Securities Investment Funds
In June 2005 the value under management of UCITS and Special Investment Funds increased 0.7% and 16.7% respectively, reaching a total of €25,985.2 million . Three new funds started operating, 2 Retirement/Education Savings Funds “BPI Reforma Bonds” and “BPI Reforma Acções”, both managed by BPI Fundos and closed-end Special Investment Fund “Hedge Fund Invest” managed by Santander Gestão de Activos. The “Nova Economia 2005” fund managed by Millenium BCP was dissolved. The total investment in listed securities rose 0.9%, compared to May 2005, reaching €18,077.6 million, with an increase of investments in Portugal (6.6%) and a drop in investments in securities listed in Italy (-7.3%) being of note. 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 €706.7 million. This represents a decline of 1.6% compared to May 2005. The international shares of the European Union markets increased 1.3% in comparison to the previous month, reaching €763.3 million and shares of markets outside the European Union decreased 1.5%. With regard to the portfolio composition of funds, it is worth noting the monthly growth of investment in securities (0.8%), in particular the investment in national public debt (17.1%) and national bonds (13%). Millennium BCP maintained the lead in market share in terms of value managed (19.5%) and Caixagest continued to manage the most number of funds (38). The “Multiobrigações” fund managed by Santander Gestão de Activos is the largest fund. 07 July 2005 Table 1 – Aggregate Benchmarks Unit: 10^6 Euro | | CIS in transferable securities | Special Invest. Funds | | Jun - 05 | monthly Δ | Jun - 05 | monthly Δ | | Assets under management (1) | 24.983,5 | 0,7% | 1.001,6 | 16,7% | | No. of fund operators | 15 | 0 | 6 | 0 | | No. of Funds (2) | 218 | 1 | 16 | 1 | | Mean capitalisation of funds [(1)/(2)] | 114,6 | 0,3 | 62,6 | 5,4 | Table 2 – Investment per Country Unit: 10^6 Euro | Country | Jun - 05 | monthly Δ
Value | | Value | % Total | | PORTUGAL | 1.257,5 | 7,0% | 6,6% | | LUXEMBOURG | 7.172,6 | 39,7% | 0,1% | | UNITED KINGDOM | 2.463,5 | 13,6% | 0,6% | | IRELAND | 1.930,7 | 10,7% | 4,9% | | GERMANY | 1.155,9 | 6,4% | -3,1% | | SPAIN | 1.058,6 | 5,9% | 3,2% | | NETHERLANDS | 840,6 | 4,6% | 2,4% | | FRANCE | 695,2 | 3,8% | 0,3% | | USA | 526,3 | 2,9% | -2,8% | | ITALY | 406,8 | 2,3% | -7,3% | | OTHERS | 569,9 | 3,2% | 1,3% | | TOTAL | 18.077,6 | 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 | Jun - 05 | monthly Δ
Value | | Value | % | | DOMESTIC MARKET | | | | | EDP | 76,6 | 10,8% | -2,6% | | BCP | 61,4 | 8,7% | 0,3% | | SONAE SGPS | 58,9 | 8,3% | -3,6% | | BRISA (Privat.) | 48,4 | 6,9% | 6,1% | | PORTUGAL TELECOM | 43,5 | 6,2% | -12,2% | | SEMAPA | 40,8 | 5,8% | 4,5% | | PT MULTIMÉDIA | 36,6 | 5,2% | 0,7% | | BPI | 32,1 | 4,5% | 2,8% | | IMPRESA | 29,5 | 4,2% | -5,9% | | CIMPOR | 26,5 | 3,7% | 4,2% | | Sub-total | 454,3 | 64,3% | -1,1% | | Others | 252,4 | 35,7% | -2,4% | | TOTAL Domestic Shares (1) | 706,7 | 100,0% | -1,6% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 30,3 | 4,0% | 6,7% | | ROYAL DUTCH PETROLEUM | 18,2 | 2,4% | 7,1% | | TELEFONICA | 18,1 | 2,4% | 0,0% | | E ON AG | 17,2 | 2,3% | 0,7% | | ING GROEP N.V. | 16,0 | 2,1% | 4,1% | | VODAFONE | 15,1 | 2,0% | -4,2% | | ENI SPA | 13,6 | 1,8% | -4,2% | | BNP PARIBAS | 13,0 | 1,7% | -1,0% | | NOKIA | 12,9 | 1,7% | 0,0% | | SANOFI-AVENTIS | 12,8 | 1,7% | -25,6% | | Sub-total | 167,2 | 21,9% | -1,1% | | Others | 596,1 | 78,1% | 2,1% | | TOTAL EU Shares (2) | 763,3 | 100,0% | 1,3% | | NON-EU MARKET | | | | | GENERAL ELECTRICS | 11,4 | 2,0% | -1,7% | | NESTLE | 9,2 | 1,6% | -2,7% | | NOVARTIS | 8,5 | 1,5% | 5,8% | | EXXON MOBIL CORP | 8,1 | 1,4% | 2,3% | | MICROSOFT | 7,4 | 1,3% | -15,7% | | ROCHE | 7,3 | 1,3% | -21,3% | | PFIZER | 7,1 | 1,2% | -48,9% | | BOING CO | 7,0 | 1,2% | 94,8% | | COCA COLA | 6,7 | 1,2% | 12,6% | | MERCK&CO. | 6,4 | 1,1% | 38,5% | | Sub-total | 79,0 | 13,8% | -4,8% | | Others | 494,6 | 86,2% | -1,0% | | TOTAL Non-EU Shares (3) | 573,6 | 100,0% | -1,5% | | Total International Shares (2)+(3) | 1.336,9 | - | 0,1% | | TOTAL | 2.043,7 | -0,5% | 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 ** | Jun - 05 | monthly Δ
