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Securities Investment Funds
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The amount under management in UCITS dropped 0.9% to € 11,543.3 million in January in comparison to December. The amount under management by Special Investment Funds (SIFs) dropped 1.3% to € 5.568.4 million.
Investment in national public debt by REIFs was less 48.0% in January apropos end 2009. Concurrently, the amount of investment in foreign public debt increased 12.3%.
Foreign bonds continued to be the most sought-after financial instruments in the SIFs sector and represented 44.5% of total invesment made.
On the national share market front, Banco Espirito Santo's shares continued to be the most sought-after security with 23.3% of the total being invested in national shares, followed by Semapa (7.2%), Galp Energia (6.4%) and Zon Multimedia (5.9%).
The securities of Banco Bradesco continued to be the leading international choice (33.0% of investment outside the EU), followed by the shares of Banco Santander, Total and Telefónica (2.9%, 2.9% and 2.7%, respectively concerning investment in the EU markets).
Portugal was the third largest destination for securities investment funds' investments. The domestic securities correspond to 12.3% of the investments, just below Luxembourg (36.7%) and the United Kingdom (13.3%).
Portugal ranked third as the SIF's destination. Domestic securities represent 11.6% of investment, just behind Luxembourg (36.8%) and the United Kingdom (13.3%).
Caixagest (23.8%), ESAF (19.0%) and Santander Asset Management (18.2%) were the management companies with the largest market share in December. BPI Liquidez, which had € 850.9 million under management in January, continued to be the largest SIF, albeit the fact that assets dropped 6.4% apropos December 2009.
In January, the following funds were established: 'BPI Ibéria - Fundo de Investimento Aberto de Acções' and 'BPI Alternative Fund: Iberian Equities Long/Short Fund - Fundo Especial de Investimento Aberto', both managed by BPI Gestão de Activos, and 'Fundo Especial de Investimento Aberto de Capital Garantido BBVA Investimento Europa', under BBVA Gest.
The funds 'Fundo Especial de Investimento Aberto Caixagest Sprinter' managed by Caixagest and 'Fundo de Investimento Mobiliário Aberto de Capital Garantida Extra 5 BBVA' under management by BBVA Gest, were terminated. In January, said funds reached the termination and final redemption dates respectively.
Table 1 – Aggregate Indicators
Unit: 10^6 EUR
|
|
CIS in Transferable Securities |
Special Invest. Funds |
|
|
Jan - 10 |
Dec - 09 |
Monthly D |
Jan - 10 |
Dec - 09 |
Monthly D |
|
Assets under Management (1) |
11.543,3 |
11.653,3 |
-0,9% |
5.494,4 |
5.568,4 |
-1,3% |
|
No. of Fund Operators |
18 |
18 |
0 |
14 |
14 |
0 |
|
No. of Funds (2) |
194 |
194 |
0 |
95 |
94 |
1 |
|
Mean Capitalisation of Funds [(1)/(2)] |
59,5 |
60,1 |
-0,6 |
58,5 |
59,2 |
-0,8 |
Table 2 - Investment per Country
Unit: 10^6 EUR
|
Country |
Jan – 10 |
Monthly D |
|
Value |
% Total |
Value |
|
PORTUGAL |
1.338,2 |
11,6% |
-4,3% |
|
LUXEMBOURG |
4.251,2 |
36,8% |
1,7% |
|
UNITED KINGDOM |
1.537,3 |
13,3% |
1,6% |
|
IRELAND |
1.157,6 |
10,0% |
0,8% |
|
GERMANY |
867,5 |
7,5% |
8,0% |
|
FRANCE |
502,8 |
4,3% |
-1,3% |
|
SPAIN |
417,8 |
3,6% |
17,3% |
|
BRAZIL |
348,4 |
3,0% |
-7,9% |
|
USA |
317,4 |
2,7% |
7,9% |
|
NETHERLANDS |
211,7 |
1,8% |
5,7% |
|
OTHER COUNTRIES |
614,8 |
5,3% |
0,8% |
|
TOTAL |
11.564,6 |
100,0% |
1,5% |
Note: Investment in listed securities (excluding amounts in the process of being admitted to the domestic and foreign market), and not including investment units of Collective Investment Schemes (CIS) based in Portugal and EU and Non-EU Member States.
