Securities Investment Funds
The amount under management of Collective Investment Undertakings (UCITS) amounted to € 8,054.1 million in May with a 0.8% decrease and less € 119.3 million apropos April. This is indicative of the downtrend that begun in April 2010.
The amount under management of Special Investment Funds fell 0.5% up to € 5,520.6 million in May registering less € 26.2 million than during the previous month.
Despite the drop in the value under management, fund investment in public debt fund increased 6% mainly due to the investment value in domestic securities that increased 31.1%. Investment in Portuguese listed bonds increased 14.8% to € 772.1 million.
Investment in domestic company shares fell 6.2% to € 518.9 million compared to April. The securities with the highest weighting in the funds' portfolios were BES (investment weighting in the Porutugese market rose from 25.3% to 25.9% in the last month), following by Galp shares with an increase of 5% to € 43.5 million and Zon dropped 10% in comparison to April.
Jerónimo Martins registered the highest drop in the securities funds and special funds portfolios with -37.5% followed by Semapa with -13.5%.
In the European Union, Telefónica continued to maintain its dominant position in the SIFs portfolios albeit registering a stop of 5.0% apropos the previous month to € 20.8 million. Total Efina rose 8.1% to € 17.1 million thus surpassing Siemens.
Outside the European Union, Banco Bradesco continued to be the leading security for investment by the SIFs, with € 221.9 million under management showing a 3.4% increase compared to April.
During May, Portugal continued to rank second as an investment destination for SIFs, by increaisng 11.9% to € 1.835.7 million, behind Luxembourg which attracted 32% of the total investment in investment funds.
Caixagest (22.5%), ESAF (18.7%) and BPI Gestão de Activos (17.0%) were the management companies with the largest market share in May. Santander Global, the assets of which rose by 1.5% up to EUR 639.2 million, was the largest Securities Investment Fund.
The following 4 investment funds were established in May: 'FEIA de Capital Garantido CA Rendimento Fixo II', managed by CA Gest; 'Soccer Invest Fund – FEIF' and 'MNF Multiactivos – FEIA Flexível', both managed MNF GA and 'Millennium Euro Taxa Variável – FIAOTV', managed by Millennium BCP – Gestão de Activos. During same period, the fund 'Multisector Invest – FEIF' managed by Santander Asset Management, was terminated.
During same period, four fund mergers took place: 'Barclays Global Defensivo – FIMAFM' was mereged into 'Barclays Global Conservador – FIMAFM' managed by Barclays WMP, and the funds 'Millennium Obrigações – FIAOTV', 'Millennium Obrigações Mundiais – FIAOTV' and 'Millennium Disponível - FIAT' were merged into 'Millennium Euro Taxa Variável – FIAOTV', managed by Millennium BCP – Gestão de Activos.
