Os fundos de investimento estrangeiros que prevalecem nos fundos de investimento perfilados portugueses
Mergulhámos no mundo dos fundos multiativos perfilados portugueses para descobrir quais são os fundos de investimento estrangeiros com maior destaque nas suas carteiras, quer pelo montante investido, quer pelo número de perfilados nos quais estão presentes.
O mundo dos perfilados não para de crescer. E com esse crescimento, cada vez são mais os fundos de investimento estrangeiros que marcam presença nas suas carteiras. A título de exemplo e para se ter uma ideia da dimensão do mercado, se recuarmos ao fecho de 2020, o peso das unidades de participação de terceiros no total dos fundos nacionais cresceu quase 20% no ano para um total de 4,7 mil milhões de euros.
Atualmente, os fundos de investimento nas carteiras dos perfilados já ultrapassam os 300. Mas quais serão os fundos que mais se destacam em termos de ativos investidos ou que atraem o interesse de mais entidades gestoras? A FundsPeople mergulhou no mundo destes produtos para o descobrir.
Focando a nossa análise nos fundos de investimento com um montante superior a 50 milhões de euros, em termos agregados, no conjunto de todos os perfilados nacionais, e com dados da CMVM e da Morningstar de 31 de março de 2021, podemos tirar várias ilações. A primeira é que os 27 produtos que saem da análise concentram um investimento de mais de 1.900 milhões de euros. Desse montante, mais de 345 milhões, ou seja 18,16%, situam-se nos três primeiros produtos da tabela.
E são precisamente esses três fundos que nos levam à segunda conclusão, já que, curiosamente, todos têm o mesmo universo de investimento. O Allianz Europe Equity Growth, da Allianz Global Investors, o AB - Eurozone Equity Portfolio, da AllianceBernstein, e o Schroder International Selection Fund EURO Equity, da Schroders, investem em ações europeias. Além disso, estes fundos contam com Selo FundsPeople 2021 pela sua classificação de Blockbuster, no caso dos produtos da AllianceBernstein e Schroders, e de Favorito dos Analistas e Blockbuster, no que concerne o fundo da Allianz GI.
Mas não são só fundos de gestão ativa que têm lugar nas carteiras dos perfilados. Há também muitos ETF. Entre o top 25 estão sete fundos de gestão passiva. Desses sete apenas um, o iShares S&P 500 Value ETF, da iShares, tem nas ações o seu universo de investimento. Os restantes seis investem em obrigações soberanas ou corporativas. Além disso, é de destacar que o montante investido nestes produtos corresponde a mais de 478 milhões de euros, ou seja, a 25,98% do total investido no conjunto dos fundos desta primeira tabela.
Olhando agora para as 21 gestoras internacionais que têm estes fundos sob a sua alçada, podemos perceber que, sem dúvida, aquela que tem mais prevalência é a iShares. O braço de gestão passiva da BlackRock destaca-se por ter quatro produtos no top 25. Seguem-se a BlueBay AM, a Morgan Stanley IM e a Nordea AM com dois.
