Investment in domestic company shares tumbled 0.9% down to €327.2 million when compared to March and investment in foreign shares fell 4.4% down to €1,165.1 million in April.

As for the amount under management in foreign bonds, the asset with the largest weighting in the SIF's portfolios (35.9%), rose 0.3% in the time period being analysed, reaching €4,059.4 million. Investment in domestic bonds dropped 2.7% down to €938.0 million.

Investment in foreign public debt remained virtually unchanged at €668.1 million and investment in domestic public debt fell 2.2% down to €257.8 million.

Espírito Santo Financial Group continued to be the security with the most weighting in the funds' portfolios with 18.3% of the overall amount invested, with the amount under management rising 5.4%. This was followed by Zon that recorded a 1.3% decline in the amount under management and BES with a 55% plunge.

In the European Union, Total Efina continued to lead in the SIFs portfolios despite the 7.0% decline down to €13.7 million when compared to March. Outside the European Union, Banco Bradesco continued to be the main security for investment by the SIFs, with the amount under management tumbling 8.1% down to €53.5 million in April as against the preceding month.

Portugal continued to rank in second place as an investment destination for the SIF, notwithstanding the 4.2% downswing to €1,413.5 million, behind Luxembourg that caught 26.1% of the overall investment from investment funds.

Caixagest (24.1%), ESAF (22.1%) and BPI Gestão de Activos (16.3%) were the management companies with the largest market share in April. Fundo Espírito Santo Liquidez, managed by ESAF, was the largest Securities Investment Fund and its asset value rose by 6.4% up to €587.4 million

The following closed-end Special Investment Fund was established in April: "BPI Obrigações Portuguesas – FEIF”, managed by BPI Gestão de Activos.  

Table 1 -  Aggregated Indicators

Unit: 10^6 Euro

	CIS in Transferable Securities			Special Investment Funds
	Apr-12	Mar-12	Monthly D	Apr-12	Mar-12	Monthly D
Assets under Management (1)	5.871,4	6.004,4	-2,2%	5.429,6	5.306,7	2,3%
No. of Fund Operators	16	16	0	16	16	0
No. of Funds (2)	189	189	0	113	112	1
Mean Capitalisation of Funds [(1)/(2)]	31,1	31,8	-0,7	48,0	47,4	0,7

Unit: 10^6 Euro

Countries	Apr-12		Monthly D
	Value	% Total	Value
PORTUGAL	1.413,5	20,0%	-4,2%
LUXEMBOURG	1.845,1	26,1%	0,2%
UNITED KINGDOM	1.088,1	15,4%	0,9%
GERMANY	647,2	9,1%	5,4%
IRELAND	362,9	5,1%	2,6%
SPAIN	350,4	5,0%	-9,8%
USA	333,3	4,7%	-3,1%
FRANCE	210,5	3,0%	-2,3%
ITALY	187,3	2,6%	-10,8%
BRAZIL	177,6	2,5%	-7,4%
Others	461,9	6,5%	-3,0%
TOTAL	7.077,7	100,0%	-1,5%

Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.

Table 2.1 – Investment in Listed Securities per Market - Public Debt

Unit: 10^6 Euro

Countries	Apr-12		Monthly D
	Value	% Total	Value
PORTUGAL	255,5	28,1%	-2,2%
GERMANY	214,9	23,7%	22,7%
ITALY	113,7	12,5%	-14,8%
SPAIN	111,2	12,2%	-13,5%
FRANCE	59,2	6,5%	4,4%
BRAZIL	49,2	5,4%	-7,5%
BELGIUM	20,5	2,3%	170,6%
THE NETHERLANDS	16,6	1,8%	74,6%
FINLAND	10,0	1,1%	-25,5%
CANADA	8,6	1,0%	2,4%
Others	48,6	5,3%	-30,7%
TOTAL	908,0	100,0%	-1,0%

Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.   

Table 2.2 – Investment in Listed Securities per Market – Bonds

Unit: 10^6 Euro

Countries	Apr-12		Monthly D
	Value	% Total	Value
LUXEMBOURG	1.833,7	39,5%	0,3%
UNITED KINGDOM	950,1	20,4%	0,8%
PORTUGAL	842,2	18,1%	-3,0%
IRELAND	354,3	7,6%	2,6%
GERMANY	327,6	7,1%	-0,4%
SPAIN	159,8	3,4%	-4,5%
THE NETHERLANDS	73,7	1,6%	1,0%
ITALY	46,4	1,0%	-1,2%
FRANCE	21,8	0,5%	0,5%
AUSTRIA	20,3	0,4%	-1,1%
Others	16,6	0,4%	4,8%
TOTAL	4.646,5	100,0%	-0,3%

Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.

