The amount under management of Collective Investment Undertakings (UCITS) amounted to € 8,590.3 million in January 2011 (less 1.9% than in the previous month). The amount under management of Special Investment Funds (SIF) fell 0.4% down to € 5,454.1 million.

This drop was mainly due to the decrease in the managed amount registered by foreign securities.  The amount invested in the shares of foreign listed companies fell 1.4% to € 1,962.9 million as well as the value invested in foreign public debt securities dropping 2.4% to € 1,033.6 million and in foreign bonds losing 2.6% to € 5,552.8 million.

Conversely, investment in domestic company shares increased by 0.5% to € 600.9 million and so did the amount under management in Portuguese public debt securities (+ 2.1%) and  domestic corporate bonds (+ 0.1%).

BES continues to be most popular security in SIF's investments (23.7% of the total invested in the Portuguese market), although the amount under management of said security dropped 3.1% in January to € 142.4 million.   Galp dropped 2.5% to € 42.9% and  Zon Mulltimédia, 8.5%. Yet the leading 10 domestic securities are Semapa, Espírito Santo Financial Group, Jerónimo Martins, Portugal Telecom, Sonaecom, Cimpor and Brisa.

In the European Union, Telefónica maintained its leadership position in the SIFs portfolios albeit the amount under management by the Spanish telecomunications operator dropped 4% apropos December of 2010, followed by Siemens with an amount under management of € 21.1 million - an increase of 6.3% than during the previous month.  The remaining eight leading securities are Total Efina, BSCH, BPN Paribas, Allianz, Vodafone Group, Bayer AG, BP Plc and BASF AG.

Outside the European Union, Banco Bradesco is the leading security for investment by the SIFs, with € 304.2 million under management - a decrease of 8.4% than in December 2010.

In January, Portugal maintained its second place as an investment destination of SIFs with a monthly increase of 0.5% up to € 1,376.9 million followed by Luxembourg that managed 34.9% of the total investment made in investment funds.

Caixagest (23.1%), Santander Asset Management BPI Gestão de Activos (17.2%) and BPI Gestão de Activos (17.1%) were the management companies with the largest market share in January. Santander Global, the assets of which rose by 1.1% up to €  627.1 million, was the largest Securities Investment Fund.

In January, three investment funds were established:  'Barclays Obrigações Euro 2015 I', managed by 'Barclays Wealth Managers Portugal', 'Espírito Santo Dynaflex Eur', managed by ESAF and 'Banco BIC Tesouraria', managed by 'Capital GA'.

Table 1 – Aggregated Benchmarks

                                                                                                                           Unit: 10^6 Euro

Table 2 – Investment per Country 

Unit: 10^6 Euro

Country	Jan - 11		monthly D
	Value	% Total	Value
PORTUGAL	1.376,9	14,0%	0,5%
LUXEMBOURG	3.427,8	34,9%	-3,0%
UNITED KINGDOM	1.088,0	11,1%	1,6%
GERMANY	681,7	6,9%	-10,9%
IRELAND	650,8	6,6%	-8,0%
USA	500,5	5,1%	0,8%
BRAZIL	495,2	5,0%	-7,5%
SPAIN	428,3	4,4%	-2,8%
FRANCE	316,4	3,2%	18,9%
NETHERLANDS	218,7	2,2%	11,7%
OTHER COUNTRIES	639,9	6,5%	-0,1%
TOTAL	9.824,2	100,0%	-2,0%

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 2.1 – Investment in Listed Securities per Market - Public Debt 

Unit: 10^6 Euro

Country	Jan - 11		monthly D
	Value	% Total	Value
GERMANY	413,4	30,8%	-17,9%
PORTUGAL	310,3	23,1%	1,8%
FRANCE	146,4	10,9%	32,6%
BRAZIL	86,7	6,5%	-0,4%
ITALY	85,4	6,4%	13,8%
SPAIN	82,7	6,2%	0,8%
NETHERLANDS	66,2	4,9%	82,0%
GREECE	37,5	2,8%	6,9%
IRELAND	28,8	2,1%	-17,4%
FINLAND	23,1	1,7%	-21,4%
OTHER COUNTRIES	63,4	4,7%	8,6%
TOTAL	1.343,9	100,0%	-1,0%

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 2.2 – Investment in Listed securities per Market – Bonds 

Unit: 10^6 Euro

Country	Jan - 11		Monthly D
	Value	% Total	Value
LUXEMBOURG	3.399,2	57,7%	-2,7%
UNITED KINGDOM	925,3	15,7%	2,1%
IRELAND	613,7	10,4%	-7,4%
PORTUGAL	461,0	7,8%	-0,2%
SPAIN	223,8	3,8%	-7,1%
GERMANY	109,4	1,9%	-0,2%
NETHERLANDS	87,2	1,5%	-8,2%
FRANCE	21,2	0,4%	65,0%
BELGIUM	11,4	0,2%	0,6%
ITALY	10,9	0,2%	-7,2%
OTHER COUNTRIES	29,1	0,5%	-7,9%
TOTAL	5.892,4	100,0%	-2,4%

