1 INVESTMENT FUND YEARBOOK (Chilean Association of Investment Fund Managers) December 2009
2 INVESTMENT FUND YEARBOOK December 2009
3 Table of Contents WORDS FROM THE PRESIDENT INTRODUCTION Board of Directors Associates THE CHILEAN INVESTMENT FUND INDUSTRY Definition Law and regulation Classification of Investment funds in Chile CORFO Private Capital Promotion Program THE INDUSTRY IN FIGURES Total managed assets in the public investment fund industry Managed assets by type of public investment fund Evolution in number of public investment funds Investment by local economic sector through variable-income instruments Managed assets by manager Managed assets by type of funds Type of investors Fact Sheets Movable Funds: Fixed-Income Movable Funds --Foreign Fixed-Income Funds: Celfin Deuda Latinoamericana Fondo de Inversión Celfin Deuda Total Fondo de Inversión Compass RF América Latina Fondo de Inversión Fischer & Zabala Deuda Alto Retorno Fondo de Inversión Fondo de Inversión LarrainVial Humboldt Moneda Deuda Latinoamericana Fondo de Inversión Moneda Latinoamérica Deuda Local Movable Equity Funds --Local Equity Funds: Chile Fondo de Inversión Small Cap Siglo XXI Fondo de Inversión Celfin Small Cap Chile Compass Emergente Fondo de Inversión Fondo de Inversión LarrainVial Beagle Colono Fondo de Inversión Pionero Fondo de Inversión Fondo de Inversión Santander Small Cap --Foreign Equity Funds: Fondo de Inversión Brasil Renta Variable Celfin Small Cap Latin America Fondo de Inversión Celfin Large Cap Latin America Fondo de Inversión Compass Small Cap Latam Fondo de Inversión Fondo de Inversión IFUND Brazil Small Cap Index Fondo de Inversión LarrainVial Magallanes II Moneda Small Cap Latinoamérica Fondo de Inversión Absolute Return Movable Funds MBI Arbitraje Fondo de Inversión Moneda Retorno Absoluto Fondo de Inversión
4 Real Estate Funds Rental Real-Estate Funds Fondo de Inversión Rentas Inmobiliarias Fondo de inversión Inmobiliaria Las Américas Fundación Real-Estate Development Funds Fondo de Inversión Banchile Inmobiliario II Fondo de Inversión Banchile Inmobiliario III Fondo de Inversión BCI Desarrollo Inmobiliario Moneda Desarrollo Inmobiliario Fondo de Inversión Fondo de Inversión Santander Santiago Desarrollo Inmobiliario II Fondo de Inversión Santander Santiago Desarrollo Inmobiliario III Fondo de Inversión Santander Santiago Desarrollo Inmobiliario IV Fondo de Inversión Santander Santiago Desarrollo Inmobiliario V Fondo de Inversión Santander Santiago Desarrollo Inmobiliario VI Fondo de Inversión Santander Santiago Desarrollo Inmobiliario VII Real-Estate Appreciation Funds Fondo de Inversión Santander Plusvalía Mixed Real-Estate Funds Fondo de Inversión Inmobiliario Cimenta Expansión Fondo de Inversión Inmobiliaria Las Américas Raíces Toesca Fondo de Inversión Fondo de Inversión Inmobiliario Santander Mixto Private Capital Celfin Private Equity Fondo de Inversión Celfin Private Equity II Fondo de Inversión Celfin Private Equity III Fondo de Inversión Chiletech Fondo de Inversión Fondo de Inversión Halcón Other Funds Global Optimization Fondo de Inversión Fondo de Inversión Prime Infraestructura Fondo de Inversión Desarrollo de Empresas Las Américas Emergente CORFO Line Funds Austral Capital Fondo de Inversión Privado Axa Capital Chile Copec UC Fondo de Inversión Privado Emprendedor I Fondo de Inversión Privado Expertus Inversión en Empresas Innovadoras Negocios Regionales Fondo de Inversión Privado Private Funds Aurus Insignia Fondo de Inversión Privado Aurus Renta Inmobiliaria Fondo de Inversión Privado APPENDICES Appendix 1 Appendix 2
5 4 ANUARIO 2009
6 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 5 Words from the President To supplement the current public information on the investment fund industry in Chile, Asociación Chilena de Administradoras de Fondos de Inversión (ACAFI) (The Chilean Investment Fund Management Association) has prepared the first Yearbook showing all the public investment funds currently operating in the country. This yearbook is mainly aimed at providing investors, market stakeholders, and the public in general with relevant information for decisionmaking purposes, as well as disclosing complete and clear information on the different classes of assets available through these instruments. The Chilean investment fund industry has shown sustained growth over time. At the end of 2004, it managed a total of US$2,422 million assets and, as of December 2009, this amount more than duplicated, reaching US$6,442 million. This growth and the different options resulting from the further market penetration have shown the urgent need to have a cadastre of all the public fund managers in the country, to have an overview of the Chilean industry. This yearbook also includes information on the private funds funded by CORFO, a publiclyowned agency that has been fundamental for the development of private capital and entrepreneurship in the country. Through its funding lines, this agency has supplied US$336 million to 25 private capital funds operating as of December In addition to CORFO contributions, we have private contributions for US$189 million, which validates the industry growth. The Chilean investment funds continue to grow at high rates and the market has increasingly opened to this kind of instruments that currently offer a wide variety of fund managers and classes of assets. For this reason, our commitment is to publish this yearbook on a yearly basis to gather in detail all the industry developments. Hoping that this work may be useful for you, I remain Sincerely yours, Matías Eguiguren Bravo President, Asociación Chilena de Administradoras de Fondos de Inversión (ACAFI)
