The amount under management of Collective Investment Undertakings (UCITS) amounted to EUR 8,173.4 million in April. This is EUR 173.4 million (2.1%) less than in March, continuing the downturn trend as against February.
The amount under management of Special Investment Funds (SIF) fell 0.4% down to EUR 5,546.8 million in April. This is EUR 19.7 million less than in the preceding month.
Investment in foreign company shares fell 6.7% down to EUR 1,788.1 million, while the amount under management in domestic shares slipped 0.5% down to EUR 553.7 million in April.
The amount under management in foreign private debt securities (bonds), the asset with the largest weighting in the SIF's portfolios, dropped 3.5% in April, reaching EUR 5,082.7 million. On the other hand, investment in domestic corporate bonds rose 4.6% up to EUR 1,208.1 million.
The public debt sector avoided a sharper decline in the overall amount under management of securities investment funds (SIF), with investments in domestic securities surging 9.1% up to EUR 413.5 million and foreign securities gaining 1.8% up to EUR 965.4 million euros.
BES continued to be the security with the most weighting in the funds' portfolios (25.3% of the overall amount invested in the Portuguese market) with the amount under management rising 3.6% as against the previous month up to EUR 139.8 million. Jerónimo Martins recorded the greatest monthly growth (32%) in the amount under management up to EUR 30.2 million, while Portugal Telecom suffered the sharpest decline (21.3%) down to 18.5 million.
The 10 securities in the domestic market with the most weighting in the funds' portfolios are BES, Zon Multimédia, Galp, Espírito Santo Financial Group, Semapa, Jerónimo Martins, Cimpor, Sonaecom, Portugal Telecom and EDP Renováveis.
In the European Union, Telefónica continued to lead in the SIFs portfolios with an upsurge of 105.3% up to EUR 21.9 million when compared to the preceding month. Siemens, which was the security with the most weighting in the portfolios in March, tumbled 3% down to EUR 19.2 million.
Outside the European Union, Banco Bradesco continues to be the main security for investment by the SIFs, with EUR 214.6 million under management that is 38.2% less than in March.
Portugal continued to rank in second place in April as an investment destination for the SIF, climbing 5.9% up to EUR 1,641.1 million, behind Luxembourg that caught 32.8% of the overall investment from investment funds. The increased commitment to Portugal was due to an upsurge of investment in public and private debt securities.
Caixagest (22.2%), ESAF (18.7%) and BPI Gestão de Activos (17.0%) were the management companies with the largest market share in April. Banif Gestão de Activos was the largest Securities Investment Fund and its asset value rose by 0.3% up to EUR 630.8 million.
The following four Special Investment Funds were established in April: 'Caixa Rendimento Fixo 2015', managed by Caixagest; 'Popular Private Multiactivos I – FEIA Flexível', 'Popular Private Multiactivos II – FEIA Flexível' and 'Popular Private Multiactivos III – FEIA Flexível', managed by Popular Gestão de Activos.
The funds 'Caixagest Valor Plus – FEIA', managed by Caixagest, and 'Fundo Capital Garantido Euro Consolidado BBVA', managed by BBVA Gest were terminated during the same period.
Table 1 - Aggregated Indicators
Unit: 10^6 Euro
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Apr- 11 |
Mar - 11 |
Monthly D |
Apr - 11 |
Mar - 11 |
Monthly D |
|
Assets under Management (1) |
8,173.4 |
8,346.8 |
-2.1% |
5,546.8 |
5,566.5 |
-0.4% |
|
No. of Fund Operators |
18 |
18 |
0 |
14 |
14 |
0 |
|
No. of Funds (2) |
199 |
200 |
-1 |
110 |
107 |
3 |
|
Mean Capitalisation of Funds [(1)/(2)] |
41.1 |
41.7 |
-0.7 |
50.4 |
52.0 |
-1.6 |
Table 2 – Investment in Listed Securities, per Market
Unit: 10^6 Euro
|
Country |
Apr - 11 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1,641.1 |
17.5% |
5.9% |
|
LUXEMBOURG |
3,079.5 |
32.8% |
-3.7% |
|
UNITED KINGDOM |
1,070.3 |
11.4% |
-1.0% |
|
GERMANY |
677.9 |
7.2% |
4.3% |
|
IRELAND |
516.7 |
5.5% |
-7.9% |
|
USA |
465.8 |
5.0% |
-0.9% |
|
BRAZIL |
414.5 |
4.4% |
-24.3% |
|
SPAIN |
357.8 |
3.8% |
-6.5% |
|
FRANCE |
302.8 |
3.2% |
0.2% |
|
THE NETHERLANDS |
251.2 |
2.7% |
2.5% |
|
OTHERS |
621.6 |
6.6% |
3.8% |
|
TOTAL |
9,399.1 |
100.0% |
-1.9% |
Note: Excluding investment units of Collective Investment Undertakings (UCITS) 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
|
Value |
% Total |
Value |
|
PORTUGAL |
411.2 |
30.1% |
9.1% |
|
GERMANY |
404.6 |
29.6% |
5.6% |
|
FRANCE |
131.2 |
9.6% |
-6.7% |
|
ITALY |
113.5 |
8.3% |
34.1% |
|
THE NETHERLANDS |
105.3 |
7.7% |
11.1% |
|
BRAZIL |
90.6 |
6.6% |
4.4% |
|
SPAIN |
32.4 |
2.4% |
-46.3% |
|
OTHER EU COUNTRIES |
23.4 |
1.7% |
1.6% |
|
GREECE |
17.0 |
1.2% |
-13.3% |
|
FINLAND |
12.8 |
0.9% |
-18.1% |
|
OTHERS |
26.1 |
1.9% |
-16.3% |
Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.
