Securities Investment Funds
The amount under management of Collective Investment Undertakings (UCITS) amounted to EUR 7,030.9 million in August. This is EUR 530.7 million (7.0%) less than in July.
The amount under management of Special Investment Funds (SIF) fell 2.3% down to EUR 4,715.1 million in August. This is EUR 109 million less than in the preceding month.
The amount invested by Securities Investment Funds (SIF) in shares of foreign companies slumped 13.8% down to EUR 1,283.1, while the amount invested in domestic shares fell 11.3% to EUR 436.6 million in August.
Likewise investments in public debt plunged 14.2% down to EUR 410.7 million when compared to July, while investments in foreign debt fell 2.9% down to EUR 886.4 million in August.
As for the amount under management in foreign private debt securities, the asset with the largest weighting in the funds' portfolios tumbled 4.6% down to EUR 4,306.8 million in August. Investment in domestic corporate bonds dipped 0.4% down to EUR 928.9 million.
BES continued to be the security with the most weighting in the funds' portfolios with a 25.0% weighting in the last month, notwithstanding the 13.6% fall down to EUR 109.1 million in the amount under management when compared to July. This is followed by Espírito Santo Financial Group, which depreciated by 0.4% down to EUR 36.1 million in the funds' portfolios and Galp's value in the portfolios dropped 12.5% as against July.
In the European Union, Telefónica led the field in the SIF's portfolios after the 61.6% soar up to EUR 14.3 million when compared to the preceding month. Outside the European Union, Banco Bradesco continued to be the key security for investment by the SIFs, even though the amount under management plunged 16.8% down to EUR 42.4 million in comparison to July.
In August, Portugal continued to rank in second place as an investment destination for the SIF, notwithstanding the 6.6% tumble down to EUR 1,625.3 million, behind Luxembourg that secured 31.7% of the total investment from investment funds.
Caixagest (22.9%), ESAF (18.2%) and BPI Gestão de Activos (17.4%) were the management companies with the largest market share in August. 'Fundo de Gestão Passiva', managed by Banif Gestão de Activos was the largest Securities Investment Fund despite the asset value slumping 2.5% down to EUR 590 million when compared to the preceding month.
The following Special Investment Funds were established in August: 'Sporting Portugal Fund - FEIFM' , managed by ESAF - ESFIM, and 'Banco BIC – Brasil - FEIA', managed by Dunas Capital.
The special investment funds 'Caixagest Multi-Activos 2011- FEIF' and, 'Caixagest Maxi Selecção – FEIA', managed by Caixagest, and 'Popular Oportunidades Globais II – FEIF', managed by Popular Gestão de Activos were terminated in the same period.
Table 1 - Aggregated Indicators
Unit: 10^6 Euro
|
|
CIS in Transferable Securities |
Special Investment Funds |
|
|
Aug-11 |
Jul-11 |