7 6 ANUARIO 2009 Introduction Asociación Chilena de Administradoras de Fondos de Inversión (ACAFI) is a union association created in 2003 by some industry executives who saw a development and growth opportunity on the Chilean capital market. ACAFI was created to gather together the main investment fund managers in the country, registered all with the Superintendence of Securities and Insurance (SVS, Superintendencia de Valores y Seguros) and regulated by Law 18,815, Executive Decree 864, and Law 18,045, so as to become a relevant player on the Chilean capital market. At present, ACAFI has 25 associated members grouping all the public investment fund managers in the country, adding every year new members mainly driven by the opportunity to have their interests represented under the same wing. ACAFI has worked under stringent ethics codes equally applicable to all its associates, with a view to: Cooperating with the capital market development and enhancement in Chile through technical, regulatory and legal studies for the further development of the investment fund industry. Promoting the innovation and entrepreneurship by providing funds for non-traditional businesses and projects. Positioning Chile as an exporting financial service platform for the region.
8 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 7 Board of Directors ACAFI Board of Directors is made up of ten members from different fund management companies, which represent all the Association s fund investment types and segments. The Management is renewed bi-annually through elections at the Annual Meeting of Associates that gathers all ACAFI members. PRESIDENT Matías Eguiguren Bravo Celfin Capital VICE PRESIDENT Fernando Tisné Maritano Moneda GENERAL SECRETARY Enrique Ovalle Puelma Independencia DIRECTORS Gonzalo Miranda Arratia Austral Capital José Manuel Silva Cerda LarrainVial Eduardo Palacios Yametti Cimenta Marcelo Sagredo Arellano Santander Asset Management Daniel Navajas Passalacqua Compass Group Hubert Porte Puech South Cone Alfonso Salas Montes Econsult Board Advising Luis Alberto Letelier Barros & Errázuriz Abogados
9 8 ANUARIO 2009 Associates ACAFI has currently 25 associated fund managers, which group all the local public funds and foreign capital funds operating in Chile. In accordance with its articles of association, the association has three types of associates, namely active members, who have voice vote rights in the Associate Meetings; followers, who have voice, but not vote rights in the Associate Meetings; and honorary members, who are designated by invitation
10 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN Followers Honorary members as former presidents Antonio Cruz Zabala Aurus Jaime de la Barra Jara Compass Group
13 12 ANUARIO 2009 The Chilean Investment Fund Industry Definition Investment funds have an equity composed by contributions from individuals and legal entities, which are managed and invested by a corporation in securities and goods in accordance with the law and on account and risk of contributors, and which quotas are not redeemable. B) INTERNAL INVESTMENT FUND REGULATIONS The Internal Fund Regulations establish the general and specific guidelines that regulate every investment fund, setting forth the necessary safeguards to ensure that the fund manager will manage each fund solely in the best interests of its contributors. Under Law 18,815, investment funds may be of two types: A) PUBLIC INVESTMENT FUNDS Funds managed by an exclusive line-of-business corporation regulated by the Superintendencia de Valores y Seguros (SVS). The quotas in these funds are publicly-offering of securities recorded in the SVS Security Register and the Stock Exchanges. C) ORDINARY AND EXTRAORDINARY MEETINGS Both kinds of meetings are designed to discuss the issues that may affect the interests of the investment fund contributors and agree on the investment fund operation conditions. Thus, these meetings are responsible for approving the financial statements for the funds and modifications to their internal regulations, or capital increases and reductions, among other matters. B) PRIVATE INVESTMENT FUNDS Funds that are not subject to the SVS regulation, may not have