Table 2.2 – Investment in Listed Securities per Market – Bonds
Unit: 10^6 Euro
|
Value |
% Total |
Value |
|
LUXEMBOURG |
3,052.7 |
54.2% |
-3.6% |
|
UNITED KINGDOM |
922.0 |
16.4% |
-0.7% |
|
PORTUGAL |
672.5 |
11.9% |
9.3% |
|
IRELAND |
506.6 |
9.0% |
-8.2% |
|
SPAIN |
214.8 |
3.8% |
-1.9% |
|
GERMANY |
104.8 |
1.9% |
-0.5% |
|
THE NETHERLANDS |
91.1 |
1.6% |
1.7% |
|
FRANCE |
13.8 |
0.2% |
-13.0% |
|
BELGIUM |
11.7 |
0.2% |
-3.5% |
|
ITALY |
11.1 |
0.2% |
-37.1% |
|
OTHERS |
29.7 |
0.5% |
-3.9% |
Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.
Table 2.3 – Investment in Listed Securities per Market – Shares
Unit: 10^6 Euro
|
Value |
% Total |
Value |
|
PORTUGAL |
553.2 |
23.8% |
-0.5% |
|
USA |
456.3 |
19.6% |
0.4% |
|
BRAZIL |
319.8 |
13.7% |
-29.9% |
|
GERMANY |
152.5 |
6.5% |
5.9% |
|
UNITED KINGDOM |
147.7 |
6.3% |
-2.7% |
|
FRANCE |
143.6 |
6.2% |
2.3% |
|
SPAIN |
99.2 |
4.3% |
-3.3% |
|
SWITZERLAND |
66.4 |
2.9% |
5.5% |
|
THE NETHERLANDS |
54.4 |
2.3% |
-9.9% |
|
SOUTH AFRICA |
43.6 |
1.9% |
5.3% |
|
OTHERS |
292.2 |
12.5% |
0.6% |
Note: Excluding investment units of Collective Investment Undertakings (UCITS) 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 |
Apr - 11 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
139.8 |
25.3% |
3.6% |
|
ZON MULTIMÉDIA |
42.3 |
7.6% |
2.4% |
|
GALP |
41.4 |
7.5% |
-6.3% |
|
E.SANTO FINANCIAL GROUP |
38.3 |
6.9% |
5.8% |
|
SEMAPA, SGPS |
33.2 |
6.0% |
-3.8% |
|
JERÓNIMO MARTINS. SGPS |
30.2 |
5.5% |
32.0% |
|
CIMPOR |
24.9 |
4.5% |
3.7% |
|
SONAECOM SGPS |
21.0 |
3.8% |
-1.8% |
|
P. TELECOM SGPS |
18.5 |
3.4% |
-21.3% |
|
EDP RENOVÁVEIS |
15.6 |
2.8% |
-3.7% |
|
Sub-total |
405.4 |
73.3% |
1.5% |
|
Others |
147.8 |
26.7% |
-5.7% |
|
TOTAL Domestic Shares (1) |
553.2 |
100.0% |
-0.5% |
|
EUROPEAN UNION MARKET |
|
|
|
|
TELEFONICA |
21.9 |
3.1% |
105.3% |
|
SIEMENS AG - REG |
19.2 |
2.7% |
-3.0% |
|
TOTAL EFINA |
15.8 |
2.3% |
-1.7% |
|
BSCH |
14.0 |
2.0% |
-9.8% |
|
ALLIANZ |
13.6 |
1.9% |
1.0% |
|