Monthly D |
Aug-11 |
Jul-11 |
Monthly D |
|
Amount under Management (1) |
7.030,9 |
7.561,5 |
-7,0% |
4.715,1 |
4.824,1 |
-2,3% |
|
No. of Fund Operators |
17 |
17 |
0 |
15 |
14 |
1 |
|
No. of Funds (2) |
195 |
195 |
0 |
108 |
109 |
-1 |
Table 2 – Investment in Listed Securities per Market
Unit: 10^6 Euro
|
Country |
Aug-11 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1.625,3 |
20,2% |
-6,6% |
|
LUXEMBOURG |
2.546,2 |
31,7% |
-4,2% |
|
UNITED KINGDOM |
921,2 |
11,5% |
-5,2% |
|
GERMANY |
674,0 |
8,4% |
-0,6% |
|
IRELAND |
467,2 |
5,8% |
-4,6% |
|
USA |
379,7 |
4,7% |
-13,2% |
|
SPAIN |
316,2 |
3,9% |
-4,1% |
|
NETHERLANDS |
252,8 |
3,1% |
-11,0% |
|
FRANCE |
190,8 |
2,4% |
-21,8% |
|
BRAZIL |
189,9 |
2,4% |
-13,7% |
|
Others |
472,3 |
5,9% |
-13,3% |
|
TOTAL |
8.035,6 |
100,0% |
-6,5% |
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
|
Country |
Aug-11 |
Monthly D |
|
Value |
% Total |
Value |
|
GERMANY |
466,5 |
36,0% |
12,2% |
|
PORTUGAL |
410,7 |
31,7% |
-14,2% |
|
THE NETHERLANDS |
137,6 |
10,6% |
-12,9% |
|
ITALY |
68,8 |
5,3% |
-18,0% |
|
BRAZIL |
61,0 |
4,7% |
-13,1% |
|
FRANCE |
44,3 |
3,4% |
-45,9% |
|
SPAIN |
31,6 |
2,4% |
-4,7% |
|
OTHERS – EUROPEAN UNION |
23,3 |
1,8% |
-1,0% |
|
FINLAND |
16,6 |
1,3% |
14,6% |
|
AUSTRALIA |
9,5 |
0,7% |
- |
|
Others |
26,8 |
2,1% |
-16,8% |
|
TOTAL |
1.296,9 |
100,0% |
-6,8% |
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
|
Country |
Aug-11 |
Monthly D |
|
Value |
% Total |
Value |
|
LUXEMBOURG |
2.530,2 |
50,8% |
-4,2% |
|
UNITED KINGDOM |
799,7 |
16,1% |
-3,3% |
|
PORTUGAL |
776,0 |
15,6% |
1,3% |
|
IRELAND |
460,1 |
9,2% |
-5,3% |
|
SPAIN |
178,0 |
3,6% |
-4,5% |
|
GERMANY |
96,6 |
1,9% |
-12,2% |
|
NETHERLANDS |
72,0 |
1,4% |
-3,8% |
|
FRANCE |
19,6 |
0,4% |
-1,1% |
|
ITALY |
15,6 |
0,3% |
-0,6% |
|
BELGIUM |
9,4 |
0,2% |
1,0% |
|
Others |
24,7 |
0,5% |
-16,4% |
|
TOTAL |
4.981,8 |
100,0% |
-3,6% |
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
|
Country |
Aug-11 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
436,2 |
25,6% |
-11,4% |
|
USA |
371,8 |
21,8% |
-12,5% |
|
BRAZIL |
128,9 |
7,6% |
-11,5% |
|
UNITED KINGDOM |
119,9 |
7,0% |
-15,9% |
|
FRANCE |
114,5 |
6,7% |
-12,1% |
|
GERMANY |
101,7 |
6,0% |
-19,3% |
|
SPAIN |
97,2 |
5,7% |
-2,9% |
|
SWITZERLAND |
48,9 |
2,9% |
-12,8% |
|
NETHERLANDS |
42,8 |
2,5% |
-15,6% |
|
SOUTH AFRICA |
35,9 |
2,1% |
-7,0% |
|
Others |
208,9 |
12,2% |
-20,1% |
|
TOTAL |
1.706,7 |
100,0% |
-13,3% |
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 |
Aug-11 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
109,1 |
25,0% |
-13,6% |
|
E.SANTO FINANCIAL GROUP |
36,1 |
8,3% |
-0,4% |
|
GALP |
36,0 |
8,3% |
-12,5% |
|
ZON MULTIMÉDIA |
27,3 |
6,3% |
-9,9% |
|
SONAECOM SGPS |
22,4 |
5,1% |
-9,5% |
|
SEMAPA, SGPS |
19,9 |
4,6% |
-18,4% |
|
BRISA |
19,7 |
4,5% |
11,1% |
|
EDP |
17,8 |
4,1% |
11,5% |
|
CIMPOR |
16,9 |
3,9% |
-10,7% |
|
JERÓNIMO MARTINS, SGPS |
16,5 |
3,8% |
-21,2% |
|