Fundos de investimento estrangeiros com maior montante investido pelos perfilados
| Fundo estrangeiro | Selo FundsPeople 2021 | Gestora do fundo | Montante investido pelos perfilados (EUR) |
| Allianz Europe Equity Growth | B | Allianz GI | 122 420 945 |
| AB - Eurozone Equity Portfolio | B | Alliance Bernstein | 111 514 601 |
| Schroder International Selection Fund EURO Equity | Schroders | 111 215 772 | |
| JPM EU Government Bond | J.P.Morgan AM | 95 698 552 | |
| Xtrackers II Eurozone Government Bond ETF | Xtrackers | 81 193 335 | |
| Muzinich Enhancedyield Short-Term Bond Fund | B | Muzinich | 78 700 443 |
| Vanguard Euro Government Bond Index Fund | C | Vanguard | 78 150 077 |
| AXA World Funds - Euro Credit Short Duration | B | AXA IM | 76 982 894 |
| Caixagest Obrigações Mais | Caixa Gestão de Ativos | 74 344 744 | |
| BlueBay Investment Grade Bond | B | Bluebay AM | 72 792 181 |
| iShares Core € Govt Bond ETF | iShares | 72 285 516 | |
| iShares € Govt Bond 3-5yr ETF | iShares | 70 704 782 | |
| iShares Core € Corp Bond ETF | iShares | 69 744 928 | |
| Lyxor Euro Government Bond (DR) UCITS ETF | Lyxor | 65 099 958 | |
| PIMCO GIS US Investment Grade Corporate Bond | PIMCO | 65 076 797 | |
| Eastspring Investments - US Corporate Bond Fund | Eastspring | 65 010 768 | |
| BlueBay Funds - BlueBay Investment Grade Euro Government Bond Fund | ABC | Bluebay AM | 63 473 113 |
| Nordea 1 - European High Yield Bond Fund | B | Nordea AM | 58 043 425 |
| T. Rowe Price Funds SICAV - US Blue Chip Equity Fund | T. Rowe Price | 53 951 406 | |
| iShares S&P 500 Value ETF | iShares | 53 857 488 | |
| Morgan Stanley Investment Funds - US Advantage Fund | AB | Morgan Stanley IM | 53 697 905 |
| Vontobel Fund - EUR Corporate Bond Mid Yield | B | Vontobel AM | 52 495 799 |
| Amundi IS Euro AGG Corporate SRI ETF | Amundi | 52 089 008 | |
| BGF Euro Corporate Bond Fund | BC | BlackRock | 51 710 688 |
| Morgan Stanley Investment Funds - Euro Bond Fund | C | Morgan Stanley IM | 51 479 910 |
| M&G European Credit Investment | M&G | 51 456 238 | |
| Nordea 1 - European Covered Bond Fund | B | Nordea AM | 51 245 116 |
Fundos de investimento em que mais gestoras investem
Alargando a nossa análise à totalidade dos fundos internacionais presentes nas carteiras dos perfilados, podemos perceber que são 36 os fundos que têm fundos de mais do que uma gestora nacional neles investida. Desses 36, apenas quatro contam com o investimento de três gestoras portuguesas. Um deles é o Allianz Europe Equity Growth, da Allianz GI, sendo que as gestoras que investem neste veículo são a Caixa Gestão de Ativos, a BPI Gestão de Ativos e a Optimize Investment Partners. Respetivamente, investem montantes superiores a 61 milhões, cinco milhões e um milhão de euros.
Seguem-se dois fundos de gestão passiva com um universo de investimento completamente distinto. O iShares Core € Govt Bond ETF, da iShares, investe em obrigações soberanas da zona euro. Este ETF marca presença nas carteiras de um fundo da BPI GA, de fundos dois da Santander AM e dois da Caixa Gestão de Ativos. Já o Lyxor S&P 500, da Lyxor, que investe em ações americanas, surge nas carteiras de seis fundos da Santander AM, três da Optimize IP e dois da IMGA.
Colocando agora sob o microscópio o Candriam Bonds Euro High Yield, da Candriam, e à semelhança do ETF da Lyxor, são as gestoras IMGA, Optimize IP e Santander AM, que têm este produto nas carteiras dos seus perfilados. No seu conjunto, estas três gestoras têm investido através das suas gamas de perfilados mais de 10 milhões de euros no fundo da Candriam.
Vale ainda referir o caso curioso do AB - Eurozone Equity Portfolio. Embora só tenha uma gestora investida no fundo, a Caixa Gestão de Ativos, esta contribuiu com um montante superior a 111 milhões de euros. Valor que não surpreende, visto que a gestora participa no fundo da AllianceBernstein através de todos os seus nove fundos perfilados, independentemente do perfil de risco ou da gama. O montante mais elevado, cerca de 50 milhões de euros, é investido pelo Caixa Seleção Global Moderado.