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 2.3 – Investment in listed securities, per Markets – Shares 

Country	Jan - 11		Monthly D
	Value	% Total	Value
PORTUGAL	601,3	23,6%	0,6%
USA	484,5	19,0%	0,9%
BRAZIL	408,2	16,0%	-8,4%
UNITED KINGDOM	163,4	6,4%	0,5%
GERMANY	152,1	6,0%	4,4%
FRANCE	147,0	5,8%	4,2%
SPAIN	108,9	4,3%	2,0%
SWITZERLAND	69,6	2,7%	-3,7%
NETHERLANDS	64,8	2,5%	1,3%
ITALY	38,7	1,5%	2,1%
OTHER COUNTRIES	312,9	12,3%	-2,0%
TOTAL	2.551,4	100,0%	-0,8%

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 – Value of Investment in Domestic and Foreign Shares (10 largest)

Unit: 10^6 EUR

Shares	Jan - 11		Monthly D
	Value	%	Value
DOMESTIC MARKET
BES	142,4	23,7%	-3,1%
GALP	42,9	7,1%	-2,5%
ZON MULTIMÉDIA	41,8	7,0%	8,5%
SEMAPA, SGPS	37,8	6,3%	0,2%
E.SANTO FINANCIAL GROUP	35,7	5,9%	32,1%
JERÓNIMO MARTINS, SGPS	25,6	4,3%	46,1%
P. TELECOM, SGPS	25,2	4,2%	3,7%
SONAECOM SGPS	25,0	4,2%	-5,9%
CIMPOR	22,5	3,7%	-4,5%
BRISA	21,4	3,6%	-16,9%
Sub-total	420,4	70,0%	2,0%
Other	180,5	30,0%	-2,7%
TOTAL Domestic Shares (1)	600,9	100,0%	0,5%
EUROPEAN UNION MARKET
TELEFONICA	25,4	3,4%	-4,0%
SIEMENS AG - REG	21,1	2,8%	6,2%
TOTAL EFINA	16,5	2,2%	-2,4%
BSCH	15,7	2,1%	0,8%
BNP PARIBAS	14,8	2,0%	5,7%
ALLIANZ	14,3	1,9%	9,7%
VODAFONE GROUP PLC	12,7	1,7%	8,1%
BAYER AG	11,0	1,5%	-9,7%
BP Plc	10,9	1,5%	9,3%
BASF AG NPV	10,9	1,5%	-7,0%
Sub-total	153,3	20,5%	1,2%
Other	593,3	79,5%	1,8%
TOTAL EU Shares (2)	746,6	100,0%	1,7%
NON EU MARKET
BANCO BRADESCO ORD	304,2	25,4%	-8,4%
ITAU UNIBANCO HOLDING ADR	15,3	1,3%	6,6%
BANCO BRADESCO ADR	12,8	1,1%	-9,0%
NESTLE REG	12,2	1,0%	-14,8%
PETROLEO BRASILEIRO	11,9	1,0%	-5,0%
VALE, SA - Pref. ADR	11,6	1,0%	-5,9%
ROCHE	10,6	0,9%	-0,2%
TANZANIAN ROYALTY EXPLCORP	10,1	0,8%	-14,3%
PETROBRAS PETROLEOS BRASILADR	8,8	0,7%	19,5%
NOVARTIS	8,7	0,7%	-13,0%
Sub-total	406,2	34,0%	-7,6%
Other	790,2	66,0%	-1,4%
TOTAL Non-EU Shares (3)	1.196,4	100,0%	-3,6%
Total International Shares (2)+(3)	1.943,0	-	-1,6%
TOTAL	2.543,8		-1,1%

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**	Jan - 11		monthly D
	Value	%	Value
BPIPLFLOAT 01/12	59,9	2,8%	0,9%
CIMPPL 4 1/2 05/11	53,8	2,5%	-2,3%
BESPLFLOAT 02/2013	45,8	2,1%	-21,1%
PORT TEL 3.75% 03/12	44,9	2,1%	-4,7%
BES FINANCE 02/08/11	41,9	1,9%	0,7%
CGD 3.10% 06/06/2012	40,6	1,9%	-0,4%
REND.MAIS SUB/16 B-1	39,8	1,8%	0,0%
REND.MAIS SUB/16 B-2	39,8	1,8%	0,0%
REND.MAIS SUB/16 B-3	39,8	1,8%	0,0%
REND.MAIS SUB/16 B-4	39,8	1,8%	0,0%
Sub-total (1)	446,2	20,6%	-3,2%
Other	1.719,7	79,4%	-1,5%
TOTAL Bonds issued by Domestic Groups (2)	2.165,9	100,0%	-1,9%
TOTAL Foreign Bonds in the Portfolios of Funds (3)	5.411,3		-2,7%
(1)/(3)	8,2%		-0,05 p.p.
(2)/(3)	40,0%		0,33 p.p.

