The amount under management by Collective Investment Undertakings (UCITS) fell 4.1% in June down to EUR 9.8447 billion (EUR 10.2675 billion in May). The amount under management by Special Investment Funds (SIF) slipped 0.3% down to EUR 5.8394 billion.
The amount invested by Securities Investment Funds (SIF) in domestic public debt soared 30.7% from the previous month while the value of investments in foreign debt climbed 0.5%.
Foreign bonds fell 3.3% in the amount under management by funds in June. However said bonds continued to be the most sought-after financial instruments by the SIF and corresponded to 43.3% of the total investment for the first half of the year.
The shares of Banco Espirito Santo continued to be the most popular security on the national domestic market with 23.7% of the total being invested in Portuguese equities, 2.2% more than in the previous month. Although Portugal Telecom and Semapa recorded a drop of 17.5% and 17% in the amount under management when compared to the preceding month, these two securities held considerable weightings in the Securities Investment Funds' portfolios after BES.
The Spanish Telefónica and Banco Santander have the most weightings in the amounts managed by investment funds in equity investment in the EU market. Outside the European Union, Banco Bradesco continues to be the leading choice for investment by the SIFs, with EUR 284.2 million under management. This represented 1.7% less than in May.
In June, Portugal climbed to second position as investment destination for Securities Investment Funds' investments, after rising 1.6% to EUR 1.2582 billion, just behind Luxembourg, which attracted 33.9% of the total investment from investment funds. Germany was the country that recorded the largest percentage increase (14% in comparison to May) of the amounts under management, while France had the sharpest drop of 25.9%.
Caixagest (24%), Santander Asset Management (17.4%) and ESAF (17.4%) were the management companies with the largest market share in June. Espírito Santo Plano Dinâmico, the assets of which fell by 0.5% in comparison to May 2010, was the largest Securities Investment Fund.
In June, the special investment fund 'FEIA CA Rendimento Crescente' managed by Crédito Agrícola Gest was established. The following funds were terminated: 'Caixagest Multi-Activos – Capital Garantido', managed by Caixagest, 'Barclays Gestão Dinâmica 100 – FEIA' and 'Barclays Gestão Dinâmica 300 – FEIA', managed by Barclays WMP, and 'Hedge Fund Invest – FEIF', of Santander AM.
Table 1 - Aggregate Indicators
Unit: 10^6 Euro
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Jun - 10 |
May - 10 |
Monthly D |
Jun - 10 |
May - 10 |
Monthly D |
|
Assets under Management (1) |
9,844.7 |
10,267.5 |
-4.1% |
5,839.4 |
5,856.1 |
-0.3% |
|
No. of Fund Operators |
18 |
18 |
0 |
14 |
15 |
-1 |
|
No. of Funds (2) |
192 |
193 |
-1 |
94 |
96 |
-2 |
|
Mean Capitalisation of Funds [(1)/(2)] |
51.3 |
53.2 |
-1.9 |
62.1 |
61.0 |
1.1 |
Table 2 – Investment per Country
Unit: 10^6 Euro
|
Country |
Jun - 10 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,258.2 |
