Statistical Information on Mutual Funds
Banco de Portugal
Supplement to the Statistical Bulletin
December 1999
STATISTICAL INFORMATION ON MUTUAL FUNDS
1. INTRODUCTION ................................................................................................
3
2. ANALYSIS OF THE STATISTICAL INFORMATION ON MUTUAL
FUNDS .................................................................................................................. 4
2.1 Trend of the number of funds and of the total net values ........................ 4
2.2 Relevance of the different types of Mutual Funds .................................... 5
2.3 Trend of the investments by country of the issuer and currency of ........
denomination ................................................................................................ 7
2.4 Trend of the investments by institutional sector ....................................... 8
2.5 Trend of the investments by financial instrument .................................... 10
2.6 Trend of the investments by original maturity and financial
instrument ..................................................................................................... 11
3. METHODOLOGICAL NOTES ...........................................................................
3.1 Mutual Funds sector ....................................................................................
3.2 Information sources .....................................................................................
3.3 Classification of Mutual Funds ..................................................................
3.4 Characterisation of the information ..........................................................
3.4.1 Definition of the institutional sub-sectors covered .......................
3.4.2 Definition of the financial instruments ...........................................
3.5 Correspondence between series .................................................................
3.5.1 Correspondence between statistical and accounting series .........
3.5.2 Correspondence between statistical series and items of ................
Regulation nº 7/98 of the Securities Market Commission .............
3.6 Organisation of the Statistical Data ............................................................
12
12
12
12
13
13
15
17
17
24
25
STATISTICAL DATA ............................................................................................. 27
Statistics Department
Number 2 / 99
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
1
Statistical Information on Mutual Funds
STATISTICAL INFORMATION
ON MUTUAL FUNDS1
1. INTRODUCTION
Mutual Funds (*) are entities through which savers,
taking into account their risk profile, invest
indirectly in the financial markets. Units of
Participation are investment alternatives vis-à-vis
both traditional products and direct investment in
the capital market.
In Portugal, the first register available on the setting up of Mutual Funds dates from June 1964.
However, after the nationalisation of the banking
sector, all activities related with these Funds were
discontinued, and the respective units were
converted into public debt. Activities with Mutual
Funds were resumed in 1986.
In this document, the analysis of the trend of
Mutual Funds stocks is carried out by large
aggregates since July 1997. However, statistical
information is available since June 1986 for the
series of the following tables:
·
Balance sheet of Mutual Funds / Net values broken down by type of fund;
·
1
(*)
Composition of the investment portfolio of
Mutual Funds / Amounts invested by Mutual
Funds broken down by financial instrument
and sect.
We would like to thank the Securities Market Commission
for the valuable cooperation, without which this work
would not have been possible.
Mutual Funds do not include Real-estate based Funds.
The sources for this information are the Banco de
Portugal, up to June 1995 inclusive, and the
Securties Market Commission, as from December
1995.
In order to build up the series for the period from
1986 to 1996, it was necessary to establish a
correspondence between the accounting information of the Mutual Funds and the statistical series.
There were however, some methodological
differences associated with different data
reporting.
In the period from December 1995 to December 1996,
aggregate information was made available by the
Securities Market Commission. As of 1997, information by fund and by investment has been sent by the
Securities Market Commission to the Statistics
Department of the Banco de Portugal 2 . At the
internal level, the information is aggregated for
each month and classified by statistical type:
institutional sector and country of the issuer, type
of security, currency and original maturity of the
issue.
2
The information by fund is sent in file format and
containsthe detailed composition of the investments, in
compliance with the provisions laid down in: Regulation
no. 7/98 – Release of information by Mutual Funds, of the
Securities Market Commission, of 4 June 1998 (revokes
Regulation no. 2/95 of the Securities Market Commission, of 8 May 1995); Instruction no. 03/98 – Monthly reporting of the detailed composition of the investment portfolio of Mutual Funds, of the Securities Market Commission, of 4 June 1998 (revoking Instruction no. 3/97 of the
Securities Market Commission, of 28 August 1997).
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
3
Statistical Information on Mutual Funds
2. ANALYSIS OF THE STATISTICAL
INFORMATION ON MUTUAL FUNDS
2.1 Trend of the number of funds and of the total
net values
In statistical terms, the information on Mutual Funds
was started in June 1986 3 . At the end of 1989 there
were 24 Mutual Funds in operation. Throughout this
period, stress should be laid on two factors: the stock
exchange crash in October 1987, which may account
for the growth rate of –18 per cent in December 1988,
and the pick-up in the capital market in 1989, which
was reflected in a high growth of the net values in
December 1989 (see Table 1).
In 1990 and 1991, the number of funds increased
significantly (27 and 31 new funds, respectively),
which is behind the growth rates of 94 and 127 per
cent in net values.
In the following years (except 1995) net values
continued to register high growth rates (albeit
more moderate), which in some cases can be associated with the positive trend of the capital market. In addition to the price effect, directly affecting the increase of the values invested 4 mention
should be made of the impact on the quantities
which is reflected both on the emergence of new
funds and on new investments in funds already in
force.
Table 1
TREND OF THE NUMBER OF FUNDS AND NET VALUES
Amount: EUR 10 6
Net Values
Amount
Number of funds
Year-on-year
rate of change
Dec-86
1
51
n.a.
Dec-87
5
251
387.4
Dec-88
7
205
-18.3
Dec-89
24
1003
389.3
Dec-90
51
1950
94.4
Dec-91
82
4426
127.0
Dec-92
98
5854
32.3
Dec-93
109
8346
42.6
Dec-94
125
10350
24.0
Dec-95
150
10639
2.8
Dec-96
182
13208
24.1
Dec-97
204
19615
48.5
Dec-98
246
23955
22.1
Source: Series in Table A.1
3
Two Mutual Funds were established in the 60s: FIA - Fundo
de Investimento Atlântico, (June 1964) and FIDES – Fundo
de Investimentos para o Desenvolvimento Económico e Social,
(May 1965). However, it was not possible to compile
statistical information on these Funds. By way of example, it should be mentioned that the total assets and other
types of savings in both funds amounted to 2.3 million
euro in 1966 (Source: ”Nota sobre fundos de investimentos
mobiliários em Portugal” (Note on Mutual Funds in Portugal), in Revista Bancária, October - December 1968, Year
IV, No. 14).
4
4
For the purpose, it should be taken into account that the
net values correspond to the amounts invested by the
funds plus sundry assets, less sundry liabilities. Sundry
assets may include, e.g., the values generated by settlement
operations from the sale of securities and receivables, such
as interest. Sundry liabilities include, e.g., values generated by settlement operations from the acquisition of securities and amounts payable, such as interest to be paid
on loans obtained, fees to be paid to the Management Commission and to the Depository Bank and taxes to be settled.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
From the point of view of the investment risk/return potential, “Fundos de Tesouraria” are, amongst
all other funds, those involving less risk and higher
liquidity 6. Bond Funds may be an alternative to
investments in debt securities (chiefly public debt).
Equity-based Funds, in turn, are those with a higher
risk/return potential, and are an alternative to the
direct investment in shares. From amongst the reasons behind the preference for investments in Mutual Funds, stress should be laid on the following:
(i) the higher liquidity (for a similar degree of risk)
that this type of investment may provide vis-à-vis
the direct investment in the capital market; (ii) the
possibility of risk diversification, by investing relatively low amounts, and also (iii) the fact that recent
history has revealed the high profitability of these
funds as against the generalised decrease of the interest rates.
