In November 2005, the value of assets managed by Undertakings for Collective Investment in Transferable Securities (UCITS) and Special Investment Funds (FEI) was up 1.2% and 6.1%, respectively. Two new FEIs took up their activity: Caixagest Selecção Mais 2008, operated by Caixagest and Raiz Valor Ibérico, operated by Crédito Agrícola Gest. 3 funds were liquidated, AF Investimentos Obrigações and Valor Futuro 2005, both operated by Millennium BCP and Estratégia Moderada, operated by ESAF.

Total applications in listed securities were down 0.1% in relation to October 2005, reaching 18,893.7 million Euro. The increase in applications in Portugal (12.1%), the USA (6.1%) and Spain (4.4%) and the fall in investment in listed securities in Italy (-8.8%) and Germany (-8.6%), were particularly noteworthy. Luxembourg continued to be the most popular country, followed by the United Kingdom and Ireland.

Investment in domestic shares in regulated stock markets rose in the period in question, reaching 794.9 million Euro. With regard to the ten largest domestic shares, the growth in applications in shares in PT Multimédia, Semapa and Sonae.com should be highlighted, and the fall in applications in shares in BCP was also noteworthy. International shares on European Union and non-European Union markets were up 3.2% in relation to the previous year.

As regards the composition of the portfolio of funds, foreign bonds continued to represent more than half of the portfolio and the liquidity component exceeded 11%. Investment in domestic shares grew by 6.7% in November 2005.

Millennium BCP continues to have the largest market share in terms of the value of assets managed (21.3%), whereas Caixagest was the company managing the largest number of funds (38). The “Multiobrigações” fund, operated by Santander Gestão de Activos, remains the largest fund. The 3 largest funds registered decreases in the value of assets managed relative to October.

07 December 2005

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

	CIS in transferable securities		Special Invest. Funds
	Nov - 05	monthly Δ	Nov - 05	monthly Δ
Assets under management (1)	25.986,5	1,2%	1.557,0	6,1%
No. of fund operators	15	0	9	1
No. of Funds (2)	212	-3	26	2
Mean capitalisation of funds [(1)/(2)]	122,6	3,1	59,9	-1,3

Table 2 – Investment per Country

Unit: 10^6 Euro

Country	Nov - 05		monthly Δ Value
	Value	% Total
PORTUGAL	1.396,1	7,4%	12,1%
LUXEMBOURG	7.296,9	38,6%	-0,5%
UNITED KINGDOM	2.433,6	12,9%	-3,8%
IRELAND	2.107,2	11,2%	3,9%
GERMANY	1.463,1	7,7%	-8,6%
SPAIN	1.206,8	6,4%	4,4%
FRANCE	773,7	4,1%	-0,9%
NETHERLANDS	767,1	4,1%	-4,4%
USA	601,9	3,2%	6,1%
ITALY	218,0	1,2%	-8,8%
OTHERS	629,4	3,3%	0,1%
TOTAL	18.893,7	100,0%	-0,1%

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	Nov - 05		monthly Δ Value
	Value	%
DOMESTIC MARKET
SONAE SGPS	76,9	9,7%	7,4%
EDP	75,0	9,4%	2,1%
SEMAPA	58,4	7,4%	18,0%
BCP	49,2	6,2%	-26,3%
BRISA (Privat.)	47,5	6,0%	5,5%
PT MULTIMÉDIA	46,9	5,9%	19,2%
PORTUGAL TELECOM	43,0	5,4%	15,7%
BPI	40,7	5,1%	7,1%
SONAE.COM	37,2	4,7%	17,5%
Mota Engil	33,9	4,3%	13,7%
Sub-total	508,7	64,0%	5,5%
Others	286,2	36,0%	8,8%
TOTAL Domestic Shares (1)	794,9	100,0%	6,7%
EUROPEAN UNION MARKET
TOTAL EFINA	30,5	3,5%	-13,1%
ING GROEP N.V.	15,6	1,8%	-12,2%
E ON AG	15,1	1,7%	10,0%
TELEFONICA	14,5	1,7%	6,3%
BBVA	14,4	1,7%	28,0%
BSCH	13,6	1,6%	-7,6%
BNP PARIBAS	13,4	1,5%	-9,8%
SANOFI-AVENTIS	13,0	1,5%	-6,4%
NOKIA	12,8	1,5%	0,9%
ALLIANZ	12,4	1,4%	6,6%
Sub-total	155,3	17,9%	-2,5%
Others	714,0	82,1%	5,6%
TOTAL EU Shares (2)	869,3	100,0%	4,1%
NON EU MARKET
MICROSOFT	9,7	1,6%	2,6%
NOVARTIS	9,6	1,6%	-1,1%
PROCTER & GAMBLE	8,0	1,3%	8,5%
CREDIT SUISSE GROUP	7,9	1,3%	24,6%
GENERAL ELECTRICS	7,4	1,2%	-26,0%
EXXON MOBIL CORP	7,0	1,1%	7,2%
UBS AG - REGISTERED	6,5	1,1%	25,4%
AMERICAN INTERNATIONAL GROUP	5,9	1,0%	4,4%
NESTLE	5,0	0,8%	-54,6%
NEWMONT MINING CORP HOLDING CO	4,9	0,8%	9,1%
Sub-total	71,8	11,9%	-5,1%
Others	533,8	88,1%	3,0%
TOTAL non EU Shares (3)	605,6	100,0%	2,0%
Total International Shares (2)+(3)	1.474,9	-	3,2%
TOTAL	2.269,7		4,4%