Value | | Value | % | | BII FINANCE CO FLOAT 26/09/11 | 160,6 | 7,8% | -0,5% | | BANCO PORT ATLAN FLOAT 29/09/49 | 131,7 | 6,4% | -0,4% | | BPI CAPITAL FINANCE LTD PERP FLO | 87,4 | 4,2% | 3,0% | | CAIXA GERAL FIN FLOAT PERPETUAL | 76,6 | 3,7% | -0,4% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 57,9 | 2,8% | 0,1% | | CAIXA GERAL DEPFINTXVAR24042007 | 57,4 | 2,8% | 0,2% | | BCP FINANCE 28/10/13 | 51,3 | 2,5% | 0,2% | | GALP 1 A | 45,2 | 2,2% | 0,0% | | GELDI 2005 - TS 2A 10/12/12 | 42,2 | 2,0% | - | | CAIXA ECO MONTEPIO GERAL 02/2013 | 41,3 | 2,0% | 1,6% | | Sub-total (1) | 751,7 | 36,4% | 6,2% | | Others | 1.316,2 | 63,6% | 60,8% | | TOTAL bonds issued by domestic Groups (2) | 2.067,9 | 100,0% | 35,5% | | TOTAL foreign bonds in the Funds’ portfolios (3) | 13.568,3 | 1,0% | | (1)/(3) | 5,5% | 0,27 p.p. | | (2)/(3) | 15,2% | 3,87 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 | Jun - 05 | monthly Δ
Value | | Value | % | | Public Debt | Domestic | 133,4 | 0,5% | 17,1% | | | Foreign | 1.855,6 | 7,1% | -2,7% | | Other Public Funds | Domestic | 94,1 | 0,4% | -0,5% | | | Foreign | 23,1 | 0,1% | 9,7% | | Bonds | Domestic | 724,4 | 2,8% | 13,0% | | | Foreign | 13.750,4 | 52,9% | 0,7% | | Shares | Domestic | 707,2 | 2,7% | -1,6% | | | Foreign | 1.337,3 | 5,1% | 0,1% | | Investment Units | Domestic | 1.297,8 | 5,0% | 3,7% | | | Foreign | 746,2 | 2,9% | -3,3% | | Equity Certificates | Domestic | 7,5 | 0,0% | -3,4% | | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | - | | | Foreign | 0,1 | 0,0% | -49,4% | | Warrants | Domestic | 11,2 | 0,0% | -0,9% | | | Foreign | 3,9 | 0,0% | 14,3% | | Options | Domestic | 0,0 | 0,0% | - | | | Foreign | 1,3 | 0,0% | -1,7% | | Others | Domestic | 0,0 | 0,0% | - | | | Foreign | 1,5 | 0,0% | 21,1% | | SECURITIES | 20.695,0 | 79,6% | 0,8% | | Other Assets | 0,0 | 0,0% | - | | Other Debt Instruments | 2.380,6 | 9,2% | 0,1% | | Liquidity | 3.035,6 | 11,7% | 12,8% | | Loans | -5,6 | 0,0% | 31,3% | | Unsettled Amounts | -120,5 | -0,5% | -275,5% | | TOTAL | 25.985,2 | 100,0% | 1,2% | Table 6 – Number of Funds and Market Share (10 largest) | Entity | Jun - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | Millennium BCP | 33 | 19,5% | -1 | -0,21 p.p. | | Caixagest | 38 | 18,7% | 0 | -0,07 p.p. | | Santander Gestão de Activos | 25 | 18,3% | 1 | -0,1 p.p. | | BPI Fundos | 21 | 17,0% | 2 | -0,32 p.p. | | ESAF | 29 | 13,5% | 0 | 0,61 p.p. | | BPN Gestão de Activos | 7 | 2,9% | 0 | 0,21 p.p. | | Barclays Fundos | 14 | 2,7% | 0 | -0,11 p.p. | | BBVA Gest | 16 | 2,3% | 0 | 0,02 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,4% | 0 | 0 p.p. | | Banif Gestão de Activos | 11 | 1,1% | 0 | 0,03 p.p. | | Others | 27 | 2,5% | 0 | -0,06 p.p. | | TOTAL | 234 | 100,0% | 2 | - | Legend: p.p. – percentage points. Table 7 – Ranking of funds (10 highest) Unit: 10^6 Euro | Entity | Fund | Jun - 05 | monthly Δ
Value | | Valor | % | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.908,4 | 7,3% | -2,3% | | BPI Fundos | BPI LIQUIDEZ - FUNDO DE TESOURARIA | 1.239,7 | 4,8% | -0,9% | | Caixagest | CAIXAGEST RENDIMENTO | 1.136,3 | 4,4% | -0,7% | | Millennium BCP | MILLENNIUM CURTO PRAZO - FI TESOURARIA | 1.095,4 | 4,2% | -2,1% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL | 1.013,8 | 3,9% | -1,7% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA | 938,9 | 3,6% | -0,5% | | Millennium BCP | MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO | 885,6 | 3,4% | -0,9% | | ESAF | ESPIRITO SANTO CAPITALIZAÇÃO | 873,8 | 3,4% | 23,4% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST MOEDA | 864,8 | 3,3% | 2,9% | | Santander Gestão Activos | MULTIBOND PREMIUM | 858,9 | 3,3% | 0,9% | | Others | 15.169,5 | 58,4% | 1,6% | | TOTAL | 25.985,2 | 100,0% | 1,2% | 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 July 2005 . Monthly variation (monthly D ) 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 October) and Non-UCITS
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