Securities Investment Funds
In April 2005 the value under management of UCITS decreased 0,5% compared with the previous month, reaching €24 433.9 million . The Special Investment Funds increased the value under management, which rose to €814 million at the end of the month . Two new Special Investment Funds started operating, BBVA Gestão Flexível Todo-o-Terreno – FEI fund managed by BBVA Gest and Caixagest Maxipremium 2010 managed by Caixagest. The total investment in listed securities increased by 0,6% compared to March 2005, reaching €17 658 million, with the growth of investments in Germany (14%) being of note. Luxemburg continued to be the most sought after country, followed by the United Kingdom and Ireland. On the national market, a fall of 1.2% was registered in the investments in listed securities, which reached € 1 482.4 million. The investment in national shares on the regulated markets of the stock exchange, in said period, rose to € 755.2 million. This represents a decrease of 0.7% compared to March 2005. Within the main shares, only EDP, PORTUGAL TELECOM and IMPRESA registered positive growth rates. International shares of the European Union markets and outside the European Union also declined in comparison to the previous month, reaching € 707.5 million (-3.7%) and € 541.7 million (-5.4%), respectively. With regard to the portfolio composition of the funds it is worth noting the monthly growth of investment in securities (1.7%), particularly the investment in national bonds (11.3%) and foreign public debt (8.5%). Millennium BCP maintained the lead in market share in terms of value managed (19.7%) and Caixagest continued to manage the most number of funds (38). The Multiobrigações fund managed by Santander Gestão de Activos is the largest fund. 06 May 2005 Table 1 – Aggregate Benchmarks Unit: 10^6 Euro | | CIS in transferable securities | Special Invest. Funds | | Apr - 05 | monthly Δ | Apr - 05 | monthly Δ | | Assets under management (1) | 24.433,9 | -0,5% | 814,0 | 11,2% | | No. of fund operators | 15 | 0 | 6 | 0 | | No. of Funds (2) | 215 | 0 | 15 | 2 | | Mean capitalisation of funds [(1)/(2)] | 113,6 | -0,5 | 54,3 | -2,0 | Table 2 – Investment per Country Unit: 10^6 Euro | Country | Apr - 05 | monthly Δ
Value | | Value | % Total | | PORTUGAL | 1.482,4 | 8,4% | -1,2% | | LUXEMBOURG | 7.099,4 | 40,2% | 0,6% | | UNITED KINGDOM | 2.420,4 | 13,7% | -2,1% | | IRELAND | 1.685,6 | 9,5% | 2,2% | | GERMANY | 1.147,6 | 6,5% | 14,0% | | SPAIN | 981,1 | 5,6% | 0,7% | | NETHERLANDS | 677,1 | 3,8% | 2,1% | | FRANCE | 667,4 | 3,8% | -1,9% | | USA | 501,5 | 2,8% | -3,4% | | ITALY | 447,6 | 2,5% | -3,5% | | OTHERS | 548,0 | 3,1% | -1,5% | | TOTAL | 17.658,0 | 100,0% | 0,6% | Note: Investment in listed securities (excluding securities in the process of being admitted to the domestic market or a foreign one), not including investment units of collective investment undertakings (UCITS) domiciled in Portugal and in Member States of the EU and Non-EU States. Table 3 – Value of Investment in Domestic and Foreign Shares (10 largest) Unit: 10^6 Euro | Shares | Apr - 05 | monthly Δ
