Securities investment funds
February 2015
The sum under management of Collective Investment
Undertakings (UCITS) amounted to €8,744.7 million in February 2015. This is
€353.3 million (4.2%) more than in January. The amount under management of
Alternative Investment Funds (AIF) fell 2.7% down to €3,201.5 million.
Investment in domestic shares rose 10.7% up to €271.8
million and investment in foreign shares went 6.0% up to €1,032.3 million.
The amount invested in foreign bonds, which continues to be
the asset with the largest weighting in the funds' portfolios (22.9% of the
total), increased 2.2% up to €2,739.5 million. Investment in
domestic bonds dropped 10.5% down to €345.6 million.
The value of investment in domestic public debt rose 0.5% up
to €296.0 million and tumbled 1.7% down to €876.7 million in foreign
public debt.
Sonae SGPS was the security with the most impact on the
Funds' portfolios, depicting 10.3% of the total amount invested with a
6.3% monthly upswing. This was followed by BCP, which recorded a 27.6% upsurge
in the funds' portfolios and CTT that rose 8.8%.
In the European Union, Total Efina led the field in SIF's
portfolios with a 2.5% weighting in total investments in the European market
and a 2.2% increase up to €13.6 million. This was followed by BASF that
recorded an 11.4% upswing and Bayer that rose 1.7%.
Outside the European Union, Apple was the key security for
investment by the SIFs, recording a 12.9% upsurge in the amount under
management to €14.4 million in February. This was followed by Stenprop
that amounted to €11.4 million and Nestlé that went up 5.8% when
compared to January.
Portugal continued to be the second key destination for
investment by the SIFs in January, after the 0.1% monthly tumble to €918.1
million, behind Luxembourg that secured 18.3% of the total investment from
investment funds.
Caixagest (31.7%), BPI Gestão de Activos (16.4%) and
Santander Asset Management (15.3%) were the management companies with the
largest market share.
The alternative investment fund “NB Rendimento Fixo VII
– Fundo Especial de Investimento Aberto” was terminated in February.
Table 1 - Aggregated Indicators
Unit: 10^6 Euro
| | CIS in Transferable Securities | Alternative Invest. Funds |
| | Feb - 15 | Jan - 15 | Monthly Var. | Feb - 15 | Jan - 15 | Monthly Var. |
| Assets under management (1) | 8 744,7 | 8 391,4 | 4,2% | 3 201,5 | 3 288,7 | -2,7% |
| No. of fund operators | 17 | 17 | 0 | 12 | 12 | 0 |
| No. of Funds (2) | 156 | 156 | 0 | 54 | 55 | -1 |
| Mean capitalisation of funds [(1)/(2)] | 56,1 | 53,8 | 2,3 | 59,3 | 59,8 | -0,5 |