Table 3 – Amount invested in Domestic and Foreign Shares (10 largest)
Unit: 10^6 EUR
|
Shares |
Jan - 10 |
Monthly D |
|
Value |
% |
Value |
|
DOMESTIC MARKET |
|
|
|
|
BES |
195,2 |
23,3% |
-9,2% |
|
SEMAPA, SGPS |
60,3 |
7,2% |
-3,1% |
|
GALP |
53,8 |
6,4% |
1,0% |
|
ZON MULTIMÉDIA |
49,0 |
5,9% |
-6,5% |
|
P. TELECOM, SGPS |
44,2 |
5,3% |
4,8% |
|
BRISA |
40,6 |
4,9% |
10,2% |
|
BCP |
35,3 |
4,2% |
1,1% |
|
SONAE SGPS |
27,7 |
3,3% |
0,8% |
|
SONAECOM SGPS |
26,2 |
3,1% |
4,4% |
|
MOTA ENGIL |
25,2 |
3,0% |
-21,6% |
|
Sub-Total |
557,7 |
66,7% |
-4,1% |
|
Other Domestic Markets |
278,9 |
33,3% |
-0,6% |
|
TOTAL Domestic Shares (1) |
836,6 |
100,0% |
-3,0% |
|
EU MARKET |
|
|
|
|
BSCH |
21,8 |
2,9% |
-14,4% |
|
TOTAL EFINA |
21,8 |
2,9% |
-5,6% |
|
TELEFONICA |
20,5 |
2,7% |
-10,9% |
|
BNP PARIBAS |
18,8 |
2,5% |
5,0% |
|
BBVA |
16,5 |
2,2% |
19,9% |
|
SIEMENS AG - REG |
16,5 |
2,2% |
6,1% |
|
E.ON AG |
16,3 |
2,1% |
-8,7% |
|
ALLIANZ |
13,8 |
1,8% |
-8,0% |
|
HSBC HOLDING PLC |
12,1 |
1,6% |
2,0% |
|
SANOFI-AVENTIS |
11,4 |
1,5% |
-8,1% |
|
Sub-Total |
169,4 |
22,2% |
-3,6% |
|
Other EU Markets |
593,4 |
77,8% |
4,1% |
|
TOTAL EU Shares (2) |
762,8 |
100,0% |
2,3% |
|
NON-EU MARKET |
|
|
|
|
BANCO BRADESCO ORD |
272,4 |
33,0% |
-8,3% |
|
NOVARTIS |
9,4 |
1,1% |
25,5% |
|
CREDIT SUISSE GROUP |
8,7 |
1,1% |
1,3% |
|
ROYAL GOLD INC. |
7,3 |
0,9% |
-6,6% |
|
PETROBRAS PETROLEOS BRASILADR |
6,8 |
0,8% |
1,1% |
|
NESTLE REG |
6,4 |
0,8% |
4,4% |
|
BANCO BRADESCO ADR |
6,2 |
0,8% |
10,0% |
|
ITAU UNIBANCO HOLDING ADR |
5,8 |
0,7% |
10,6% |
|
ROCHE |
5,7 |
0,7% |
2,9% |
|
TANZANIAN ROYALTY EXPLCORP |
5,5 |
0,7% |
15,5% |
|
Sub-Total |
334,2 |
40,4% |
-5,9% |
|
Other Non-EU Markets |
492,1 |
59,6% |
3,4% |
|
TOTAL Non-EU Shares (3) |
826,3 |
100,0% |
-0,5% |
|
Total International Shares (2)+(3) |
1.589,1 |
- |
0,8% |
|
TOTAL |
2.425,7 |
-0,6% | Note: Refers exclusively to shares listed on Regulated Markets of the Stock Exchanges.
