In January 2006, the value of assets managed by Undertakings for Collective Investment in Transferable Securities (UCITS) dropped 1% and by Special Investment Funds (FEI) increased 3.5%. Two Retirement Savings Funds, Millennium Aforro PPR and Millennium Investimento PPR, both managed by Millennium BCP. In contrast, a closed-end fund in EU shares, Alves Ribeiro Acções Europa managed by Alrimo was terminated.

The total investment in listed securities rose 3.3%, compared to the previous month, reaching €19,761 million. The increase in investments in Germany (18.7%), Italy (6.7%) and the USA (6.4%), and the fall in investments in listed securities in Holland (-4%) were 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 €817.6 million. This represents an increase of 0.8% compared to December 2005. In the top ten national shares, the growth in investments in Banco Comercial Português, BPI and Mota Engil shares were of note as well as the decline in investments in PT Multimédia, Brisa and Portugal Telecom shares. The international shares of the markets in and out of the European Union increased 7.3% in comparison to the previous month.

As regards the composition of the portfolio of funds, foreign bonds continued to represent more than half of the portfolio and the liquidity component represented 10%. Investment in public debt (national and foreign) grew 15.9% compared to December 2005.

In January 2006, Millennium BCP continued to hold the largest market share in terms of the value of assets managed (21.2%), and Caixagest held the largest number of funds managed (40). The “ Multiobrigações” fund, managed by Santander Gestão de Activos, remains the largest fund.

07 February 2006

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

	CIS in transferable securities			Special Invest. Funds
	Jan - 06	Dec - 05	monthly Δ	Jan - 06	Dec - 05	monthly Δ
Assets under management (1)	26.295,6	26.560,4	-1,0%	1.791,0	1.729,7	3,5%
No. of fund operators	15	15	0	9	9	0
No. of Funds (2)	214	213	1	29	29	0
Mean capitalisation of funds [(1)/(2)]	122,9	124,7	-1,8	61,8	59,6	2,1

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	Jan - 06		monthly Δ Value
	Value	%
DOMESTIC MARKET
EDP	69,7	8,5%	1,3%
SONAE SGPS	66,5	8,1%	1,8%
BCP	62,3	7,6%	14,2%
SEMAPA	57,4	7,0%	-7,3%
PORTUGAL TELECOM	50,0	6,1%	-13,4%
BPI	48,8	6,0%	15,5%
BRISA (Privat.)	38,3	4,7%	-15,2%
MOTA ENGIL	37,5	4,6%	8,9%
PT MULTIMÉDIA	37,0	4,5%	-21,2%
NOVABASE	32,7	4,0%	5,4%
Sub-total	500,1	61,2%	-1,6%
Others	317,4	38,8%	4,7%
TOTAL Domestic Shares (1)	817,6	100,0%	0,8%
EUROPEAN UNION MARKET
TOTAL EFINA	35,1	3,5%	0,6%
E ON AG	20,2	2,0%	7,5%
ALLIANZ	19,7	2,0%	6,9%
BNP PARIBAS	18,0	1,8%	58,3%
UNICRÉDITO ITALIANO	16,5	1,6%	18,7%
BBVA	16,3	1,6%	14,7%
SIEMENS AG - REG	15,7	1,6%	-3,3%
SANOFI-AVENTIS	13,7	1,4%	1,4%
TELEFONICA	13,4	1,3%	-15,3%
BSCH	13,4	1,3%	10,7%
Sub-total	181,9	18,2%	7,5%
Others	816,6	81,8%	8,4%
TOTAL EU Shares (2)	998,5	100,0%	8,2%
NON-EU MARKET
NOVARTIS	10,1	1,4%	5,8%
GENERAL ELECTRICS	7,4	1,1%	-17,4%
CREDIT SUISSE GROUP	7,1	1,0%	12,9%
NEWMONT MINING CORP HOLDING CO	6,5	0,9%	14,3%
GOLD CORP	6,2	0,9%	19,5%
MICROSOFT	6,2	0,9%	-21,1%
JOHNSON JOHNSON	6,2	0,9%	37,7%
PROCTER & GAMBLE	6,0	0,9%	-0,7%
EXXON MOBIL CORP	6,0	0,9%	-19,4%
HEWLETT PACKARD CO	6,0	0,9%	36,9%
Sub-total	67,7	9,7%	2,7%
Others	632,4	90,3%	6,5%
TOTAL Non-EU Shares (3)	700,1	100,0%	6,1%
Total International Shares (2)+(3)	1.698,6	-	7,3%
TOTAL	2.516,2		5,1%

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

Table 5 – Investment per Type of Asset and Market

Unit: 10^6 Euro

Security		Jan - 06		monthly Δ
		Value	%	Value
Public Debt	Domestic	34,9	0,1%	28,6%
	Foreign	2.364,6	8,4%	15,7%
Other Public Funds	Domestic	18,3	0,1%	6,7%
	Foreign	83,1	0,3%	7,1%
Bonds	Domestic	991,9	3,5%	0,4%
	Foreign	14.408,7	51,3%	0,9%
Shares	Domestic	818,9	2,9%	0,1%
	Foreign	1.698,9	6,0%	7,3%
Investment Units	Domestic	1.740,0	6,2%	0,0%
	Foreign	1.059,3	3,8%	6,8%
Equity Certificates	Domestic	3,5	0,0%	-12,2%
	Foreign	0,0	0,0%	-
Rights	Domestic	0,0	0,0%	-100,0%
	Foreign	0,4	0,0%	75,2%
Warrants	Domestic	0,0	0,0%	-
	Foreign	21,2	0,1%	14,8%
Options	Domestic	0,0	0,0%	-
	Foreign	2,0	0,0%	14,2%
Others	Domestic	18,2	0,1%	-1,9%
	Foreign	9,8	0,0%	-24,1%
SECURITIES		23.273,5	82,9%	2,8%
Other Assets		1,9	0,0%	-
Other Debt Instruments		2.315,3	8,2%	-11,9%
Liquidity		2.800,8	10,0%	-14,5%
Loans		-3,4	0,0%	-49,2%
Unsettled Amounts		-301,6	-1,1%	21,7%
TOTAL		28.086,6	100,0%	-0,7%

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

Table 7 – Ranking of funds (10 highest)

Unit: 10^6 Euro