Table 2 – Investment in Listed Securities, per Market
Unit: 10^6 Euro
| Country | Feb - 15 | Monthly Var. |
| | Value | % Total | Value |
| PORTUGAL | 918,1 | 16,3% | -0,1% |
| LUXEMBOURG | 1 035,0 | 18,3% | 3,3% |
| UNITED KINGDOM | 736,5 | 13,1% | -0,5% |
| ITALY | 545,7 | 9,7% | -0,1% |
| GERMANY | 461,1 | 8,2% | -1,9% |
| SPAIN | 411,8 | 7,3% | -0,1% |
| FRANCE | 385,9 | 6,8% | 8,4% |
| IRELAND | 353,8 | 6,3% | 10,0% |
| USA | 328,6 | 5,8% | 9,7% |
| NETHERLANDS | 117,1 | 2,1% | 2,4% |
| OTHERS | 347,3 | 6,2% | 2,0% |
| TOTAL | 5 640,9 | 100,0% | 2,2% |
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
| Country | Feb - 15 | Monthly Var. |
| | Value | % Total | Value |
| ITALY | 385,0 | 33,0% | -0,6% |
| PORTUGAL | 292,4 | 25,1% | 3,9% |
| SPAIN | 179,5 | 15,4% | -2,2% |
| GERMANY | 124,1 | 10,7% | -10,1% |
| FRANCE | 48,9 | 4,2% | 7,2% |
| UNITED KINGDOM | 25,7 | 2,2% | 14,3% |
| BELGIUM | 24,6 | 2,1% | 4,4% |
| LUXEMBOURG | 19,5 | 1,7% | 5,8% |
| BRAZIL | 14,9 | 1,3% | -7,1% |
| NETHERLANDS | 14,2 | 1,2% | 16,6% |
| OTHERS | 36,4 | 3,1% | -5,5% |
| TOTAL | 1 165,1 | 100,0% | -0,2% |
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
| Country | Feb - 15 | Monthly Var. |
| | Value | % Total | Value |
| LUXEMBOURG | 979,8 | 32,4% | 3,4% |
| UNITED KINGDOM | 599,8 | 19,9% | -0,8% |
| PORTUGAL | 334,5 | 11,1% | -9,0% |
| IRELAND | 325,6 | 10,8% | 9,2% |
| GERMANY | 229,2 | 7,6% | 1,1% |
| FRANCE | 157,8 | 5,2% | 6,1% |
| SPAIN | 148,1 | 4,9% | -0,8% |
| ITALY | 120,7 | 4,0% | -1,2% |
| NETHERLANDS | 60,4 | 2,0% | -0,6% |
| USA | 25,6 | 0,8% | 23,7% |
| OTHERS | 38,8 | 1,3% | -10,2% |
| TOTAL | 3 020,2 | 100,0% | 1,0% |
Note: Excluding investment units of Collective Investment Undertakings (UCITS) based in Portugal and EU and Non-EU Member States.
Table 2.3 – Investment in Listed Securities per Market – Shares
Unit: 10^6 Euro
| Country | Feb - 15 | Monthly Var. |
| | Value | % Total | Value |
| USA | 297,6 | 22,8% | 8,6% |
| PORTUGAL | 271,4 | 20,8% | 10,7% |
| FRANCE | 126,8 | 9,7% | 4,7% |
| UNITED KINGDOM | 104,0 | 8,0% | 1,2% |
| GERMANY | 103,0 | 7,9% | 2,3% |
| SPAIN | 67,4 | 5,2% | 6,6% |
| SWITZERLAND | 48,8 | 3,7% | 1,2% |
| NETHERLANDS | 40,1 | 3,1% | 6,5% |
| ITALY | 34,2 | 2,6% | 5,4% |
| BRAZIL | 33,6 | 2,6% | -0,2% |
| OTHERS | 176,4 | 13,5% | 11,0% |
| TOTAL | 1 303,5 | 100,0% | 7,0% |
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 | Feb - 15 | Monthly Var. |
| | Value | % | Value |
| DOMESTIC MARKET |
|
|
|
| SONAE SGPS | 27,9 | 10,3% | 6,3% |
| BCP | 27,8 | 10,3% | 27,6% |