Table 1 – Aggregated Benchmarks
Unit: 10^6 Euro
|
|
May - 11 |
Apr - 11 |
Monthly D |
May - 11 |
Apr - 11 |
Monthly D |
|
Assets under Management (1) |
8.054,1 |
8.173,4 |
-1,5% |
5.520,6 |
5.546,8 |
-0,5% |
|
No. of Fund Operators |
18 |
18 |
0 |
14 |
14 |
0 |
|
No. of Funds (2) |
196 |
199 |
-3 |
112 |
110 |
2 |
Table 2 – Investment per Country
Unit: 10^6 Euro
|
Value |
% Total |
Value |
|
PORTUGAL |
1.835,7 |
19,3% |
11,9% |
|
LUXEMBOURG |
3.048,6 |
32,0% |
-1,0% |
|
UNITED KINGDOM |
1.044,7 |
11,0% |
-2,4% |
|
GERMANY |
633,3 |
6,6% |
-6,6% |
|
IRELAND |
543,1 |
5,7% |
5,1% |
|
USA |
468,0 |
4,9% |
0,5% |
|
BRAZIL |
422,2 |
4,4% |
1,8% |
|
SPAIN |
365,0 |
3,8% |
2,0% |
|
NETHERLANDS |
291,6 |
3,1% |
16,1% |
|
FRANCE |
267,4 |
2,8% |
-11,7% |
|
OTHER COUNTRIES |
616,0 |
6,5% |
-0,9% |
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
|
Value |
% Total |
Value |
|
PORTUGAL |
539,2 |
37,2% |
31,1% |
|
GERMANY |
364,9 |
25,2% |
-9,8% |
|
NETHERLANDS |
146,9 |
10,1% |
39,6% |
|
ITALY |
101,8 |
7,0% |
-10,3% |
|
FRANCE |
91,2 |
6,3% |
-30,5% |
|
BRAZIL |
89,8 |
6,2% |
-0,8% |
|
SPAIN |
28,9 |
2,0% |
-10,9% |
|
OTHER EU COUNTRIES |
23,7 |
1,6% |
1,3% |
|
GREECE |
14,3 |
1,0% |
-15,8% |
|
FINLAND |
13,1 |
0,9% |
2,5% |
|
OTHER COUNTRIES |
36,1 |
2,5% |
38,6% |
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
|
Value |
% Total |
Value |
|
LUXEMBOURG |
3.019,9 |
52,8% |
-1,1% |
|
UNITED KINGDOM |
895,4 |
15,7% |
-2,9% |
|
PORTUGAL |
772,1 |
13,5% |
14,8% |
|
IRELAND |
534,2 |
9,3% |
5,4% |
|
SPAIN |
220,7 |
3,9% |
2,8% |
|
GERMANY |
109,5 |
1,9% |
4,5% |
|
NETHERLANDS |
90,7 |
1,6% |
-0,5% |
|
FRANCE |
17,5 |
0,3% |
26,4% |
|
ITALY |
14,9 |
0,3% |
33,6% |
|
BELGIUM |
9,1 |
0,2% |
-21,9% |
|
OTHER COUNTRIES |
30,3 |
0,5% |
2,1% |
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 Market – Shares
Unit: 10^6 Euro
|
Value |
% Total |
Value |
|
PORTUGAL |
518,9 |
22,6% |
-6,2% |
|
USA |
458,5 |
20,0% |
0,5% |
|
BRAZIL |
328,2 |
14,3% |
2,6% |
|
UNITED KINGDOM |
148,7 |
6,5% |
0,7% |
|
FRANCE |
145,0 |
6,3% |
1,0% |
|
GERMANY |
138,9 |
6,0% |
-8,9% |
|
SPAIN |
105,9 |
4,6% |
6,8% |
|
SWITZERLAND |
68,4 |
3,0% |
3,0% |
|
NETHERLANDS |
53,6 |
2,3% |
-1,5% |
|
SOUTH AFRICA |
42,4 |
1,8% |
-2,8% |
|
OTHER COUNTRIES |
289,6 |
12,6% |
-0,9% |
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 Euro
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
134,4 |
25,9% |
-3,9% |
|
GALP |
43,5 |
8,4% |
5,0% |
|
ZON MULTIMÉDIA |
37,9 |
7,3% |
-10,5% |
|
E.SANTO FINANCIAL GROUP |
37,5 |
7,2% |
-2,1% |
|
SEMAPA, SGPS |
28,8 |
5,5% |
-13,5% |
|
CIMPOR |
23,8 |
4,6% |
-4,4% |
|
SONAECOM SGPS |
22,5 |
4,3% |
7,1% |
|
JERÓNIMO MARTINS, SGPS |
18,9 |
3,6% |
-37,5% |
|
EDP RENOVÁVEIS |
14,9 |
2,9% |
-4,5% |
|
BRISA |