Fundos de investimento estrangeiros que têm mais do que uma casa gestora de fundos perfilados nacional investida
| Fundo | Selo FundsPeople 2021 | Gestora do fundo | Gestoras investidas |
| Allianz China A Shares | BC | Allianz GI | IMGA;Optimize IP |
| Allianz Europe Equity Growth | B | Allianz GI | BPI GA;Caixa GA;Optimize IP |
| AXA WF US Short Duration High Yield Bonds | B | AXA IM | Optimize IP;Santander AM |
| AXA World Funds - Euro Credit Short Duration | B | AXA IM | Caixa GA;Optimize IP |
| BlueBay Funds - BlueBay Investment Grade Euro Government Bond Fund | ABC | Bluebay AM | Caixa GA;IMGA |
| Candriam Bonds Euro High Yield | C | Candriam | IMGA;Optimize IP;Santander AM |
| ETF iShares S&P 500 EUR Hedged | iShares | Bankinter GA;Santander AM | |
| Fidelity Funds - European Dynamic Growth Fund | AB | Fidelity International | Bankinter GA;BPI GA |
| First State Asian Equity Plus Fund | First State Investors | IMGA; Santander AM | |
| Goldman Sachs Japan Equity Partners Portfolio | Goldman Sachs IM | Bankinter GA;Optimize IP | |
| iShares Core € Corp Bond ETF | iShares | Caixa GA;Optimize IP | |
| iShares Core € Govt Bond ETF | iShares | Caixa GA;BPI GA;Santander AM | |
| iShares Core Euro Corporate Bond ETF | iShares | Montepio GA;Santander AM | |
| iShares Core FTSE 100 ETF | iShares | Caixa GA; Optimize IP | |
| iShares EURO STOXX Banks 30-15 ETF | iShares | BPI GA;GNB GA | |
| iShares Global Clean Energy ETF | iShares | BPI GA;Santander AM | |
| iShares MSCI All Country Asia ex Japan ETF | iShares | BPI GA;GNB GA | |
| iShares MSCI Emerging Markets ETF | iShares | Caixa GA;GNB GA | |
| iShares MSCI Japan ETF | iShares | Bankinter GA;Montepio GA | |
| iShares MSCI South Korea ETF | iShares | Bankinter GA;Optimize IP | |
| JPM EU Government Bond | J.P.Morgan AM | Caixa GA;Santander AM | |
| JPMorgan Funds - Japan Equity | B | J.P.Morgan AM | BPI GA;IMGA |
| JPMorgan Funds - Pacific Equity | C | J.P.Morgan AM | Caixa GA;Santander AM |
| JPMorgan Investment Funds - US Select Equity Fund | J.P.Morgan AM | Bankinter GA;Santander AM | |
| Jupiter Dynamic Bond | ABC | Jupiter AM | Optimize IP;Santander AM |
| Lyxor S&P 500 | Lyxor | IMGA;Optimize IP;Santander AM | |
| Morgan Stanley Investment Funds - US Advantage Fund | AB | Morgan Stanley IM | Caixa GA;Montepio GA |
| Nordea 1 - European High Yield Bond Fund | B | Nordea AM | Caixa GA;IMGA |
| Pictet-Short Term Emerging Corporate Bonds | B | Pictet AM | IMGA;Santander AM |
| Schroder Emerging Market Equity Fund | Schroders | Montepio GA;Optimize IP | |
| Schroder Euro Government Bond | Schroders | IMGA;Montepio GA | |
| Schroder International Selection Fund US Small & Mid-Cap Equity | Schroders | Montepio GA;Optimize IP | |
| T. Rowe Price Funds SICAV - US Aggregate Bond Fund | T. Rowe Price | IMGA;Optimize IP | |
| T. Rowe Price Funds SICAV - US Blue Chip Equity Fund | T. Rowe Price | Bankinter GA;Caixa GA | |
| T. Rowe Price Japanese Equity Fund | B | T. Rowe Price | Caixa GA;Optimize IP |
