In February 2005 the value under management of UCITS and Special Investment Funds increased in comparison to the previous month, reaching €24 022.3 million and €604.5 million, respectively . There were no changes to the number of active funds.

The total investment in listed securities rose by 1,6% compared to January 2005, reaching €17 597.7 million, with the growth of investments in Spain (17.5%) being outstanding. Luxemburg continued to be the most sought after country, followed by the United Kingdom and Portugal. On the national market, a fall of 1.5% was registered in listed securities investment, which reached € 1 575.9 million.

The investment in national shares on the regulated markets of the stock exchange, in said period, increased to € 764 million. This represents a decrease of 3.1% compared to the previous month. Within the main shares, only EDP and SEMAPA registered positive growth rates. On the other hand, with regard to international shares of the European Union markets, the total investment was €743.1 million, which translates into a growth of 3.5% in comparison to January 2005. With regard to the main shares in these markets, investment was only withdrawn from E ON AG and BNP Paribas.

The portfolio composition of the funds did not register substantial changes and furthermore, it is worth noting the growth of investment in foreign investment units (7.8%).

AF Investimentos – Fundos Mobiliários, SA changed its name to Millennium BCP – Gestão de Fundos de Investimento, SA, and continued as the managing entity with the largest market share in terms of value managed (20%) while Caixagest managed the largest number of funds (37). With regard to the ranking of large funds, positioned in first place was the Multiobrigações fund managed by Santander Gestão de Activos.

04 March 2005

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

Table 2 – Investment per Country

Unit: 10^6 Euro

Table 3 – Value of Investment in Domestic and Foreign Shares (10 largest)

Unit: 10^6 Euro

Shares	Feb - 05		monthly Δ Value
	Value	%
DOMESTIC MARKET
SONAE SGPS	77,8	10,2%	-7,1%
BCP	70,9	9,3%	-9,7%
EDP	69,9	9,1%	2,7%
BRISA (Privat.)	50,6	6,6%	-0,3%
PORTUGAL TELECOM	50,4	6,6%	-14,0%
PT MULTIMÉDIA	46,0	6,0%	-2,6%
SEMAPA	41,0	5,4%	3,6%
IMPRESA	36,1	4,7%	-0,6%
BPI	33,5	4,4%	-3,2%
SONAE.COM	32,6	4,3%	-11,7%
Sub-total	508,7	66,6%	-4,8%
Others	255,3	33,4%	0,3%
TOTAL Domestic Shares (1)	764,0	100,0%	-3,1%
EUROPEAN UNION MARKET
TOTAL EFINA	30,6	4,1%	12,2%
TELEFONICA	19,1	2,6%	4,5%
ROYAL DUTCH PETROLEUM	16,1	2,2%	13,7%
ING GROEP N.V.	15,7	2,1%	1,8%
VODAFONE	15,0	2,0%	9,9%
BSCH	14,9	2,0%	8,3%
SANOFI-AVENTIS	14,7	2,0%	12,1%
E ON AG	13,4	1,8%	-5,9%
ENI SPA	12,9	1,7%	8,9%
BNP PARIBAS	12,8	1,7%	-5,0%
Sub-total	165,1	22,2%	6,4%
Others	577,9	77,8%	2,7%
TOTAL EU Shares (2)	743,1	100,0%	3,5%
NON EU MARKET
GENERAL ELECTRICS	10,2	1,8%	-2,4%
MICROSOFT	9,5	1,7%	-0,2%
NESTLE	9,3	1,6%	4,9%
PFIZER	8,6	1,5%	-5,8%
ROCHE	8,1	1,4%	14,9%
IBM CORP	8,1	1,4%	17,8%
EXXON MOBIL CORP	7,9	1,4%	19,4%
NOVARTIS	7,5	1,3%	2,6%
MERCK&CO.	7,1	1,2%	-1,9%
WALT DISNEY	6,8	1,2%	79,4%
Sub-total	83,0	14,6%	8,1%
Others	486,0	85,4%	0,3%
TOTAL non EU Shares (3)	569,0	100,0%	1,3%
Total International Shares (2)+(3)	1.312,0	-	2,5%
TOTAL	2.076,0		0,4%

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

Table 5 – Investment per Type of Asset and Market

Unit: 10^6 Euro

Table 6 – Number of Funds and Market Share (10 largest)

Table 7 – Ranking of funds (10 highest)

Unit: 10^6 Euro