The amount under management by Collective Investment Undertakings (UCITS) dropped by 5.5% in May down to € 10,267.5 million (€ 10,866.8 million in April) and the amount under management by Special Investment Funds (SIF) fell 3.3% down to € 5,856.1 million.

The amount invested by Securities Investment Funds (SIF) in domestic public debt dropped 0.7% apropos the previous month.  Conversely, the  value of investments in foreign debt rose 2.4%.

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

The shares of Banco Espirito Santo continued to be the most sought-after security on the domestic market front, with 22.7% of the total being invested in domestic shares, followed by Portugal Telecom (8.7%), Semapa (8.4%) and Galp Energia (7%).

The leading international choice in foreign stock exchanges continued to be the securities of Banco Bradesco (28.1% of investments outside the European Union), followed by shares of Telefónica, Banco Santander and Total Efina (25.1%, 23.4% and 19.3%, respectively of investments in the EU markets).

Portugal was the second main destination for investing in Securities Investment Funds. The domestic securities represent 11.1% of investment, followed by Luxemburg (33.3%).

Caixagest (23.1%), Santander Asset Management (18.2%) and ESAF (17.3%) were the management companies with the largest market share in May. Santander Global, the assets of which fell by 7.7% in comparison to April 2010, was the largest Securities Investment Fund.

In May, 'Santander Estratégias Europeias - FEIA', managed by Santander AM was established.

BPI Gestão de Activos incorporated 'BPI Tesouraria - FIA' in 'BPI Liquidez - FIAT' and Banif Gestão de Activos changed the funds' names from 'Banif - Euro Obrigações Taxa Fixa - FIMAOTF' and 'Banif Euro Obrigações Taxa Variável - FIMAOTV' to 'Banif Euro Governos - FIMAOTF' and 'Banif Euro Corporates - FIMAOTV', respectively.

Table 1 - Aggregate Indicators

Unit: 10^6 Euro

Table 2 – Investment per Country

Unit: 10^6 Euro

Country	May - 10		Monthly D
	Value	% Total	Value
PORTUGAL	1.238,3	11,1%	-3,9%
LUXEMBOURG	3.706,1	33,3%	-4,0%
UNITED KINGDOM	1.178,7	10,6%	-11,1%
IRELAND	899,4	8,1%	-4,3%
GERMANY	728,5	6,6%	-9,3%
FRANCE	494,1	4,4%	15,5%
BRAZIL	440,9	4,0%	-3,7%
USA	434,4	3,9%	5,4%
SPAIN	410,8	3,7%	2,3%
NETHERLANDS	250,5	2,3%	5,9%
OTHER COUNTRIES	1.337,4	12,0%	-9,1%
TOTAL	11.119,0	100,0%	-4,4%

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

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**	May - 10		Monthly D
	Value	%	Value
MONTEPIO FLOAT 31/01/11	62,1	2,8%	-0,5%
BESPLFLOAT 02/2013	54,8	2,5%	-2,2%
CIMPOR FINANCIAL OPERTNS45%27052011	52,9	2,4%	1,6%
PORTEL 3.75 03/12	50,8	2,3%	0,8%
BPI SA 2012 FLOAT	48,9	2,2%	-13,5%
CGD 3.10% 06/06/2012	40,2	1,8%	-0,2%
REND.MAIS SUB/16 B-4	39,7	1,8%	0,2%
REND.MAIS SUB/16 B-5	39,6	1,8%	0,1%
REND.MAIS SUB/16 B-1	39,6	1,8%	0,1%
REND.MAIS SUB/16 B-2	39,6	1,8%	0,1%
Sub-total (1)	468,4	21,0%	-1,6%
Other Bonds	1.758,0	79,0%	-6,3%
TOTAL Bonds issued by Domestic Groups (2)	2.226,4	100,0%	-5,4%
TOTAL Foreign Bonds in the Funds' Portfolios (3)	6.043,2		-6,1%
(1)/(3)	7,8%		0,35 p.p.
(2)/(3)	36,8%		0,28 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

Table 6 – Number of Funds and Market Share

Unit: 10^6 Euro

Entity	May - 10		Monthly D
	No.	Market Share	No.	Market Share
Caixagest	55	23,1%	0	-0,37 p.p.
Santander Asset Management	33	18,2%	1	-0,09 p.p.
ESAF	30	17,3%	0	0,11 p.p.
BPI Gestão de Activos	24	15,4%	-1	0,24 p.p.
Millennium BCP Gestão de Activos	28	9,8%	0	0,29 p.p.
Privado Fundos	1	3,5%	0	0,06 p.p.
Barclays Wealth Managers Portugal	16	3,3%	0	-0,17 p.p.
Montepio Gestão de Activos	17	2,2%	0	-0,23 p.p.
BBVA Gest	13	1,5%	0	0,05 p.p.
BPN Gestão de Activos	8	1,4%	0	0,05 p.p.
Banif Gestão de Activos	18	1,0%	0	-0,01 p.p.
Crédito Agrícola Gest	13	0,8%	0	0 p.p.
MCO2	2	0,8%	0	0,03 p.p.
Finivalor	10	0,7%	0	0,01 p.p.
Popular Gestão de Activos	12	0,7%	0	0,02 p.p.
MNF Gestão de Activos	2	0,1%	0	0 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%	0	-

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 9 June 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, 17 October) and Non-UCITS categories.