Securities Investment Funds
In March 2005 the value under management of UCITS and Special Investment Funds increased in comparison to the previous month, reaching €24 547.8 million and €732 million, respectively . The following f unds started operating: - BBVA Ranking Plus managed by BBVA Gest, MG Euro Utilities and MG Euro Telcos both managed by MG Gestão de Activos and Câmbio Invest (FEI) managed by Santander Gestão de Activos. On the other hand, the AF Investimentos Acções Europa fund managed by Millennium BCP was terminated. The total investment in listed securities fell 0,3%, compared to February 2005, reaching €17 544.2 million, with an increase of investments in Ireland (132,5%) being of note. Luxemburg continued to be the most sought after country, followed by the United Kingdom and Ireland. On the national market, a drop of 4.8% was registered in the listed securities investment, which reached € 1 500.9 million. The investment in national shares on the regulated markets of the Stock Exchange, in said period, rose to € 760.3 million. This represents a decrease of 0.5% compared to the previous month. Within the main national shares, only EDP, PORTUGAL TELECOM and BRISA (Privat.) registered positive growth rates. International shares of the European Union markets, whose investment amounted to €735 million, declined (1.1%) compared with February 2005. With regard to the portfolio composition of the funds, it is worth noting the monthly growth of investments in national bonds (14.7%) and national investment units (6.2%). Millennium BCP maintained the lead in market share in terms of value managed (19.6%) and Caixagest continued to manage the most number of funds (37). The Multiobrigações fund managed by Santander Gestão de Activos is the largest fund. 07 April 2005 Table 1 – Aggregate Benchmarks Unit: 10^6 Euro |
| CIS in transferable securities | Special Invest. Funds | | Mar - 05 | monthly Δ | Mar - 05 | monthly Δ | | Assets under management (1) | 24.547,8 | 2,2% | 732,0 | 21,1% | | No. of fund operators | 15 | 0 | 6 | 0 | | No. of Funds (2) | 215 | 2 | 13 | 1 | | Mean capitalisation of funds [(1)/(2)] | 114,2 | 1,4 | 56,3 | 5,9 | Table 2 – Investment per Country Unit: 10^6 Euro | Country | Mar - 05 | monthly Δ
Value | | Value | % Total | | PORTUGAL | 1.500,9 | 8,6% | -4,8% | | LUXEMBOURG | 7.058,3 | 40,2% | -13,9% | | UNITED KINGDOM | 2.471,6 | 14,1% | 1,2% | | IRELAND | 1.650,0 | 9,4% | 132,5% | | GERMANY | 1.006,5 | 5,7% | -4,5% | | SPAIN | 974,2 | 5,6% | 4,4% | | FRANCE | 680,6 | 3,9% | -2,5% | | NETHERLANDS | 663,3 | 3,8% | 6,0% | | USA | 518,9 | 3,0% | 6,1% | | ITALY | 463,6 | 2,6% | -4,5% | | OTHERS | 556,3 | 3,2% | 43,7% | | TOTAL | 17.544,2 | 100,0% | -0,3% | 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 | Mar - 05 | monthly Δ