BASF AG NPV |
13.3 |
1.9% |
11.9% |
|
BNP PARIBAS |
13.0 |
1.9% |
1.7% |
|
VODAFONE GROUP PLC |
10.9 |
1.5% |
-6.5% |
|
E.ON AG |
10.1 |
1.4% |
15.4% |
|
HSBC HOLDING PLC |
9.3 |
1.3% |
-1.9% |
|
Sub-total |
141.1 |
20.1% |
8.5% |
|
Others |
561.5 |
79.9% |
-2.5% |
|
TOTAL EU Shares (2) |
702.6 |
100.0% |
-0.5% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
214.6 |
20.0% |
-38.2% |
|
ITAU UNIBANCO HOLDING ADR |
15.9 |
1.5% |
-1.0% |
|
TANZANIAN ROYALTY EXPLCORP |
14.1 |
1.3% |
33.6% |
|
BANCO BRADESCO ADR |
12.5 |
1.2% |
-5.7% |
|
VALE, SA - Pref. ADR |
10.1 |
0.9% |
-3.1% |
|
NESTLE REG |
9.7 |
0.9% |
-12.8% |
|
PETROLEO BRASILEIRO |
9.2 |
0.9% |
-7.9% |
|
ROCHE |
9.2 |
0.9% |
4.6% |
|
COMP BEBIDAS DAS AMERICAS PREFADR |
8.7 |
0.8% |
10.0% |
|
ROYAL GOLD INC |
8.5 |
0.8% |
11.3% |
|
Sub-total |
312.6 |
29.1% |
-29.5% |
|
Others |
760.3 |
70.9% |
0.7% |
|
TOTAL Non-EU Shares (3) |
1,072.9 |
100.0% |
-10.5% |
|
Total International Shares (2)+(3) |
1,775.5 |
- |
-6.8% |
|
TOTAL |
2,328.7 |
-5.4% |
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** |
Apr - 11 |
Monthly D |
|
Value |
% |
Value |
|
CIMPOR FIN4.5& 05/11 |
53.7 |
2.8% |
0.2% |
|
BESPL FLOAT 25/02/13 |
45.3 |
2.3% |
7.8% |
|
BPI FLOAT 25/01/2012 |
44.4 |
2.3% |
1.6% |
|
PORT TEL 3.75% 03/12 |
42.2 |
2.2% |
-1.0% |
|
REND.MAIS SUB/16 B-1 |
39.9 |
2.1% |
0.1% |
|
REND.MAIS SUB/16 B-2 |
39.9 |
2.1% |
0.1% |
|
REND.MAIS SUB/16 B-3 |
39.9 |
2.1% |
0.1% |
|
REND.MAIS SUB/16 B-4 |
39.9 |
2.1% |
0.1% |
|
REND.MAIS SUB/16 B-5 |
39.9 |
2.1% |
0.1% |
|
BCPPL FLOAT 10-07/11 |
36.8 |
1.9% |
-5.7% |
|
Sub-total (1) |
422.0 |
21.8% |
0.4% |
|
Others |
1,515.3 |
78.2% |
-5.4% |
|
TOTAL Bonds issued by Domestic Groups (2) |
1,937.3 |
100.0% |
-4.2% |
|
TOTAL Foreign Bonds in the Funds' Portfolios (3) |
4,943.9 |
-3.5% |
|
(1)/(3) |
8.5% |
0.33 p.p. |
|
(2)/(3) |
39.2% |
-0.29 p.p. |
Note: (*) Based on the ISIN codes; (**) Refers only to bonds listed on Regulated Markets of EU Member States’ Stock Exchanges.