| Xtrackers MSCI Europe ETF | Xtrackers | Montepio GA;Santander AM |
Abaixo pode consultar a lista completa dos fundos estrangeiros presentes na carteira dos fundos perfilados nacionais:
| Fundos estrangeiros | Selo FundsPeople 2021 | Entidade gestora do fundo | Gestoras dos perfilados nacionais que alocam ao fundo estrangeiro | Montante investido (em EUR) |
| Allianz Europe Equity Growth | B | Allianz GI | BPI GA;Caixa GA;Optimize IP | 122,420,945 |
| AB - Eurozone Equity Portfolio | B | Alliance Bernstein | Caixa GA | 111,514,602 |
| Schroder International Selection Fund EURO Equity | Schroders | Caixa GA | 111,215,773 | |
| JPM EU Government Bond | J.P.Morgan AM | Caixa GA;Santander AM | 95,698,553 | |
| Xtrackers II Eurozone Government Bond ETF | Xtrackers | Santander AM | 81,193,336 | |
| Muzinich Enhancedyield Short-Term Bond Fund | B | Muzinich | Caixa GA | 78,700,444 |
| Vanguard Euro Government Bond Index Fund | C | Vanguard | Santander AM | 78,150,077 |
| AXA World Funds - Euro Credit Short Duration | B | AXA IM | Caixa GA;Optimize IP | 76,982,894 |
| Caixagest Obrigações Mais | Caixa Gestão de Ativos | Caixa GA | 74,344,745 | |
| BlueBay Investment Grade Bond | B | Bluebay | Santander AM | 72,792,182 |
| iShares Core € Govt Bond ETF | iShares | Caixa GA;BPI GA;Santander AM | 72,285,517 | |
| iShares € Govt Bond 3-5yr ETF | iShares | Caixa GA | 70,704,783 | |
| iShares Core € Corp Bond ETF | iShares | Caixa GA;Optimize IP | 69,744,929 | |
| Lyxor Euro Government Bond (DR) UCITS ETF | Lyxor | Santander AM | 65,099,958 | |
| PIMCO GIS US Investment Grade Corporate Bond | PIMCO | Caixa GA | 65,076,798 | |
| Eastspring Investments - US Corporate Bond Fund | Eastspring | Caixa GA | 65,010,769 | |
| BlueBay Funds - BlueBay Investment Grade Euro Government Bond Fund | ABC | Bluebay | Caixa GA;IMGA | 63,473,113 |
| Nordea 1 - European High Yield Bond Fund | B | Nordea AM | Caixa GA;IMGA | 58,043,426 |
| T. Rowe Price Funds SICAV - US Blue Chip Equity Fund | T. Rowe Price | Bankinter GA;Caixa GA | 53,951,407 | |
| iShares S&P 500 Value ETF | iShares | Caixa GA | 53,857,488 | |
| Morgan Stanley Investment Funds - US Advantage Fund | AB | Morgan Stanley IM | Caixa GA;Montepio GA | 53,697,905 |
| Vontobel Fund - EUR Corporate Bond Mid Yield | B | Vontobel AM | Caixa GA | 52,495,799 |
| Amundi IS Euro AGG Corporate SRI ETF | Amundi | Santander AM | 52,089,008 | |
| BGF Euro Corporate Bond Fund | BC | BlackRock | Caixa GA | 51,710,689 |
| Morgan Stanley Investment Funds - Euro Bond Fund | C | Morgan Stanley IM | Santander AM | 51,479,910 |
| M&G European Credit Investment | M&G | Caixa GA | 51,456,239 | |
| Nordea 1 - European Covered Bond Fund | B | Nordea AM | Santander AM | 51,245,116 |
| Vanguard Euro Investment Grade Bond Index Fund | Vanguard | Santander AM | 45,804,419 | |
| T. Rowe Price Japanese Equity Fund | B | T. Rowe Price | Caixa GA;Optimize IP | 44,471,897 |
