Securities Investment Funds
The average capitalisation of collective investment undertakings (securities investment funds) reached 121.1 million Euro in September of this year, up 6.7 million on the previous month. The total value of assets managed was 25,911.5 million Euro, corresponding to a monthly gain of 2.5%. In the period in question, the value of assets managed by special investment funds grew by 13.2%, to 1,321.9 million Euro, while the average capitalisation was 62.9 million Euro (1.5 million more than in August 2005). Two funds operated by Banif Gestão de Activos (“Fundo de Fundos Banif Estratégia Conservadora” and “Fundo de Fundos Banif Estratégia Equilibrada”) were liquidated, five funds operated by Caixagest merged (“Caixagest Gestão Acções EUA”, “Fundo de Tesouraria – Caixagest Gestão Monetária”, “Caixagest Gestão Eurobrigações”, “Caixagest Gestão Lusoacções” and “Caixagest Gestão Euroacções”) and two new special investment funds commenced their activities (“Banif Gestão Activa – FEI” and “Commodities Invest – FEI”, operated by Banif Gestão de Activos and Santander Gestão de Activos, respectively). Total applications in listed securities were up 3% on the figure for August 2005, totaling 18,857.9 million Euro. The increase in applications in Germany (19.6%) and fall in investment in listed securities in the Netherlands (-0.5%) are particularly noteworthy. Luxembourg continues to be the most popular country, followed by the United Kingdom and Ireland. Investment in domestic shares on the regulated stock markets grew to 745.0 million Euro in September, corresponding to a 3.4% increase on the figure for the previous month. Of the 10 most traded domestic shares, only applications in shares in EDP, Brisa and Portugal Telecom registeerd decreases in September. Foreign shares from EU and non-EU markets registered increases on the previous month, reaching 852 million Euro (+7%) and 648.6 million Euro (+8.1%), respectively. As regards the composition of fund portfolios, the monthly growth in investment in securities (+3.7%) was particularly salient, in particular investment in foreign securities, namely shares (7.4%), investment units (6.9%) and public debt (13.9%). Millennium BCP continues to have the largest market share in terms of the value of assets managed and now also operates the most funds (35). The “ Multiobrigações” fund, operated by Santander Gestão de Activos, remains the largest fund. 11 October 2005 Table 1 – Aggregate Benchmarks Unit: 10^6 Euro | | CIS in transferable securities | Special Invest. Funds | | Sept - 05 | monthly Δ | Sept - 05 | monthly Δ | | Assets under management (1) | 25.911,5 | 2,5% | 1.321,9 | 13,2% | | No. of fund operators | 15 | 0 | 8 | 0 | | No. of Funds (2) | 214 | -7 | 21 | 2 | | Mean capitalisation of funds [(1)/(2)] | 121,1 | 6,7 | 62,9 | 1,5 | Table 2 – Investment per Country Unit: 10^6 Euro | Country | Sept - 05 | monthly Δ