Sub-total |
321,6 |
73,7% |
-9,8% |
|
Others |
114,6 |
26,3% |
-15,4% |
|
TOTAL Domestic Shares (1) |
436,2 |
100,0% |
-11,4% |
|
EUROPEAN UNION MARKET |
|
|
|
|
TELEFONICA |
14,3 |
2,6% |
61,6% |
|
TOTAL EFINA |
13,4 |
2,4% |
-10,7% |
|
SIEMENS AG - REG |
13,2 |
2,4% |
-15,9% |
|
BBVA |
12,1 |
2,2% |
-14,9% |
|
BSCH |
11,6 |
2,1% |
1,9% |
|
BAYER AG |
9,5 |
1,7% |
-21,5% |
|
HSBC HOLDING PLC |
9,4 |
1,7% |
-14,3% |
|
ALLIANZ |
9,3 |
1,7% |
-20,7% |
|
SANOFI-AVENTIS |
9,2 |
1,7% |
-1,5% |
|
BNP PARIBAS |
8,6 |
1,6% |
-29,4% |
|
Sub-total |
110,5 |
20,1% |
-9,0% |
|
Others |
438,3 |
79,9% |
-14,9% |
|
TOTAL EU Shares (2) |
548,8 |
100,0% |
-13,8% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
42,4 |
5,9% |
-16,8% |
|
TANZANIAN ROYALTY EXPLCORP |
16,1 |
2,2% |
0,0% |
|
ITAU UNIBANCO HOLDING ADR |
12,2 |
1,7% |
-11,0% |
|
BANCO BRADESCO ADR |
10,8 |
1,5% |
-10,2% |
|
NESTLE REG |
8,7 |
1,2% |
-2,5% |
|
VALE, SA - Pref. ADR |
8,6 |
1,2% |
-16,2% |
|
NOVARTIS |
8,3 |
1,1% |
-11,4% |
|
ROCHE |
7,8 |
1,1% |
-8,1% |
|
APPLE COMPUTER INC |
7,2 |
1,0% |
-16,7% |
|
ROYAL GOLD INC. |
6,6 |
0,9% |
-29,8% |
|
Sub-total |
128,8 |
17,9% |
-13,0% |
|
Others |
592,8 |
82,1% |
-14,3% |
|
TOTAL Non-EU Shares (3) |
721,6 |
100,0% |
-14,1% |
|
Total International Shares (2)+(3) |
1.270,5 |
- |
-13,9% |
|
TOTAL |
1.706,7 |
-13,3% |
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** |
Aug-11 |
Monthly D |
|
Value |
% |
Value |
|
BPIPL 0 01/25/12 |
56,5 |
3,5% |
0,4% |
|
BESPL FLOAT 25/02/13 |
49,7 |
3,0% |
1,9% |
|
BCP FINANCE 02/12 |
46,5 |
2,9% |
-0,1% |
|
PORTEL 3 3/4 26/03/2012 |
45,6 |
2,8% |
2,5% |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
36,5 |
2,2% |
0,2% |
|
BES FLOAT 19/03/2012 |
35,2 |
2,2% |
10,1% |
|
CGD 3.10% 06/06/2012 |
32,1 |
2,0% |
-3,1% |
|
CAIXA ECO MONTEPIO GERALTV.03.05.2012 |
30,6 |
1,9% |
0,6% |
|
BCPN FLOAT 12/16 |
24,3 |
1,5% |
-1,6% |
|
CX.REN.FIXO VI S.872 |
23,8 |
1,5% |
0,1% |
|
Sub-total (1) |
380,6 |
23,3% |
1,1% |
|
Others |
1.249,9 |
76,7% |
-0,2% |
|
TOTAL Bonds issued by Domestic Groups (2) |
1.630,5 |
100,0% |
0,1% |
|
TOTAL Foreign Bonds in Funds' Portfolios (3) |
4.194,5 |
-4,3% |
|
(1)/(3) |
9,1% |
0,49 p.p. |
|
(2)/(3) |
38,9% |
1,71 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 |
Aug-11 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
410,7 |
3,5% |
-14,2% |
|
Foreign (*) |
886,4 |
7,5% |
-2,9% |
|
Other Public Funds |
Domestic |
2,5 |
0,0% |
-0,6% |
|
Foreign |
18,6 |
0,2% |
2,1% |
|
Bonds |
Domestic |
928,9 |
7,9% |
-0,4% |
|
Foreign |
4.306,8 |
36,7% |
-4,6% |
|
Shares |
Domestic |
436,6 |
3,7% |
-11,3% |
|
Foreign |
1.283,1 |
10,9% |
-13,8% |
|
Investment Units |
Domestic |
539,2 |
4,6% |
-3,8% |
|
Foreign |
1.158,2 |
9,9% |
-6,5% |
|
Equity Certificates |
Domestic |
0,0 |
0,0% |
0,0% |
|
|
Foreign |
0,0 |
0,0% |
- |
|
Rights |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
6,0 |
0,1% |
-7,8% |
|
Warrants |
Domestic |
0,0 |
0,0% |
- |
|
|
Foreign |
