The amount under management by Collective Investment Undertakings (UCITS) dropped by 4.3% in April down to EUR 10.8668 billion (EUR 11.3517 billion in March) in comparison to March. The amount under management by Special Investment Funds (SIF) fell 1.7% down to EUR 6.0546 billion.
The amount invested by Securities Investment Funds (SIF) in domestic public debt rose 6.8% from the previous month. On the other hand, the value of investments in foreign debt fell 4.7%.
Foreign bonds continued to be the most sought-after financial instruments by the SIF. This corresponded to 44.1% of the total investment.
The shares of Banco Espirito Santo continued to be the most sought-after security on the domestic market with 23.8% of the total being invested in domestic shares, followed by Semapa (8.4%), Portugal Telecom (6.5%) and Galp Energia (6.5%).
The leading international choice in foreign stock exchanges continues to be the securities of Banco Bradesco (29.4% of investments outside the European Union), followed by shares of Banco Santander and Total (3.2% and 2.8% respectively of investments in the EU markets).
Portugal was the third largest destination for Securities Investment Funds' investments. The domestic securities represent 11.1% of investments, just below Luxembourg (33.2%) and the UK (11.4%).
Caixagest (23.5%), Santander Asset Management (18.3%) and ESAF (17.2%) were the management companies with the largest market share in April. Santander Global, the assets of which fell by 5.8% in comparison to March 2010, was the largest Securities Investment Fund.
In April, the 'Millennium Liquidez - FIAT' managed by Millennium BCP – Gestão de Fundos de Investimento was established. In said month 'Fundo de Capital Garantido BBVA Ranking Plus' managed by BBVA Gest and 'Caixagest Maxipremium 2010', managed by Caixagest were terminated.
Table 1 - Aggregate Indicators
Unit: 10^6 Euro
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Apr - 10 |
Mar - 10 |
Monthly D |
Apr - 10 |
Mar - 10 |
Monthly D |
|
Assets under Management (1) |
10,866.8 |
11,351.7 |
-4.3% |
6,054.6 |
6,157.1 |
-1.7% |
|
No. of Fund Operators |
18 |
18 |
0 |
15 |
15 |
0 |
|
No. of Funds (2) |
194 |
194 |
0 |
95 |
96 |
-1 |
|
Mean Capitalisation of Funds [(1)/(2)] |
56.0 |
58.5 |
-2.5 |
63.7 |
64.1 |
-0.4 |
Table 2 – Investment per Country
Unit: 10^6 Euro
|
Country |
Apr - 10 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,288.6 |
11.1% |
-7.1% |
|
LUXEMBOURG |
3,862.0 |
33.2% |
-6.0% |
|
UNITED KINGDOM |
1,326.4 |
11.4% |
-4.2% |
|
IRELAND |
940.0 |
8.1% |
-10.0% |
|
GERMANY |
803.0 |
6.9% |
20.9% |
|
BRAZIL |
457.9 |
3.9% |
7.0% |
|
FRANCE |
427.9 |
3.7% |
-14.6% |
|
USA |
412.1 |
3.5% |
3.3% |
|
SPAIN |
401.4 |
3.5% |
-15.8% |
|
NETHERLANDS |
236.5 |
2.0% |
-4.0% |
|
OTHERS |
1,471.7 |
12.7% |
-8.1% |
|
TOTAL |
11,627.3 |
100.0% |
-5.0% |
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 |