more than 49 contributors or trade their securities publicly, and are solely regulated by their internal regulations and the current rules specifically applicable thereto. This type of investment fund may be managed both by exclusive line-of-business corporations regulated by the SVS and close-ended corporations. D) SURVEILLANCE COMMITTEE The Investment Fund Law requires establishing a Surveillance Committee for the public investment funds, which must ensure the compliance of the internal fund regulations and protect the interests of contributors. Law and regulation A) LAWS AND REGULATING AUTHORITIES The public investment funds in Chile are regulated by the SVS mainly through: Law 18,815 and its Regulations. Law 18,045 of the Stock Market. SVS regulations.
14 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 13 Classification of investment funds in Chile In 2007, ACAFI prepared a detailed classification of the different classes of investment funds in Chile. The new categories were designed to divide the investment funds into different types and sub types in accordance with the investment policy outlined in their internal regulations. The classifications are as follows: I. MOVABLE FUNDS I.1. Fixed-Income Funds: Investment funds which investment policy, included in their internal regulations, states that they are mainly designed to invest in fixedincome instruments from local and foreign issuers. I.1.2. Foreign Fixed-Income Funds: Funds which investment policy states that they are mainly designed to invest in fixed-income instruments from foreign issuers. I.1.1. Local Fixed-Income Funds: Funds which investment policy states that they are mainly designed to invest in fixed-income instruments from local issuers. I.1.3. Mixed Fixed-Income Funds: Funds which investment policy states that they are mainly designed to invest in fixed-income instruments from local and foreign issuers (a mix of the above).
15 14 ANUARIO 2009 I.2. Equity Funds: Investment funds which investment policy, included in their internal regulations, states that they are mainly designed to invest in local or foreign issuers stocks. I.2.1. Local Stocks: Funds which investment policy states that they are mainly designed to invest in local issuers stocks. II.1. Rental Funds: Funds which investment policy states that they are mainly designed to invest in real property built or to be built for lease. II.2. Development Funds: Funds which investment policy states that they are mainly designed to invest in the development and construction of real property projects for sale. I.2.2. Foreign Stocks: Funds which investment policy states that they are mainly designed to invest in foreign issuers stocks. II.3. Appreciation Funds: Funds which investment policy states that they are mainly designed to invest in real estate to obtain future profits on appreciation. I.2.3. Mixed: Funds which investment policy states that they are mainly designed to invest in local and foreign issuers stocks (a mix of the above). II.4. Mixed Funds: Funds which investment policy states that they are mainly designed to invest in a mix of the above. I.3 Absolute Return Funds: Funds which investment policy states that they are mainly designed to obtain a target return scarcely related with the market and within an expected volatility range, through the investment in fixed-income instruments, stocks and derivatives. I.3.1 Local Absolute Return Funds: Funds which investment policy states that they are mainly designed to obtain a target return scarcely related with the local market and within an expected volatility range, through the investment in local fixed-income instruments, stocks and derivatives. III. PRIVATE CAPITAL FUNDS Investment funds which investment policy, included in their internal regulations, states that they are mainly designed to take shareholdings in closeended companies to fund their growth. III.1. Venture Capital Funds: Funds which investment policy states that they are mainly designed to invest in companies since their creation. III.2. Development Capital Funds: Funds which investment policy states that they are mainly designed to invest in already launched companies. I.3.2 Foreign Absolute Return Funds: Funds which investment policy states that they are mainly designed to obtain a target return scarcely related with the market and within an expected volatility range, mainly through investment in foreign fixed-income instruments, stocks and derivatives. II. REAL ESTATE FUNDS Investment funds which investment policy, included in their internal regulations, state that they are mainly designed to invest in the real estate sector. III.3. Buyout Funds: Funds which investment policy states that they are mainly designed to invest in already consolidated companies, including the purchase of all consolidated companies. III.4. Mixed Funds: Funds which investment policy states that they are mainly designed to invest in any mix of the above.