Value | | Value | % | | DOMESTIC MARKET | | | | | EDP | 71,7 | 9,4% | 2,6% | | SONAE SGPS | 70,6 | 9,3% | -9,2% | | BCP | 67,7 | 8,9% | -4,5% | | PORTUGAL TELECOM | 53,1 | 7,0% | 5,4% | | BRISA (Privat.) | 51,8 | 6,8% | 2,5% | | PT MULTIMÉDIA | 44,6 | 5,9% | -3,1% | | SEMAPA | 40,3 | 5,3% | -1,6% | | IMPRESA | 35,2 | 4,6% | -2,6% | | BPI | 33,3 | 4,4% | -0,6% | | SONAE.COM | 29,8 | 3,9% | -8,5% | | Sub-total | 498,1 | 65,5% | -2,1% | | Others | 262,2 | 34,5% | 2,7% | | TOTAL Domestic Shares (1) | 760,3 | 100,0% | -0,5% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 29,2 | 4,0% | -4,6% | | ING GROEP N.V. | 16,7 | 2,3% | 6,1% | | ROYAL DUTCH PETROLEUM | 16,4 | 2,2% | 1,9% | | SANOFI-AVENTIS | 16,3 | 2,2% | 10,8% | | TELEFONICA | 16,1 | 2,2% | -15,4% | | VODAFONE | 15,1 | 2,1% | 0,8% | | ENI SPA | 13,2 | 1,8% | 2,3% | | E ON AG | 12,9 | 1,8% | -3,8% | | BNP PARIBAS | 12,3 | 1,7% | -4,0% | | NOKIA | 11,5 | 1,6% | -4,0% | | Sub-total | 159,7 | 21,7% | -1,6% | | Others | 575,3 | 78,3% | -0,9% | | TOTAL EU Shares (2) | 735,0 | 100,0% | -1,1% | | NON EU MARKET | | | | | EXXON MOBIL CORP | 10,7 | 1,9% | 35,5% | | GENERAL ELECTRICS | 10,5 | 1,8% | 2,7% | | NESTLE | 9,2 | 1,6% | -0,3% | | PFIZER | 8,8 | 1,5% | 2,0% | | ROCHE | 8,6 | 1,5% | 5,6% | | IBM CORP | 8,2 | 1,4% | 1,9% | | MICROSOFT | 7,7 | 1,3% | -18,9% | | NOVARTIS | 6,6 | 1,2% | -11,2% | | AMERICAN INTERNATIONAL GROUP | 6,1 | 1,1% | 25,3% | | AMERICAN EXPRESS CO | 6,0 | 1,0% | 87,6% | | Sub-total | 82,3 | 14,4% | 6,8% | | Others | 490,4 | 85,6% | -0,3% | | TOTAL non EU Shares (3) | 572,6 | 100,0% | 0,6% | | Total International Shares (2)+(3) | 1.307,6 | - | -0,3% | | TOTAL | 2.067,9 | -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 | Bonds ** | Mar - 05 | monthly Δ
Value | | Value | % | | BII FINANCE CO FLOAT 26/09/11 | 160,8 | 10,6% | -0,5% | | BANCO PORT ATLAN FLOAT 29/09/49 | 131,7 | 8,7% | -0,4% | | BPI CAPITAL FINANCE LTD PERP FLO | 85,3 | 5,6% | -2,0% | | CAIXA GERAL FIN FLOAT PERPETUAL | 76,6 | 5,1% | -1,5% | | BCP FINANCE 28/10/13 | 71,4 | 4,7% | 0,1% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 58,0 | 3,8% | 0,1% | | CGD 2002 TXVR 20070424 | 57,4 | 3,8% | 0,2% | | GALP 1 A | 45,2 | 3,0% | 0,1% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 40,2 | 2,7% | 0,2% | | CGD SUBORD. 2011 | 35,1 | 2,3% | -0,3% | | Sub-total (1) | 761,8 | 50,3% | -0,5% | | Others | 752,6 | 49,7% | -2,0% | | TOTAL bonds issued by domestic Groups (2) | 1.514,4 | 100,0% | -1,3% | | TOTAL foreign bonds in the portfolios of Funds (3) | 13.015,2 | 0,9% | | (1)/(3) | 5,9% | -0,08 p.p. | | (2)/(3) | 11,6% | -0,25 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 | Mar - 05 | monthly Δ
