The average capitalisation of collective investment undertakings (securities investment funds) reached 119.5 million Euro in October 2005, down 1.6 million Euro on the previous month. The total value of assets managed reached 25,586.6 million Euro. In contrast to this situation, the value of assets managed in special investment funds grew by 11%, totalling some 1,467.5 million Euro.

One new non-harmonised fund commenced activity - “BBVA Gest – FCG TOP Dividendo BBVA”, operated by BBVA – Gest, and three new special investment funds were established: “Caixagest Rendimento Crescente 2009”, “Caixagest Imobiliário – Fundo de Fundos” and “Caixagest Energias Renováveis”, operated by Caixagest.

Total applications in listed securities were up 0.3% in relation to September 2005, reaching a value of 18,912.8 million Euro. Increases in applications in Germany (6.1%), France (2.7%) and Luxembourg (1.6%) were particularly noteworthy, as was the decrease in investment in securities in Portugal (-2.5%), Spain (-2.4%) and Italy (-16.1%). Luxembourg continued to be the most popular country, followed by the United Kingdom and Ireland.

Investment in domestic shares on the regulated stock markets increased to 745.2 million Euro in October. With regard to the 10 most valuable domestic shares, applications in shares in BCP, Semapa and Mota-Engil fell, while there was an increase in applications in shares in EDP, BPI and Sonae.com. International shares from European and non-European Union markets were down 4.5% on the previous month.

As regards the composition of fund portfolios, the most important developments saw overall growth in investment ins securities (0.9%), with domestic bonds up 12.7%, domestic investment units up 6.3% and foreign public debt up 3.2%, while there was a drop in investment in shares (-4.3%) and foreign investment units (-6.3%).

Millennium BCP continued to hold the largest share of the market in terms of the value of assets managed (20.9%), however Caixagest managed the largest number of funds, at 37. The Multiobrigações fund, operated by Santander Gestão de Activos, remained the largest fund.

08 November 2005

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

	CIS in transferable securities		Special Invest. Funds
	Oct - 05	monthly Δ	Oct - 05	monthly Δ
Assets under management (1)	25.685,6	-0,9%	1.467,5	11,0%
No. of fund operators	15	0	8	0
No. of Funds (2)	215	1	24	3
Mean capitalisation of funds [(1)/(2)]	119,5	-1,6	61,1	-1,8

Table 2 – Investment per Country

Unit: 10^6 Euro

Country	Oct - 05		monthly Δ Value
	Value	% Total
PORTUGAL	1.246,0	6,6%	-2,5%
LUXEMBOURG	7.335,5	38,8%	1,6%
UNITED KINGDOM	2.529,1	13,4%	-0,5%
IRELAND	2.028,9	10,7%	-0,1%
GERMANY	1.600,0	8,5%	6,1%
SPAIN	1.155,6	6,1%	-2,4%
NETHERLANDS	802,0	4,2%	-2,2%
FRANCE	780,9	4,1%	2,7%
USA	567,2	3,0%	-4,0%
ITALY	239,0	1,3%	-16,1%
OTHERS	628,6	3,3%	-2,1%
TOTAL	18.912,8	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	Oct - 05		monthly Δ Value
	Value	%
DOMESTIC MARKET
EDP	73,5	9,9%	8,7%
SONAE SGPS	71,6	9,6%	-1,5%
BCP	66,7	9,0%	-15,6%
SEMAPA	49,5	6,6%	-4,5%
BRISA (Privat.)	45,0	6,0%	1,8%
PT MULTIMÉDIA	39,3	5,3%	1,3%
BPI	38,0	5,1%	4,0%
PORTUGAL TELECOM	37,2	5,0%	-3,0%
SONAE.COM	31,7	4,2%	5,0%
MOTA ENGIL	29,8	4,0%	-5,1%
Sub-total	482,3	64,7%	-1,7%
Others	263,0	35,3%	3,4%
TOTAL Domestic Shares (1)	745,2	100,0%	0,0%
EUROPEAN UNION MARKET
TOTAL EFINA	35,1	4,2%	-2,9%
ING GROEP N.V.	17,8	2,1%	1,7%
VODAFONE	15,1	1,8%	3,4%
BNP PARIBAS	14,8	1,8%	-1,8%
BSCH	14,7	1,8%	9,1%
SANOFI-AVENTIS	13,9	1,7%	0,4%
E ON AG	13,8	1,6%	3,9%
ENI SPA	13,7	1,6%	-9,6%
BP Plc	13,7	1,6%	-5,7%
TELEFONICA	13,6	1,6%	-25,4%
Sub-total	166,1	19,9%	-3,3%
Others	669,2	80,1%	-0,9%
TOTAL EU Shares (2)	835,3	100,0%	-1,4%
NON EU MARKET
NESTLE	10,9	1,8%	0,6%
GENERAL ELECTRICS	10,1	1,7%	-9,8%
NOVARTIS	9,7	1,6%	-5,1%
MICROSOFT	9,4	1,6%	18,0%
PROCTER & GAMBLE	7,3	1,2%	23,3%
ROCHE	6,7	1,1%	4,0%
EXXON MOBIL CORP	6,5	1,1%	-10,0%
CREDIT SUISSE GROUP	6,3	1,1%	-6,0%
US4781601046	6,3	1,1%	25,7%
COCA COLA	6,2	1,0%	-8,1%
Sub-total	79,5	13,4%	1,5%
Others	514,2	86,6%	-9,8%
TOTAL non EU Shares (3)	593,7	100,0%	-8,5%
Total International Shares (2)+(3)	1.429,0	-	-4,5%
TOTAL	2.174,2		-3,0%

