The amount under management of Collective Investment Undertakings (UCITS) amounted to EUR 8,759.4 million in 2010, EUR 2,893.86 million less than in 2009 (corresponding to a 25% drop). On the other hand, the amount under management of Special Investment Funds (SIF) fell 1.65% down to EUR 5,477.7 million at the end of the year when compared to 2009.
The amount under management of UCITS and SIF tumbled 2.4% and 2.8% respectively in December when compared to November.
The amount invested by Securities Investment Funds (SIF) in Portuguese government bonds soared 266.3% as against December 2009 and 45.6% over November. The amount under management of foreign debt fell 10.3% when compared to the preceding month, notwithstanding having climbed up 10.7% in comparison to 2009.
The SIF's investment in domestic equity markets amounted to EUR 598.4 million at the end of 2010, 30.7% less than at the end of 2009 and 3.2% more than in November. On the other hand, the value of investments in foreign shares climbed 25.3% over December 2009 and 3% over the preceding month.
The value of the SIF's investments in Portuguese corporate bonds plunged 26.3% in 2010 down to EUR 985.5 million, while foreign bonds slumped 23% ending the year at EUR 5.6998 billion.
BES continues to be most popular security in SIF's investments (24.6% of the total invested in the Portuguese market), followed by Galp (7.4%) and Zon Multimédia (6.5%). This is the case notwithstanding the amount under management having plunged 31.6%, 17.4% and 26.4% respectively over December 2009.
In the European Union, the SIF increased its exposure to the telecommunications sector and reduced it in banking in 2010. Telefónica, followed by Siemens took the lead in the exposure of SIF's portfolios, after an annual increase of 15% and 27.8% respectively. While, BSCH, who led at the end of 2009, watched the amount under management slump by 38.9% last year. BNP Paribas tumbled 21.6% in the same period.
Outside the European Union, Banco Bradesco continues to be the leading security for investment by the SIFs, with EUR 332.2 million under management. This is 11.8% more than in December 2009.
Last year, Portugal climbed a position up to second place as a major investment destination of SIF, notwithstanding the 2% annual decline down to EUR 1,370 million. The UK, which at the end of 2009 was the second main destination for SIF's investments, tumbled down to third place in 2010 for attracting EUR 1.0688 billion (EUR 444.8 million less than a year ago).
Luxembourg continued to be the key destination for capturing 35.3% of the investment funds' total investments.
Caixagest (23.1%), BPI Gestão de Activos (17.2%) and Santander Asset Management (17.2%) were the management companies with the largest market share in December. Santander Global, the assets of which rose by 3.7% up to EUR 620.2 million in comparison to November was the largest Securities Investment Fund.
Two special investment funds were established in December: 'Carregosa Tecnical Trading Valor – FEIA (NH)', managed by Optimize Investment Partners; and 'FEIA de Capital Garantido CA Rendimento Fixo', managed by Crédito Agrícola Gest. The following funds were also established: 'Carregosa Brasil Valor – FIMA Flexível' and 'Carregosa Europa Valor – FIMA Flexível', managed by Optimize Investment Partners.
