Securities Investment Funds
The amount under management by Collective Investment Undertakings (UCITS) dropped by 2.1% in July down to € 9,634.5 million and less € 210.3 million apropos June. The amount under management by Special Investment Funds (SIFs) retrograded 0.5% to € 5,812.7 million.
The amount invested by Securities Investments Funds (SIFs) in domestic public debt stepped up 17.5% in comparison to the previous month, while the value of investments in foreign debt dropped 11.1%.
Foreign bonds continued to be the most sought-after financial instruments by the SIFs, representing 43% of the total investment, albeit the amount managed dropped 2.1% in comparison to June.
Investment in domestic market shares increased 6.2% apropos June up to € 708.9 million. Foreign shares upped 4.7% reaching € 1,819.8 million.
On the domestic front, the shares of Banco Espirito Santo continued to be the most invested in with 25.6% of the total invested by SIFs with an increase of 15% than during the previous month. Semapa follows (6.8% of the total), with an increase of 2.4% more than in June and Portugal Telecom with 6.3% of the total invested by SIFs albeit the amount managed dropped 7.7% in July.
EU market-wise, Telefónica amplified its position in the REIFs' portfolios to 3.7% with the amount under management by the Spanish telecommunications operator increasing 10.3% in comparision to June. Conversely, the amount under management by Banco Santander fell 5.1% to € 23.2 million. Banco Bradesco continued to be the leading choice in the SIFs' portfolios, managing € 327.1 million under management reflecting an increase of 15.1% apropos June.
In July, Portugal increased its second position as an investment destination after a rise of 6.5% to € 1,339.5 million following Luxemburg that captured 37.9% of investment funds' investment. Germany registered the steepest percentage drop in the amounts under management (16.2% as regards June), followed by France's loss of 5.3%.
Caixagest (23.9%), ESAF (17.5%) and Santander Asset Management (17.4%) were the management companies with the largest market share in July. Espírito Santo Plano Dinâmico was the largest SIF, the assets of which increased by 2.5% in comparison to June.
In July, Caixagest Mix Emergentes - FEIA, an open-end SIF managed by Caixagest and a closed-end SIF BPI Perpétuas II - FEIF managed by BPI GA, were established. The fund BBVA Europa Máximo - FEIA Capital Garantido, managed by BBVA Gest was terminated.
The management of Fundo Gestão Passiva - FEIF managed by Privados Funds was transferred to Banif GA.
Table 1 – Aggregated Benchmarks
Unit: 10^6 Euro
|
|
Jul - 10 |
Jun - 10 |
Monthly D |
Jul - 10 |
Jun - 10 |
Monthly D |
|
Assets under management (1) |
9,634.4 |
9,844.7 |
-2.1% |
5,812.7 |
5,839.5 |
-0.5% |
|
No. of fund operators |
18 |
18 |
0 |
13 |
14 |
-1 |
|
No. of Funds (2) |
192 |
192 |
0 |
95 |
94 |
1 |
Table 2 – Investment per Country
Unit: 10^6 Euro
|
Country
|
Jul - 10 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,339,5 |
12.4% |
6.5% |
|
LUXEMBOURG |
4,110.5 |
37.9% |
10.6% |
|
UNITED KINGDOM |
1,207.0 |
11.1% |
8.1% |
|
IRELAND |
881.2 |
8.1% |
-0.9% |
|
GERMANY |
696.2 |
6.4% |
-16.2% |
|
BRAZIL |
497.2 |
4.6% |
12.3% |
|
SPAIN |
488.3 |
4.5% |
23.6% |
|
USA |
414.8 |
3.8% |
-1.2% |
|
FRANCE |
346.7 |
3.2% |
-5.3% |
|
NETHERLANDS |
235.4 |
2.2% |
7.2% |
|
OTHERS |
621.9 |
5.7% |
-52.3% |
|
TOTAL |
10,838.8 |
100.0% |
-1.1% |
Note: Investment in listed securities (excluding securities in the process of being admitted to the domestic market or a foreign one), not including investment units of collective investment undertakings (UCITS) domiciled in Portugal and in Member States of the EU and Non-EU States.
