON AG	14.3	1.9%	-12.0%
ALLIANZ	14.1	1.9%	2.4%
BBVA	14.0	1.9%	-15.1%
SIEMENS AG - REG	13,1	1.8%	-20.3%
HSBC HOLDING PLC	12.7	1.7%	5.1%
SANOFI-AVENTIS	10.8	1.5%	-5.8%
Sub-total	162.7	21.9%	-3.9%
Others	580.5	78.1%	-2.2%
TOTAL EU Shares (2)	743.2	100.0%	-2.6%
NON-EU MARKET
BANCO BRADESCO ORD	275.7	31.7%	1.2%
NOVARTIS	9,0	1.0%	-4.2%
ROYAL GOLD INC.	7.9	0.9%	8.5%
NESTLE REG	6.9	0.8%	8.4%
PETROBRAS PETROLEOS BRASILADR	6.8	0.8%	-0.2%
BANCO BRADESCO ADR	6.5	0.7%	4.6%
CREDIT SUISSE GROUP	6.4	0.7%	-26.5%
TANZANIAN ROYALTY EXPLCORP	6.0	0.7%	9.2%
ITAU UNIBANCO HOLDING ADR	5.9	0.7%	1.7%
TEVA PHARMACEUTICAL SP ADR	5.6	0.6%	179.0%
Sub-total	336.7	38.7%	1.9%
Others	533.6	61.3%	7.6%
TOTAL Non-EU Shares (3)	870.3	100.0%	5.3%
Total International Shares (2)+(3)	1,613.4	-	1.5%
TOTAL	2,382.1		-1.8%

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 Euro

Bonds**	Feb-10		D Monthly
	Value	%	Value
BESPLFLOAT 02/13	95.8	4.0%	8.2%
MONTEPIO FLOAT 01/11	62.4	2.6%	-3.0%
BPIPLFLOAT 01/12	60.8	2.6%	1.9%
CIMPOR FINANCIAL OPERTNS45%27052011	52.3	2.2%	0.6%
BANCO PORT ATLAN FLOAT 29/09/49	46.0	1.9%	0.1%
CGD 3.10% 06/06/2012	40.4	1.7%	0.3%
REND.MAIS SUB/16 B-4	39.5	1.7%	0.4%
REND.MAIS SUB/16 B-5	39.4	1.7%	0.4%
REND.MAIS SUB/16 B-1	39.4	1.7%	0.4%
REND.MAIS SUB/16 B-2	39.4	1.7%	0.4%
Sub-total (1)	515.6	21.6%	1.5%
Others	1,866.7	78.4%	4.0%
TOTAL Bonds issued by Domestic Groups (2)	2,382.3	100.0%	3.4%
TOTAL Foreign bonds in the Funds’ Portfolios (3)	7,083.1		-3.2%
(1)/(3)	7.3%		0.33 p.p.
(2)/(3)	33.6%		2.15 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 Euro

Entity	Feb-10		D  Monthly
	No.	Market Share	No.	Market Share
Caixagest	57	24.6%	2	0.78 p.p.
Santander Asset Management	32	19.3%	0	0.32 p.p.
ESAF	30	17.8%	0	-0.38 p.p.
BPI Gestão de Activos	25	15.7%	0	-0.53 p.p.
Millennium BCP Gestão de Activos	27	9.6%	0	0.09 p.p.
Barclays Wealth Managers Portugal - SGFIM, SA	16	3.5%	0	-0.24 p.p.
Montepio Gestão de Activos	17	2.6%	0	-0.15 p.p.
Banif Gestão de Activos	20	1.8%	0	0.05 p.p.
BBVA Gest	14	1.4%	0	0.05 p.p.
BPN Gestão de Activos	8	1.4%	0	0.01 p.p.
Crédito Agrícola Gest	13	0.8%	0	0.03 p.p.
Popular Gestão de Activos	12	0.7%	0	0 p.p.
Finivalor	10	0.7%	0	-0.03 p.p.
MNF Gestão de Activos	2	0.1%	0	0.01 p.p.
Optimize Investment Partners	3	0.1%	0	0 p.p.
Invest Gestão de Activos	2	0.1%	0	0 p.p.
Privado Fundos	1	0.0%	0	0 p.p.
NewGlobe 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 Euro

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 March 2010. 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.