Value | | Value | % Total | | PORTUGAL | 1.277,6 | 6,8% | 1,8% | | LUXEMBOURG | 7.217,6 | 38,3% | -0,2% | | UNITED KINGDOM | 2.542,2 | 13,5% | 3,7% | | IRELAND | 2.030,8 | 10,8% | -0,2% | | GERMANY | 1.507,7 | 8,0% | 19,6% | | SPAIN | 1.183,5 | 6,3% | 5,4% | | NETHERLANDS | 820,1 | 4,3% | -0,5% | | FRANCE | 760,7 | 4,0% | 2,9% | | USA | 590,8 | 3,1% | 10,4% | | ITALY | 284,8 | 1,5% | 7,8% | | OTHERS | 642,1 | 3,4% | 7,4% | | TOTAL | 18.857,9 | 100,0% | 3,0% | 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 | Sept - 05 | monthly Δ
Value | | Value | % | | DOMESTIC MARKET | | | | | BCP | 79,1 | 10,6% | 8,7% | | SONAE SGPS | 72,7 | 9,8% | 18,0% | | EDP | 67,6 | 9,1% | -11,9% | | SEMAPA | 51,8 | 7,0% | 19,8% | | BRISA (Privat.) | 44,2 | 5,9% | -3,8% | | PT MULTIMÉDIA | 38,8 | 5,2% | 5,1% | | PORTUGAL TELECOM | 38,3 | 5,1% | -6,5% | | BPI | 36,5 | 4,9% | 15,1% | | Mota Engil | 31,4 | 4,2% | 7,1% | | NOVABASE | 31,0 | 4,2% | 5,9% | | Sub-total | 491,5 | 66,0% | 4,9% | | Others | 253,6 | 34,0% | 0,7% | | TOTAL Domestic Shares (1) | 745,0 | 100,0% | 3,4% | | EUROPEAN UNION MARKET | | | | | TOTAL EFINA | 36,1 | 4,2% | 7,1% | | TELEFONICA | 18,3 | 2,1% | 9,0% | | ING GROEP N.V. | 17,5 | 2,1% | 5,6% | | ENI SPA | 15,1 | 1,8% | 1,7% | | BNP PARIBAS | 15,1 | 1,8% | 7,2% | | VODAFONE | 14,6 | 1,7% | -11,9% | | BP Plc | 14,5 | 1,7% | 6,3% | | SANOFI-AVENTIS | 13,9 | 1,6% | 9,7% | | BSCH | 13,5 | 1,6% | 11,9% | | E ON AG | 13,2 | 1,6% | -18,8% | | Sub-total | 171,8 | 20,2% | 2,7% | | Others | 680,2 | 79,8% | 8,1% | | TOTAL EU Shares (2) | 852,0 | 100,0% | 7,0% | | NON-EU MARKET | | | | | GENERAL ELECTRICS | 11,2 | 1,7% | 12,3% | | NESTLE | 10,9 | 1,7% | 7,8% | | NOVARTIS | 10,2 | 1,6% | 6,2% | | MICROSOFT | 8,0 | 1,2% | 0,2% | | EXXON MOBIL CORP | 7,2 | 1,1% | 11,2% | | CREDIT SUISSE GROUP | 6,8 | 1,0% | 17,6% | | COCA COLA | 6,7 | 1,0% | 3,7% | | ROCHE | 6,4 | 1,0% | 1,5% | | PFIZER | 6,0 | 0,9% | -24,5% | | PROCTER & GAMBLE | 6,0 | 0,9% | 4,3% | | Sub-total | 79,3 | 12,2% | 3,9% | | Others | 569,3 | 87,8% | 8,7% | | TOTAL Non-EU Shares (3) | 648,6 | 100,0% | 8,1% | | Total International Shares (2)+(3) | 1.500,6 | - | 7,5% | | TOTAL | 2.245,7 | 6,1% | 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 | Bonds ** | Sept - 05 | monthly Δ
Value | | Value | % | | BII FINANCE CO FLOAT 26/09/11 | 160,4 | 10,1% | -0,5% | | BANCO PORT ATLAN FLOAT 29/09/49 | 132,7 | 8,4% | 0,3% | | BPI CAPITAL FINANCE LTD PERP FLO | 88,2 | 5,6% | 0,2% | | CAIXA GERAL FIN FLOAT PERPETUAL | 77,0 | 4,9% | -0,4% | | BANCO BPI SA CAYMAN FLOAT 10/201 | 67,5 | 4,3% | 16,5% | | CAIXA GERAL DEPFINTXVAR24042007 | 55,9 | 3,5% | -1,6% | | BCP FINANCE 28/10/13 | 51,4 | 3,3% | 0,2% | | GALP 1 A | 45,2 | 2,9% | 0,0% | | CAIXA ECO MONTEPIO GERAL 02/2013 | 41,6 | 2,6% | 0,2% | | CEMG FLOAT 11/09 | 36,7 | 2,3% | 0,2% | | Sub-total (1) | 756,6 | 47,8% | 1,1% | | Others | 825,2 | 52,2% | 2,9% | | TOTAL bonds issued by domestic Groups (2) | 1.581,7 | 100,0% | 2,0% | | TOTAL foreign bonds in the Funds’ portfolios (3) | 13.940,2 | 1,2% | | (1)/(3) | 5,4% | 0 p.p. | | (2)/(3) | 11,3% | 0,09 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 | Sept - 05 | monthly Δ