| Lord Abbett Global High Yield | Lord Abbett | Caixa GA | 41,666,886 | |
| Lyxor S&P 500 | Lyxor | IMGA;Optimize IP;Santander AM | 41,233,546 | |
| iShares € Corp Bond 0-3yr ESG ETF | iShares | BPI GA | 40,150,400 | |
| M&G (Lux) European Inflation Linked Corporate Bond | M&G | Santander AM | 39,151,572 | |
| Amundi MSCI Emerging Markets Asia ETF | Amundi | Santander AM | 39,125,582 | |
| iShares Core MSCI World ETF | iShares | BPI GA | 36,080,083 | |
| iShares Edge MSCI USA Quality Factor ETF | iShares | Santander AM | 35,650,447 | |
| Amundi S&P 500 ETF | Amundi | Santander AM | 33,758,858 | |
| Wellington Emerging Markets Research Equity | Wellington | Caixa GA | 33,233,466 | |
| Goldman Sachs Emerging Markets Equity Portfolio | B | Goldman Sachs IM | Caixa GA | 32,876,760 |
| iShares Core FTSE 100 ETF | iShares | Caixa GA; Optimize IP | 31,260,440 | |
| Standard Life Euro Credit | Aberdeen Standard Investments | Santander AM | 30,500,605 | |
| iShares Edge MSCI World Multifactor ETF | iShares | Santander AM | 30,273,166 | |
| GAMCO Merger Arbitrage | GAMCO Investors | IMGA | 28,413,539 | |
| Pictet-Short Term Emerging Corporate Bonds | B | Pictet AM | IMGA;Santander AM | 26,437,570 |
| iShares € Govt Bond 1-3yr ETF | iShares | BPI GA | 26,198,269 | |
| Vanguard Eurozone Inflation-Linked Bond Index Fund | C | Vanguard | IMGA | 25,007,800 |
| Robeco Customized Euro Government Bonds Fund | Robeco | Santander AM | 23,836,279 | |
| Santander GO Absolute Return | Santander AM | Santander AM | 22,570,793 | |
| Ostrum Souverains Euro | Ostrum Asset Management | Santander AM | 22,506,406 | |
| Xtrackers Ii X Usd Treasuries | Xtrackers | Caixa GA | 22,290,261 | |
| SPDR S&P 500 ETF | SPDR | Santander AM | 22,061,507 | |
| iShares MSCI Emerging Markets ETF | iShares | Caixa GA;GNB GA | 21,605,420 | |
| Santander GO Global Equity | Santander AM | Santander AM | 20,839,389 | |
| BNY Mellon Emerging Markets Corporate Debt Fund | BNY Mellon IM | IMGA | 20,739,234 | |
| iShares Global Clean Energy ETF | iShares | BPI GA;Santander AM | 19,389,425 | |
| JPMorgan Funds - Pacific Equity | C | J.P.Morgan AM | Caixa GA;Santander AM | 19,150,508 |
| Natixis International Funds Lux I-Loomis | Natixis IM | IMGA | 18,172,025 | |
| Nordea 1 - US Corporate Bond Fund | Nordea AM | IMGA | 17,722,405 | |
| European Specialist Investment Funds - M&G | M&G | IMGA | 17,346,625 | |
| Morgan Stanley Investment Funds - Euro Corporate Bond Fund | B | Morgan Stanley IM | IMGA | 17,134,422 |
| NN (L) Euro Credit - I Cap | NN IP | IMGA | 17,117,605 | |
| Pictet-Global Environmental Opportunities | BC | Pictet AM | IMGA | 17,077,655 |
| First State Asian Equity Plus Fund | First Sentier Investors | IMGA;Santander AM | 16,848,424 | |
| Xtrackers MSCI Emerging Markets ETF | Xtrackers | Santander AM | 16,462,168 | |
| Acadian European Equity | Acadian | IMGA | 16,249,519 | |
| Aberdeen Standard SICAV I - European Equity Fund | BC | Aberdeen Standard Investments | IMGA | 16,210,427 |
