Securities Investment Funds
In August 2005 the value under management of UCITS increased 1.2% while the Special Investment Fund increased by 11.6%. Two new Special Investment Funds started operating: “Millennium Europa Dupla Oportunidade – FEI” and “FEI Fechado Caixagest Multi-Activos 2011” managed by Millennium BCP and Caixagest respectively. The total investment in listed securities rose 0.9%, compared to July 2005, reaching €18,313.8 million, with an increase of investments in Germany (23.7%) and a drop in investments of securities listed in Italy (-51%) being noteworthy. Luxembourg continued to be the most sought after country, followed by the United Kingdom and Ireland. The investment in national shares on the regulated markets of the stock exchange, in said period, rose to €720.4 million. This represents an increase of 3.2% compared to July 2005. In the top ten national shares, only investments in the EDP and Portugal Telecom shares decreased in August 2005. The international shares of the markets in and out of the European Union decreased in comparison to the previous month, reaching €796.3 million (-0.3%) and €600.3 million (-0.2%), respectively. With regard to the portfolio composition of funds, it is worth pointing out the monthly growth of investment in securities (1.4%), particularly investment in national securities, namely, shares (3.2%), investment units (3.7%) and bonds (7%). Millennium BCP maintained the lead in market share in terms of value managed (20.4%) and Caixagest continued to manage the most number of funds (39). The “Multiobrigações” fund managed by Santander Gestão de Activos is the largest fund. 06 September 2005 Table 1 – Aggregate Benchmarks Unit: 10^6 Euro | | CIS in transferable securities | Special Inv. Funds | | Aug - 05 | monthly Δ | Aug - 05 | monthly Δ | | Assets under management (1) | 25.274,0 | 1,2% | 1.167,9 | 11,6% | | No. of fund operators | 15 | 0 | 8 | 1 | | No. of Funds (2) | 221 | 0 | 19 | 2 | | Mean capitalisation of funds [(1)/(2)] | 114,4 | 1,4 | 61,5 | -0,1 | Table 2 – Investment per Country Unit: 10^6 Euro | Country | Aug - 05 | monthly Δ
Value | | Value | % Total | | PORTUGAL | 1.254,9 | 6,9% | 1,2% | | LUXEMBOURG | 7.229,2 | 39,5% | 1,2% | | UNITED KINGDOM | 2.450,3 | 13,4% | -0,7% | | IRELAND | 2.034,7 | 11,1% | 1,9% | | GERMANY | 1.260,4 | 6,9% | 23,7% | | SPAIN | 1.123,0 | 6,1% | 3,0% | | NETHERLANDS | 824,6 | 4,5% | -0,5% | | FRANCE | 739,2 | 4,0% | 4,8% | | USA | 535,3 | 2,9% | 0,3% | | ITALY | 264,1 | 1,4% | -51,0% | | OTHERS | 598,1 | 3,3% | 2,6% | | TOTAL | 18.313,8 | 100,0% | 0,9% | Note: Investment in listed securities (excluding securities in the process of being admitted to the domestic or foreign market), and does not include 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 | Aug - 05 | monthly Δ
Value | | Value | % | | DOMESTIC MARKET | | | | | EDP | 76,8 | 10,7% | -3,9% | | BCP | 72,8 | 10,1% | 14,5% | | SONAE SGPS | 61,6 | 8,6% | 6,5% | | BRISA (Privat.) | 45,9 | 6,4% | 5,7% | | SEMAPA | 43,3 | 6,0% | 2,7% | | PORTUGAL TELECOM | 41,0 | 5,7% | -1,7% | | PT MULTIMÉDIA | 37,0 | 5,1% | 6,5% | | BPI | 31,7 | 4,4% | 0,7% | | Mota Engil | 29,3 | 4,1% | 3,8% | | NOVABASE | 29,2 | 4,1% | 5,8% | | Sub-total | 468,6 | 65,0% | 4,0% | | Others | 251,8 | 35,0% | 1,8% | | TOTAL Domestic Shares (1) | 720,4 | 100,0% | 3,2% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 33,7 | 4,2% | 4,8% | | TELEFONICA | 16,7 | 2,1% | 4,0% | | VODAFONE | 16,6 | 2,1% | 5,1% | | ING GROEP N.V. | 16,6 | 2,1% | -5,2% | | E ON AG | 16,3 | 2,0% | -0,4% | | ENI SPA | 14,9 | 1,9% | 2,6% | | BNP PARIBAS | 14,1 | 1,8% | 1,4% | | BP Plc | 13,6 | 1,7% | 4,0% | | SANOFI-AVENTIS | 12,6 | 1,6% | -5,7% | | BSCH | 12,1 | 1,5% | -15,4% | | Sub-total | 167,2 | 21,0% | 0,1% | | Others | 629,0 | 79,0% | -0,4% | | TOTAL EU Shares (2) | 796,3 | 100,0% | -0,3% | | NON-EU MARKET | | | | | NESTLE | 10,1 | 1,7% | 0,7% | | GENERAL ELECTRICS | 9,9 | 1,7% | -9,8% | | NOVARTIS | 9,6 | 1,6% | -0,7% | | MICROSOFT | 8,0 | 1,3% | 6,7% | | PFIZER | 7,9 | 1,3% | 3,1% | | AMERICAN INTERNATIONAL GROUP | 6,6 | 1,1% | 51,0% | | COCA COLA | 6,5 | 1,1% | -5,7% | | EXXON MOBIL CORP | 6,5 | 1,1% | -8,6% | | ROCHE | 6,4 | 1,1% | -27,2% | | CREDIT