Value | | Value | % | | Public Debt | Domestic | 119,6 | 0,4% | -2,6% | | Foreign | 2.051,2 | 7,5% | 13,9% | | Other Public Funds | Domestic | 93,8 | 0,3% | 0,2% | | Foreign | 41,9 | 0,2% | 1,8% | | Bonds | Domestic | 823,3 | 3,0% | 6,3% | | Foreign | 14.147,1 | 51,9% | 1,5% | | Shares | Domestic | 746,0 | 2,7% | 3,4% | | Foreign | 1.501,0 | 5,5% | 7,4% | | Investment Units | Domestic | 1.491,4 | 5,5% | 5,6% | | Foreign | 922,4 | 3,4% | 6,9% | | 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% | 20,3% | | Warrants | Domestic | 12,0 | 0,0% | 4,1% | | Foreign | 8,9 | 0,0% | 40,1% | | Options | Domestic | 0,0 | 0,0% | - | | Foreign | 1,2 | 0,0% | -1,6% | | Others | Domestic | 0,0 | 0,0% | - | | Foreign | 1,7 | 0,0% | 9,9% | | SECURITIES | 21.968,6 | 80,7% | 3,7% | | Other Assets | 0,0 | 0,0% | - | | Other Debt Instruments | 2.444,8 | 9,0% | -1,6% | | Liquidity | 3.264,1 | 12,0% | 7,8% | | Loans | -2,8 | 0,0% | 60,6% | | Unsettled Amounts | -441,4 | -1,6% | 73,6% | | TOTAL | 27.233,4 | 100,0% | 3,0% | Table 6 – Number of Funds and Market Share (10 largest) | Entity | Sept - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | Millennium BCP | 35 | 20,5% | 0 | 0,09 p.p. | | Caixagest | 34 | 18,4% | -5 | -0,32 p.p. | | Santander Gestão de Activos | 26 | 18,3% | 1 | 0,08 p.p. | | BPI Gestão de Activos | 21 | 16,7% | 0 | -0,26 p.p. | | ESAF | 29 | 12,9% | 0 | 0,61 p.p. | | BPN Gestão de Activos | 7 | 2,9% | 0 | -0,14 p.p. | | Barclays Fundos | 14 | 2,6% | 0 | -0,04 p.p. | | BBVA Gest | 17 | 2,3% | 0 | -0,01 p.p. | | MG Gestão de Activos Financeiros | 13 | 1,4% | 0 | -0,04 p.p. | | Banif Gestão de Activos | 10 | 1,4% | -1 | 0,06 p.p. | | Others | 29 | 2,5% | 0 | -0,03 p.p. | | TOTAL | 235 | 100,0% | -5 | - | Legend: p.p. – percentage points. Table 7 – Ranking of funds (10 highest) Unit: 10^6 Euro | Entity | Fund | Sept - 05 | monthly Δ
Value | | Valor | % | | Santander Gestão Activos | MULTIOBRIGAÇÕES | 1.882,2 | 6,9% | -0,6% | | BPI Gestão de Activos | BPI LIQUIDEZ - FUNDO DE TESOURARIA | 1.247,3 | 4,6% | -0,4% | | Caixagest | CAIXAGEST RENDIMENTO | 1.102,2 | 4,0% | -0,7% | | Millennium BCP | MILLENNIUM CURTO PRAZO - FI TESOURARIA | 1.054,5 | 3,9% | -0,9% | | Millennium BCP | MILLENNIUM OBRIGAÇÕES - FI OBRIGAÇÕES TX VARIÁVEL | 994,7 | 3,7% | -0,5% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST TESOURARIA | 956,5 | 3,5% | 1,7% | | Santander Gestão Activos | MULTIBOND PREMIUM | 939,7 | 3,5% | 4,4% | | Caixagest | FUNDO DE TESOURARIA - CAIXAGEST MOEDA | 921,6 | 3,4% | 2,2% | | Millennium BCP | MILLENNIUM TESOURARIA - FI DO MERCADO MONETÁRIO | 907,9 | 3,3% | 1,0% | | ESAF | ESPIRITO SANTO CAPITALIZAÇÃO | 817,5 | 3,0% | 14,9% | | Others | 16.409,4 | 60,3% | 4,1% | | TOTAL | 27.233,4 | 100,0% | 3,0% | 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 13 October 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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