14,1 |
2,7% |
-0,2% |
|
Sub-total |
376,2 |
72,5% |
-6,2% |
|
Other Domestic Shares |
142,7 |
27,5% |
-6,3% |
|
TOTAL Domestic Shares (1) |
518,9 |
100,0% |
-6,2% |
|
EU MARKET |
|
|
|
|
TELEFONICA |
20,8 |
3,0% |
-5,0% |
|
TOTAL EFINA |
17,1 |
2,5% |
8,1% |
|
SIEMENS AG - REG |
16,9 |
2,4% |
-11,9% |
|
BSCH |
14,9 |
2,1% |
6,1% |
|
BNP PARIBAS |
13,9 |
2,0% |
6,5% |
|
BASF AG NPV |
12,3 |
1,8% |
-7,4% |
|
ALLIANZ |
12,1 |
1,7% |
-11,2% |
|
VODAFONE GROUP PLC |
11,1 |
1,6% |
2,1% |
|
LVMH MOET HEN, SA |
10,0 |
1,4% |
9,4% |
|
HSBC HOLDING PLC |
9,2 |
1,3% |
-1,1% |
|
Sub-total |
138,2 |
19,8% |
-1,4% |
|
Other EU Shares |
559,5 |
80,2% |
-0,5% |
|
TOTAL EU Shares (2) |
697,7 |
100,0% |
-0,7% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
221,9 |
20,5% |
3,4% |
|
TANZANIAN ROYALTY EXPLCORP |
17,4 |
1,6% |
23,5% |
|
ITAU UNIBANCO HOLDING ADR |
15,8 |
1,5% |
-0,5% |
|
BANCO BRADESCO ADR |
12,9 |
1,2% |
2,5% |
|
NESTLE REG |
10,6 |
1,0% |
8,7% |
|
ROCHE |
10,5 |
1,0% |
14,4% |
|
NOVARTIS |
10,2 |
0,9% |
20,2% |
|
VALE, SA - Pref. ADR |
10,2 |
0,9% |
0,9% |
|
ROYAL GOLD INC. |
9,1 |
0,8% |
6,7% |
|
PETROLEO BRASILEIRO |
8,9 |
0,8% |
-2,8% |
|
Sub-total |
327,6 |
30,3% |
4,9% |
|
Other Non-EU Shares |
753,8 |
69,7% |
-0,9% |
|
TOTAL Non-EU Shares (3) |
1.081,4 |
100,0% |
0,8% |
|
Total International Shares (2)+(3) |
1.779,1 |
- |
0,2% |
Note: Refers exclusively to shares listed on Regulated Markets of the Stock Exchanges.
Table 4 – Bond Weighting of Domestic Bonds issued abroad* in Foreign Bonds held by Securities Investment Funds
(10 largest)
Unit: 10^6 Euro
|
Value |
% |
Value |
|
BESPL FLOAT 25/02/13 |
52,8 |
2,8% |
16,7% |
|
BPI FLOAT 25/01/2012 |
48,6 |
2,6% |
9,4% |
|
PORT TEL 3.75% 03/12 |
41,1 |
2,2% |
-2,5% |
|
REND.MAIS SUB/16 B-1 |
40,0 |
2,1% |
0,1% |
|
REND.MAIS SUB/16 B-2 |
40,0 |
2,1% |
0,1% |
|
REND.MAIS SUB/16 B-3 |
40,0 |
2,1% |
0,1% |
|
REND.MAIS SUB/16 B-4 |
40,0 |
2,1% |
0,1% |
|
REND.MAIS SUB/16 B-5 |
40,0 |
2,1% |
0,1% |
|
BCP FINANCE 02/12 |
38,8 |
2,0% |
33,9% |
|
BCPPL FLOAT 10-07/11 |
36,9 |
1,9% |
0,2% |
|
Sub-total (1) |
418,1 |
22,0% |
5,2% |
|
Other Bonds |
1.478,8 |
78,0% |
-4,0% |
|
TOTAL Bonds issued byDdomestic Groups (2) |
1.896,9 |
100,0% |
-2,1% |
|
TOTAL Foreign Bonds in the Funds' Portofolios (3) |
4.927,0 |
-0,3% |
|
(1)/(3) |
8,5% |
0,45 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 Euro
|
Value |
% |
Value |
|
Public Debt |
Domestic |
541,9 |
4,0% |
31,0% |
|
|
Foreign (*) |
911,3 |
6,7% |
-5,6% |
|
Other Public Funds |
Domestic |
3,5 |
0,0% |
-1,2% |
|
|
Foreign |
17,7 |
0,1% |
-13,0% |
|
Bonds |
Domestic |
1.100,3 |
8,1% |
-8,9% |
|
|
Foreign |
5.055,0 |
37,2% |
-0,5% |
|
Shares |
Domestic |
542,7 |
4,0% |
-2,0% |
|
|
Foreign |
1.791,0 |
13,2% |
0,2% |
|
Investment Units |
Domestic |
509,6 |
3,8% |
-1,8% |
|
|
Foreign |
1.257,3 |