Value | | Value | % | | DOMESTIC MARKET | | | | | EDP | 75,6 | 10,0% | 5,5% | | SONAE SGPS | 70,2 | 9,3% | -0,6% | | BCP | 65,8 | 8,7% | -2,9% | | PORTUGAL TELECOM | 55,4 | 7,3% | 4,2% | | BRISA (Privat.) | 46,4 | 6,1% | -10,4% | | PT MULTIMÉDIA | 42,7 | 5,7% | -4,1% | | SEMAPA | 40,1 | 5,3% | -0,6% | | IMPRESA | 35,6 | 4,7% | 1,0% | | BPI | 32,1 | 4,3% | -3,4% | | SONAE.COM | 28,4 | 3,8% | -4,6% | | Sub-total | 492,2 | 65,2% | -1,2% | | Others | 263,0 | 34,8% | 0,3% | | TOTAL Domestic Shares (1) | 755,2 | 100,0% | -0,7% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 26,9 | 3,8% | -8,0% | | TELEFONICA | 18,3 | 2,6% | 13,3% | | ROYAL DUTCH PETROLEUM | 16,1 | 2,3% | -1,3% | | SANOFI-AVENTIS | 15,8 | 2,2% | -3,0% | | VODAFONE | 14,7 | 2,1% | -2,5% | | ING GROEP N.V. | 13,9 | 2,0% | -16,6% | | E ON AG | 13,3 | 1,9% | 3,1% | | ENI SPA | 13,0 | 1,8% | -1,3% | | NOKIA | 13,0 | 1,8% | 12,6% | | BNP PARIBAS | 11,1 | 1,6% | -9,8% | | Sub-total | 156,1 | 22,1% | -2,2% | | Others | 551,4 | 77,9% | -4,2% | | TOTAL EU Shares (2) | 707,5 | 100,0% | -3,7% | | NON-EU MARKET | | | | | PFIZER | 13,2 | 2,4% | 49,8% | | GENERAL ELECTRICS | 10,3 | 1,9% | -1,2% | | NESTLE | 9,0 | 1,7% | -3,2% | | PROCTER & GAMBLE | 8,5 | 1,6% | 49,1% | | MICROSOFT | 8,3 | 1,5% | 8,9% | | ROCHE | 8,3 | 1,5% | -2,8% | | EXXON MOBIL CORP | 7,3 | 1,4% | -31,9% | | NOVARTIS | 7,1 | 1,3% | 7,4% | | MERCK&CO. | 7,1 | 1,3% | 67,7% | | IBM CORP | 6,9 | 1,3% | -15,4% | | Sub-total | 86,0 | 15,9% | 7,3% | | Others | 455,6 | 84,1% | -7,5% | | TOTAL Non-EU Shares (3) | 541,7 | 100,0% | -5,4% | | Total International Shares (2)+(3) | 1.249,2 | - | -4,5% | | TOTAL | 2.004,4 | -3,1% | Note: Refers solely to shares on Regulated Markets of Stock Exchanges. Table 4 – Weight of bonds of Domestic Groups issued abroad * in foreign bonds held by Securities Investment Funds (10 largest) Unit: 10^6 Euro | Bonds ** | Apr - 05 | monthly Δ
Value | | Value | % | | BII FINANCE CO FLOAT 26/09/11 | 161,2 | 8,9% | 0,2% | | BANCO PORT ATLAN FLOAT 29/09/49 | 132,0 | 7,3% | 0,2% | | BPI CAPITAL FINANCE LTD PERP FLO | 85,1 | 4,7% | -0,2% | | CAIXA GERAL FIN FLOAT PERPETUAL | 76,6 | 4,2% | -0,1% | | BCP FINANCE 28/10/13 | 70,2 | 3,9% | -1,8% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 57,8 | 3,2% | -0,4% | | CGD 2002 TXVR 20070424 | 57,2 | 3,2% | -0,3% | | GALP 1 A | 45,2 | 2,5% | -0,1% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 40,3 | 2,2% | 0,3% | | CEMG FLOAT 11/09 | 36,5 | 2,0% | 147,3% | | Sub-total (1) | 761,9 | 42,0% | 2,8% | | Others | 1.053,6 | 58,0% | 36,3% | | TOTAL bonds issued by domestic Groups (2) | 1.815,5 | 100,0% | 19,9% | | TOTAL foreign bonds in the portfolios of Funds (3) | 13.061,5 | 0,4% | | (1)/(3) | 5,8% | 0,14 p.p. | | (2)/(3) | 13,9% | 2,26 p.p. | Note: (*) Based on ISIN codes; (**) Refers merely to bonds listed on Regulated Markets of Stock Exchanges in European Member States. Table 5 – Investment per Type of Asset and Market Unit: 10^6 Euro | Security | Apr - 05 | monthly Δ