Value | | Value | % | | Public Debt | Domestic | 117,0 | 0,5% | -3,8% | | Foreign | 1.674,0 | 6,6% | -3,0% | | Other Public Funds | Domestic | 94,8 | 0,4% | 0,3% | | Foreign | 24,8 | 0,1% | -57,2% | | Bonds | Domestic | 799,8 | 3,2% | 14,7% | | Foreign | 13.199,7 | 52,2% | 0,3% | | Shares | Domestic | 761,3 | 3,0% | -0,8% | | Foreign | 1.307,8 | 5,2% | -0,3% | | Investment Units | Domestic | 1.176,3 | 4,7% | 6,2% | | Foreign | 685,4 | 2,7% | 1,6% | | Equity Certificates | Domestic | 9,7 | 0,0% | -0,2% | | Foreign | 0,0 | 0,0% | - | | Rights | Domestic | 0,0 | 0,0% | -100,0% | | Foreign | 0,0 | 0,0% | -99,8% | | Warrants | Domestic | 18,2 | 0,1% | -0,9% | | Foreign | 2,1 | 0,0% | -7,1% | | Options | Domestic | 0,0 | 0,0% | - | | Foreign | 1,3 | 0,0% | -0,1% | | Others | Domestic | 0,0 | 0,0% | - | | Foreign | 0,0 | 0,0% | - | | SECURITIES | 19.872,3 | 78,6% | 0,6% | | Other Assets | 0,0 | 0,0% | - | | Other Debt Instruments | 2.282,6 | 9,0% | -0,1% | | Liquidity | 3.426,2 | 13,6% | 20,4% | | Loans | -5,7 | 0,0% | -76,1% | | Unsettled Amounts | -295,6 | -1,2% | 23,4% | | TOTAL | 25.279,8 | 100,0% | 2,7% | Table 6 – Number of Funds and Market Share (10 largest) | Entity | Mar - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | Millennium BCP | 33 | 19,6% | -1 | -0,45 p.p. | | Santander Gestão de Activos | 24 | 18,3% | 1 | -0,18 p.p. | | Caixagest | 37 | 18,1% | 0 | -0,41 p.p. | | BPI Fundos | 19 | 17,6% | 0 | -0,31 p.p. | | ESAF | 29 | 13,5% | 0 | 1,09 p.p. | | Barclays Fundos | 14 | 2,9% | 0 | -0,02 p.p. | | BPN Gestão de Activos | 7 | 2,7% | 0 | 0,12 p.p. | | BBVA Gest | 14 | 2,3% | 1 | 0,1 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,4% | 2 | -0,02 p.p. | | Banif Gestão de Activos | 11 | 1,1% | 0 | 0,07 p.p. | | Others | 27 | 2,5% | 0 | 0,01 p.p. | | TOTAL | 228 | 100,0% | 3 | - | Legend: p.p. – percentage points. Table 7 – Ranking of funds (10 highest) Unit: 10^6 Euro | Entity | Fund | Mar - 05 | monthly Δ
Value | | Valor | % | | Santander Gestão de Activos | MULTIOBRIGAÇÕES | 1.986,3 | 7,9% | -3,2% | | BPI Fundos | BPI LIQUIDEZ - FUNDO DE TESOURARIA | 1.243,7 | 4,9% | 1,9% | | Millennium BCP | MILLENNIUM CURTO PRAZO - FUNDO DE TESOURARIA | 1.154,9 | 4,6% | -1,6% | | Caixagest | CAIXAGEST RENDIMENTO | 1.104,3 | 4,4% | -1,0% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES | 1.047,9 | 4,1% | -0,4% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA | 955,2 | 3,8% | 1,1% | | Millennium BCP | MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO | 881,8 | 3,5% | -1,9% | | BPI Fundos | BPI REFORMA SEGURA PPR/E | 823,0 | 3,3% | -0,2% | | ESAF | ESPIRITO SANTO CAPITALIZAÇÃO | 819,9 | 3,2% | 24,8% | | ESAF | ESPÍRITO SANTO MONETÁRIO - FUNDO DE TESOURARIA | 798,9 | 3,2% | 3,4% | | Others | 14.464,0 | 57,2% | 3,9% | | TOTAL | 25.279,8 | 100,0% | 2,7% | 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 relates to 7 April 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 October) and non UCITS.
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