9,3% |
0,4% |
|
Equity Certificates |
Domestic |
0,0 |
0,0% |
0,0% |
|
|
Foreign |
0,0 |
0,0% |
- |
|
Rights |
Domestic |
1,6 |
0,0% |
143,5% |
|
|
Foreign |
7,0 |
0,1% |
8,1% |
|
Warrants |
Domestic |
0,4 |
0,0% |
- |
|
|
Foreign |
1,6 |
0,0% |
-28,3% |
|
Options |
Domestic |
0,1 |
0,0% |
-21,0% |
|
|
Foreign |
5,7 |
0,0% |
201,6% |
|
Other Securities |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
1,1 |
0,0% |
125,0% |
|
SECURITIES |
|
11.747,7 |
86,5% |
-0,6% |
|
Other Assets |
|
89,3 |
0,7% |
3,1% |
|
Other Debt Instruments |
|
312,8 |
2,3% |
15,0% |
|
Liquidity |
|
1.614,8 |
11,9% |
0,9% |
|
Loans |
|
-15,0 |
-0,1% |
-19,6% |
|
Unsettled Amounts |
|
-174,9 |
-1,3% |
352,5% |
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
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
51 |
22,5% |
0 |
0,32 p.p. |
|
ESAF |
38 |
18,7% |
0 |
0,06 p.p. |
|
BPI Gestão de Activos |
27 |
17,0% |
0 |
-0,01 p.p. |
|
Santander Asset Management |
39 |
16,1% |
-1 |
-0,48 p.p. |
|
Millennium BCP Gestão de Activos |
26 |
9,0% |
-2 |
-0,15 p.p. |
|
Banif Gestão de Activos |
18 |
5,5% |
0 |
0,12 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
2,9% |
-1 |
-0,05 p.p. |
|
Montepio Gestão de Activos |
17 |
2,0% |
0 |
0 p.p. |
|
BPN Gestão de Activos |
8 |
1,6% |
0 |
-0,01 p.p. |
|
BBVA Gest |
9 |
1,2% |
0 |
0,03 p.p. |
|
Crédito Agrícola Gest |
15 |
0,9% |
1 |
0,11 p.p. |
|
MCO2 |
2 |
0,9% |
0 |
0,02 p.p. |
|
Popular Gestão de Activos |
16 |
0,7% |
0 |
-0,01 p.p. |
|
Finivalor |
10 |
0,5% |
0 |
-0,03 p.p. |
|
MNF Gestão de Activos |
4 |
0,3% |
2 |
0,06 p.p. |
|
Optimize Investment Partners |
7 |
0,2% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Dunas Capital - Gestão de Activos |
2 |
0,1% |
0 |
0,01 p.p. |
|
Orey Gestão de Activos |
1 |
0,0% |
0 |
0 p.p. |
Legend: p.p. – percentage points.
Table 7 – Ranking of Funds (10 largest)
Unit: 10^6 EUR
|
Valor |
% |
Value |
|
Santander Asset Management |
SANTANDER GLOBAL |
639,2 |
4,7% |
1,5% |
|
Banif Gestão de Activos |
FUNDO DE GESTÃO PASSIVA |
635,8 |
4,7% |
0,8% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
540,3 |
4,0% |
-0,9% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
482,7 |
3,6% |
-1,0% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM EURO TAXA VARIÁVEL |
413,4 |
3,0% |
- |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
385,6 |
2,8% |
-0,2% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
319,8 |
2,4% |
-0,5% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
312,2 |
2,3% |
3,9% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
270,9 |
2,0% |
-0,9% |
|
Caixagest |
CAIXAGEST OBRIGAÇÕES MAIS MENSAL |
262,7 |
1,9% |
-1,4% |
|
Other Entities |
|
9.312,2 |
68,6% |
-5,7% |
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 June 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.
|
|
|