Apr - 10 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
170.9 |
23.8% |
-9.1% |
|
SEMAPA. SGPS |
60.4 |
8.4% |
-4.7% |
|
P. TELECOM. SGPS |
46.6 |
6.5% |
-7.0% |
|
GALP |
46.5 |
6.5% |
-17.4% |
|
ZON MULTIMÉDIA |
38.2 |
5.3% |
-12.0% |
|
BCP |
32.3 |
4.5% |
-27.7% |
|
BRISA |
26.4 |
3.7% |
-28.7% |
|
SONAE SGPS |
26.0 |
3.6% |
-9.7% |
|
MOTA ENGIL |
22.2 |
3.1% |
-25.1% |
|
SONAECOM SGPS |
21.6 |
3.0% |
-10.1% |
|
Sub-total |
491.1 |
68.4% |
-13.1% |
|
Others |
226.5 |
31.6% |
-13.0% |
|
TOTAL Domestic Shares (1) |
717.6 |
100.0% |
-13.1% |
|
EUROPEAN UNION MARKET |
|
|
|
|
BSCH |
24.8 |
3.2% |
-28.3% |
|
TOTAL EFINA |
21.2 |
2.8% |
1.0% |
|
E.ON AG |
16.4 |
2.1% |
1.8% |
|
BNP PARIBAS |
15.9 |
2.1% |
-7.1% |
|
SIEMENS AG - REG |
15.2 |
2.0% |
-0.1% |
|
ALLIANZ |
14.2 |
1.9% |
-7.5% |
|
TELEFONICA |
13.7 |
1.8% |
-18.2% |
|
BBVA |
13.5 |
1.8% |
8.1% |
|
HSBC HOLDING PLC |
11.9 |
1.6% |
6.1% |
|
BASF |
10.9 |
1.4% |
-10.1% |
|
Sub-total |
157.7 |
20.6% |
-8.3% |
|
Others |
608.2 |
79.4% |
-3.2% |
|
TOTAL EU Shares (2) |
765.9 |
100.0% |
-4.3% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
303.0 |
29.4% |
2.3% |
|
NOVARTIS |
10.1 |
1.0% |
-1.1% |
|
ROYAL GOLD INC. |
9.2 |
0.9% |
12.1% |
|
BANCO BRADESCO ADR |
8.7 |
0.8% |
6.2% |
|
APPLE COMPUTER INC |
8.5 |
0.8% |
30.0% |
|
NESTLE REG |
8.5 |
0.8% |
1.2% |
|
ITAU UNIBANCO HOLDING ADR |
8.4 |
0.8% |
0.9% |
|
PETROBRAS PETROLEOS BRASILADR |
7.7 |
0.7% |
3.6% |
|
TANZANIAN ROYALTY EXPLCORP |
6.9 |
0.7% |
14.6% |
|
CREDIT SUISSE GROUP |
6.3 |
0.6% |
-11.0% |
|
Sub-total |
377.3 |
36.6% |
2.9% |
|
Others |
653.6 |
63.4% |
5.8% |
|
TOTAL Non-EU Shares (3) |
1,031.0 |
100.0% |
4.8% |
|
Total International Shares (2)+(3) |
1,796.9 |
- |
0.7% |
|
TOTAL |
2,514.5 |
-3.7% |
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** |
Apr - 10 |
Monthly D |
|
Value |
% |
Value |
|
CEMG-CAYMAN ISLA FLOAT 31/1/11 |
62.4 |
2.7% |
-0.9% |
|
BPIPLFLOAT 01/12 |
56.6 |
2.4% |
-9.0% |
|
BESP FLT 20120225 |
56.1 |
2.4% |
-25.5% |
|
CIMPOR FINANCIAL OPERTNS45%27052011 |
52.1 |
2.2% |
-1.7% |
|
PORTEL 3.75 03/12 |
50.5 |
2.1% |
86.5% |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
42.1 |
1.8% |
-6.3% |
|
BCP FINANCE BANKTV06022012 |
42.1 |
1.8% |
11.4% |
|
CGD 3.10% 06/06/2012 |
40.3 |
1.7% |
-0.7% |
|
REND.MAIS SUB/16 B-4 |
39.6 |
1.7% |
-0.1% |
|
REND.MAIS SUB/16 B-5 |
39.6 |
1.7% |
0.1% |
|
Sub-total (1) |
481.3 |
20.5% |
-0.3% |
|
Others |
1,871.0 |
79.5% |
-1.8% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2,352.3 |
100.0% |
-1.5% |
|
TOTAL Foreign Bonds in the Funds’ Portfolios (3) |
6,433.1 |
-6.8% |
|
(1)/(3) |
7.5% |
0.48 p.p. |
|
(2)/(3) |
36.6% |
1.97 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
|
Security |
Apr - 10 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
150.2 |
0.9% |
6.8% |
|
|
Foreign |
1,145.0 |
6.8% |
-4.7% |
|
Other Public Funds |
Domestic |
5.3 |
0.0% |
-34.0% |
|
|
Foreign |
122.8 |
0.7% |
-5.1% |
|
Bonds |
Domestic |