2.2 Relevance of the different types of Mutual
Funds
In their generally disseminated classification, Mutual Funds are classified in compliance with the risk
level that investors are willing to take. The definition of the different types of funds was made by the
Portuguese Association of Wealth and Investment
Fund Managing Companies (Portuguese acronym:
APFIN), based on special applicable legislation,
where appropriate. The Funds are 5:
·
·
·
·
Equity-based Funds (Portuguese acronym: FA)
Bond Funds (Portuguese acronym: FO)
“Fundos de Tesouraria” (Portuguese acronym:
FT)
Money Market Funds (Portuguese acronym:
FMM)
Retirement Savings Funds (Portuguese acronym: FPR)
Share Savings Funds (Portuguese acronym:
FPA)
Funds of Funds (Portuguese acronym: FF)
·
Mixed Funds (Portuguese acronym: FM)
·
·
·
Up to 1996, Mutual Funds 7 were chiefly composed
by “Fundos de Tesouraria” and Bond Funds. In the
most recent years, the number of Equity-based Funds
and Funds of Funds has been increasing, and has
exceeded the number of “Fundos de Tesouraria” as
from 1997 (see Table 2).
Table 2
NUMBER OF FUNDS BY TYPE OF FUND
TOTAL
FA
FO
FT
FPR
FPA
FF
FM
Dec-86
1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-87
5
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-88
7
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-89
24
2
7
7
1
0
0
7
Dec-90
51
2
18
18
2
0
0
11
Dec-91
82
6
28
28
6
0
0
14
Dec-92
98
7
37
34
6
0
0
14
Dec-93
109
14
44
34
6
0
0
11
Dec-94
125
21
54
32
6
0
0
12
Dec-95
150
29
49
37
6
13
8
8
Dec-96
182
32
54
41
8
13
31
3
Dec-97
204
39
57
38
8
16
41
5
Dec-98
246
57
61
38
8
15
49
18
Source: Banco de Portugal and Securities Market Commission.
5
The specifications of each type of Fund are described in
point 3.3 – Classification of the Mutual Funds.
6
With the setting up of Money Market Funds in August
1999 investment in these funds can be considered as real
alternatives to bank deposits. However, until now, there
are no funds of this type.
7
It should be noted that Mutual Funds could only be
classified in compliance with the mentioned categories
after December 1989.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
5
Statistical Information on Mutual Funds
Chart 1
Chart 2
NET VALUES STRUCTURE
NET VALUES STRUCTURE
(Dec 90)
(Dec 98)
Mixed Funds
(6%)
Equity-based Funds
(5%)
Bond Funds
(34%)
Funds of Funds
(17%)
Mixed Funds
(8%)
Equity-based Funds
(12%)
Share
Savings
Funds
(2%)
Retirement
Savings Funds
(4%)
Fundos de
Tesouraria
(55%)
Source: Series in Table 3
Bond Funds
(32%)
Fundos de Tesouraria
(25%)
Source: Series in Table 3
The net values of Equity-based Funds have
been increasing at high rates since 1993, with
emphasis on 1993, 1996 and 1997, the years in
which the Stock Exchange recorded a very
positive trend.
Bond Funds and “Fundos de Tesouraria” are the
most important funds, in terms of net values
held, although they have been loosing weight,
in relative terms (See Charts 1 and 2).
Throughout the most recent period, there has
been some diversification into other types of
funds, stress being laid on the weight, in net
value terms, of Equity-based Funds, Funds of
Funds and Mixed Funds.
Retirement Savings Funds and Share Savings
Funds have also recorded very high year-onyear growth rates, in net value terms, although
these Funds still have a reduced weight.
Table 3
DISTRIBUTION OF NET VALUES BY TYPE OF FUND
Amount: EUR 10 6
TOTAL
Amount
Amount
FA
Year-on-year
rate of change
Year-on-year
rate of change
FO
%(1)
Year-on-year
rate of change
FT
%(1)
Year-on-year
rate of change
%(1)
Dec-86
51
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-87
251
387.4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-88
205
-18.3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-89
1003
389.3
n.a.
9,3
n.a.
32.8
n.a.
41.3
Dec-90
1950
94.4
5.4
5,0
103.6
34.4
158.7
54.9
Dec-91
4426
127.0
-1.7
2,2
281.3
57.7
53.7
37.2
Dec-92
5854
32.3
-2.1
1.6
60.4
70.0
-4.3
26.9
Dec-93
8346
42.6
117.4
2.5
50.7
74.0
8.6
20.5
Dec-94
10350
24.0
10.8
2.2
16.5
69.5
54.3
25.5
Dec-95
10639
2.8
49.9
3.2
-27.9
48.7
60.9
39.9
Dec-96
13208
24.1
109.1
5.4
35.1
53.0
-6.4
30.1
Dec-97
19615
48.5
178.6
10.1
8.0
38.6
21.7
24.7
Dec-98
23955
22.1
39.5
11.6
1.2
32.0
23.3
24.9
(1)
Percentage of the total net values of the funds
Source: Series in table A.1.
6
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
Table 3 (continued)
DISTRIBUTION OF NET VALUES BY TYPE OF FUND
Amount: EUR 10 6
Total
FPR
Year-onyear rate
of change
Amount
Year-onyear rate
of change
FPA
Year-onyear rate
of change
%(1)
FF
FM
%(1)
Year-onyear rate
of change
%(1)
Year-onyear rate
of change
%(1)
Dec-86
51
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-87
251
387.4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-88
205
-18.3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Dec-89
1003
389.3
—
0.0
—
0.0
—
0.0
n.a.
16.7
Dec-90
1950
94.4
—
0.1
—
0.0
—
0.0
-34.1
5.6
Dec-91
4426
127.0
475.1
0.1
—
0.0
—
0.0
11.7
2.8
Dec-92
5854
32.3
210.1
0.3
—
0.0
—
0.0
-43.6
1.2
Dec-93
8346
42.6
226.9
0.7
—
0.0
—
0.0
183.4
2.4
Dec-94
10350
24.0
75.5
1.0
—
0.0
—
0.0
-6.7
1.8
Dec-95
10639
2.8
71.5
1.6
—
0.1
—
6.2
-92.1
0.1
Dec-96
13208
24.1
133.1
3.1
442.1
0.4
55.8
7.8
-21.3
0.1
Dec-97
19615
48.5
88.2
3.9
275.7
1.1
218.8
16.8
8123.6
4.8
Dec-98
23955
22.1
40.0
4.5
78.7
1.6
23.9
17.1
114.0
8.4
(1)
Percentage of the total net values of the funds
Source: Series in table A.1.
2.3 Trend of the investments by country of the issuer and currency of denomination
Table 4
INVESTEMENTS BY COUNTRY
Amount: EUR 10 6
Euro Area countries
Total
Portugal
Non-euro Area countries
Other European
Union countries
Other
Non-European
Union countries
Amount
Year-onyear rate
of change
%(1)
Year-onyear rate
of change
%(1)
Year-onyear rate
of change
%(1)
Year-onyear rate
of change
%(1)
Jun-97
17064
n.a.
80.9
n.a.
10.7
n.a.
3.0
n.a.
5.5
Dec-97
19962
n.a.
80.3
n.a.
10.9
n.a.
2.6
n.a.
6.3
Jun-98
23427
34.1
79.0
40.4
10.9
81.9
3.9
53.8
6.1
Dec-98
24088
16.9
77.8
43.2
12.9
79.1
3.8
5.5
5.5
(1)
Percentage of total investments
Source: Series in table A.2.4
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
7
Statistical Information on Mutual Funds
In December 1998, from amongst investments in noneuro area currencies, those more relevant were in
dollars and pound sterling.