17 16 ANUARIO 2009 IV. OTHER FUNDS IV.1. Infrastructure: Funds which investment policy states that they are mainly designed to invest in the development of infrastructure, such as roads, ports, airports, jails, etc. IV.2. Fund of Funds: Funds which investment policy states that they are mainly designed to invest in other Funds quotas. These instruments also establish an option mechanism that, under certain conditions, allows private investors to increase their Fund share interest. As per CORFO, 25 private capital funds were supported by the program as of March 2010, which results in US$517 million of assets managed by 22 fund managers, US$334 million of which are amounts approved by CORFO and US$$183 million correspond to private contributions. IV.3. Energy and Natural Resources: Funds which investment policy states that they are mainly designed to invest in the energy and natural resources sector. IV.4. Special Situations: Funds which investment policy states that they are mainly designed to invest in some special, not previously described situations. CORFO Private Capital Promotion Program The Chilean Economic Development Agency (CORFO) is the Chilean state agency that promotes the development of new business for renewal and diversification of growth opportunities. For private capital and entrepreneurship, CORFO has Support Lines consisting in competitive credits and matching funds the investment funds may apply for. This policy has been critical in the development of private capital in the country, as several investment funds have used these contributions to invest in different projects, thus driving the entrepreneurial initiatives that have come through on the market. CORFO programs operate as long-term lines of credit or direct fund capital contributions through the purchase of the minority percents of share interests (up to 40%).
19 18 ANUARIO 2009 The Industry in Figures Total assets managed by the public investment fund industry Assets managed by public investment funds in Chile as of December 2009 amounted to US$6,442 million, representing a 166% increase as compared with the amount of US$2,422 million reached in December The increased assets have remain constant most of the time, with an annual average growth of 21.6%, in spite of the decrease in the period December December 2008, mainly explained by the asset price reduction during the global market financial crisis. Total managed assets (US$ Million / period) Source: ACAFI, based on available public information (SVS) Managed assets by type of public investment fund From the total assets managed by the industry in Chile during 2009, 64.9% corresponds to movable funds (fixed income, equity, and absolute return), 22.1% to realestate funds, 3.5% to private capital funds, and 9.5% to other funds. The movable fund evolution (fixed-income, equity, and absolute return) during such period is remarkable, as the assets managed went from US$1,178 million in December 2004 to US$4,180 million in December It is clear that the evolution and further penetration of the Chilean capital market and the better conditions of the different International capital markets were the main reasons for this high growth rate. Within the movable fund category, the equity funds have led the rise, managing assets for US$2,730 million in 2009, three times more than the volume managed as of December For equity funds, the managed asset volume increase includes the increase in the number and average size of the funds. For the fixed-income funds, the managed assets went from US$245 million in 2004 to US$1,095 million late in 2009, showing a 347% increase. Real estate funds also showed a growth, with managed assets going from US$821 million in 2004 to US$1,425 million in In this case, while the number of real estate funds more than duplicated over the year 2004 (from 11 to 24 funds), the managed portfolio did not duplicate, resulting in a reduced average fund size.