During the same period, six investment funds were terminated: 'Banif Euro Governos – FIMAOTF', managed by Banif Gestão de Activos; 'FCG Top Dividendo BBVA (NH)', managed by BBVA Gest; 'Super Mix Invest – FEIF', managed by Santander Asset Management; 'Caixagest Valor Duplo – FEIA', managed by Caixagest; 'Raiz Top Capital- FEIF', managed by Crédito Agrícola Gest; and 'Caixagest Sprinter II – FEIA', managed by Caixagest.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Dec - 10 |
Nov - 10 |
Monthly D |
Dec - 10 |
Nov - 10 |
Monthly D |
|
Assets under Management (1) |
8,759.4 |
8,974.8 |
-2.4% |
5,477.7 |
5,636.4 |
-2.8% |
|
No. of Fund Operators |
18 |
18 |
0 |
14 |
13 |
1 |
|
No. of Funds (2) |
191 |
191 |
0 |
100 |
102 |
-2 |
|
Mean Capitalisation of Funds [(1)/(2)] |
45.9 |
47.0 |
-1.1 |
54.8 |
55.3 |
-0.5 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Dec - 10 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,370.2 |
13.7% |
8.9% |
|
LUXEMBOURG |
3,534.5 |
35.3% |
-7.9% |
|
UNITED KINGDOM |
1,068.8 |
10.7% |
-4.0% |
|
GERMANY |
765.2 |
7.6% |
-2.2% |
|
IRELAND |
707.6 |
7.1% |
-0.7% |
|
BRAZIL |
535.6 |
5.3% |
-1.3% |
|
USA |
496.6 |
5.0% |
6.3% |
|
SPAIN |
440.7 |
4.4% |
-5.9% |
|
FRANCE |
266.2 |
2.7% |
2.2% |
|
THE NETHERLANDS |
195.7 |
2.0% |
-12.3% |
|
OTHERS |
642.8 |
6.4% |
-3.7% |
|
TOTAL |
10,023.9 |
100.0% |
-3.0% |
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 EUR
|
Shares |
Dec - 10 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
147.1 |
24.6% |
6.4% |
|
GALP |
44.0 |
7.4% |
9.6% |
|
ZON MULTIMÉDIA |
38.5 |
6.5% |
12.4% |
| SEMAPA SGPS |
37.7 |
6.3% |
1.3% |
|
E. SANTO FINANCIAL GROUP |
27.0 |
4.5% |
36.3% |
|
SONAECOM SGPS |
26.6 |
4.5% |
6.7% |
|
BRISA |
25.8 |
4.3% |
1.7% |
|
P. TELECOM SGPS |
24.3 |
4.1% |
-27.1% |
|
CIMPOR |
23.5 |
3.9% |
50.3% |
|
BCP |
18.8 |
3.1% |
-30.8% |
|
Sub-total |
413.4 |
69.2% |
5.0% |
|
Others |
184.3 |
30.8% |
-0.6% |
|
TOTAL Domestic Shares (1) |
597.6 |
100.0% |
3.2% |
|
EUROPEAN UNION MARKET |
|
|
|
|
TELEFONICA |
26.5 |
3.6% |
8.3% |
|
SIEMENS AG - REG |
19.8 |
2.7% |
-8.8% |
|
TOTAL EFINA |
16.9 |
2.3% |
-11.5% |
|
BSCH |
15.5 |
2.1% |
-8.1% |
|
BNP PARIBAS |
14.0 |
1.9% |
13.5% |
|
ALLIANZ |
13.0 |
1.8% |
-0.1% |
|
BAYER AG |
12.2 |
1.7% |
-7.7% |
|
VODAFONE GROUP PLC |
11.8 |
1.6% |
30.1% |
|
BASF AG NPV |
11.7 |
1.6% |
-0.6% |
|
HSBC HOLDINGS PLC |
11.3 |
1.5% |
-24.1% |
|
Sub-total |
152.7 |
20.8% |
-2.4% |
|
Others |
581.4 |
79.2% |
1.7% |
|
TOTAL EU Shares (2) |
734.2 |
100.0% |
0.8% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
332.2 |
26.8% |
-2.1% |
|
ITAU UNIBANCO HOLDING ADR |
14.4 |
1.2% |
3.4% |
|
NESTLE REG |
14.3 |
1.2% |
60.1% |
|
BANCO BRADESCO ADR |
14.1 |
1.1% |
-4.6% |
|
PETROLEO BRASILEIRO |
12.5 |
1.0% |
23.6% |
|
VALE SA - Pref ADR |
12.3 |
1.0% |
0.8% |
|
TANZANIAN ROYALTY |
11.8 |
0.9% |
8.5% |
|
COMP BEBIDAS DAS AMERICAS PREFADR |
10.8 |
0.9% |
9.8% |
|
ROCHE |
10.6 |
0.9% |
39.7% |
|
NOVARTIS |
10.0 |
0.8% |
-3.0% |
|
Sub-total |
442.9 |
35.7% |
1.2% |
|
Others |
798.2 |
64.3% |
6.2% |
|
TOTAL Non-EU Shares (3) |
1,241.1 |
100.0% |
4.4% |
|
Total International Shares (2)+(3) |
1,975.3 |
- |
3.0% |
|
TOTAL |
2,572.9 |
3.1% |