Chart 4
INVESTMENTS BY CURRENCY
100
90
80
70
Percentage
The analysis of the amounts invested by country of
residence of the issuing entities shows that
investments in Portugal achieve approximately 80
per cent (see Table 4). This value has been decreasing,
since the growth rate of these investments is lower
than that recorded for the other countries of the
European Union. The most significant increases were
recorded in investments in Spain, France and the
United Kingdom (with annual growth rates, as at
December 1998, close to 100 per cent). It should be
noted that the strong change recorded in December
1998 for Spain is chiefly accounted for investments
in securities issued by the Central Government of
this country.
60
50
40
30
Investments in non-euro area European Union
countries have registered high growth rates,
accounting for approximately 4 per cent of the
total, and chiefly concentrated in the United
Kingdom (15% of the investments abroad in 1998 –
see Chart 3).
Investments outside the European Union, in 1997,
were mainly concentrated in the U.S.A. and in
Cayman Islands; in 1998, the major countries of
destination of investments were the U.S.A. and
Brazil.
20
10
0
Jun97
Dez
Jun98
Non-Euro Area currencies
Dez
Euro Area currencies
Source: Series in Table A.2.3
2.4 Trend of the investments by institutional sector
Chart 5
Mutual Funds are composed almost exclusively of
assets expressed in currencies of euro area countries
(see Chart 4). Although investments in currencies of
non-euro area countries are almost negligible, there
is an increase in the portfolio segment involving
those currencies.
TREND OF SECTOR WEIGHT
100
90
80
Percentage
70
Chart 3
60
50
40
30
20
INVESTMENTS ABROAD
10
(Dec 98)
0
Germany
Dez92
Dez93
Dez94
Resident Sector
Other
Dez95
Dez96
Dez97
Dez98
Non-resident Sector
Source: Series in Table 5
Spain
Chart 5 shows that the investments of Mutual Funds
in the periods under observation were chiefly
directed towards the resident sector 8. However,
as from 1992, in the wake of the full liberalisation
USA
Brazil
France
United
Lingdom
Italy
Luxembourg
8
Source: Series in Table A.2.4
8
It should be noted that, in December 1995 and 1996, the
amount related to the non-resident sector does not include
notes, coins and deposits, which are fully included in the
resident sector, since its breakdown by sector is not known.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
of portfolio investment abroad, this sector has been
loosing weight in favour of investments abroad.
Over the recent years under analysis, investments
abroad increased at a higher rate than that of investments in the resident sector, as mentioned in point
2.3 - Trend of investments by country of the issuer
and currency of denomination.
Chart 6
TREND OF INVESTMENT STRUCTURE
IN THE MAJOR SUBSECTORS
(RESIDENT SECTOR)
40
35
The development of investments in the resident
sector 9 was significantly influenced by the high
growth of investments in Other Financial
Intermediaries and Financial Auxiliaries Sector
(Portuguese acronym: OIFAF) and Non-Financial
Corporations (Portuguese acronym: SNF) (see
Table 5 and Chart 6).
Percentage
30
25
20
15
10
5
0
Jun97
It should be noted that the OIFAF sector integrates
the units of participation in funds (with a high
growth rate, as mentioned in point 2.2). The growth
of the Non-Financial Corporations sector (SNF) may
be accounted for by the high number of
privatisations that occurred in this sector in 1998.
Dec
CG
MFI
Jun98
SNF
Dec
OIFAF
Source: Series in Table 5
At the end of 1998, there was a very close breakdown
into the four sectors considered (see Table 5).
Table 5
RESIDENT SECTOR – INVESTEMENTS BY SUBSECTORS
Amount: EUR 10 6
Central
Government
(CG)
Total
Monetary Financial
Institutions (MFI)
Year-onyear rate
of change
Jun-97
13799
n.d.
35.1
n.d.
28.8
n.d.
17.2
n.d.
17.7
Dec-97
16021
n.d.
28.7
n.d.
30.3
n.d.
18.2
n.d.
21.8
Jun-98
18507
-7.7
24.2
28.1
27.6
75.9
22.6
86.3
24.5
Dec-98
18734
-2.8
23.8
12.2
29.1
45.5
22.6
25.0
23.3
(1)
%
(1)
Year-onyear rate
of change
Other Financial
Intermediaries and
Financial Auxiliaries
Amount
%
Year-onyear rate
of change
Non Financial
Corporations
(1)
%
Year-onyear rate
of change
(1)
%
(1)
Percentage of total investments
Source: Series in table A.2.1
9
For this analysis, stress is laid on the fact that information
is only available as from 1997.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
9
Statistical Information on Mutual Funds
2.5 Trend of the investments by financial instrument
Chart 7
TREND OF THE INVESTMENT STRUCTURE IN THE MAJOR
SUBSECTORS
(NON-RESIDENT SECTOR)
Chart 8
TREND OF THE WEIGHT OF EACH FINANCIAL
INSTRUMENT IN TOTAL INVESTMENTS
45
40
100
35
80
25
Percentage
Percentage
30
Securities other than shares
20
15
10
5
60
Shares
40
Notes, coins and
deposits
20
0
Dec
Dec98
Dec97
Dec96
Dec95
Dec94
Dec93
Dec92
Dec91
Dec90
Dec89
0
Non-monetary sector - euro area
Non-monetary sector - non-euro area
Dec88
Jun98
Dec87
Dec
Dec86
Jun97
MFI - Euro area
MFI- Non-euro area
Source: Series in Table 7
Source: Series in Table 6
As regards the total of Mutual Funds, there is a
clear preference for investments in securities (see
Chart 8 and Table 7). From December 1986 to
December 1993, securities other than shares
accounted for more than 85% of the investments.
Investments in shares, which in that same period
recorded low values - below 4% every year-end,
except in December 1989, when it reached 6% increased significantly, accounting for 30.8% of
investments in December 1998. Behind this growth
in the last two years may have been the increase of
investments in Equity-based Funds, Funds of Funds
and Mixed Funds. The share of investments in
deposits stands, in general, below 20 per cent.
As regards the non-resident sector, a sharp growth was
seen in 1998, as already mentioned, stress being laid
on the preference for the non-monetary sector
vis-à-vis the monetary sector (see Chart 7 and Table
6). This can be accounted for by the prospective
creation of Monetary Union on 1 January 1999.
Therefore, at the end of 1998, the non-monetary
sector of euro area countries (except Portugal) is
the major sector in terms of amounts invested, and
records (in December 1998) an year-on-year
growth rate of 71 per cent (see Table 6). This
acceleration of the non-monetary sector is
accounted for by the strong increase in investments
in securities issued by the Central Government of
euro area countries.
Table 6
NON-RESIDENT SECTOR – INVESTEMENTS BY SUBSECTORS
Amount: EUR 10 6
Euro Area
Total
MFI
Year-on-
Amount year rate of
change
Non-Euro Area
Non-Monetary
Sector
%
(1)
Year-onyear rate of
change
(1)
%
Non-Monetary
Sector
MFI
Year-onyear rate of
change
(1)
%
Year-onyear rate of
change
(1)
%
Jun-97
3265
n.a.
24.5
n.a.
31.4
n.a.
11.2
n.a.
33.0
Dec-97
3941
n.a.
21.5
n.a.
33.4
n.a.
10.5
n.a.