| CTT CORREIOS DE PORTUGAL | 21,5 | 7,9% | 8,8% |
| ZON MULTIMÉDIA | 21,1 | 7,8% | -5,5% |
| BANCO BPI | 16,9 | 6,2% | 37,8% |
| GALP | 14,8 | 5,5% | -10,2% |
| EDP RENOVÁVEIS | 14,2 | 5,2% | 0,7% |
| SEMAPA, SGPS | 13,5 | 5,0% | 54,6% |
| ALTRI, SGPS | 13,1 | 4,8% | 2,3% |
| P. TELECOM, SGPS | 10,7 | 3,9% | 18,3% |
| Sub-total | 181,6 | 66,9% | 11,0% |
| Others | 89,8 | 33,1% | 10,1% |
| TOTAL Domestic Shares (1) | 271,4 | 100,0% | 10,7% |
| EUROPEAN UNION MARKET |
|
|
|
| TOTAL EFINA | 13,6 | 2,5% | 2,2% |
| BASF AG NPV | 13,2 | 2,5% | 11,4% |
| BAYER AG | 12,3 | 2,3% | 1,7% |
| SIEMENS AG - REG | 12,2 | 2,3% | 10,2% |
| SANOFI-AVENTIS | 11,2 | 2,1% | 3,1% |
| BBVA | 10,6 | 2,0% | 22,1% |
| BNP PARIBAS | 10,2 | 1,9% | -1,0% |
| BANC INTES SANP SPA | 10,0 | 1,9% | 14,0% |
| ING GROEP N.V. | 9,8 | 1,8% | 15,4% |
| AXA | 9,3 | 1,7% | 9,3% |
| Sub-total | 112,5 | 21,0% | 8,1% |
| Others | 423,3 | 79,0% | 2,9% |
| TOTAL EU Shares (2) | 535,9 | 100,0% | 4,0% |
| NON EU MARKET |
|
|
|
| APPLE COMPUTER INC | 14,4 | 2,9% | 12,9% |
| STENPROP LTD | 11,4 | 2,3% | - |
| NESTLE REG | 8,6 | 1,7% | 5,8% |
| EXXON MOBIL CORP | 8,3 | 1,7% | 12,4% |
| ROCHE | 7,8 | 1,6% | -1,1% |
| NOVARTIS | 7,3 | 1,5% | 1,2% |
| GOOGLE INC CL C | 7,2 | 1,5% | 14,8% |
| PROCTER & GAMBLE | 6,4 | 1,3% | 7,2% |
| UNITEDHEALTH | 5,6 | 1,1% | 6,3% |
| PFIZER | 5,5 | 1,1% | 20,7% |
| Sub-total | 82,5 | 16,6% | 26,0% |
| Others | 413,4 | 83,4% | 5,5% |
| TOTAL non EU Shares (3) | 495,9 | 100,0% | 8,5% |
| Total International Shares (2)+(3) | 1 031,8 | - | 6,1% |
| TOTAL | 1 303,1 | | 7,0% |
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** | Feb - 15 | Monthly Var. |
| | Value | % | Value |
| CXGD 8 09/28/15 | 36,5 | 8,8% | 0,1% |
| EDP 3,25% 03/16/15 | 26,1 | 6,3% | 1,9% |
| EDP FINANCE BV2.625%18.01.2022 | 22,1 | 5,3% | 4,8% |
| BCP FINANCE BANK LTD | 21,1 | 5,1% | 0,1% |
| GALP 4,125 25/1/19 | 21,1 | 5,1% | 6,3% |
| EDP 5.875% 01/02/16 | 20,5 | 4,9% | -3,9% |
| PORTUGAL TELECOM I.F.5.875%17.04.2018 | 19,6 | 4,7% | 0,0% |
| REND.NACIONAL B1/17 | 19,4 | 4,7% | 0,9% |
| REND.NACIONAL B5/17 | 19,4 | 4,7% | 0,9% |
| REND.NACIONAL B2/17 | 19,4 | 4,7% | 0,9% |
| Sub-total (1) | 225,4 | 54,3% | 1,1% |
| Others | 189,5 | 45,7% | 0,2% |
| TOTAL bonds issued by domestic Groups (2) | 414,8 | 100,0% | 0,7% |
| TOTAL foreign bonds in the portfolios of Funds (3) | 2 648,1 | | 2,3% |
| (1)/(3) | 8,5% | | -0,1 p.p. |
| (2)/(3) | 15,7% | | -0,26 p.p. |
Note: (*) Based on the ISIN codes; (**) Refers only to bonds listed on Regulated Markets of EU Member States' Stock Exchanges.
