Recent trends in the Investment Fund s Industry

Transcription

1 Recent trends in the Investment Fund s Industry A. European Investment Funds Market November 2014 The combined assets of the Investment Fund market in Europe, i.e. the market for UCITS and non-ucits, increased by 1.5 percent in November 2014 to stand at EUR 11,196.9 billion 1. This represents a 14.6 percent increase since the beginning of the year. Total net assets of UCITS Funds stood at EUR 8,022.4 billion at the end of November 2014, representing a 1.5 percent increase since end October 2014 and 15.7 percent more than at the end of Total net assets of non-ucits Funds enjoyed an increase of 1.4 percent in November to stand at EUR 3,174.6 billion at month end. Since the beginning of the year, the assets of these Funds increased by 12.0 percent. In November 2014, European Investment Funds recorded positive net sales of EUR 43.3 billion (EUR 26.9 billion related to UCITS Funds and EUR 16.4 billion to non-ucits Funds). In 2014, there has been a net inflow to European Investment Funds amounting to EUR billion (EUR billion related to UCITS Funds and EUR billion to non-ucits Funds). Total Net Assets Total Net Assets Total Net Sales Growth (November 2014) (December 2013) (EUR billion) 2014 Total EUR billion % Total EUR billion % Total (%) Nov Luxembourg 3, % 2, % 17.9% Ireland 1, % 1, % 21.3% France 1, % 1, % 6.0% Germany 1, % 1, % 12.0% UK 1, % 1, % 14.7% Italy % % 21.3% Spain % % 23.8% Portugal % % -5.4% Greece % % 10.6% TOTAL 11, % 9, % 14.6% Luxembourgish Funds hold the largest share of European Investment Funds industry, with total net assets standing at EUR 3,083.4 billion, which represents 27.5 percent of the total. Luxembourg and Germany recorded the highest net sales, in November 2014, with EUR 20.3 billion and EUR 9.6 billion, respectively. 1 Source: EFAMA. Includes UCITS and non-ucits Funds (including Real Estate Funds).

2 On the opposite, Ireland stands out with net outflows in November amounting to EUR 1.0 billion. B. Portuguese Mutual Funds Market January On January 31, 2015, total net assets of Portuguese Mutual Funds stood at EUR 11,613.3 million, which reflects an increase of 0.8 percent when compared with the previous month. Over the past 12 months, total net assets decreased by 8.7 percent. In January 2015, Portuguese Mutual Funds recorded subscriptions of EUR million, while redemptions amounted to EUR million, which means a monthly net outflow of EUR 28.6 million. During the month there was no new Fund s launch or liquidation. Therefore, the number of active Mutual Funds remained stable at 204. January 2015 December 2014 January 2014 Total Net Assets (EUR million) 11, , ,713.6 Change (%)* - 0.8% -8.7% Number of Funds * - Change between January 2015 and the month in question. January 2015 Since January 2014 Subscriptions (EUR million)* ,277.0 Outflow (EUR million)* ,533.0 Redemptions (EUR million) ,899.5 Funds Liquidation (EUR million) Cross-border mergers (EUR million) Net Sales (EUR million*) ,256.0 * - In January 2015 were not included the values of subscriptions and redemptions of the Funds managed by MNF Gestão de since they are not available yet. 2 Figures do not include information about two Management Companies. The management companies considered represented 99.46% of the total Portuguese Mutual Funds assets at end December 2014 (Source: CMVM).

3 Management Companies In January 2015, Caixagest was the Management Company with the largest market share, with total net assets standing at EUR 3,721.3 million, which represents 32.0 percent of the total. BPI Gestão de ranks second, with total net assets of EUR 1,924.1 million and a market share of 16.6 percent and Santander Asset Management ranks third, with EUR 1,705.2 million of assets under management and a market share of 14.7 percent. Invest Gestão de was the Management Company that registered the highest percentage growth, with an 8.0 percent increase over the previous month (EUR 0.9 million). The largest growth in total net assets belonged to Caixagest that increased EUR 58.5 million (1.6 percent). Management Company January 2015 December 2014 Monthly Change Million Share Million Share (%) Caixagest 3, % 3, % 1.6% BPI Gestão de 1, % 1, % 0.8% Santander Asset Management 1, % 1, % 2.1% Millennium BCP Gestão de 1, % 1, % 2.4% GNB - SGFIM % % -5.5% Banif Gestão de % % -0.9% Crédito Agrícola Gest % % 5.5% Montepio Gestão de % % -5.8% BBVA Gest % % -0.3% Popular Gestão de % % 2.0% Barclays Wealth Managers Portugal % % 0.1% Dunas Capital - Gestão de % % -4.5% MNF Gestão de % % 0.2% MCO % % -0.4% Invest Gestão de % % 8.0% Patris Gestão de % % -2.6% Total 11, , % Caixagest was the Management Company that recorded the highest net sales in January 2015, with EUR 35.2 million, followed by Crédito Agrícola Gest, with EUR 18.5 million, and Santander Asset Management, with EUR 17.0 million.

4 Management Company Net Sales in January 2015 (EUR Million) Caixagest 35.2 Crédito Agrícola Gest 18.5 Santander Asset Management 17.0 Millennium BCP Gestão de 16.6 Popular Gestão de 1.0 Invest Gestão de 0.1 MNF Gestão de Patris Gestão de -0.3 Barclays Wealth Managers Portugal -0.3 BBVA Gest -0.6 Banif Gestão de -5.3 Dunas Capital - Gestão de -5.4 BPI Gestão de Montepio Gestão de GNB - SGFIM n.a. Total Categories of Funds Euro Floating Rate Bond Funds are the largest category of Funds with the EUR 1,324.1 million of assets under management. Euro Money Market Funds ranks second, with EUR 1,316.8 million, followed by Defensive Multi-Assets Funds with 1,155.7 million.