Table 4 – Weight of Domestic Groups Bonds issued abroad* in Foreign Bonds held by Securities Investment Funds (10 largest)
Unit: 10^6 EUR
|
Bonds** |
Jan - 10 |
Monthly D |
|
Value |
% |
Value |
|
BESPLFLOAT 02/13 |
88,5 |
3,8% |
-7,1% |
|
MONTEPIO FLOAT 01/11 |
64,4 |
2,8% |
2,9% |
|
BPIPL 0 01/25/12 |
59,7 |
2,6% |
- |
|
CIMPOR FINANCIAL OPERTNS45%27052011 |
52,0 |
2,3% |
24,3% |
|
BANCO COMERCIAL PORTUGUÊS FLOAT 28/05/10 |
50,8 |
2,2% |
-1,4% |
|
BANCO PORT ATLAN FLOAT 29/09/49 |
46,0 |
2,0% |
0,1% |
|
CGD 3.10% 06/06/2012 |
40,3 |
1,8% |
0,5% |
|
REND.MAIS SUB/16 B-4 |
39,3 |
1,7% |
0,3% |
|
REND.MAIS SUB/16 B-5 |
39,3 |
1,7% |
0,2% |
|
REND.MAIS SUB/16 B-1 |
39,3 |
1,7% |
0,4% |
|
Sub-Total (1) |
519,6 |
22,6% |
14,2% |
|
Other Bonds |
1.783,8 |
77,4% |
-3,2% |
|
TOTAL Bonds issued by Domestic Groups (2) |
2.303,3 |
100,0% |
0,3% |
|
TOTAL Foreign Bonds in the Portfolios of Funds (3) |
7.315,9 |
1,9% |
|
(1)/(3) |
7,1% |
0,77 p.p. |
|
(2)/(3) |
31,5% |
-0,51 p.p. |
Note: (*) Based on the ISIN codes; (**) Refers exclusively to bonds listed on Regulated Markets of EU Member States’ Stock Exchanges.
Table 5 – Investment per Type of Assets and Markets
Unit: 10^6 EUR
|
Security |
Dec - 09 |
Monthly D |
|
Value |
% |
Value |
|
Public Debt |
Domestic |
83.2 |
0.5% |
-35.0% |
|
|
Foreign |
956.9 |
5.6% |
-2.9% |
|
Other Public Funds |
Domestic |
8.0 |
0.0% |
-0.3% |
|
|
Foreign |
230.5 |
1.3% |
4.5% |
|
Bonds |
Domestic |
1,336.6 |
7.8% |
-0.2% |
|
|
Foreign |
7,397.7 |
43.0% |
-1.1% |
|
Shares |
Domestic |
862.9 |
5.0% |
1.3% |
|
|
Foreign |
1,588.5 |
9.2% |
9.7% |
|
Investment Units |
Domestic |
637.1 |
3.7% |
2.1% |
|
|
Foreign |
1,101.8 |
6.4% |
-0.3% |
|
Equity Certificates |
Domestic |
0.0 |
0.0% |
0.0% |
|
|
Foreign |
0.0 |
0.0% |
- |
|
Rights |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
4.7 |
0.0% |
194.3% |
|
Warrants |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
10.7 |
0.1% |
-3.7% |
|
Options |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.0 |
0.0% |
-12.8% |
|
Others |
Domestic |
0.0 |
0.0% |
- |
|
|
Foreign |
1.7 |
0.0% |
41.9% |
|
SECURITIES |
|
14,221.2 |
82.6% |
0.1% |
|
Other Assets |
|
74.3 |
0.4% |
-1.8% |
|
Other Debt Instruments |
|
558.7 |
3.2% |
-21.8% |
|
Liquidity |
|
2,577.9 |
15.0% |
16.4% |
|
Loans |
|
-51.5 |
-0.3% |
2.6% |
|
Unsettled Amounts |
|
-157.3 |
-0.9% |
-22.9% |
|
TOTAL |
|
17,223.2 |
100.0% |
1.6% |
Table 6 – Number of Funds and Market Share
Unit: 10^6 EUR
|
Entity |
Jan – 10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Caixagest |
55 |
23,8% |
-1 |