20 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 19 The Private Capital funds have remained steadier in terms of growth margins. The assets managed by these funds went from US$154 million in 2004 to US$228 million at the end of last year. The Other Funds category has also shown dynamism, as it more than duplicated the assets managed between December 2004 and December If these funds managed assets for US$269 million five years ago, at the end of last year, they reached US$609 million. Assets by type of investment fund (US$ Million / period) Source: ACAFI, based on available public information (SVS) Fixed Income Equity Absolute Return Real Estate Private Capital Other Funds
21 20 ANUARIO 2009 Total managed assets, by manager and type of fund (US$ Million, December 2009) Fixed Income Funds Equity Funds Absolute Return Funds Real Estate Funds Private Capital Funds Other Funds Total System dec ,1% ,8% 16 0,7% ,9% 154 6,4% ,1% mar ,9% ,6% 15 0,6% ,4% 154 6,5% ,0% ,5% jun ,3% ,8% 20 0,8% ,2% 142 5,9% ,9% ,3% sep ,9% ,3% 22 0,8% ,7% 181 6,6% 270 9,8% ,1% dec ,2% ,9% 35 1,3% ,5% 172 6,2% 276 9,9% ,6% mar ,7% ,7% 28 0,9% ,5% 170 5,3% 288 8,9% ,8% jun ,0% ,8% 45 1,4% ,4% 153 4,8% 307 9,6% ,3% sep ,3% ,9% 108 3,0% ,8% 155 4,3% 315 8,7% ,7% dec ,3% ,0% 146 3,6% ,6% 146 3,6% 315 7,8% ,6% mar ,9% ,5% 191 4,2% ,2% 143 3,1% 324 7,1% ,7% jun ,8% ,4% 227 4,1% ,1% 141 2,5% 339 6,1% ,0% sep ,2% ,5% 262 4,2% ,8% 172 2,8% 602 9,7% ,4% dec ,0% ,9% 299 4,5% ,5% 171 2,6% ,5% ,6% mar ,3% ,3% 354 5,1% ,8% 182 2,6% 676 9,8% ,4% jun ,0% ,1% 361 5,8% ,9% 160 2,6% ,6% ,0% sep ,7% ,0% 303 5,6% ,8% 261 4,8% ,1% ,7% dec ,1% ,6% 222 5,1% ,7% 224 5,2% ,2% ,7% mar ,9% ,2% 221 4,8% ,8% 232 5,0% ,3% ,8% jun ,9% ,8% 294 5,1% ,6% 245 4,3% 540 9,4% ,4% sep ,5% ,4% 293 5,1% ,1% 232 4,0% 572 9,9% ,4% dec ,0% ,4% 355 5,5% ,1% 228 3,5% 609 9,5% ,5% Source: ACAFI based on available public information (SVS) Quarterly Growth Evolution in number of public investment funds The public investment fund industry in Chile is currently represented by a total of 64 (1) funds in operation. In the past years, the number of investment funds has increased significantly, from 39 funds in 2004 to 64 as of December last year. Since 2004, the higher number of funds is mainly due to the increase in movable and real estate funds, which increased by 15 and 13, respectively, between December 2004 and December Within the movable funds, the equity funds showed significant growth, from 8 in 2004 to 19 in The number of private capital funds in operation, however, decreased from 10 in 2004 to 8 in 2009, though the managed asset portfolio increased by near 48%. (1) An investment fund in operation is understood as the fund that, at the presentation date, is in effect and manages an investment portfolio.