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 **	Oct - 05		monthly Δ Value
	Value	%
BII FINANCE CO FLOAT 26/09/11	160,7	9,5%	0,2%
BANCO PORT ATLAN FLOAT 29/09/49	133,0	7,9%	0,2%
BPI CAPITAL FINANCE LTD PERP FLO	87,5	5,2%	-0,7%
CAIXA GERAL FIN FLOAT PERPETUAL	75,3	4,4%	-2,3%
BANCO BPI SA CAYMAN FLOAT 10/201	71,1	4,2%	5,3%
CAIXA GERAL DEPFINTXVAR24042007	55,9	3,3%	0,0%
BCP FINANCE 28/10/13	53,7	3,2%	4,5%
GALP 1 A	45,2	2,7%	0,0%
CAIXA ECO MONTEPIO GERAL 02/2013	41,6	2,5%	0,2%
CEMG FLOAT 11/09	36,7	2,2%	0,2%
Sub-total (1)	760,8	44,9%	0,6%
Others	932,5	55,1%	13,0%
TOTAL bonds issued by domestic Groups (2)	1.693,3	100,0%	7,1%
TOTAL foreign bonds in the portfolios of Funds (3)	14.010,5		0,5%
(1)/(3)	5,4%		0 p.p.
(2)/(3)	12,1%		0,74 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		Oct - 05		monthly Δ Value
		Value	%
Public Debt	Domestic	28,2	0,1%	-75,9%
	Foreign	2.117,6	7,8%	3,2%
Other Public Funds	Domestic	94,1	0,3%	0,4%
	Foreign	63,4	0,2%	51,2%
Bonds	Domestic	928,1	3,4%	12,7%
	Foreign	14.275,4	52,6%	0,9%
Shares	Domestic	746,3	2,7%	0,0%
	Foreign	1.432,0	5,3%	-4,3%
Investment Units	Domestic	1.585,5	5,8%	6,3%
	Foreign	864,5	3,2%	-6,3%
Equity Certificates	Domestic	7,0	0,0%	0,5%
	Foreign	0,0	0,0%	-
Rights	Domestic	0,0	0,0%	-
	Foreign	0,2	0,0%	-1,4%
Warrants	Domestic	6,4	0,0%	18,7%
	Foreign	14,5	0,1%	62,8%
Options	Domestic	0,0	0,0%	-
	Foreign	1,2	0,0%	6,8%
Others	Domestic	9,5	0,0%	5,2%
	Foreign	1,4	0,0%	-79,0%
SECURITIES		22.175,2	81,7%	0,9%
Other Assets		0,0	0,0%	-
Other Debt Instruments		2.246,6	8,3%	-8,1%
Liquidity		3.006,8	11,1%	-7,9%
Loans		-5,8	0,0%	108,6%
Unsettled Amounts		-269,7	-1,0%	-38,9%
TOTAL		27.153,1	100,0%	-0,3%

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

Entity	Oct - 05		monthly Δ
	No.	Market Share	No.	Market Share
Millennium BCP	35	20,9%	0	0,46 p.p.
Caixagest	37	18,9%	3	0,48 p.p.
Santander Gestão de Activos	26	18,4%	0	0,07 p.p.
BPI Gestão de Activos	21	16,7%	0	-0,06 p.p.
ESAF	29	11,9%	0	-1,05 p.p.
BPN Gestão de Activos	7	2,9%	0	0,01 p.p.
Barclays Fundos	14	2,6%	0	0 p.p.
BBVA Gest	18	2,4%	1	0,08 p.p.
MG Gestão de Activos Financeiros	13	1,4%	0	-0,02 p.p.
Banif Gestão de Activos	10	1,4%	0	0,01 p.p.
Others	29	2,5%	0	0,01 p.p.
TOTAL	239	100,0%	4	-

Legend: p.p. – percentage points.

Table 7 – Ranking of funds (10 highest)

Unit: 10^6 Euro

Entity	Fund	Oct - 05		monthly Δ Value
		Valor	%
Santander Gestão Activos	MULTIOBRIGAÇÕES	1.867,1	6,9%	-0,8%
BPI Gestão de Activos	BPI LIQUIDEZ - FUNDO DE TESOURARIA	1.236,3	4,6%	-0,9%
Caixagest	CAIXAGEST RENDIMENTO	1.087,9	4,0%	-1,3%
Millennium BCP	MILLENNIUM CURTO PRAZO - FI TESOURARIA	1.062,4	3,9%	0,8%
Millennium BCP	MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL	1.013,3	3,7%	1,9%
Santander Gestão Activos	MULTIBOND PREMIUM	946,1	3,5%	0,7%
Caixagest	FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA	945,0	3,5%	-1,2%
Caixagest	FUNDO DE TESOURARIA - CAIXAGEST MOEDA	928,1	3,4%	0,7%
Millennium BCP	MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO	917,8	3,4%	1,1%
BPI Gestão de Activos	BPI REFORMA SEGURA PPR/E	809,6	3,0%	-0,4%
Others		16.339,5	60,2%	-0,5%
TOTAL		27.153,1	100,0%	-0,3%

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 29 November 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