Table 5 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
Security |
Apr - 11 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
413.5 |
3.0% |
9.1% |
|
|
Foreign (*) |
965.4 |
7.0% |
1.8% |
|
Other Public Funds |
Domestic |
3.5 |
0.0% |
507.5% |
|
|
Foreign |
20.3 |
0.1% |
85.8% |
|
Bonds |
Domestic |
1,208.1 |
8.8% |
4.6% |
|
|
Foreign |
5,082.7 |
37.0% |
-3.5% |
|
Shares |
Domestic |
553.7 |
4.0% |
-0.5% |
|
|
Foreign |
1,788.1 |
13.0% |
-6.7% |
|
Investment Units |
Domestic |
518.9 |
3.8% |
-1.2% |
|
|
Foreign |
1,252.7 |
9.1% |
-1.2% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.6 |
0.0% |
- |
|
|
Foreign |
6.5 |
0.0% |
0.1% |
|
Warrants |
Domestic |
0.0 |
0.0% |
-100.0% |
|
|
Foreign |
2.2 |
0.0% |
-0.6% |
|
Options |
Domestic |
0.2 |
0.0% |
6.4% |
|
|
Foreign |
1.9 |
0.0% |
-52.2% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
0.5 |
0.0% |
-44.8% |
|
SECURITIES |
|
11,818.8 |
86.1% |
-1.9% |
|
Other Assets |
|
86.7 |
0.6% |
3.8% |
|
Other Debt Instruments |
|
272.0 |
2.0% |
-2.1% |
|
Liquidity |
|
1,600.1 |
11.7% |
-9.3% |
|
Loans |
|
-18.6 |
-0.1% |
19.6% |
|
Unsettled Amounts |
|
-38.7 |
-0.3% |
83.8% |
|
TOTAL |
|
13,720.2 |
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 |
Apr - 11 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
51 |
22.2% |
0 |
0.17 p.p. |
|
ESAF |
38 |
18.7% |
0 |
0.09 p.p. |
|
BPI Gestão de Activos |
27 |
17.0% |
0 |
-0.01 p.p. |
|
Santander Asset Management |
40 |
16.6% |
0 |
0.03 p.p. |
|
Millennium BCP Gestão de Activos |
28 |
9.1% |
0 |
-0.06 p.p. |
|
Banif Gestão de Activos |
18 |
5.4% |
0 |
-0.06 p.p. |
|
Barclays Wealth Managers Portugal |
17 |
2.9% |
0 |
-0.05 p.p. |
|
Montepio Gestão de Activos |
17 |
2.0% |
0 |
0 p.p. |
|
BPN Gestão de Activos |
8 |
1.6% |
0 |
0.03 p.p. |
|
BBVA Gest |
9 |
1.1% |
-1 |
-0.07 p.p. |
|
MCO2 |
2 |
0.8% |
0 |
0 p.p. |
|
Crédito Agrícola Gest |
14 |
0.8% |
0 |
0.01 p.p. |
|
Popular Gestão de Activos |
16 |
0.8% |
3 |
-0.01 p.p. |
|
Finivalor |
10 |
0.5% |
0 |
-0.05 p.p. |
|
MNF Gestão de Activos |
2 |
0.3% |
0 |
-0.02 p.p. |
|
Optimise Investment Partners |
7 |
0.2% |
0 |
0.01 p.p. |
|
Invest Gestão de Activos |
2 |
0.1% |
0 |
0 p.p. |
|
Dunas Capital - Gestão de Activos |
2 |
0.1% |
0 |
0 p.p. |
|
Orey Financial - Instituição Financeira de Crédito, SA |
1 |
0.0% |
0 |
0 p.p. |
|
TOTAL |
309 |
100.0% |
2 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of Funds (10 largest)
Unit: 10^6 Euro
|
Entity |
Fund |
Apr - 11 |
Monthly D |
|
Value |
% |
Value |
|
Banif Gestão de Activos |
FUNDO DE GESTÃO PASSIVA |
630.8 |
4.6% |
0.3% |
|
Santander Asset Management |
SANTANDER GLOBAL |
629.8 |
4.6% |
-1.0% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
545.3 |
4.0% |
-0.4% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
487.4 |
3.6% |
-1.1% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
386.2 |
2.8% |
-0.3% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
321.5 |
2.3% |
-1.4% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
300.4 |
2.2% |
-7.6% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
273.3 |
2.0% |
-1.6% |
|
Caixagest |
CAIXAGEST OBRIGAÇÕES MAIS MENSAL |
266.5 |
1.9% |
-1.2% |
|
Caixagest |
CAIXAGEST IMOBILIÁRIO INTERNACIONAL |
246.0 |
1.8% |
0.3% |
|
Others |
|
9,633.1 |
70.2% |
-1.5% |
|
|
TOTAL |
13,720.2 |
100.0% |
-1.4% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
1 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 8th April 2011. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month.
2 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.