34.5
Jun-98
4919
17.4
19.1
58.3
33.0
41.1
10.4
71.4
37.5
Dec-98
5354
0.8
16.0
70.5
42.0
32.5
10.2
25.1
31.8
(1)
Percentage of total investments
Source: Series in table A.2.1
10
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
Table 7
INVESTEMENTS BY FINANCIAL INSTRUMENT
Amount: EUR 10 6
Notes, coins
and deposits
Total
Amount
Year-onyear rate
of change
Securities other
than shares10
Year-onyear rate
of change
(1)
%
Shares and other
equity
(1)
%
Year-onyear rate
of change
(1)
%
Dec-86
49
n.a.
15.1
n.a.
84.9
n.a.
n.a.
Dec-87
341
176.5
6.0
673.5
94.0
n.a.
n.a.
Dec-88
224
-15.2
7.7
-35.6
92.3
n.a.
n.a.
Dec-89
964
419.6
9.3
295.0
84.5
n.a.
6.1
Dec-90
1898
121.8
10.5
99.7
85.7
20.6
3.7
Dec-91
4337
155.1
11.7
131.3
86.8
-9.9
1.5
Dec-92
5734
-8.0
8.2
37.6
90.3
36.5
1.5
Dec-93
8269
109.3
11.8
35.5
84.9
209.3
3.3
Dec-94
10199
233.7
32.0
-5.6
64.9
13.9
3.0
Dec-95
10740
0.1
30.4
-0.8
61.2
192.0
8.4
Dec-96
13304
-34.2
16.2
43.6
70.9
90.7
12.9
Dec-97
19962
44.6
15.6
20.8
57.1
217.8
27.3
Dec-98
24088
8.5
14.0
16.7
55.2
35.9
30.8
(1)
Percentage of total investments
Source: Series in table A.2.2
2.6 Trend of the investments by original maturity
and financial instrument
Chart 9
TREND OF THE INVESTMENT WEIGHT BY
INSTRUMENT AND ORIGINAL MATURITY
The analysis of Table 8 confirms the general
preference for assets with longer maturities
50
Percentage
40
30
20
10
0
Jun97
Dec
Dep. up to 1 year
Securities up to 1 year
Shares
Jun98
In the period under analysis, the major investment
was made in securities at over 1 year (Chart 9) 11 . As
regards total deposits held, there is a marked
preference for the short term, which is accounted
for by the objective of holding liquidity associated
with these instruments.
Dec
It should be noted, however, that in the case of
“Fundos de Tesouraria”, given its particular nature,
short-term assets are more relevant (approximately
half of the amounts invested). In turn, the other
Mutual Funds hold above 80 per cent of long-term
assets in their total portfolio, which may be explained
by the fact that these funds are not subject to
minimum holdings of highly liquid assets.
Dep. over 1 year
Securities over 1 year
Source: Series in Table A.2.3
10
For the years 1986, 1987 and 1988, it includes investments
in shares and other equity.
11
In this analysis, stress is laid on the fact that information
is only available as from 1997.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
11
Statistical Information on Mutual Funds
Table 8
INVESTEMENTS BY ORIGINAL MATURITY
Amount Eur 10 6
TOTAL
Amount
Up to 1 year
Year-on-year
rate of change
Over 1 year
%(1)
Year-on-year
rate of change
%(1)
Jun-97
17064
n.a.
29.5
n.a.
70.5
Dec-97
19962
n.a.
26.6
n.a.
73.4
Jun-98
23426
6.1
22.8
50.4
77.2
Dec-98
23992
-2.1
21.6
28.9
78.4
(1)
Percentage in total investments
Source: Series in table A.2.3
establish the correspondence between Mutual Funds
accounting data and statistical series, wherefore
some methodological discrepancies may arise due
to differences in the reporting of data.
3. METHODOLOGICAL NOTES
3.1. The Mutual Funds sector
In Portugal the Mutual Funds sector includes all
undertakings for collective investment in
transferable securities set up and currently governed
by Decree-Law no. 323/99 of 13 August 1999. Mutual
Funds are financial institutions which pool the monetary
resources of several participants, with a view to investing
them in several assets and transferable securities, under
the terms established by law and/or management
regulations, and which constitute common assets,
managed by a specialised company, generally a fund
management company, with the co-operation of one or
more depositories.
In the period from December 1995 to December 1996
aggregate data were disclosed by the Securities
Market Commission. From 1997 onwards, the
Securities Market Commission started to forward
data to the Statistics Department of the Banco de
Portugal on a fund-by-fund and investment-by
-investment basis 12.
Mutual Funds are entities through which savers,
taking into account their risk profile, indirectly
invest in the financial markets. Thus, investments
in Mutual Funds units are considered investment
alternatives to both traditional products and
direct investment in the capital market.
In the most common classification, Mutual Funds are
classified according to the risk level which investors
are willing to accept. The definition of the different
types of funds is made by the Portuguese Association of Wealth and Investment Fund Managing
Companies, based on specific legislation, where
available. Consequently, there are:
3.3. Classification of Mutual Funds
3.2. Information sources
The statistical data disclosed have the following
sources: Banco de Portugal up to June 1995 and
Securities Market Commission from December 1995
onwards.
For the construction of the series covering the
period from 1986 to 1996, it was necessary to
12
12
Data are forwarded on a fund-by-fund basis, in electronic
file, with a breakdown by investment, pursuant to the
provisions laid down in Regulation no. 7/98 of the Securities
Market Commission – Data disclosure by Investment Funds;
Instruction no. 03/98 of the Securities Market Commission –
Monthly sending of the breakdown of the investment
portfolio of Mutual Funds.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
·
Equity-based Funds – targeted at investing
in shares a minimum average value of 2/3
of their portfolio.
·
Bond Funds – invest predominantly (more
than 50 per cent) in Bonds and cannot
invest in shares.
·
“Fundos de Tesouraria” 13 – invest at least 35
per cent of their portfolio in assets with a
high degree of liquidity 14.
·
Money Market Funds 15 – their investment
policy defines a minimum of 85 per cent of
their global net value to be invested in
transferable securities and bank deposits
with a residual maturity of less than 12
months, or in other liquid marketable
debt instruments whose value can be
determined at any time. Since there are
no money-market funds to date, this type
of fund is not considered in this analysis.
·
·
Retirement Savings Funds 16 – included in
retirement-savings schemes and characterised by long-term investments, given that
at least 50 per cent of their portfolio must
be composed of public debt securities
issued with a maturity of over one year.
Share Savings Funds 17 – included in
share-savings schemes and characterised
by the investment of a minimum of 2/3 of
their portfolio in shares and participating
bonds listed on the national market.
13
Funds created by Articles 52 to 54 of Decree-Law no. 276/
94 of 2 November 1994, subsequently revoked by
Decree-Law no. 323/99 of 13 August 1999.
14
These funds cannot be composed of shares, convertible
bonds or any other bonds which are associated with the
possibility of subscription or purchase of shares,
subordinated debt securities or participating bonds.
15
Funds governed by Decree-Law no. 323/99 of 13 August
1999.
16
Funds set up under the terms of Decree-Law no. 205/89
of 27 June 1989.
17
Funds set up under the terms of Decree-Law no. 204/95
of 5 August 1995.
·
Funds of Funds 18 – exclusively composed
of other fund units, although they can keep
the liquid mechanisms required to meet
the normal flow of the redemption of units
of participation. However, they cannot
hold units of participation of Funds of
Funds.
·
Mixed Funds – not included in any of the
aforementioned classifications. For
example, a Fund whose portfolio holds 90
per cent of Bonds and 10 per cent of Shares
is considered a Mixed Fund.