Table 3 - Value of Investment in Domestic and Foreign Shares (10 largest)
Unit: 10^6 Euro
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
181.7 |
25.6% |
15.0% |
|
SEMAPA, SGPS |
48.4 |
6.8% |
2.4% |
|
P. TELECOM, SGPS |
44.8 |
6.3% |
-7.7% |
|
GALP |
43.9 |
6.2% |
-5.5% |
|
ZON MULTIMÉDIA |
37.3 |
5.3% |
0.6% |
|
BCP |
34.3 |
4.8% |
47.6% |
|
SONAECOM SGPS |
26.9 |
3.8% |
14.4% |
|
SONAE INDÚSTRIA, SGPS |
22.9 |
3.2% |
19.7% |
|
BRISA |
22.7 |
3.2% |
-3.9% |
|
SONAE SGPS |
21.9 |
3.1% |
15.3% |
|
Sub-total |
484.8 |
68.4% |
8.7% |
|
Other Shares |
223.7 |
31.6% |
1.0% |
|
TOTAL Domestic Shares (1) |
708.4 |
100.0% |
6.2% |
|
EU MARKET |
|
|
|
|
TELEFONICA |
27.7 |
3.7% |
10.3% |
|
BSCH |
23.2 |
3.1% |
-5.1% |
|
TOTAL EFINA |
19.1 |
2.6% |
3.3% |
|
BNP PARIBAS |
17.8 |
2.4% |
25.9% |
|
ALLIANZ |
16.5 |
2.2% |
27.2% |
|
HSBC HOLDING PLC |
15.6 |
2.1% |
39.8% |
|
SIEMENS AG - REG |
15.2 |
2.1% |
1.8% |
|
E.ON AG |
12.1 |
1.6% |
0.8% |
|
BBVA |
11.8 |
1.6% |
-0.4% |
|
REPSOL YPF |
10.4 |
1.4% |
40.9% |
|
Sub-total |
169.4 |
22.9% |
11.1% |
|
Other Shares |
571.5 |
77.1% |
2.3% |
|
TOTAL EU Shares (2) |
740.8 |
100.0% |
4.2% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
327.2 |
30.8% |
15.1% |
|
BANCO BRADESCO ADR |
11.9 |
1.1% |
64.6% |
|
ITAU UNIBANCO HOLDING ADR |
11.5 |
1.1% |
10.2% |
|
NOVARTIS |
11.0 |
1.0% |
26.5% |
|
NESTLE REG |
10.8 |
1.0% |
39.6% |
|
BRBBASACNOR3 |
9.5 |
0.9% |
60.7% |
|
APPLE COMPUTER INC |
8.3 |
0.8% |
-3.5% |
|
ROYAL GOLD INC. |
8.1 |
0.8% |
-13.4% |
|
TANZANIAN ROYALTY EXPLCORP |
7.8 |
0.7% |
-4.7% |
|
VALE, SA - Pref. ADR |
7.4 |
0.7% |
13.7% |
|
Sub-total |
413.4 |
38.9% |
15.9% |
|
Other Shares |
649.5 |
61.1% |
-0.7% |
|
TOTAL Non-EU Shares (3) |
1,062.9 |
100.0% |
5.1% |
|
Total International Shares (2)+(3) |
1,803.7 |
- |
4.8% |
Note: Refers solely to shares on Regulated Markets on Stock Exchanges.
Table 4 – Weight of bonds of Domestic Groups issued abroad* in foreign bonds held by Securities Investment Funds (10 largest)
Unit: 10^6 Euro
|
Bonds** |
Jul - 10 |
Monthly D |
|
Value |
% |
Value |
|
CX MONTEPIO GERALCAYTV31012011 |
61.9 |
2.7% |
0.2% |
|
BPIPL FLOAT 25/01/12 |
58.3 |
2.5% |
-5.0% |
|
BESPLFLOAT 02/2013 |
54.9 |
2.4% |
-0.4% |
|
CIMPOR FIN4.5% 05/11 |
53.9 |
2.4% |
0.8% |
|
PORTEL 3.75 05-03/12 |
46.0 |
2.0% |
-1.7% |
|
CGD 3.10% 06/06/2012 |
40.8 |
1.8% |
1.3% |
|
REND.MAIS SUB/16 B-5 |
39.7 |
1.7% |
0.0% |
|
REND.MAIS SUB/16 B-1 |
39.7 |
1.7% |
0.0% |
|
REND.MAIS SUB/16 B-2 |
39.7 |
1.7% |
0.0% |
|
REND.MAIS SUB/16 B-3 |
39.7 |
1.7% |
0.0% |
|
Sub-total (1) |
474.4 |
20.7% |
-0.6% |
|
Others |
1,815.5 |
79.3% |
3.8% |
|
TOTAL bonds issued by Domestic Groups (2) |
2,290.0 |
100.0% |
2.9% |
|
TOTAL foreign bonds in the Portfolios of Funds (3) |
6,449.0 |
9.5% |
|
(1)/(3) |
7.4% |
-0.75 p.p. |
|
(2)/(3) |
35.5% |
-2.28 p.p. |
Note: (*) Based on ISIN codes; (**) Refers merely to bonds listed on Regulated Markets on Stock Exchanges in European Member States.