  Table 2.3 – Investment in Listed Securities per Market – Shares

Unit: 10^6 Euro

Countries	Apr-12		Monthly D
	Value	% Total	Value
USA	316,0	21,7%	-4,2%
PORTUGAL	297,7	20,4%	-9,8%
UNITED KINGDOM	133,7	9,2%	2,1%
BRAZIL	128,4	8,8%	-7,4%
FRANCE	101,2	6,9%	-5,9%
GERMANY	98,9	6,8%	-5,0%
SPAIN	76,6	5,3%	-13,8%
SWITZERLAND	38,6	2,6%	-4,4%
THE NETHERLANDS	38,0	2,6%	-4,2%
SOUTH AFRICA	33,2	2,3%	5,2%
Others	195,3	13,4%	-3,5%
TOTAL	1.457,5	100,0%	-5,6%

Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.

Table 3 – Amount invested in Domestic and Foreign Shares (10 Largest)

Unit: 10^6 Euro

Shares	Apr-12		Monthly D
	Value	%	Value
DOMESTIC MARKET
E.SANTO FINANCIAL GROUP	54,4	18,3%	5,4%
ZON MULTIMÉDIA	33,8	11,3%	-1,3%
BES	22,4	7,5%	-55,0%
GALP	20,1	6,8%	9,8%
P. TELECOM, SGPS	19,7	6,6%	33,6%
SONAECOM SGPS	18,6	6,3%	-3,2%
SEMAPA, SGPS	15,1	5,1%	-2,3%
EDP RENOVÁVEIS	14,1	4,7%	20,6%
BRISA	11,5	3,9%	-15,8%
CIMPOR	11,4	3,8%	-42,6%
Sub-total	221,0	74,2%	-11,0%
Others	76,7	25,8%	-6,0%
TOTAL TOTAL Domestic Shares (1)	297,7	100,0%	-9,8%
EUROPEAN UNION MARKET
TOTAL EFINA	13,7	2,6%	-7,0%
SIEMENS AG - REG	10,8	2,1%	-10,4%
BASF AG NPV	10,6	2,0%	-1,7%
SANOFI-AVENTIS	9,9	1,9%	-2,7%
SAP AG ORD	9,8	1,9%	-2,5%
BAYER AG	9,5	1,8%	-1,2%
BSCH	9,2	1,8%	-21,0%
LVMH MOET HEN, SA	9,0	1,7%	-3,6%
BRITISH GAS (BG) Plc	9,0	1,7%	0,9%
ALLIANZ	8,9	1,7%	-5,0%
Sub-total	100,4	19,3%	-5,9%
Others	420,7	80,7%	-4,5%
TOTAL EU Shares (2)	521,1	100,0%	-4,8%
NON-EU MARKET
BANCO BRADESCO ORD	53,8	8,4%	-8,1%
TANZANIAN ROYALTY EXPLCORP	13,8	2,2%	-9,7%
APPLE COMPUTER INC	8,5	1,3%	-2,2%
BANCO BRADESCO ADR	7,9	1,2%	-9,4%
ITAU UNIBANCO HOLDING ADR	7,9	1,2%	-23,3%
PETROLEO BRASIL S.A.	6,9	1,1%	-10,8%
NOVARTIS	6,5	1,0%	-0,5%
MICROSOFT	6,2	1,0%	16,5%
WALMART	5,8	0,9%	14,0%
EXXON MOBIL CORP	5,7	0,9%	-1,9%
Sub-total	122,8	19,2%	-6,8%
Others	515,8	80,8%	-3,5%
TOTAL Non-EU Shares (3)	638,6	100,0%	-4,1%
Total International Shares (2)+(3)	1.159,7	-	-4,4%
TOTAL	1.457,4		-5,6%

Note: Refers exclusively to shares listed on Regulated Markets of Stock Exchanges.

Table 4 – Weight of Domestic Groups Bonds issued abroad* in Foreign Bonds held by Securities Investment Funds (10 Largest)   

  Unit: 10^6 Euro

Bonds**	Apr-12		Monthly D
	Value	%	Value
BESPL FLOAT 02/13	60,5	4,0%	0,4%
CXGD 8% 28/09/15	46,9	3,1%	2,1%
PORTEL 6 09-04/13	34,6	2,3%	-4,1%
BANCO PORT ATLAN FLOAT 29/09/49	31,3	2,1%	0,1%
BCP FLOATER 28/02/13	30,5	2,0%	0,8%
BCPPL 4.75% 10/2014	29,2	1,9%	-1,3%
CXGD 5.125% 19/02/14	28,9	1,9%	18,8%
CXGD 3.10 06/06/2012	24,5	1,6%	-0,9%
BANIF FINANCECAYTV05.22.2012	24,3	1,6%	3,0%
CX.REN.FIXO VI S.872	22,7	1,5%	1,8%
Sub-total (1)	333,3	21,9%	1,6%
Others	1.186,9	78,1%	2,9%
TOTAL Bonds issued by Domestic Groups (2)	1.520,2	100,0%	2,6%
TOTAL Foreign Bonds in the Funds' Portfolios  (3)	3.784,0		0,3%
(1)/(3)	8,8%		0,1 p.p.
(2)/(3)	40,2%		0,87 p.p.

Note: (*) Based on the ISIN codes; (**) Refers only to bonds listed on Regulated Markets of EU Member States’ Stock Exchanges.