3.4 Characterisation of the information
3.4.1 Definition of the institutional sub-sectors
covered
Where possible, the statistical series presented are
broken down by institutional sectors:
I. Residents
Residents in Portugal are all the entities that meet
the definition of resident institutional unit, i.e. all
institutional units which have a centre of economic
interest on the Portuguese economic territory.
Residents are classified as: Financial Companies,
General Government, and Non-Financial
Corporations.
Financial Companies
The financial sector of the economy includes
the institutions (called financial institutions)
which are entrusted with money creation
capacity and those which, albeit not having
such capacity, are engaged in financial
intermediation activities, by canvassing for
savings and subsequently investing them in
financial assets, as well as providing related
financial and technical services. The
Financial Sector is composed of: Monetary
Financial Institutions and Other Financial
Intermediaries and Financial Auxiliaries.
18
Governed by Articles 55 to 57 of Decree-Law no. 276/94
of 2 November 1994, subsequently revoked by DecreeLaw no. 323/99 of 13 August 1999.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
13
Statistical Information on Mutual Funds
Monetary Financial Institutions
This sector is composed of Resident Credit
Institutions, as defined in Community
Law, as well as of other Resident Financial
Institutions engaged in the acceptance of
deposits and/or close substitutes for
deposits of entities other than Monetary
Financial Institutions and, on their own
account, in the granting of credit and/or
in carrying out investments in securities.
In Portugal this sector is composed of
Banks 19 , Savings Banks and Mutual
Agricultural Credit Banks 20 (a complete
list of the institutions is available on
the Banco de Portugal’s Web site on
www.bportugal.pt).
Other Financial Intermediaries and
Financial Auxiliaries 21
Mutual Funds
Real Estate Investment Funds
Risk Capital Companies
Factoring Companies
Dealers
Credit-Purchase Financing Companies
Financial Holding Companies
Financial Leasing Companies
Financial Intermediaries Other:
Regional Development Companies
Credit Card Issuing or Managing Companies
Investment Companies
Credivalor
Finangeste
Exchange Offices
Brokers
Investment Fund Managing Companies
Wealth Managing Companies
Financial Auxiliaries - Other
Group-Purchase Managing Companies
Foreign-Exchange and
Money-Market Mediating Companies
Interbank Services Company (SIBS)
Insurance Companies and Pension Funds
This sector includes companies engaged in
short- and long-term risk cover, including
savings or not. These companies are subject
to the supervision of the Portuguese Insuance
Institute.
General government
Includes all institutional units, with and without
administrative autonomy, which are principally
engaged in the production of non-market
services, i.e., services provided for collective or
household use, free or virtually free of charge,
and/or engaged in the redistribution of national
income and wealth, being mainly financed by
direct or indirect compulsory payments made
by units belonging to other sectors. It includes
non-profit institutions, which are principally
engaged in the production of non-market
services and which are controlled and mainly
financed by the above entities.
Central government
Includes all administrative departments of the
State and other agencies belonging to the
General government, whose competence
extends over the whole economic territory,
except for Social Security entities.
State
Comprises the entities whose revenue and
expenditure are registered only in the
General Account of the State.
Autonomous funds and services
Entities with financial and administrative
autonomy, chiefly financed through State
transfers and/or taxes earmarked to them
and which are principally engaged in the
production of non-market services of the
responsibility of the General government
and/or implementation of the State
economic and social policy, through the
allocation of financial support.
General government except for Central
government
19
Including Banco de Portugal and Caixa Geral de
Depósitos (Savings Bank).
20
Including the Central Mutual Agricultural Credit Bank.
21
For a more detailed description of this sector see
“Statistical Data on Non-Monetary Financial Institutions”,
Supplement 1/98 to the Statistical Bulletin of December
1998.
14
Regional government
Comprises the entities of the Regional
governments and all other entities
belonging to the General government
with regional decision-making power.
Depending on the autonomous region in
which they operate they are included in
the Azores and Madeira sub-sectors.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
Local government
Comprises the local decision-making bodies
and the other bodies included in the
General government, whose activity is
carried on at the local level.
Non-financial corporations
Includes public and private non-financial
corporations.
II. Non-resident units
Includes all the institutions that are not included in
the definition of resident institutional unit. The
breakdown is similar to that of resident sector.
3.4.2 Definition of financial instruments
Notes, coins and deposits
Banknotes and metal coins which are legal
tender in Portugal or abroad 22 .
Assets (immediately or quasi-immediately
available assets) and placements (values that
reflect the credit activity) in Financial Institutions, viz.:
Demand deposits - sight deposits which can be
immediately converted into cash without
restriction or cost and can be transferred by
cheque or other means of payment, namely
through a payment order or debit card.
Notice deposits - deposits for a non-specified
term, withdrawable upon notice to the
deposit-taking institution, according to the
conditions previously agreed between the
parties in the “notice clause” of the contract.
Time deposits - deposits for a fixed term, whose
withdrawal before maturity, if possible, is in
general subject to certain conditions or
penalties.
Securities other than shares
Bonds or other negotiable fixed-income
securities, issued by credit institutions,
22
Given the negligible amount of notes and coins held in
portfolio, it was decided to include them in this category.
other companies or public entities.
Bonds - fixed-income securities representing
a loan whose remuneration conditions, at a
fixed or a variable rate, are fixed at the start
by the issuing body.
Treasury bills - public debt securities issued at
a discount at 91, 182 and 364 days, which have
the guarantee of being fully repaid, for the
nominal value, at maturity date.
Commercial paper - debt securities issued
under Decree-Law no.181/92 of 22 August
and other legislation in force. These securities
are issued at maturities of less than two
years, and can only be issued at maturities
of over one year if they are intended for
private subscription. They are issued at a
fixed maturity although their advance
redemption is possible. They have a minimum
nominal value legally fixed, and can be issued
either in escudos or in foreign currency, by
resident or non-resident units, provided that
they comply with the legal requirements in
force.
Participating bonds - securities representing the
indebtedness of public companies and
joint-stock companies (directly or indirectly)
controlled by the State, to raise permanent
funds to meet the requirements of stable
funds.
Other debt securities - negotiable securities,
usually negotiated on financial markets,
conferring on their holder the unconditional
right to a remuneration, defined in a
contract, but which do not grant any
ownership rights on the issuing entity.
Shares and other equity
Shares and other securities whose yield fully
or partially depends on the results obtained
by the issuer.
Shares - negotiable financial assets representing rights of ownership over companies or
quasi-companies. These financial assets
generally give to their holders the right to a
share in the profits of the issuing entities and
to a share in their own funds in the event of
winding-up.
Units of participation - transferable securities
corresponding to units of investment funds,
which may be represented by certificates of
one or more units or in book-entry form.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
15
Statistical Information on Mutual Funds
Net sundry assets
Net sundry assets are sundry assets less
sundry liabilities.
Sundry assets include, e.g., the values
generated by settlement operations relating
to the sale of securities and amounts
receivable, such as interest.
Sundry liabilities include, e.g., values generated
by settlement operations relating to the
acquisition of securities and amounts payable,
such as interest on borrowings, fees to be
paid to the Management Commission and to
the Depository Bank and taxes to be paid.
16
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
3.5 Correspondence between series
3.5.1 Correspondence between statistical and accounting series
June 1986 to June 1987
Table 2.2
Aggregated balance sheet items
Column 1
(+) Claims on credit institutions in the country
/ Demand deposits
(+) Claims on credit institutions in the country
/ Time deposits
(+) Claims on credit institutions in the country /
Interbank Money Market
(+) Foreign assets
(+) Credit granted / Financial investments
Column 2
Column 4
Table 1
Column 9
(+) Column 10 (Table 2.2.)