Table 5 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
Value |
% |
Value |
|
Public Debt |
Domestic |
229.0 |
1.5% |
17.5% |
|
|
Foreign |
1,047.8 |
6.8% |
-11.1% |
|
Other Public Funds |
Domestic |
5.3 |
0.0% |
0.3% |
|
|
Foreign |
117.4 |
0.8% |
-2.6% |
|
Bonds |
Domestic |
1,280.6 |
8.3% |
0.5% |
|
|
Foreign |
6,646.1 |
43.0% |
-2.1% |
|
Shares |
Domestic |
708.9 |
4.6% |
6.2% |
|
|
Foreign |
1,819.8 |
11.8% |
4.7% |
|
Investment Units |
Domestic |
627.2 |
4.1% |
-1.4% |
|
|
Foreign |
1,200.1 |
7.8% |
-1.2% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
6.0 |
0.0% |
10.9% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
8.0 |
0.1% |
6.6% |
|
Options |
Domestic |
0.2 |
0.0% |
65.9% |
|
|
Foreign |
2.4 |
0.0% |
8.8% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.6 |
0.0% |
-27.5% |
|
SECURITIES |
|
13,699.4 |
88.7% |
-1.0% |
|
Other Assets |
|
75.4 |
0.5% |
-8.9% |
|
Other Debt Instruments |
|
268.1 |
1.7% |
5.5% |
|
Liquidity |
|
1,650.6 |
10.7% |
-13.1% |
|
Loans |
|
-110.9 |
-0.7% |
-50.3% |
|
Unsettled Amounts |
|
-135.4 |
-0.9% |
-17.3% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 Euro
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
55 |
23,9% |
1 |
-0,13 p.p. |
|
ESAF |
30 |
17,5% |
0 |
0,08 p.p. |
|
Santander Asset Management |
32 |
17,4% |
0 |
0,01 p.p. |
|
BPI Gestão de Activos |
25 |
15,5% |
1 |
0,08 p.p. |
|
Millennium BCP Gestão de Activos |
28 |
10,0% |
0 |
0,06 p.p. |
|
Banif Gestão de Activos |
19 |
4,5% |
1 |
3,56 p.p. |
|
Barclays Wealth Managers Portugal |
14 |
2,9% |
0 |
-0,15 p.p. |
|
Montepio Gestão de Activos |
17 |
2,1% |
0 |
-0,05 p.p. |
|
BPN Gestão de Activos |
8 |
1,5% |
0 |
0,02 p.p. |
|
BBVA Gest |
12 |
1,4% |
-1 |
-0,06 p.p. |
|
MCO2 |
2 |
0,8% |
0 |
0,01 p.p. |
|
Crédito Agrícola Gest |
14 |
0,8% |
0 |
0 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 |
0,2% |
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. |
|
NewGlobe Gestão de Activos |
1 |
0,0% |
0 |
0 p.p. |
|
Orey Gestão de Activos |
1 |
0,0% |
0 |
0 p.p. |
|
Privado Fundos |
0 |
0,0% |
-1 |
-3,45 p.p. |
|
TOTAL |
287 |
100,0% |
1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of Funds (10 largest)
Unit: 10^6 Euro
|
Entity |
Fund |
Jul - 10 |
Monthly D |
|
Valor |
% |
Value |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
558.8 |
3.6% |
2.5% |
|
Banif Gestão de Activos |
FUNDO DE GESTÃO PASSIVA |
545.5 |
3.5% |
0.8% |
|
Santander Asset Management |
SANTANDER GLOBAL |
517.1 |
3.3% |
-2.7% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
515.0 |
3.3% |
0.8% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
425.3 |
2.8% |
6.2% |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
423.9 |
2.7% |
-9.1% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
403.3 |
2.6% |
-1.0% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
389.4 |
2.5% |
-18.8% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
361.2 |
2.3% |
-8.9% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
326.3 |
2.1% |
-2.8% |
|
Other Entities |
|
10,981.3 |
71.1% |
-0.8% |
Note: Decreasing order of amounts managed by funds in the last period under analysis.
|
|
|