23 22 ANUARIO 2009 Number of investment funds in operation Fixed Income Funds Equity Funds Absolute Return Funds Real Estate Funds Private Capital Funds Other Funds Total System Dec ,7% 8 20,5% 1 2,6% 11 28,2% 10 25,6% 6 15,4% 39 Mar ,7% 8 20,5% 1 2,6% 11 28,2% 10 25,6% 6 15,4% 39 0 Jun ,5% 8 20,0% 1 2,5% 12 30,0% 10 25,0% 6 15,0% 40 1 Sep ,5% 9 22,5% 1 2,5% 12 30,0% 9 22,5% 6 15,0% 40 0 Dec ,5% 9 22,5% 1 2,5% 13 32,5% 9 22,5% 5 12,5% 40 0 Mar ,3% 9 22,0% 1 2,4% 14 34,1% 9 22,0% 5 12,2% 41 1 Jun ,8% 11 25,0% 2 4,5% 14 31,8% 8 18,2% 6 13,6% 44 3 Sep ,8% 11 25,0% 2 4,5% 14 31,8% 8 18,2% 6 13,6% 44 0 Dec ,0% 14 28,0% 2 4,0% 17 34,0% 9 18,0% 5 10,0% 50 6 Mar ,8% 15 28,8% 2 3,8% 18 34,6% 9 17,3% 5 9,6% 52 2 Jun ,8% 16 30,8% 2 3,8% 19 36,5% 8 15,4% 4 7,7% 52 0 Sep ,9% 16 31,4% 2 3,9% 19 37,3% 7 13,7% 4 7,8% 51-1 Dec ,0% 18 31,6% 2 3,5% 21 36,8% 7 12,3% 5 8,8% 57 6 Mar ,0% 18 31,6% 2 3,5% 21 36,8% 7 12,3% 5 8,8% 57 0 Jun ,1% 17 30,4% 2 3,6% 21 37,5% 7 12,5% 5 8,9% 56-1 Sep ,2% 17 28,8% 2 3,4% 22 37,3% 7 11,9% 5 8,5% 59 3 Dec ,5% 16 28,1% 2 3,5% 21 36,8% 7 12,3% 5 8,8% 57-2 Mar ,5% 16 28,1% 2 3,5% 21 36,8% 7 12,3% 5 8,8% 57 0 Jun ,7% 19 30,6% 2 3,2% 22 35,5% 8 12,9% 5 8,1% 62 5 Sep ,4% 19 29,7% 2 3,1% 24 37,5% 8 12,5% 5 7,8% 64 2 Dec ,4% 19 29,7% 2 3,1% 24 37,5% 8 12,5% 5 7,8% 64 0 Source: ACAFI, based on available public information (SVS) Quarterly Growth Number of investment funds in operation Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec/07 Mar-08 Jun-08 Sep-/08 Dec/08 Mar-09 Jun-09 Sep-09 Dec-09 Fixed Income Equity Absolute Return Real Estate Private Capital Other Funds Source: ACAFI, based on available public information (SVS)
25 24 ANUARIO 2009 Investment by local economic sector through variable-income instruments The total investment in registered stocks as of December 2009, traded in the Stock Exchange or not, reaches US$1,947 million. The main economic sectors of the investment funds as of December 2009, through shareholding, were: investment and real estate; utilities, food and beverages, showing a constant trend during the period 2004/2009. The foreign investment through registered stocks has increased considerably in the past five years, particularly in 2009, accounting for 33% of the total portfolio of registered stocks. Investment by local economic sector (December 2009) 3,4% 2,9% 3,8% 4,3% 4,3% 28,7% 4,6% 5,1% 6,3% 7,1% 10,5% 10,1% 9,0% Investment and Real Estate Diverse Products Construction Fishing Utilities Trade and Distribution Mining Others Food and Beverages Chemicals Finance and Insurance Sundry Services Metalmechanics Source: ACAFI, based on available public information (SVS) and Bolsa de Comercio de Santiago classification