2,0 |
0,0% |
-9,7% |
|
Options |
Domestic |
0,0 |
0,0% |
-72,6% |
|
|
Foreign |
1,2 |
0,0% |
-84,0% |
|
Others |
Domestic |
0,0 |
0,0% |
-100,0% |
|
|
Foreign |
1,5 |
0,0% |
44,8% |
|
SECURITIES |
|
9.981,7 |
85,0% |
-6,3% |
|
Other Assets |
|
100,4 |
0,9% |
5,6% |
|
Other Debt Instruments |
|
288,3 |
2,5% |
-20,8% |
|
Liquidity |
|
1.544,7 |
13,2% |
2,1% |
|
Loans |
|
-16,7 |
-0,1% |
-74,3% |
|
Unsettled Amounts |
|
-152,5 |
-1,3% |
-14,2% |
|
TOTAL |
|
11.745,9 |
100,0% |
-5,2% |
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 Euro
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
47 |
22,9% |
-2 |
0,33 p.p. |
|
ESAF |
40 |
18,2% |
1 |
0,06 p.p. |
|
BPI Gestão de Activos |
27 |
17,4% |
0 |
-0,11 p.p. |
|
Santander Asset Management |
35 |
14,6% |
0 |
-0,33 p.p. |
|
Millennium BCP Gestão de Activos |
26 |
9,1% |
0 |
-0,17 p.p. |
|
Banif Gestão de Activos |
18 |
5,9% |
0 |
0,14 p.p. |
|
Barclays Wealth Managers Portugal |
16 |
2,9% |
0 |
0,01 p.p. |
|
Montepio Gestão de Activos |
17 |
2,1% |
0 |
-0,05 p.p. |
|
BPN Gestão de Activos |
8 |
1,8% |
0 |
0,07 p.p. |
|
Crédito Agrícola Gest |
16 |
1,2% |
0 |
0,08 p.p. |
|
BBVA Gest |
9 |
1,2% |
0 |
0,01 p.p. |
|
MCO2 |
2 |
1,0% |
0 |
0,04 p.p. |
|
Popular Gestão de Activos |
16 |
0,7% |
-1 |
-0,09 p.p. |
|
MNF Gestão de Activos |
4 |
0,4% |
0 |
-0,02 p.p. |
|
Finivalor |
10 |
0,4% |
0 |
-0,03 p.p. |
|
Optimize Investment Partners |
7 |
0,2% |
0 |
-0,01 p.p. |
|
Dunas Capital - Gestão de Activos |
3 |
0,1% |
1 |
0,06 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
TOTAL |
303 |
100,0% |
-1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of Funds (10 Largest)
Unit: 10^6 Euro
|
Entity |
Fund |
Aug-11 |
Monthly D |
|
Value |
% |
Value |
|
Banif Gestão de Activos |
FUNDO DE GESTÃO PASSIVA |
590,0 |
5,0% |
-2,5% |
|
Santander Asset Management |
SANTANDER GLOBAL |
548,1 |
4,7% |
-12,9% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
500,9 |
4,3% |
-3,5% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
452,0 |
3,8% |
-3,2% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM EURO TAXA VARIÁVEL |
379,4 |
3,2% |
-4,0% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
370,8 |
3,2% |
-2,0% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
341,3 |
2,9% |
3,7% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
286,2 |
2,4% |
-6,5% |
|
BPI Gestão de Activos |
BPI REFORMA SEGURA PPR |
262,7 |
2,2% |
-0,8% |
|
Caixagest |
CAIXAGEST IMOBILIÁRIO INTERNACIONAL |
250,7 |
2,1% |
0,2% |
|
Others |
|
7.763,9 |
66,1% |
-5,8% |
|
TOTAL |
11.745,9 |
100,0% |
-5,2% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
Unless otherwise stated, the data contained in this report is based on information submitted to the CMVM by the Management Entities, in accordance with the legislation in force. The information refers to 8 September 2011, being provisional results. 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, 17th October) and Non-UCITS.
|
|
|