5 Other International Equity Funds registered the highest growth with an 8.8 percent increase over the previous month (EUR 20.1 million), while the largest growth in total net assets belonged to Defensive Multi-Assets Funds that increased EUR 82.5 million (7.7 percent). January 2015 December 2014 Change Year-todate Million Share Million Share (%) Euro Floating Rate Bond Funds 1, % 1, % 1.9% Euro Money Market Funds 1, % 1, % 1.5% Defensive Multi-Assets Funds 1, % 1, % 7.7% PPR Funds % % 2.3% Euro Short Term Funds % % -3.6% Flexible Funds % % -4.1% Money Market AIF % % -1.2% Other AIF % % -0.1% Short Term AIF % % -4.9% Euro Bond Funds % % 2.9% Bond AIF % % -0.8% Short Term Money Market AIF % % -7.3% Guaranteed Funds % % -0.3% E.U., Switzerland and Norway Equity Funds % % 3.0% Other International Equity Funds % % 8.8% Domestic Equity Funds % % 4.1% Balanced Multi-Assets Funds % % 5.7% Structured Funds % % 0.4% North America Equity Funds % % 8.3% Agressive Multi-Assets Funds % % 3.3% Sector Equity Funds % % 3.6% Other Funds % % -11.5% Absolute Return AIF % % 1.0% International Bond Funds % % 1.8% Flexible AIF % % -2.4% PPA Funds % % 0.9% Multi-Assets AIF % % 4.5% Equity AIF % % -0.2% Index Funds % % 7.2% Total 11, , % Notes: Series adjusted due to the change of some funds classification. PPR Funds Retirement Saving Funds; PPA Funds Equity Saving Funds; AIF Alternative Investment Funds.

6 Defensive Multi-Assets Funds was the category of Funds that attracted most new money in January, registering EUR 66.2 million in net sales. Euro Floating Rate Bond Funds recorded a monthly inflow of EUR 20.0 million and net sales of Euro Money Market Funds totaled EUR 18.9 million. Net Sales in January 2015 (EUR Million) Defensive Multi-Assets Funds 66.2 Euro Floating Rate Bond Funds 20.0 Euro Money Market Funds 18.9 Euro Bond Funds 10.6 PPR Funds 9.1 North America Equity Funds 6.9 Other International Equity Funds 6.6 Balanced Multi-Assets Funds 6.4 International Bond Funds 0.0 Index Funds 0.0 Structured Funds 0.0 Multi-Assets AIF 0.0 Equity AIF -0.2 Sector Equity Funds -0.3 Aggressive Multi-Assets Funds -0.4 Absolute Return AIF -0.6 PPA Funds -0.6 Flexible AIF -0.9 Other AIF -2.0 Guaranteed Funds -2.2 Domestic Equity Funds -2.7 Bond AIF -3.5 Other Funds -6.5 E.U., Switzerland and Norway Equity Funds -6.6 Money Market AIF -9.1 Short Term AIF Euro Short Term Funds Short Term Money Market AIF Flexible Funds Total Note: Series adjusted due to the change of some funds classification. * - In January 2015 were not included the values of subscriptions and redemptions of the Funds managed by MNF Gestão de since they are not available yet.

7 Fund s performance during the 12 month period ending on January 31, Categories with the largest assets under management on January 31, 2015: Euro Floating Rate Bond Funds Euro Money Market Funds Defensive Multi- Assets Funds management 4 1, % 1, % 1, % Average Management 5 Funds6 Return Company Crédito Agrícola CA Rendimento Gest management 7 Annuali. Return 8 Risk Class % 2 Caixagest Obrigações Caixagest % 2 CA Monetário Crédito Agrícola Gest % 1 Caixagest Liquidez Caixagest % 1 Montepio Multi Gestão Prudente Montepio Gestão de % 3 Caixagest Selecção Global Caixagest % 3 Categories with the highest average return 5 : North America Equity Funds Other International Equity Funds Aggressive Multi- Assets Funds management % % % Average Management 5 Funds6 Return Company BPI América BPI Gestão de Millennium Acções América Millennium BCP Gestão de BPI África BPI Gestão de Millennium Global Equities Millennium BCP Selection Gestão de Multi Gestão Mercados Montepio Gestão Emergentes Montepio Multi Gestão Dinâmica de Montepio Gestão de management 7 Annuali. Return 8 Risk Class % % % % % % 5 Funds with the highest return 8 : Funds Management Company management 7 Annuali. Return 8 BPI América North America Equity Funds BPI Gestão de % 5 Millennium Acções América North America Equity Funds Millennium BCP Gestão de Risk Class % 5 The yields published represent past data, and do not constitute a guarantee of future returns, since the value of the units may increase or decrease in accordance with the level of risk, which varies between 1 (minimum risk) and 7 (maximum risk). 3 - Closed-ended Mutual Funds are not considered in this analysis. 4 - management by all the Funds of the Category, in EUR million. 5 - Average return weighted by the total net assets of each Fund in the previous month. 6 - Funds with the highest return within each category. 7 - management by the Fund, in EUR million. 8 - Annualized Return of the last 12 months. 9 - Class Risk in the last 12 months (Based on the registered volatilities and in accordance with the following classes: 1 0% a 0,5%; 2 0,5% a 2%; 3 2% a 5%; 4 5% a 10%; 5 10% a 15%; 6 15% a 25% e 7 Greater than 25%).