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 Asset and Market  

Unit: 10^6 EUR

Security		Jan - 11		monthly D
		Value	%	Value
Public Debt	Domestic	311,1	2,2%	2,1%
	Foreign (*)	1.033,6	7,4%	-2,4%
Other Public Funds	Domestic	5,1	0,0%	-9,7%
	Foreign	25,6	0,2%	6,7%
Bonds	Domestic	986,2	7,0%	0,1%
	Foreign	5.552,8	39,5%	-2,6%
Shares	Domestic	601,6	4,3%	0,5%
	Foreign	1.962,9	14,0%	-1,4%
Investment Units	Domestic	552,8	3,9%	-2,7%
	Foreign	1.171,2	8,3%	2,0%
Equity Certificates	Domestic	0,0	0,0%	0,0%
	Foreign	0,0	0,0%	-
Rights	Domestic	0,0	0,0%	-100,0%
	Foreign	6,6	0,0%	-2,7%
Warrants	Domestic	0,4	0,0%	-
	Foreign	2,8	0,0%	-26,4%
Options	Domestic	0,3	0,0%	36,6%
	Foreign	2,3	0,0%	-17,4%
Other Securities	Domestic	0,0	0,0%	-
	Foreign	0,5	0,0%	-30,8%
SECURITIES		12.216,0	87,0%	-1,5%
Other Assets		65,3	0,5%	-3,4%
Other Debt Instruments		318,8	2,3%	35,8%
Liquidity		1.668,9	11,9%	-3,7%
Loans		-17,6	-0,1%	4,2%
Unsettled Amounts		-207,0	-1,5%	14,9%
TOTAL		14.044,4	100,0%	-1,4%

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	Jan - 11		monthly D
	No.	Market Share	No.	Market Share
Caixagest	54	23,1%	0	0,09 p.p.
Santander Asset Management	31	17,2%	0	0,08 p.p.
BPI Gestão de Activos	26	17,1%	0	-0,11 p.p.
ESAF	34	16,8%	1	-0,08 p.p.
Millennium BCP Gestão de Activos	28	9,5%	0	-0,05 p.p.
Banif Gestão de Activos	18	5,0%	0	0,14 p.p.
Barclays Wealth Managers Portugal	15	2,9%	1	-0,05 p.p.
Montepio Gestão de Activos	17	2,0%	0	-0,03 p.p.
BPN Gestão de Activos	8	1,6%	0	0,02 p.p.
BBVA Gest	10	1,3%	0	0,02 p.p.
MCO2	2	0,8%	0	0,01 p.p.
Crédito Agrícola Gest	14	0,8%	0	0 p.p.
Popular Gestão de Activos	13	0,7%	0	-0,03 p.p.
Finivalor	10	0,6%	0	-0,05 p.p.
MNF Gestão de Activos	2	0,3%	0	0 p.p.
Optimize Investment Partners	7	0,1%	0	0,01 p.p.
Invest Gestão de Activos	2	0,1%	0	0 p.p.
Dunas Capital - Gestão de Activos	2	0,0%	1	0,02 p.p.
Orey Gestão de Activos	1	0,0%	0	0 p.p.
TOTAL	294	100,0%	3	-

Legend: p.p. – percentage points.

Table 7 – Ranking of Funds (10 largest) 

Unit: 10^6 EUR

 

Entity	Fund	Jan - 11		monthly D
		Value	%	Value
Santander Asset Management	SANTANDER GLOBAL	627,1	4,5%	1,1%
Banif Gestão de Activos	FUNDO DE GESTÃO PASSIVA	570,0	4,1%	1,8%
ESAF	ESPÍRITO SANTO PLANO DINÂMICO	538,8	3,8%	-1,7%
BPI Gestão de Activos	BPI REFORMA INVESTIMENTO PPR	504,6	3,6%	-1,1%
Santander Asset Management	SANTANDER MULTIOBRIGAÇÕES	388,5	2,8%	-0,7%
Caixagest	CAIXA FUNDO MONETÁRIO	378,9	2,7%	0,3%
ESAF	ESPÍRITO SANTO PREMIUM	315,7	2,2%	-2,2%
BPI Gestão de Activos	BPI REFORMA SEGURA PPR	290,9	2,1%	-2,2%
BPI Gestão de Activos	BPI LIQUIDEZ	271,3	1,9%	-5,3%
BPI Gestão de Activos	BPI BRASIL	250,9	1,8%	-3,5%
Other Entities		9.907,7	70,5%	-1,5%
	TOTAL	14.044,4	100,0%	-1,4%

Note:  In descending order of the amounts managed by the funds during the last period under analysis.

Unless otherwise indicated, the data contained herein is a result of the information reported to the CMVM by the Securities Investment Fund Management Companies in accordance with the legislation in force.  The information dated back to 8 February 2011.  The monthly variation (Monthly ) 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.