Note: Refers solely to shares on Regulated Markets on 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 **	Nov - 05		monthly Δ Value
	Value	%
BII FINANCE CO FLOAT 26/09/11	160,9	9,1%	0,1%
BANCO PORT ATLAN FLOAT 29/09/49	145,7	8,3%	9,6%
BPI CAPITAL FINANCE LTD PERP FLO	87,0	4,9%	-0,5%
CAIXA GERAL FIN FLOAT PERPETUAL	76,2	4,3%	1,1%
BANCO BPI SA CAYMAN FLOAT 10/201	71,3	4,0%	0,2%
CAIXA GERAL DEPFINTXVAR24042007	56,0	3,2%	0,2%
BCP FINANCE 28/10/13	53,8	3,0%	0,2%
GALP 1 A	45,2	2,6%	0,0%
CAIXA ECO MONTEPIO GERAL 02/2013	41,4	2,3%	-0,6%
CEMG FLOAT 11/09	36,6	2,1%	-0,4%
Sub-total (1)	774,1	43,8%	1,8%
Others	992,1	56,2%	6,4%
TOTAL bonds issued by domestic Groups (2)	1.766,2	100,0%	4,3%
TOTAL foreign bonds in the portfolios of Funds (3)	13.869,0		-1,0%
(1)/(3)	5,6%		0,15 p.p.
(2)/(3)	12,7%		0,65 p.p.

Note: (*) Based on ISIN codes; (**) Refers merely to bonds listed on Regulated Markets on Stock Exchanges in European Member States.

Table 5 – Investment per Type of Asset and Market

Unit: 10^6 Euro

Security		Nov - 05		monthly Δ Value
		Value	%
Public Debt	Domestic	30,7	0,1%	8,9%
	Foreign	2.028,6	7,4%	-4,2%
Other Public Funds	Domestic	93,5	0,3%	-0,6%
	Foreign	73,5	0,3%	15,8%
Bonds	Domestic	922,2	3,3%	-0,6%
	Foreign	14.082,8	51,1%	-1,3%
Shares	Domestic	795,9	2,9%	6,7%
	Foreign	1.475,5	5,4%	3,0%
Investment Units	Domestic	1.712,5	6,2%	8,0%
	Foreign	904,0	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	0,3	0,0%	56,5%
Warrants	Domestic	0,0	0,0%	-100,0%
	Foreign	17,4	0,1%	20,3%
Options	Domestic	0,0	0,0%	-
	Foreign	1,4	0,0%	14,2%
Others	Domestic	17,1	0,1%	80,8%
	Foreign	12,3	0,0%	810,1%
SECURITIES		22.174,8	80,5%	0,002%
Other Assets		0,0	0,0%	-
Other Debt Instruments		2.578,7	9,4%	14,8%
Liquidity		3.077,1	11,2%	2,3%
Loans		-19,3	-0,1%	232,2%
Unsettled Amounts		-267,9	-1,0%	-0,7%
TOTAL		27.543,4	100,0%	1,4%

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

Entity	Nov - 05		monthly Δ
	No.	Market Share	No.	Market Share
Millennium BCP	33	21,3%	-2	0,38 p.p.
Caixagest	38	19,0%	1	0,11 p.p.
Santander Gestão de Activos	26	18,1%	0	-0,25 p.p.
BPI Gestão de Activos	21	16,5%	0	-0,14 p.p.
ESAF	28	11,8%	-1	-0,11 p.p.
BPN Gestão de Activos	7	2,9%	0	-0,04 p.p.
Barclays Fundos	14	2,6%	0	0 p.p.
BBVA Gest	18	2,4%	0	0 p.p.
Banif Gestão de Activos	10	1,4%	0	0,07 p.p.
MG Gestão de Activos Financeiros	13	1,3%	0	-0,02 p.p.
Others	30	2,6%	1	0 p.p.
TOTAL	238	100,0%	-1	-

Legend: p.p. – percentage points.

Table 7 – Ranking of funds (10 highest)

Unit: 10^6 Euro

Entity	Fund	Nov - 05		monthly Δ Value
		Valor	%
Santander Gestão Activos	MULTIOBRIGAÇÕES	1.838,5	6,7%	-1,5%
BPI Gestão de Activos	BPI LIQUIDEZ - FUNDO DE TESOURARIA	1.228,3	4,5%	-0,6%
Caixagest	CAIXAGEST RENDIMENTO	1.078,4	3,9%	-0,9%
Millennium BCP	MILLENNIUM CURTO PRAZO - FI TESOURARIA	1.073,8	3,9%	1,1%
Millennium BCP	MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL	1.021,6	3,7%	0,8%
Millennium BCP	MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO	943,5	3,4%	2,8%
Caixagest	FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA	939,9	3,4%	-0,5%
Santander Gestão Activos	MULTIBOND PREMIUM	938,1	3,4%	-0,8%
Caixagest	FUNDO DE TESOURARIA - CAIXAGEST MOEDA	932,7	3,4%	0,5%
BPI Gestão de Activos	BPI REFORMA SEGURA PPR/E	804,9	2,9%	-0,6%
Others		16.743,7	60,8%	2,5%
TOTAL		27.543,4	100,0%	1,4%

Note: Decreasing order of amounts managed by funds in the last period under analysis.

 

¹ The data presented in this report arise, 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 9 December 2005 . Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one
² Includes UCITS (according with the Law Decree n.º 252/2003 of 17 th of October) and non UCITS