1,328.1 |
7.8% |
0.5% |
|
|
Foreign |
7,466.1 |
44.1% |
-5.9% |
|
Shares |
Domestic |
718.1 |
4.2% |
-13.1% |
|
|
Foreign |
1,813.1 |
10.7% |
0.9% |
|
Investment Units |
Domestic |
637.4 |
3.8% |
-2.9% |
|
|
Foreign |
1,192.0 |
7.0% |
0.8% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
4.9 |
0.0% |
0.8% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
7.6 |
0.0% |
-24.3% |
|
Options |
Domestic |
0.2 |
0.0% |
-21.5% |
|
|
Foreign |
2.9 |
0.0% |
111.7% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.6 |
0.0% |
-7.5% |
|
SECURITIES |
|
14,594.2 |
86.2% |
-4.1% |
|
Other Assets |
|
82.5 |
0.5% |
-4.5% |
|
Other Debt Instruments |
|
374.7 |
2.2% |
-2.3% |
|
Liquidity |
|
2,248.1 |
13.3% |
-0.4% |
|
Loans |
|
-340.1 |
-2.0% |
53.9% |
|
Unsettled Amounts |
|
-37.9 |
-0.2% |
-82.0% |
|
TOTAL |
|
16,921.4 |
100.0% |
-3.4% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Apr - 10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
55 |
23.5% |
-1 |
0.09 p.p. |
|
Santander Asset Management |
32 |
18.3% |
0 |
-0.77 p.p. |
|
ESAF |
30 |
17.2% |
0 |
0.24 p.p. |
|
BPI Gestão de Activos |
25 |
15.2% |
0 |
0.02 p.p. |
|
Millennium BCP Gestão de Activos |
28 |
9.5% |
1 |
0.11 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
3.4% |
0 |
0.02 p.p. |
|
Privado Fundos |
1 |
3.4% |
0 |
0.14 p.p. |
|
Montepio Gestão de Activos |
17 |
2.5% |
0 |
0.01 p.p. |
|
BBVA Gest |
13 |
1.4% |
-1 |
0.03 p.p. |
|
BPN Gestão de Activos |
8 |
1.4% |
0 |
0.04 p.p. |
|
Banif Gestão de Activos |
18 |
1.0% |
0 |
-0.02 p.p. |
|
Crédito Agrícola Gest |
13 |
0.8% |
0 |
0.01 p.p. |
|
MCO2 |
2 |
0.7% |
0 |
0.03 p.p. |
|
Finivalor |
10 |
0.7% |
0 |
0.03 p.p. |
|
Popular Gestão de Activos |
12 |
0.7% |
0 |
0.01 p.p. |
|
MNF Gestão de Activos |
2 |
0.1% |
0 |
0.01 p.p. |
|
Invest Gestão de Activos |
2 |
0.1% |
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 |
289 |
100.0% |
-1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 Euro
|
Entity |
Fund |
Apr - 10 |
Monthly D |
|
Value |
% |
Value |
|
Santander Asset Management |
SANTANDER GLOBAL |
618.7 |
3.7% |
-3.4% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
602.0 |
3.6% |
0.3% |
|
Privado Fundos |
FUNDO DE GESTÃO PASSIVA |
578.1 |
3.4% |
0.9% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
559.1 |
3.3% |
-1.6% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
554.4 |
3.3% |
-15.4% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
544.7 |
3.2% |
-28.5% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
522.5 |
3.1% |
-0.5% |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
506.3 |
3.0% |
-4.2% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
428.5 |
2.5% |
0.3% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
416.9 |
2.5% |
-2.8% |
|
Others |
|
11,590.2 |
68.5% |
-1.8% |
|
|
TOTAL |
16,921.4 |
100.0% |
-3.4% |
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 7th May 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.