11.5% |
1.6% |
|
LUXEMBOURG |
3,715.2 |
33.9% |
0.2% |
|
UNITED KINGDOM |
1,116.3 |
10.2% |
-5.3% |
|
IRELAND |
889.2 |
8.1% |
-1.1% |
|
GERMANY |
830.8 |
7.6% |
14.1% |
|
BRAZIL |
442.9 |
4.0% |
0.5% |
|
USA |
419.9 |
3.8% |
-3.3% |
|
SPAIN |
395.1 |
3.6% |
-3.8% |
|
FRANCE |
366.1 |
3.3% |
-25.9% |
|
NETHERLANDS |
219.6 |
2.0% |
-12.3% |
|
OTHERS |
1,304.7 |
11.9% |
-2.4% |
|
TOTAL |
10,958.2 |
100.0% |
-1.4% |
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
|
Shares |
Jun - 10 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
157.9 |
23.7% |
2.2% |
|
P. TELECOM. SGPS |
48.5 |
7.3% |
-17.5% |
|
SEMAPA. SGPS |
47.2 |
7.1% |
-17.0% |
|
GALP |
46.5 |
7.0% |
-2.6% |
|
ZON MULTIMÉDIA |
37.0 |
5.6% |
-4.8% |
|
BRISA |
23.6 |
3.5% |
6.1% |
|
SONAECOM SGPS |
23.5 |
3.5% |
8.9% |
|
BCP |
23.2 |
3.5% |
-12.2% |
|
JERÓNIMO MARTINS. SGPS |
20.6 |
3.1% |
2.3% |
|
E.SANTO FINANCIAL GROUP |
19.2 |
2.9% |
-1.8% |
|
Sub-total |
447.5 |
67.1% |
-4.2% |
|
Others |
219.8 |
32.9% |
3.2% |
|
TOTAL Domestic Shares (1) |
667.3 |
100.0% |
-1.9% |
|
EUROPEAN UNION MARKET |
|
|
|
|
TELEFONICA |
25.1 |
3.5% |
-0.2% |
|
BSCH |
24.5 |
3.4% |
4.5% |
|
TOTAL EFINA |
18.5 |
2.6% |
-4.2% |
|
SIEMENS AG - REG |
14.9 |
2.1% |
0.0% |
|
BNP PARIBAS |
14.2 |
2.0% |
3.1% |
|
ALLIANZ |
13.0 |
1.8% |
-0.1% |
|
E.ON AG |
12.0 |
1.7% |
-5.8% |
|
BBVA |
11.8 |
1.7% |
16.0% |
|
HSBC HOLDING PLC |
11.2 |
1.6% |
-0.9% |
|
BASF |
11.0 |
1.6% |
3.3% |
|
Sub-total |
156.1 |
22.0% |
1.1% |
|
Others |
554.9 |
78.0% |
-3.4% |
|
TOTAL EU Shares (2) |
711.0 |
100.0% |
-2.4% |
|
NON EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
284.2 |
28.1% |
-1.7% |
|
ITAU UNIBANCO HOLDING ADR |
10.4 |
1.0% |
2.2% |
|
ROYAL GOLD INC. |
9.3 |
0.9% |
-4.0% |
|
NOVARTIS |
8.7 |
0.9% |
2.9% |
|
APPLE COMPUTER INC |
8.6 |
0.9% |
-15.2% |
|
TANZANIAN ROYALTY EXPLCORP |
8.2 |
0.8% |
6.9% |
|
PETROBRAS PETROLEOS BRASILADR |
7.7 |
0.8% |
3.3% |
|
NESTLE REG |
7.7 |
0.8% |
9.9% |
|
BANCO BRADESCO ADR |
7.2 |
0.7% |
-8.7% |
|
COMP BEBIDAS DAS AMERICAS PREFADR |
6.9 |
0.7% |
5.8% |
|
Sub-total |
359.1 |
35.5% |
-1.4% |
|
Others |
651.8 |
64.5% |
-1.9% |
|
TOTAL Non-EU Shares (3) |
1,010.9 |
100.0% |
-1.7% |
|
Total International Shares (2)+(3) |
1,721.9 |
- |
-2.0% |
|
TOTAL |
2,389.1 |
-2.0% |
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 Euro
|
Bonds** |
Jun - 10 |
Monthly D |
|
Value |
% |
Value |
|
MONTPI FLOAT 31/01/11 |
61.8 |
2.8% |
-0.4% |
|
BANCO BPI FLT.01/12 |
61.4 |
2.8% |
25.5% |
|
BESPL FLOAT 25/02/13 |
55.1 |
2.5% |
0.5% |
|
CIMPPL 4.5% 05/11 |
53.4 |
2.4% |
0.9% |
|
PORTEL 3.75 05-03/12 |
46.8 |
2.1% |
-7.9% |
|
CGD 3.10% 06/06/2012 |
40.2 |
1.8% |
-0.1% |
|
REND.MAIS SUB/16 B-1 |
39.7 |
1.8% |
0.1% |
|
REND.MAIS SUB/16 B-2 |
39.7 |
1.8% |
0.1% |
|
REND.MAIS SUB/16 B-3 |
39.7 |
1.8% |
0.1% |
|
REND.MAIS SUB/16 B-4 |
39.7 |
1.8% |
-0.1% |
|
Sub-total (1) |
477.4 |
21.4% |
1.9% |
|
Others |
1,748.4 |
78.6% |
-0.5% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2,225.8 |
100.0% |
0.0% |
|
TOTAL Foreign Bonds in the Funds' Portfolios (3) |
5,889.5 |
-2.5% |
|
(1)/(3) |
8.1% |
0.36 p.p. |
|
(2)/(3) |