26 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 25 Investment by economic sector through variable-income instruments (US$ Million / period) 2005 (1) (2) Registered stocks Share by sector Registered stocks Share by sector Registered stocks Share by sector Registered stocks Share by sector Registered stocks Share by sector National Registered Stocks: ,0% ,0% ,0% ,0% % Agriculture and livestock and forest 16 1,6% 20 1,2% 19 0,8% 7 0,6% 1 0,1% Food and beverages ,0% 158 9,7% 217 9,3% ,5% ,1% Trade and distribution 95 9,7% 154 9,4% 199 8,5% 80 7,2% 122 6,3% Construction 68 6,9% 82 5,0% 92 3,9% 46 4,2% 84 4,3% Finance and insurance 45 4,6% 47 2,9% 79 3,4% 32 2,9% 74 3,8% Industry 0 0,0% 12 0,8% 25 1,1% 21 1,9% 52 2,7% Investment and real estate ,6% ,9% ,0% ,4% ,7% Maritime and shipping industry 9 0,9% 5 0,3% 21 0,9% 9 0,9% 12 0,6% Metalmechanics 34 3,4% 71 4,4% 87 3,7% 48 4,3% 89 4,6% Mining 54 5,5% 77 4,7% 94 4,0% 37 3,4% 84 4,3% Fishing 30 3,1% 45 2,8% 87 3,7% 39 3,5% 56 2,9% Diverse products 73 7,4% 112 6,9% 172 7,4% 94 8,5% 138 7,1% Chemicals 58 5,9% 81 5,0% 113 4,8% 47 4,3% 99 5,1% Utilities ,8% ,6% ,0% ,0% ,5% Sundry services 16 1,6% 86 5,3% 200 8,5% 93 8,4% 175 9,0% Textiles and clothing 0 0,0% 0 0,0% 0 0,0% 0 0,0% 0 0,0% Other 0 0,0% 0 0,0% 1 0,0% 1 0,1% 0 0,0% Foreign registered stocks 2 100,0% ,0% ,0% ,0% ,0% National and foreign registered stocks ,8% ,5% ,7% ,8% ,8% Unregistered stocks ,5% ,5% ,4% ,4% ,5% Acciones S.A. Inmobiliarias y Concesionaria ,5% ,5% ,6% ,6% ,5% Acciones No Registradas S.A. Inmob. y Concesionarias ,2% ,5% ,3% ,2% ,2% Total investment in stocks ,0% ,0% ,0% ,0% ,0% (1) Includes a lower investment value for MMUS$1 (2) Includes foreign portfolio contained in Other variable-income securities - foreign issuers - for MMUS$26 Source: ACAFI. Own preparation based on SVS information as per the Bolsa de Comercio de Santiago classification by sector
27 26 ANUARIO 2009 US$ 275 million invested in Real Estate Over 110 properties More than 430 tenants Creating value, building tr ust INDUSTRIAL FACILITIES RETAIL OFFICE BUILDINGS ASSISTED LIVING w w w. c i m e n t a. c l
28 ACAFI ASOCIACIÓN CHILENA ADMINISTRADORAS DE FONDOS DE INVERSIÓN 27 Managed assets by manager Twenty-one (1) public investment fund managers operated assets for US$6,442 million in Chile as of December In terms of managed volume, the largest fund managers are Moneda and Celfin Capital, which manage over 56.7% of the industry as a whole. Managed assets by manager (December 2009) Otros (3) 6,2% Bice 1,4% Banchile 3,5% Compass Group 3,8% Cimenta 4,1% Independencia 5,1% Moneda (2) 32,9% Las Américas 5,3% Santander 6,7% LarraínVial 7,0% Celfin Capital 23,8% (1) A fund manager is the one that, in spite of belonging to the same business group, has a different taxpayer ID number (RUT) (2) Moneda includes: Moneda, Proa, Toesca, and Chiletech (3) Includes: Foresta, CMB-Prime, MBI, Security, BCI, Fischer y Zabala, Econsult, and Toronto Trust Source: ACAFI, based on available public information (SVS)
29 28 ANUARIO 2009 Managed assets by manager (US$ Million, December 2009) MONEDA (1) CELFIN CAPITAL LARRAIN VIAL SANTANDER LAS AMERICAS INDEPENDENCIA CIMENTA COMPASS GROUP BANCHILE MBI FORESTA BICE CMB-PRIME SECURITY BCI FISCHER & ZABALA ECONSULT TORONTO TRUST (1) Moneda includes: Moneda, Proa, Toesca, and Chiletech Source: ACAFI, based on available public information (SVS)
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