Table 5 – Investment per Type of Asset and Market
Unit: 10^6 Euro
| Security | Feb - 15 | Monthly Var. |
| Value | % | Value |
| Public Debt | Domestic | 296,0 | 2,5% | 0,5% |
| | Foreign (*) | 876,7 | 7,3% | -1,7% |
| Other Public Funds | Domestic | 19,8 | 0,2% | -20,1% |
| | Foreign | 47,6 | 0,4% | 1,4% |
| Bonds | Domestic | 345,6 | 2,9% | -10,5% |
| | Foreign | 2 739,5 | 22,9% | 2,9% |
| Shares | Domestic | 271,8 | 2,3% | 10,7% |
| | Foreign | 1 032,3 | 8,6% | 6,0% |
| Investment Units | Domestic | 277,3 | 2,3% | -3,3% |
| | Foreign | 2 159,8 | 18,1% | 9,1% |
| Equity Certificates | Domestic | 0,0 | 0,0% | - |
| | Foreign | 0,0 | 0,0% | - |
| Rights | Domestic | 0,0 | 0,0% | - |
| | Foreign | 0,0 | 0,0% | -54,0% |
| Warrants | Domestic | 0,0 | 0,0% | - |
| | Foreign | 1,6 | 0,0% | 2,0% |
| Options | Domestic | 0,0 | 0,0% | - |
| | Foreign | 1,1 | 0,0% | -40,9% |
| Others | Domestic | 0,0 | 0,0% | - |
| | Foreign | 3,2 | 0,0% | -9,3% |
| SECURITIES | | 8 072,3 | 67,6% | 3,5% |
| Other Assets | | 9,4 | 0,1% | -6,1% |
| Other Debt Instruments | | 214,8 | 1,8% | -22,3% |
| Liquidity | | 3 952,0 | 33,1% | 3,2% |
| Loans | | -1,8 | 0,0% | 162,0% |
| Unsettled Amounts | | -300,4 | -2,5% | 28,7% |
| TOTAL | | 11 946,2 | 100,0% | 2,3% |
Note(*): As from October 2010, a method change to the Foreign Public Debt's data was made apropos the information previously disclosed
Table 6 – Number of Funds and Market Share
| Entity | Feb - 15 | Monthly Var. |
| No. | Market Share | No. | Market Share |
| Caixagest | 32 | 31,7% | 0 | -0,14 p.p. |
| BPI Gestão de Activos | 24 | 16,4% | 0 | -0,1 p.p. |
| Santander Asset Management | 24 | 15,3% | 0 | 0,7 p.p. |
| Millennium BCP Gestão de Activos | 18 | 13,0% | 0 | 0,1 p.p. |
| GNB | 25 | 6,9% | -1 | -0,92 p.p. |
| Banif Gestão de Activos | 11 | 4,3% | 0 | 0,13 p.p. |
| Crédito Agrícola Gest | 7 | 3,8% | 0 | 0,21 p.p. |
| Montepio Gestão de Activos | 21 | 2,8% | 0 | -0,02 p.p. |
| BBVA Gest | 6 | 1,3% | 0 | 0,02 p.p. |
| Popular Gestão de Activos | 10 | 1,3% | 0 | 0,07 p.p. |
| Others | 32 | 3,2% | 0 | -0,04 p.p. |
| TOTAL | 210 | 100,0% | -1 | - |
Legend: p.p. – percentage points.
[1] 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 10th March 2015, therefore the results are provisional. The monthly variation (Monthly D) always refers to the comparison between the month under analysis and the preceding month.
[2] As from September 2013 and with the entry into force of the new Legal Framework for Collective Investment Undertakings - Decree-Law No. 63-A/2013 of 10 May - the categories of UCITS are included (term reserved for investment undertakings that comply with the investment requirements envisaged in Directive No. 2009/65/EC of the European Parliament and of the Council of 13 July 2009, amended by Directive No. 2010/78/EU of the European Parliament and of the Council (the UCITS Directive), and all the other CIUs deemed alternative investment, in accordance with Directive No. 2011/61/EU of the European Parliament and of the Council of 8 June 2011; until August 2013, according to the now repealed Legal Framework of CIU, approved by Decree Law No. 252/2003 of 17 October, considered the harmonised UCITS, non-harmonised UCITS and Special Investment Funds (SIF). Both classifications may exist side by side until November 2013. During this period, a fund was reclassified, in adapting to the new Legal Framework from a non-harmonized UCITS to a UIATS.