37.8% |
0.95 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 |
Jun - 10 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
194.9 |
1.2% |
30.7% |
|
|
Foreign |
1,178.5 |
7.5% |
0.5% |
|
Other Public Funds |
Domestic |
5.3 |
0.0% |
-0.7% |
|
|
Foreign |
120.5 |
0.8% |
1.6% |
|
Bonds |
Domestic |
1,274.4 |
8.1% |
-1.7% |
|
|
Foreign |
6,788.5 |
43.3% |
-3.3% |
|
Shares |
Domestic |
667.7 |
4.3% |
-1.9% |
|
|
Foreign |
1,738.9 |
11.1% |
-2.0% |
|
Investment Units |
Domestic |
636.4 |
4.1% |
3.1% |
|
|
Foreign |
1,215.1 |
7.7% |
1.2% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
5.4 |
0.0% |
-1.9% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
7.5 |
0.0% |
4.0% |
|
Options |
Domestic |
0.1 |
0.0% |
14.0% |
|
|
Foreign |
2.2 |
0.0% |
-19.4% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.8 |
0.0% |
1.3% |
|
SECURITIES |
|
13,836.1 |
88.2% |
-1.5% |
|
Other Assets |
|
82.7 |
0.5% |
1.4% |
|
Other Debt Instruments |
|
254.0 |
1.6% |
-15.9% |
|
Liquidity |
|
1,898.4 |
12.1% |
-10.6% |
|
Loans |
|
-223.3 |
-1.4% |
0.7% |
|
Unsettled Amounts |
|
-163.8 |
-1.0% |
-22.0% |
|
TOTAL |
|
15,684.1 |
100.0% |
-2.7% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Jun - 10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
54 |
24.0% |
-1 |
0.86 p.p. |
|
Santander Asset Management |
32 |
17.4% |
-1 |
-0.8 p.p. |
|
ESAF |
30 |
17.4% |
0 |
0.14 p.p. |
|
BPI Gestão de Activos |
24 |
15.4% |
0 |
-0.01 p.p. |
|
Millennium BCP Gestão de Activos |
28 |
9.9% |
0 |
0.07 p.p. |
|
Privado Fundos |
1 |
3.5% |
0 |
-0.02 p.p. |
|
Barclays Wealth Managers Portugal |
14 |
3.1% |
-2 |
-0.19 p.p. |
|
Montepio Gestão de Activos |
17 |
2.1% |
0 |
-0.12 p.p. |
|
BBVA Gest |
13 |
1.5% |
0 |
0.01 p.p. |
|
BPN Gestão de Activos |
8 |
1.4% |
0 |
0.03 p.p. |
|
Banif Gestão de Activos |
18 |
1.0% |
0 |
-0.02 p.p. |
|
Crédito Agrícola Gest |
14 |
0.8% |
1 |
0.01 p.p. |
|
MCO2 |
2 |
0.8% |
0 |
0.01 p.p. |
|
Finivalor |
10 |
0.7% |
0 |
0.01 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 |
286 |
100.0% |
-3 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of Funds (10 largest)
Unit: 10^6 Euro
|
Entity |
Fund |
Jun - 10 |
Monthly D |
|
Value |
% |
Value |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
545.0 |
3.5% |
-0.5% |
|
Privado Fundos |
FUNDO DE GESTÃO PASSIVA |
541.1 |
3.5% |
-3.4% |
|
Santander Asset Management |
SANTANDER GLOBAL |
531.3 |
3.4% |
-6.9% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
511.1 |
3.3% |
-1.7% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
479.8 |
3.1% |
8.7% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
466.4 |
3.0% |
-9.6% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
407.2 |
2.6% |
-1.3% |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
401.0 |
2.6% |
-10.0% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
400.5 |
2.6% |
-0.6% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
396.5 |
2.5% |
-11.8% |
|
Others |
|
11,004.0 |
70.2% |
-2.2% |
|
|
TOTAL |
15,684.1 |
100.0% |
-2.7% |
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 July 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.