SUISSE GROUP | 5,7 | 1,0% | 1,9% | | Sub-total | 77,2 | 12,9% | -1,8% | | Others | 523,1 | 87,1% | 0,0% | | TOTAL Non-EU Shares (3) | 600,3 | 100,0% | -0,2% | | Total International Shares (2)+(3) | 1.396,6 | - | -0,2% | | TOTAL | 2.116,9 | 0,9% | 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 ** | Aug - 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 | 132,2 | 7,3% | 0,2% | | BPI CAPITAL FINANCE LTD PERP FLO | 87,9 | 4,8% | -0,8% | | CAIXA GERAL FIN FLOAT PERPETUAL | 77,3 | 4,3% | 0,1% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 58,0 | 3,2% | 0,1% | | CAIXA GERAL DEPFINTXVAR24042007 | 56,8 | 3,1% | 0,2% | | BCP FINANCE 28/10/13 | 51,3 | 2,8% | 0,2% | | GALP 1 A | 45,2 | 2,5% | 0,1% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 41,5 | 2,3% | -0,5% | | CEMG FLOAT 11/09 | 36,6 | 2,0% | -0,3% | | Sub-total (1) | 748,1 | 41,2% | 0,0% | | Others | 1.066,7 | 58,8% | 49,6% | | TOTAL bonds issued by domestic Groups (2) | 1.814,8 | 100,0% | 24,2% | | TOTAL foreign bonds in the Funds’ portfolios (3) | 13.772,3 | 1,3% | | (1)/(3) | 5,4% | -0,07 p.p. | | (2)/(3) | 13,2% | 2,43 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 | Aug - 05 | monthly Δ
Value | | Value | % | | Public Debt | Domestic | 122,7 | 0,5% | -4,3% | | Foreign | 1.801,2 | 6,8% | -1,6% | | Other Public Funds | Domestic | 93,6 | 0,4% | 0,0% | | Foreign | 41,2 | 0,2% | -0,2% | | Bonds | Domestic | 774,5 | 2,9% | 7,0% | | Foreign | 13.931,5 | 52,7% | 1,3% | | Shares | Domestic | 721,4 | 2,7% | 3,2% | | Foreign | 1.397,0 | 5,3% | -0,2% | | Investment Units | Domestic | 1.411,8 | 5,3% | 3,7% | | Foreign | 862,7 | 3,3% | 4,6% | | Equity Certificates | Domestic | 7,0 | 0,0% | 0,3% | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | - | | Foreign | 0,2 | 0,0% | 128,6% | | Warrants | Domestic | 11,5 | 0,0% | 1,0% | | Foreign | 6,3 | 0,0% | 27,5% | | Options | Domestic | 0,0 | 0,0% | - | | Foreign | 1,2 | 0,0% | -9,1% | | Others | Domestic | 0,0 | 0,0% | -100,0% | | Foreign | 1,6 | 0,0% | 1,6% | | SECURITIES | 21.185,4 | 80,1% | 1,4% | | Other Assets | 0,0 | 0,0% | - | | Other Debt Instruments | 2.485,2 | 9,4% | 1,9% | | Liquidity | 3.026,9 | 11,4% | 3,0% | | Loans | -1,7 | 0,0% | -73,2% | | Unsettled Amounts | -253,9 | -1,0% | 3,6% | | TOTAL | 26.441,9 | 100,0% | 1,6% | Table 6 – Number of Funds and Market Share (10 largest) | Entity | Aug - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 20,4% | 1 | 0,42 p.p. | | Caixagest | 39 | 18,7% | 1 | -0,18 p.p. | | Santander Gestão de Activos | 25 | 18,2% | 0 | -0,04 p.p. | | BPI Gestão de Activos | 21 | 17,0% | 0 | -0,04 p.p. | | ESAF | 29 | 12,3% | 0 | -0,05 p.p. | | BPN Gestão de Activos | 7 | 3,0% | 0 | -0,02 p.p. | | Barclays Fundos | 14 | 2,7% | 0 | -0,02 p.p. | | BBVA Gest | 17 | 2,3% | 0 | -0,02 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,4% | 0 | -0,02 p.p. | | Banif Gestão de Activos | 11 | 1,3% | 0 | -0,03 p.p. | | Others | 29 | 2,6% | 0 | 0 p.p. | | TOTAL | 240 | 100,0% | 2 | - | Legend: p.p. – percentage points. Table 7 – Ranking of funds (10 highest) Unit: 10^6 Euro | Entity | Fund | Aug - 05 | monthly Δ
Value | | Valor | % | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.893,8 | 7,2% | -0,3% | | BPI Gestão de Activos | BPI LIQUIDEZ - FUNDO DE TESOURARIA | 1.251,7 | 4,7% | 0,6% | | Caixagest | CAIXAGEST RENDIMENTO | 1.110,2 | 4,2% | -1,0% | | Millennium BCP | MILLENNIUM CURTO PRAZO - FI TESOURARIA | 1.064,5 | 4,0% | -1,9% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL | 1.000,2 | 3,8% | -0,2% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA | 940,6 | 3,6% | -0,7% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST MOEDA | 901,4 | 3,4% | 0,0% | | Santander Gestão Activos | MULTIBOND PREMIUM | 900,3 | 3,4% | 2,7% | | Millennium BCP | MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO | 898,5 | 3,4% | 0,2% | | BPI Gestão de Activos | BPI REFORMA SEGURA PPR/E | 815,2 | 3,1% | 0,5% | | Others | 15.665,6 | 59,2% | 2,9% | | TOTAL | 26.441,9 | 100,0% | 1,6% | 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 7 September 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 17 th of October) and Non-UCITS
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