Value | | Value | % | | Public Debt | Domestic | 116,2 | 0,5% | -0,7% | | | Foreign | 1.816,7 | 7,2% | 8,5% | | Other Public Funds | Domestic | 94,9 | 0,4% | 0,1% | | | Foreign | 21,6 | 0,1% | -13,1% | | Bonds | Domestic | 889,8 | 3,5% | 11,3% | | | Foreign | 13.331,8 | 52,8% | 1,0% | | Shares | Domestic | 756,2 | 3,0% | -0,7% | | | Foreign | 1.249,5 | 4,9% | -4,5% | | Investment Units | Domestic | 1.210,3 | 4,8% | 2,9% | | | Foreign | 695,6 | 2,8% | 1,4% | | Equity Certificates | Domestic | 7,9 | 0,0% | -18,1% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,1 | 0,0% | 40267,0% | | Warrants | Domestic | 16,8 | 0,1% | -7,6% | | | Foreign | 2,6 | 0,0% | 21,5% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 1,3 | 0,0% | -1,4% | | Others | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,0 | 0,0% | - | | SECURITIES | 20.211,4 | 80,1% | 1,7% | | Other Assets | 0,0 | 0,0% | - | | Other Debt Instruments | 2.219,9 | 8,8% | -2,7% | | Liquidity | 3.035,9 | 12,0% | -11,4% | | Loans | -8,7 | 0,0% | 51,7% | | Unsettled Amounts | -210,6 | -0,8% | -28,8% | | TOTAL | 25.247,9 | 100,0% | -0,1% | Table 6 – Number of Funds and Market Share (10 largest) | Entity | Apr - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | Millennium BCP | 33 | 19,7% | 0 | 0,15 p.p. | | Santander Gestão de Activos | 24 | 18,4% | 0 | 0,15 p.p. | | Caixagest | 38 | 18,4% | 1 | 0,33 p.p. | | BPI Fundos | 19 | 17,6% | 0 | 0,03 p.p. | | ESAF | 29 | 12,8% | 0 | -0,74 p.p. | | Barclays Fundos | 14 | 2,9% | 0 | 0 p.p. | | BPN Gestão de Activos | 7 | 2,7% | 0 | 0,03 p.p. | | BBVA Gest | 15 | 2,3% | 1 | -0,01 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,4% | 0 | 0 p.p. | | Banif Gestão de Activos | 11 | 1,1% | 0 | 0,02 p.p. | | Others | 27 | 2,5% | 0 | 0,03 p.p. | | TOTAL | 230 | 100,0% | 2 | - | Legend: p.p. – percentage points. Table 7 – Ranking of funds (10 highest) Unit: 10^6 Euro | Entity | Fund | Apr - 05 | monthly Δ | | Valor | % | Value | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.969,2 | 7,8% | -0,9% | | BPI Fundos | BPI LIQUIDEZ - FUNDO DE TESOURARIA | 1.247,6 | 4,9% | 0,3% | | Caixagest | CAIXAGEST RENDIMENTO | 1.153,8 | 4,6% | 4,5% | | Millennium BCP | MILLENNIUM CURTO PRAZO - FI TESOURARIA | 1.140,0 | 4,5% | -1,3% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL | 1.043,8 | 4,1% | -0,4% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA | 929,4 | 3,7% | -2,7% | | Millennium BCP | MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO | 903,3 | 3,6% | 2,4% | | Santander Gestão Activos | MULTIBOND PREMIUM | 826,9 | 3,3% | 3,9% | | BPI Fundos | BPI REFORMA SEGURA PPR/E | 821,1 | 3,3% | -0,2% | | ESAF | ESPÍRITO SANTO MONETÁRIO - FUNDO DE TESOURARIA | 806,1 | 3,2% | 0,9% | | Others | 14.406,6 | 57,1% | -0,6% | | TOTAL | 25.247,9 | 100,0% | -0,1% | Note: Decreasing order of amounts managed by funds in the last period under analysis. 1 The data presented in this report arises, unless otherwise stated, from information submitted to the CMVM by Securities Investment Fund Operators, in accordance with the legislation in force. The information used relates to 6 May 2005. Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
2 Includes UCITS (in accordance with the Decree-Law No. 252/2003 dated 17th October) and Non-UCITS
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