(+) Real estate
(−) Resources of credit institutions
(−) Sundry net
(−) Other creditors
(=)
(+) Participation certificates in Funds
(+) Other own resources and results
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
17
Statistical Information on Mutual Funds
December 1987 to June 1989
Table 2.2
Balance sheet items
Column 1
(+) Demand deposits with the Banco de Portugal
(+) Demand deposits with other credit institutions
in the country
(+) Placements on credit institutions in the
country
(+) Demand deposits abroad
(+) Treasury bills
(+) Shares, bonds and other participations
Column 2
Column 41
Table 1
Column 9
7.
(1) This
18
(+) Column 10 (Table 2.2.)
(+) Real estate
(+) Debtors
(+) Income receivable
(+) Prepaid expenses
(+) Other internal and adjustment accounts
(−) Other adjustment accounts
(−) Resources of credit institutions in the country
(−) Creditors
(−) Sundry claims
(−) Revenue received in advance
(−) Costs payable
(=)
(+) Participation certificates
(+) Results carried forward from previous fiscal
years
(+) Profit for the year
(+) Provisions for sundry risks
(+) Reinvested income
(−) Distributed income
column may include amounts referring to column 7.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
December 1989 to June 1991
Table 2.2
Analytical balance sheet items
Column 1
(+) 10./11. Notes, coins and demand deposits
with the Banco de Portugal
(+) 14. Demand deposits with other credit
institutions in the country
(+) 21. Placements on credit institutions in the
country
(+) 15./22. Deposits abroad
(+) 231/232. Placements on securities / Public
debt securities and State guaranteed bonds
(+) 233. Placements on securities / Other bonds
of national entities
(+) 236. Placements on securities / Participating
bonds
(+) 238. Placements on securities / Capital gains
(−) 239. Placements on securities / Capital losses
(+) 241. Public debt securities / Treasury bills
(+) 242. Public debt securities / Treasury bills
represented by certificates
(+) 243. Public debt securities / Auctioned credit
for public investment
(+) 249 Public debt securities / Other short-term
public debt securities
(+) 26. Treasury bonds / medium-term
(+) 237. Placements on securities / Foreign
securities
(+) 234. Placements on securities / Shares
(+) 235. Placements on securities / Units of
participation
Column 2
Column 4
Column 51
Column 7
Table 1
Column 9
(1) This
(+) Column 10 (Table 2.2.)
(+) 28. Debtors
(−) 38. Creditors
(−) 39. Sundry claims
(+) 12./19. Other values
(+) 29. Other placements
(+) 52./6./7./8./9. Sundry accounts
(−) 53./5/8/9 Sundry accounts
(−) 32. Resources of credit institutions in the
country
(=)
(+) 61. Participation certificates
(+) 64. Results carried forward from previous
fiscal years
(+) 67 Profit for the year
(+) 63. Provisions for sundry risks
(−) 68. Distributed income
column may include amounts referring to column 8.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
19
Statistical Information on Mutual Funds
December 1991 to June 1995 (to be continued)
Table 2.2
Analytical situation items
Column 1
(+) 10. Notes and coins
(+) 11. Demand deposits with the Banco de
Portugal
(+) 12. Claims on credit institutions in the
country
(+) 20. Placements on credit institutions in
the country
(+) 25022. Securities / Fixed income −
issued by residents / Of other residents /
Certificates of deposit
(+) 13. Claims on credit institutions abroad
(+) 21. Placements on credit institutions
abroad
(+) 25122. Securities / Fixed income −
issued by non-residents / Of other
non-residents / Certificates of deposit
(+) 25000. Securities / Fixed income −
issued by residents / Portuguese public debt
/ Treasury bills
(+) 25001. Securities / Fixed income −
issued by residents / Portuguese public debt
/ Auctioned credit for public investment
(+) 25005. Securities / Fixed income −
issued by residents / Portuguese public debt
/ Treasury bonds
(+) 25006. Securities / Fixed income −
issued by residents / Portuguese public debt
/ Other bonds
(+) 25009. Securities / Fixed income −
issued by residents / Portuguese public debt
/ Other securities
(+) 2501. Securities / Fixed income −
issued by residents / Of other domestic
public issuers
(+) 25020. Securities / Fixed income −
issued by residents / Of other residents /
Cash bonds
(+) 25021. Securities / Fixed income −
issued by residents / Of other residents /
Other bonds
(+) 25029. Securities / Fixed income −
issued by residents / Of other residents /
Other
(+) 2531. Securities / Variable income −
issued by residents / Participating bonds
(+) 25900. Securities / Gains/Losses /
Capital gains / Fixed income issued by
residents
(−) 25910. Securities / Gains/Losses /
Capital losses / Fixed income issued by
residents
Column 2
Column 4
20
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
December 1991 to June 1995 (continued)
Column 5
Column 7
Column 8
(+) 25100. Securities / Fixed income −
issued by non-residents / Of public foreign
issuers / Treasury bills
(+) 25101. Securities / Fixed income −
issued by non-residents / Of public foreign
issuers / Bonds
(+) 25109. Securities / Fixed income −
issued by non-residents / Of public foreign
issuers / Other securities
(+) 2511. Securities / Fixed income −
issued by non-residents / Of international
financial organisations
(+) 25120. Securities / Fixed income −
issued by non-residents / Of other
non-residents / Cash bonds
(+) 25121. Securities / Fixed income −
issued by non-residents / Of other
non-residents / Other bonds
(+) 25129. Securities / Fixed income −
issued by non-residents / Of other
non-residents / Other securities
(+) 2541. Securities / Variable income −
issued by non-residents / Participating
bonds
(+) 25901. Securities / Gains/Losses /
Capital gains / Fixed income – issued by
non-residents
(−) 25911. Securities / Gains/Losses /
Capital losses / Fixed income issued by
non-residents
(+) 2530. Securities / Variable income −
issued by residents / Shares
(+) 2532. Securities / Variable income −
issued by residents / Units of participation
(+) 2539. Securities / Variable income −
issued by residents / Other values
(+) 25902. Securities / Gains/Losses /
Capital gains / Variable income issued by
residents
(−) 25912. Securities / Gains/Losses /
Capital losses / Variable income issued by
residents
(+) 2540. Securities / Variable income −
issued by non-residents / Shares
(+) 2542. Securities / Variable income −
issued by non-residents / Units of
participation
(+) 2549. Securities / Variable income −
issued by non-residents / Other values
(+) 25903. Securities / Gains/Losses /
Capital gains / Variable income issued by
non-residents
(−) 25913. Securities / Gains/Losses /
Capital losses / Variable income issued by
non-residents
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
21
Statistical Information on Mutual Funds
December 1991 to June 1995 (continued)
Table 1
Column 9
22
(+) Column 10 (Table 2.2.)
