The amount under management by Collective Investment Undertakings (UCITS) increased by 0.7% in March up to € 11,351.7 million apropos € 11,273.6 million in February.  The amount under management by Special Investment Funds (SIF) rose 10.7% up to € 6,157.0 million.

The amount invested by Securities Investment Funds (SIF) in public debt and foreign debt dropped 1.2% and 5.5%, repectively.  Conversely, foreign bonds continued to be the most sought-after financial instruments by the SIF and represented 45.3% of the total investment.

The shares of Banco Espirito Santo continued to be the most popular security on the national domestic market with 22.8% of the total being invested in Portuguese equities. This was followed by Semapa (7.7%), Galp Energia (6.8%) and Portugal Telecom (6.1%). 

The Banco Bradesco's securities continued to be the top preference (30.1% of investment outside the European Union) in the foreign stock exchanges. The shares of Banco Santander, Total Efina, Telefónica and BNP Paribas (4.3%, 2.6%, 2.1% and 2.1% 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 11.3% of investments, directly below Luxembourg (33.6%).

Caixagest (23.4%), Santander Asset Management (19.1%) and ESAF (16.9%) were the management companies with the largest market share in March. Santander Multitesouraria, the assets of which increased by 4% in comparison to February 2010, was the largest Securities Investment Fund.

'Fundo de Gestão Passiva - FEIF' managed by Privado Fundos was established.  The funds 'Caixagest Optimizer - Capital Garantido' managed by Caixagest and 'Privado Liquidez Dinâmica - FEIA', managed by 'Privado Fundos' were terminated.

The funds 'Luso Carbon Fund - FEIF' and 'New Energy Fund - FEIF' both managed by Banif GA, were transferred to MCO2* - SGFIM, that started managing said funds on 01/03/2010 although being registered since 20/10/2009.

Table 1 - Aggregate Indicators

Unit: 10^6 Euro

Country	Mar - 10		Monthly D
	Value	% Total	Value
PORTUGAL	1.386,8	11,3%	-0,5%
LUXEMBOURG	4.108,2	33,6%	-2,4%
UNITED KINGDOM	1.385,0	11,3%	1,6%
IRELAND	1.044,8	8,5%	-4,8%
GERMANY	664,3	5,4%	-21,8%
FRANCE	500,9	4,1%	-4,9%
SPAIN	477,0	3,9%	8,2%
BRAZIL	427,9	3,5%	7,3%
USA	398,7	3,3%	15,0%
ITALY	250,3	2,0%	16,6%
OTHER COUNTRIES	1.596,8	13,0%	117,5%
TOTAL	12.240,7	100,0%	5,8%

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**	Mar - 10		Monthly D
	Value	%	Value
BESPLFLOAT 02/2013	75,2	3,1%	-21,5%
CX MONTEPIO GERALCAYTV31012011	63,0	2,6%	0,8%
BPIPLFLOAT 01/12	62,2	2,6%	2,3%
CIMPOR FINANCIAL OPERTNS45%27052011	53,0	2,2%	1,4%
BANCO PORT ATLAN FLOAT 29/09/49	45,0	1,9%	-2,3%
CGD 3.10% 06/06/2012	40,6	1,7%	0,5%
REND.MAIS SUB/16 B-4	39,6	1,7%	0,5%
REND.MAIS SUB/16 B-5	39,5	1,7%	0,2%
REND.MAIS SUB/16 B-1	39,5	1,7%	0,2%
REND.MAIS SUB/16 B-2	39,5	1,7%	0,2%
Sub-Total (1)	497,2	20,8%	-3,6%
Other Bonds	1.890,1	79,2%	1,3%
TOTAL Bonds issued by Domestic Groups (2)	2.387,3	100,0%	0,2%
TOTAL Foreign Bonds in the Portfolios of Funds (3)	6.899,7		-2,6%
(1)/(3)	7,2%		-0,07 p.p.
(2)/(3)	34,6%		0,97 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

Entity	Mar - 10		Monthly D
	No.	Market Share	No.	Market Share
Caixagest	56	23,4%	-1	-1,17 p.p.
Santander Asset Management	32	19,1%	0	-0,25 p.p.
ESAF	30	16,9%	0	-0,88 p.p.
BPI Gestão de Activos	25	15,2%	0	-0,48 p.p.
Millennium BCP Gestão de Activos	27	9,4%	0	-0,19 p.p.
Barclays Wealth Managers Portugal	16	3,4%	0	-0,06 p.p.
Privado Fundos	1	3,3%	0	3,26 p.p.
Montepio Gestão de Activos	17	2,5%	0	-0,1 p.p.
BBVA Gest	14	1,4%	0	0,02 p.p.
BPN Gestão de Activos	8	1,3%	0	-0,04 p.p.
Banif Gestão de Activos	18	1,0%	-2	-0,73 p.p.
Crédito Agrícola Gest	13	0,8%	0	-0,03 p.p.
MCO2	2	0,7%	2	0,69 p.p.
Popular Gestão de Activos	12	0,7%	0	-0,01 p.p.
Finivalor	10	0,7%	0	-0,01 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	290	100,0%	-1	-

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 14 April 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.