-0,03 p.p. |
|
Santander Asset Management |
32 |
19,0% |
0 |
0,73 p.p. |
|
ESAF |
30 |
18,2% |
0 |
-1,03 p.p. |
|
BPI Gestão de Activos |
25 |
16,2% |
2 |
0,21 p.p. |
|
Millennium BCP Gestão de Activos |
27 |
9,5% |
0 |
-0,01 p.p. |
|
Barclays Wealth Managers Portugal - SGFIM, SA |
16 |
3,7% |
0 |
0,11 p.p. |
|
Montepio Gestão de Activos |
17 |
2,7% |
0 |
-0,06 p.p. |
|
Banif Gestão de Activos |
20 |
1,7% |
0 |
0,07 p.p. |
|
BPN Gestão de Activos |
8 |
1,3% |
0 |
0,07 p.p. |
|
BBVA Gest |
14 |
1,3% |
0 |
-0,07 p.p. |
|
Crédito Agrícola Gest |
13 |
0,8% |
0 |
0,04 p.p. |
|
Finivalor |
10 |
0,7% |
0 |
0 p.p. |
|
Popular Gestão de Activos |
12 |
0,7% |
0 |
0 p.p. |
|
MNF Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Optimize Investment Partners |
3 |
0,1% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Valor Alternativo Gestão de Activos |
1 |
0,0% |
0 |
0 p.p. |
|
Orey Gestão de Activos |
1 |
0,0% |
0 |
0 p.p. |
|
Privado Fundos |
1 |
n.a. |
0 |
n.a. |
|
TOTAL |
289 |
100,0% |
1 |
- |
Legend: p.p. – percentage points.
Table 7 – Ranking of funds (10 largest)
Unit: 10^6 EUR
|
Entity |
Fund |
Jan - 10 |
Monthly D |
|
Valor |
% |
Value |
|
BPI Gestão de Activos |
BPI LIQUIDEZ |
850,9 |
5,0% |
-6,4% |
|
Santander Asset Management |
SANTANDER MULTITESOURARIA |
691,8 |
4,1% |
2,8% |
|
ESAF |
ESPÍRITO SANTO MONETÁRIO |
668,8 |
3,9% |
-11,5% |
|
Caixagest |
CAIXA FUNDO MONETÁRIO |
619,9 |
3,6% |
-0,5% |
|
Santander Asset Management |
SANTANDER GLOBAL |
607,4 |
3,6% |
11,0% |
|
ESAF |
ESPÍRITO SANTO PLANO DINÂMICO |
562,1 |
3,3% |
-3,6% |
|
BPI Gestão de Activos |
BPI REFORMA INVESTIMENTO PPR |
515,1 |
3,0% |
-0,3% |
|
Santander Asset Management |
SANTANDER MULTIOBRIGAÇÕES |
447,4 |
2,6% |
-1,8% |
|
ESAF |
ESPÍRITO SANTO PREMIUM |
434,4 |
2,5% |
-7,7% |
|
Millennium BCP Gestão de Activos |
MILLENNIUM DISPONÍVEL |
351,5 |
2,1% |
-0,4% |
|
Other Entities |
|
11.288,5 |
66,3% |
-0,4% |
|
|
TOTAL |
17.037,7 |
100,0% |
-1,1% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
Unless otherwise indicated, the data contained in this report are a result of information reported to the CMVM by the Securities Investment Fund Management Companies in accordance with the legislation in force. The information used dates back to 8 February 2010. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month. Includes the harmonised UCITS (in accordance with the Legal Framework for Collective Investment Undertakings approved by Decree-Law No. 252/2003 of 17 October) and Non-UCITS categories.
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