(+) 27. Debtors
(+) 28. Credit and accrued interest
(+) 51. Income receivable
(+) 55. Expenditure with deferred
payment
(+) 19. Other claims
(+) 56. Fluctuation of values (debit balance)
(+) 58. Other adjustment accounts
(+) 59. Other internal accounts
(−) 29. Accrued provisions
(−) 56. Fluctuation of values (credit
balance)
(−) 58. Other adjustment accounts
(−) 59. Other internal accounts
(−) 35. Other resources
(−) 36. Creditors
(−) 39. Other claims
(−) 52. Costs payable
(−) 54. Receipts with deferred income
(−) 30. Resources of credit institutions in
the country
(=)
(+) 62. Units of participation
(+) 66. Results carried forward (credit
balance)
(−) 66. Results carried forward (debit
balance)
(+) 69 Profit for the year (credit balance)
(−) 69 Loss for the year (debit balance)
(+) 61. Sundry provisions
(−) 64 Income distributed in the fiscal year
(+) 651. Participation in current income −
issues
(−) 652. Participation in current income −
redemptions
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
December 1995 to December 1996
Table 2.2
Items of Regulation no. 2/95 of the
Securities Market Commission
Column 11
Column 4
(+) Liquidity
(+) Public debt securities / Domestic
transferable securities
(+) Other public and similar funds /
Domestic transferable securities
(+) Treasury bills
(+) Sundry bonds / Domestic transferable
securities
(+) Participating bonds / Domestic
transferable securities
(+) Commercial paper
(+) Other values
Column 5
(+) Public debt securities / UE and non-EU
transferable securities
(+) Other public and similar funds / UE and
non-EU transferable securities
(+) Sundry bonds / UE and non-EU
transferable securities
(+) Participating bonds / UE and non-EU
transferable securities
(+) Shares / Domestic transferable
securities
(+) Units of participation / Domestic
transferable securities
(+) Subscription rights / Domestic
transferable securities
(+) Shares / UE and non-EU transferable
securities
(+) Units of participation / UE and non-EU
transferable securities
(+) Subscription rights / UE and non-EU
transferable securities
Column 7
Column 8
Table 1
Column 9
(1)
(+) Column 10 (Table 2.2)
(−) Loans
(+) Values to settle
This column may include notes, coins and deposits of non-residents.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
23
Statistical Information on Mutual Funds
3.5.2 Correspondence between statistical series and Regulation no. 7/98 of the Securities Market Commission
June 1997 to December 1998
Financial
instruments
Assets
Notes, coins
and deposits
Securities
other than shares
Shares other than
participations
24
Regulation no. 7/98 of the Securities Market Commission
Code
1.
2.
3.
7.
8.
Description
Listed transferable securities
Other values
Units of participation of Mutual Funds
Liquidity
Loans
7.1.1.
7.1.2.
7.2.1.
Notes and coins
Demand deposits
Notice and time deposits
1.1.1. ; 1.2.1. ; 1.3.1. Public debt securities
1.4.1. ; 1.5.1. ; 1.6.1.
1.7.1. ; 1.8.1. ; 2.1.1.
2.2.1. ; 2.3.1. ; 7.2.2.
1.1.2. ; 1.2.2. ; 1.3.2.
1.4.2. ; 1.5.2. ; 1.6.2.
1.7.2. ; 1.8.2. ; 2.1.2.
2.2.2.
2.3.2.
1.1.3. ; 1.2.3. ; 1.3.3.
1.4.3. ; 1.5.3. ; 1.6.3.
1.7.3. ; 1.8.3. ; 2.1.3.
2.2.3.
1.1.5. ; 1.2.5. ; 1.3.5.
1.4.5. ; 1.5.5. ; 1.6.5.
1.7.5. ; 1.8.5. ; 2.1.5.
2.2.5.
2.3.3.
Other public and similar funds
Commercial paper
Sundry bonds
Participating bonds
Other values
1.1.4. ; 1.2.4. ; 1.3.4. Shares
1.4.4. ; 1.5.4. ; 1.6.4.
1.7.4. ; 1.8.4. ; 2.1.4.
2.2.4.
1.1.6. ; 1.2.6. ; 1.3.6. Units of participation of Mutual Funds
1.4.6. ; 1.5.6. ; 1.6.6.
1.7.6. ; 1.8.6. ; 2.1.6.
2.2.6; 3.
1.1.7. ; 1.2.7. ; 1.3.7. Subscription rights
1.4.7. ; 1.5.7. ; 1.6.7.
1.7.7. ; 1.8.7. ; 2.1.7.
2.2.7.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
Statistical Information on Mutual Funds
Statistical data
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
27
Statistical Information on Mutual Funds
TABLE A.1 BALANCE SHEET OF MUTUAL FUNDS
Net values broken down by type of fund 1
106 euros
End-of-month figures
Equity-based
Funds
1
1
Fundos de
Tesouraria
Bond Funds
2
3
Retirement Share Saving
Saving Funds
Funds
4
5
Funds of
Funds
6
Mixed Funds Non-classified
7
8
Total
9=1+...+8
86 Jun
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11
Dec
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
51
11
51
87 Jun
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
145
145
Dec
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
251
251
88 Jun
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
219
219
Dec
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
205
205
89 Jun
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
299
299
Dec
93
329
414
0
0
0
167
0
1003
90 Jun
97
366
855
0
0
0
140
0
1458
Dec
98
670
1071
1
0
0
110
0
1950
91 Jun
101
1519
1432
1
0
0
99
0
3152
Dec
96
2555
1646
6
0
0
123
0
4426
5531
92 Jun
32
3481
1887
8
0
0
122
0
Dec
94
4097
1576
18
0
0
69
0
5854
93 Jun
111
4749
1518
22
0
0
86
0
6486
Dec
205
6176
1710
58
0
0
196
0
8346
94 Jun
283
7135
1956
75
0
0
265
0
9715
Dec
227
7198
2639
102
0
0
183
0
10350
95 Jun
358
4784
5722
107
0
10
50
0
11031
Dec
341
5186
4247
176
11
664
15
0
10639
96 Jun
426
5986
3999
220
16
703
12
0
11362
Dec
712
7006
3976
409
57
1035
11
0
13208
97 Jun
1543
7443
4274
500
106
2485
321
0
16672
Dec
1984
7566
4839
770
216
3300
940
0
19615
23226
23955
98 Jun
2821
7589
5289
918
347
4363
1899
0
Dec
2768
7660
5968
1072
386
4089
2012
0
Net values including the amounts invested plus sundry assets less sundry liabilities,
wherefore the total of this table does not correspond to the total of Tables A.2.1, A.2.2, A.2.3 and A.2.4.
Source: Banco de Portugal until June 1995 (inclusive) and Securities Market Commission as from December 1995.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
29
106 euros
End-of-month figures
Resident Sector
Monetary
Financial
Institutions
1
97
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
98
1
Jun
Dec
Jun
Dec
Other
Financial
Intermediaries
and Financial
Auxiliaries
2
3980
4860
5099
5450
Insurance
Companies
and Pension
Funds
3
2438
3492
4540
4365
General
Government
(except CG)
Central
Government
(CG)
4
48
79
117
117
Mutual Funds are broken down into FT (Table 3.1) and OFIM (Table 4.1).