| iShares Core Euro Corporate Bond ETF | iShares | Montepio GA;Santander AM | 16,021,894 | |
| MFS Meridian Funds - Continental European Equity Fund | MFS IM | IMGA | 15,889,748 | |
| Morgan Stanley Investment Funds - Global Opportunity Fund | AB | Morgan Stanley IM | IMGA | 15,450,798 |
| Barings Emerging Markets Sovereign Debt Fund | Barings | IMGA | 14,900,677 | |
| Nordea 1- Low Duration European Covered Bond Fund | BC | Nordea AM | Santander AM | 14,235,321 |
| LFP - La Francaise Sub Debt | La Francaise AM | IMGA | 13,880,494 | |
| ETF iShares S&P 500 EUR Hedged | iShares | Bankinter GA;Santander AM | 13,844,129 | |
| BPI Ibéria | BPI GA | BPI GA | 13,471,526 | |
| Algebris Financial Credit Fund | Algebris | IMGA | 13,427,701 | |
| Amundi Funds - Emerging Markets Bond | B | Amundi | IMGA | 13,292,318 |
| Goldman Sachs Emerging Markets Debt | B | Goldman Sachs IM | IMGA | 12,954,164 |
| iShares SMI® ETF (CH) | iShares | Caixa GA | 12,862,379 | |
| Allianz China A Shares | BC | Allianz GI | IMGA;Optimize IP | 12,429,440 |
| BPI High Income Bond Fund | BPI GA | BPI GA | 12,301,906 | |
| BPI Opportunities | BPI GA | BPI GA | 12,128,709 | |
| Xtrackers Nikkei 225 ETF | Xtrackers | BPI GA | 11,974,992 | |
| Carmignac Portfolio - Long-Short European Equities | Carmignac | IMGA | 11,814,917 | |
| AB SICAV I - Select Absolute Alpha Portfolio | Alliance Bernstein | IMGA | 11,374,025 | |
| Janus Henderson Gartmore UK Absolute Return | Janus Henderson | IMGA | 11,304,025 | |
| JPMorgan Investment Funds - Global Macro | J.P.Morgan AM | IMGA | 11,185,388 | |
| AXA World Funds - US High Yield Bonds | B | AXA IM | IMGA | 10,875,301 |
| Candriam Bonds Euro High Yield | C | Candriam | IMGA;Optimize IP;Santander AM | 10,778,083 |
| BPI Obrigações Mundiais | BPI GA | BPI GA | 10,605,153 | |
| DPAM L - Bonds EUR Corporate High Yield | DPAM | IMGA | 10,470,335 | |
| Veritas Asian Fund | Veritas | IMGA | 10,353,902 | |
| BGF US Dollar High Yield Bond Fund | BlackRock | IMGA | 10,243,803 | |
| iShares Core S&P 500 ETF | iShares | BPI GA | 9,682,635 | |
| Santander Go Dynamic Bond | Santander AM | Santander AM | 9,204,297 | |
| Fidelity Funds - Asian Special Situations Fund | Fidelity | IMGA | 8,952,959 | |
| JPMorgan Funds - Japan Equity | B | J.P.Morgan AM | BPI GA;IMGA | 8,743,668 |
| T. Rowe Price Funds SICAV - US Aggregate Bond Fund | T. Rowe Price | IMGA;Optimize IP | 8,251,759 | |
| BGF US Dollar Bond Fund | B | BlackRock | IMGA | 8,040,613 |
| iShares Edge MSCI World Value | iShares | IMGA | 7,857,384 | |
| iShares MSCI AC Far East ex-Japan ETF | iShares | Santander AM | 7,257,142 | |
| Intermoney Variable Euro | Intermoney | IMGA | 6,949,101 | |
| JPMorgan Investment Funds - US Bond Fund | J.P.Morgan AM | IMGA | 6,947,929 | |
| Aberdeen Standard SICAV I - Frontier Markets Bond Fund | C | Aberdeen Standard Investments | IMGA | 6,760,629 |
| iShares STOXX Europe 600 Basic Resources | iShares | BPI GA | 6,725,990 | |