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 EUR
|
Bonds** |
Dec - 10 |
Monthly D |
|
Value |
% |
Value |
|
BANCO BPI FLOAT 25/01/12 |
59.3 |
2.7% |
-0.9% |
|
BESP FLT 20120225 |
58.0 |
2.6% |
-3.1% |
|
CIMPPL 4 1/2 05/11 |
55.1 |
2.5% |
-2.5% |
|
MONTEPIO FLOAT 01/11 |
49.4 |
2.2% |
-20.5% |
|
PORT TEL 3.75% 03/12 |
47.1 |
2.1% |
-0.2% |
|
REPO BESPL 02/08/11 |
41.6 |
1.9% |
-4.3% |
|
CGD 3.10% 06/06/2012 |
40.7 |
1.8% |
-1.0% |
|
REND.MAIS SUB/16 B-1 |
39.8 |
1.8% |
0.1% |
|
REND.MAIS SUB/16 B-2 |
39.8 |
1.8% |
0.1% |
|
REND.MAIS SUB/16 B-3 |
39.8 |
1.8% |
1.8% |
|
Sub-total (1) |
470.7 |
21.3% |
-3.8% |
|
Others |
1,736.8 |
78.7% |
-4.1% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2,207.5 |
100.0% |
-4.1% |
|
TOTAL Foreign bonds in the Funds’ Portfolios (3) |
5,561.3 |
-6.1% |
|
(1)/(3) |
8.5% |
0.2 pp |
|
(2)/(3) |
39.7% |
0.83 pp |
Note: (*) Based on 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 EUR
|
Security |
Dec - 10 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
304.8 |
2.1% |
45.6% |
|
|
Foreign |
1,059.4 |
7.4% |
-10.3% |
|
Other Public Funds |
Domestic |
5.7 |
0.0% |
1.0% |
|
|
Foreign |
24.0 |
0.2% |
-2.4% |
|
Bonds |
Domestic |
985.5 |
6.9% |
-6.8% |
|
|
Foreign |
5,699.8 |
40.0% |
-6.6% |
|
Shares |
Domestic |
598.4 |
4.2% |
3.2% |
|
|
Foreign |
1,990.6 |
14.0% |
3.0% |
|
Investment Units |
Domestic |
568.0 |
4.0% |
-6.5% |
|
|
Foreign |
1,148.2 |
8.1% |
-0.4% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
6.8 |
0.0% |
17.3% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
3.7 |
0.0% |
-8.5% |
|
Options |
Domestic |
0.2 |
0.0% |
68.8% |
|
|
Foreign |
2.8 |
0.0% |
9.6% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.8 |
0.0% |
-3.8% |
|
SECURITIES |
|
12,398.7 |
87.1% |
-3.6% |
|
Other Assets |
|
67.6 |
0.5% |
-1.8% |
|
Other Debt Instruments |
|
234.9 |
1.6% |
0.8% |
|
Liquidity |
|
1,733.0 |
12.2% |
2.0% |
|
Loans |
|
-16.8 |
-0.1% |
-85.2% |
|
Unsettled Amounts |
|
-180.3 |
-1.3% |
25.2% |
|
TOTAL |
|
14,237.1 |
100.0% |
-2.6% |
Note(*): As from October 2010, the Foreign Public Debt's data was changed comparatively to the information disclosed previously.
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Dec - 10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
54 |
23.1% |
-2 |
-0.87 pp |
|
BPI Gestão de Activos |
26 |
17.2% |
0 |
0.91 pp |
|
Santander Asset Management |
31 |
17.2% |
-1 |
-0.14 pp |
|
ESAF |
33 |
16.9% |
0 |
-0.39 pp |
|
Millennium BCP Gestão de Activos |
28 |
9.5% |
0 |
0.23 pp |
|
Banif Gestão de Activos |
18 |
4.8% |
-1 |
-0.02 pp |
|
Barclays Wealth Managers Portugal |
14 |
3.0% |
0 |
0.21 pp |
|
Montepio Gestão de Activos |
17 |
2.0% |
0 |
0.04 pp |
|
BPN Gestão de Activos |
8 |
1.6% |
0 |
0.03 pp |
|
BBVA Gest |
10 |
1.2% |
-1 |
-0.08 pp |
|
MCO2 |
2 |
0.8% |
0 |
0.02 pp |
|
Crédito Agrícola Gest |
14 |
0.8% |
0 |
0.01 pp |
|
Popular Gestão de Activos |
13 |
0.8% |
0 |
0.03 pp |
|
Finivalor |
10 |
0.7% |
0 |
-0.01 p.p. |
|
MNF Gestão de Activos |
2 |
0.3% |
0 |
0.01 p.p. |
|
Optimize Investment Partners |
7 |
0.1% |
3 |
0.02 pp |
|
Invest Gestão de Activos |
2 |
0.1% |
0 |
0.01 pp |
|
Dunas Capital - Gestão de Activos |
1 |
0.0% |
0 |
0 pp |
|
Orey Gestão de Activos |
1 |
0.0% |
0 |
0 pp |
|
TOTAL |
291 |
100.0% |
-2 |
- |