Source: Securities Market Commission
Non-resident Sector
Other Non-Euro Area
Other Euro Area countries
countries
5
4849
4594
4473
4465
Non-financial
Corporations
6
106
85
94
105
7=1+…+6
2378
2910
4183
4233
Monetary
Financial
Institutions
Total
13799
16021
18507
18734
8
Non-monetary
Sector
9
801
849
940
855
Monetary
Financial
Institutions
10
1024
1317
1621
2247
Non-monetary
Sector
11
364
413
514
548
Total
12=8+…+11
1076
1362
1844
1704
3265
3941
4919
5354
Non-specied
Sector
13
Total
14=7+12+13
0
0
0
0
17064
19962
23427
24088
Statistical Information on Mutual Funds
30
TABLE A.2.1 COMPOSITION OF THE INVESTMENT PORTFOLIO OF MUTUAL FUNDS
Amounts invested by Mutual Funds broken down by institutional sector
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
TABLE A.2.2 COMPOSITION OF THE INVESTMENT PORTFOLIO OF MUTUAL FUNDS
Amounts invested by Mutual Funds broken down by financial instrument and sector
6
End-of-month figures
10 euros
Securities other than shares
Notes, coins and deposits
Shares and other equity
Residents
1
Residents
1
Monetary
Financial
Institutions
Non-residents
2
3
Central
Non-monetary
Non-specified
Government Sector (except
Sector
(CG)
CG)
4
2
Non-residents
5
6
Monetary
Financial
Institutions
7
Non-monetary Non-specified
Sector
Sector
8
Non-residents
Residents
9
Monetary
Financial
Institutions
10
Non-monetary Non-specified
Sector
Sector
11
12
Monetary
Financial
Institutions
13
Total
Non-monetary Non-specified
Sector
Sector
14
15
16=1+…+15
86 Jun
1
0
n.d.
n.d.
n.d.
9
0
0
0
n.d.
n.d.
n.d.
0
0
0
10
Dec
7
0
n.d.
n.d.
n.d.
41
0
0
0
n.d.
n.d.
n.d.
0
0
0
49
87 Jun
10
3
n.d.
n.d.
n.d.
130
0
0
0
n.d.
n.d.
n.d.
0
0
0
143
Dec
20
0
n.d.
5
n.d.
315
0
0
0
n.d.
n.d.
n.d.
0
0
0
341
88 Jun
5
1
n.d.
10
n.d.
248
0
0
0
n.d.
n.d.
n.d.
0
0
0
263
Dec
17
0
n.d.
5
n.d.
201
0
0
0
n.d.
n.d.
n.d.
0
0
0
224
89 Jun
90
0
n.d.
20
n.d.
204
0
0
0
n.d.
n.d.
n.d.
0
0
0
314
Dec
90
0
n.d.
624
n.d.
189
0
2
n.d.
n.d.
59
0
0
0
964
90 Jun
120
0
n.d.
910
n.d.
305
0
0
0
1
n.d.
n.d.
64
0
0
0
1401
Dec
199
0
n.d.
1078
n.d.
548
0
0
1
n.d.
n.d.
71
0
0
0
1898
91 Jun
351
0
n.d.
1884
n.d.
777
0
0
1
n.d.
n.d.
70
0
0
0
3082
Dec
509
0
n.d.
2752
n.d.
1012
n.d.
1
0
n.d.
n.d.
63
0
0
1
4337
92 Jun
726
1
n.d.
3491
n.d.
1212
n.d.
0
6
n.d.
n.d.
29
0
0
4
5470
Dec
468
0
n.d.
3809
n.d.
1333
n.d.
3
33
n.d.
n.d.
79
0
0
8
5734
93 Jun
379
25
n.d.
4420
n.d.
1213
n.d.
96
97
n.d.
n.d.
89
0
0
28
6347
Dec
809
170
n.d.
5276
n.d.
1276
n.d.
361
105
n.d.
n.d.
144
0
0
127
8269
94 Jun
1093
230
n.d.
5756
n.d.
1375
n.d.
759
55
n.d.
n.d.
180
0
0
182
9629
Dec
2054
1214
n.d.
4241
n.d.
1193
n.d.
1177
12
n.d.
n.d.
188
0
0
120
10199
95 Jun
3106
4181
n.d.
204
0
0
n.d.
n.d.
n.d.
352
n.d.
n.d.
89
547
11020
n.d.
191
480
n.d.
4205
580
137
n.d.
n.d.
1198
1749
n.d.
3270
1471
n.d.
n.d.
Dec
96 Jun
1635
n.d.
n.d.
3050
n.d.
4419
n.d.
302
883
n.d.
n.d.
531
n.d.
n.d.
669
11488
Dec
2152
2373
n.d.
n.d.
367
1502
n.d.
n.d.
n.d.
1047
1846
0
326
3127
1177
0
n.d.
1843
2872
0
n.d.
1282
4695
4847
n.d.
1
116
254
539
0
17064
3090
2998
21
29
1355
4594
2066
0
1085
2298
0
416
4500
0
156
381
0
19962
98 Jun
1440
4472
2746
0
1211
2842
0
661
6190
0
214
624
0
23427
Dec
3346
29
1505
4465
3008
0
1156
3166
0
600
5811
0
217
785
0
24088
97 Jun
1
From December 1995 to December 1996, this figure includes the amounts relating to non-residents.
2
Until December 1989, this amount is included in the item Securities other than shares/residents.
Source: Banco de Portugal until June 1995 (inclusive) and Securities Market Commission as from December 1995.
13304
31
Statistical Information on Mutual Funds
Dec
10740
Amounts invested by Mutual Funds broken down by financial instrument, original
6
End-of-month figures
10 euros
Resident Sector
Notes, coins and deposits
Up to 1 Year
1
97
98
Up to 1 Year
3
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
2228
2935
2967
3296
Jun
Dec
Jun
Dec
Securities other than shares
Over 1 Year
2
Non-resident Sector
Over 1 Year
4
145
154
31
50
2789
2269
2228
1845
Notes, coins and deposits
Shares and
other equity
Up to 1 Year
5
5184
5746
6430
7133
6
3453
4916
6851
6410
Securities other than shares
Over 1 Year
7
1
21
29
29
Currency
Up to 1 Year
8
20
87
122
29
0
0
0
0
Total
Over 1 Year
9
Currencies of Currencies of
non-euro area
euro area
countries
countries
Shares and
other equity
10
2874
3296
3931
4292
11=1+…+10
370
537
838
1003
14
17064
19962
23427
24088
15
16566
19285
22455
22877
Total
16=11=14+15
498
677
972
1211
17064
19962
23427
24088
Source: Securities Market Commission
TABLE A.2.4 COMPOSITION OF THE INVESTMENT PORTFOLIO OF MUTUAL FUNDS
Amounts invested by Mutual Funds, broken down by issuing country
106 euros
End-of-month figures
Euro area countries
Portugal
1
97
98
Jun
Dec
Jun
Dec
Non-euro area countries
Other
Countries
European
outside the
Union
European
countries
Union
Others
2
13799
16021
18507
18734
Source: Securities Market Commission
3
1824
2166
2561
3102
4
506
516
920
924
Memo:
Total
5=1+…+4
935
1259
1438
1328
17064
19962
23427
24088
Germany
6
Spain
7
643
554
674
667
France
8
332
542
496
1016
Italy
9
154
264
510
565
10
41
65
47
85
United
Kingdom
Luxembourg
11
308
344
452
429
Brazil
12
449
433
642
784
USA
13
98
103
248
197
211
286
343
427
Statistical Information on Mutual Funds
32
TABLE A.2.3 COMPOSITION OF THE INVESTMENT PORTFOLIO OF MUTUAL FUNDS
Statistical Information on Mutual Funds
Supplements to the Statistical Bulletin
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
33
Statistical Information on Mutual Funds
Supplements to Statistical Bulletin
1/98 Statistical information on non-monetary financial institutions, December 1998.
2/98
Foreign Direct Investment in Portugal: Flows and stocks statistics for the year 1996
and estimates on stocks for 1997, December 1998.
1/99 New Presentation of the Balance of Payments Statistics, February/March 1999.
2/99 Statistical information on mutual funds, December 1999.
Banco de Portugal / Statistical Bulletin Supplement n.º 2/99 / December 1999
35