| UBS ETF - Bloomberg Barclays US Liquid Corporates | UBS AM | IMGA | 6,606,934 | |
| JPMorgan Investment Funds - US Select Equity Fund | J.P.Morgan AM | Bankinter GA;Santander AM | 6,432,809 | |
| IMGA Rendimento Mais | B | IMGA | IMGA | 6,423,860 |
| AXA WF US Short Duration High Yield Bonds | B | AXA IM | Optimize IP;Santander AM | 6,370,092 |
| DWS Invest CROCI Japan | DWS | IMGA | 6,282,362 | |
| Optimize Obrigações | Optimize IP | Optimize IP | 6,256,915 | |
| Standard Life Investments Global SICAV | Aberdeen Standard Investments | IMGA | 6,111,316 | |
| Lyxor Epsilon Global Trend | Lyxor | IMGA | 6,106,746 | |
| Lemanik SICAV - Global Strategy | Lemanik | IMGA | 6,078,856 | |
| JPMorgan Funds - US Smaller Companies | B | J.P.Morgan AM | IMGA | 5,941,865 |
| Marshall Wace Tops (Market Neutral) Fund | Marshall Wace | BPI GA | 5,928,591 | |
| Lindsell Train Global Funds plc - Lindsell Train Japanese Equity | Lindsell Train | IMGA | 5,759,781 | |
| T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund | BC | T. Rowe Price | IMGA | 5,757,067 |
| IMGA Rendimento Semestral | B | IMGA | IMGA | 5,741,559 |
| William Blair SICAV - US Small-Mid Cap Growth Fund | William Blair | IMGA | 5,691,314 | |
| Wellington Global Quality Growth Fund | B | Wellington | BPI GA | 5,630,717 |
| Morgan Stanley Investment Funds - Global Brands Fund | B | Morgan Stanley IM | BPI GA | 5,620,902 |
| Magna Umbrella Fund plc - Magna New Frontiers | Charle Magne Capital | IMGA | 5,484,905 | |
| BPI Technology Revolution | BPI GA | BPI GA | 5,288,465 | |
| Vanguard US 500 Stock Index Fund | C | Vanguard | Santander AM | 4,990,356 |
| Xtrackers MSCI Europe ETF | Xtrackers | Montepio GA;Santander AM | 4,947,391 | |
| iShares S&P 500 ETF | iShares | Bankinter GA | 4,913,027 | |
| BPI ALTERNATIVE FUND | BPI GA | BPI GA | 4,754,439 | |
| Threadneedle (Lux) - Credit Opportunities | Columbia Threadneedle Investments | Santander AM | 4,689,499 | |
| Amundi ETF MSCI Emerging Markets | Amundi | IMGA | 4,659,179 | |
| Amundi Index MSCI North America ETF | Amundi | Santander AM | 4,618,070 | |
| Fidelity Funds - European Dynamic Growth Fund | AB | Fidelity | Bankinter GA;BPI GA | 4,554,973 |
| iShares Physical Gold ETC | iShares | IMGA | 4,540,725 | |
| Eleva Fund - Fonds Eleva European Selection | AB | Eleva | BPI GA | 4,534,126 |
| Vanguard S&P 500 ETF | Vanguard | IMGA | 4,275,129 | |
| iShares U.S. Regional Banks | iShares | BPI GA | 4,258,926 | |
| iShares MSCI Europe SRI ETF | iShares | BPI GA | 4,203,455 | |
| iShares Edge MSCI Europe Value Factor ETF | iShares | IMGA | 4,104,046 | |
| Oddo BHF Avenir Europe | B | Oddo BHF | IMGA | 4,093,043 |
| Goldman Sachs Japan Equity Partners Portfolio | Goldman Sachs IM | Bankinter GA;Optimize IP | 4,057,718 | |
| Optimize Europa Valor | Optimize IP | Optimize IP | 4,022,230 | |
| Threadneedle (Lux) - European Smaller Companies | Columbia Threadneedle Investments | IMGA | 4,014,073 | |
| RobecoSAM Smart Energy Equities | Robeco | Bankinter GA | 3,976,919 | |
| Janus Henderson Horizon Euroland Fund | B | Janus Henderson | IMGA | 3,875,918 |
| Fidelity Funds - US Dollar Bond Fund | B | Fidelity | Optimize IP | 3,841,809 |
| J O Hambro Capital Management Umbrella Fund | J O Hambro | IMGA | 3,818,090 | |
| Threadneedle (Lux) - European Select | C | Columbia Threadneedle Investments | IMGA | 3,803,343 |
| Optimize Investimento Activo | Optimize IP | Optimize IP | 3,702,669 | |
| Eurizon Fund - Bond JPY | Eurizon | Optimize IP | 3,644,573 | |
| UBS ETF (LU) MSCI EMU Socially Responsible | UBS AM | Optimize IP | 3,531,221 | |
| Amundi Index MSCI North America ETF | Amundi | Santander AM | 3,345,388 | |
| iShares U.S. Financials | iShares | BPI GA | 3,227,296 | |
| Vanguard Emerging Markets Stock Index Fund | Vanguard | Santander AM | 3,205,584 | |
| Amundi Funds - Pioneer US Equity Fundamental Growth | B | Amundi | Santander AM | 3,127,580 |
| Pictet Europe Index | B | Pictet AM | Santander AM | 3,070,802 |
| T. Rowe Price Funds SICAV - Emerging Markets Equity Fund | T. Rowe Price | Bankinter GA | 2,943,399 | |
| Candriam Bonds Credit Opportunities | Candriam | Santander AM | 2,924,205 | |
| Wells Fargo (Lux) Worldwide Fund - U.S. All Cap Growth Fund | C | Wells Fargo | Bankinter GA | 2,725,360 |
| Franklin U.S. Opportunities Fund | BC | Franklin Templeton | Bankinter GA | 2,719,231 |
| Lyxor FTSE 100 ETF | Lyxor | Bankinter GA | 2,703,826 | |
| JPMorgan Funds - US Aggregate Bond | B | J.P.Morgan AM | Santander AM | 2,653,623 |
| ETF L&G Longer Dated All Commodities | Legal & General | IMGA | 2,470,215 | |
| iShares Core U.S. Aggregate Bond | iShares | Optimize IP | 2,251,475 | |
| BGF Continental European Flexible Fund | B | BlackRock | Bankinter GA | 2,150,251 |
| Vanguard Japan Stock Index Fund | C | Vanguard | Santander AM | 2,097,996 |
| iShares MSCI South Korea ETF | iShares | Bankinter GA;Optimize IP | 2,076,804 | |
| AMUNDI INDEX BARCLAYS US CORP BBB | Amundi | Optimize IP | 1,978,024 | |
| Fidelity Funds - America Fund | B | Fidelity | Santander AM | 1,894,756 |
| Amundi Funds - Global Aggregate Bond | B | Amundi | Optimize IP | 1,894,258 |
| SPDR® Bloomberg Barclays 0-5 Year U.S. High Yield Bond ETF | SPDR | Optimize IP | 1,889,549 | |
| AXA World Funds - Global Inflation Bonds | B | AXA IM | Optimize IP | 1,883,168 |
| AXA World Funds - Framlington Switzerland | C | AXA IM | Optimize IP | 1,876,171 |
| iShares MSCI Sweden ETF | iShares | Optimize IP | 1,865,161 | |
| Threadneedle (Lux) - European Smaller Companies | Columbia Threadneedle Investments | IMGA | 1,853,997 | |
| Nordea 1 - Norwegian Bond Fund | Nordea AM | Optimize IP | 1,848,543 | |
| iShares USD TIPS ETF | iShares | IMGA | 1,844,649 | |
| NB Subordinated Debt | GNB GA | GNB GA | 1,832,497 | |
| Lyxor Euro Government Bond 5-7Y | Lyxor | Optimize IP | 1,831,829 | |
| iShares € Aggregate Bond ETF | iShares | Optimize IP | 1,818,077 | |
| BNP Paribas Funds Climate Impact | C | BNP Paribas AM | Bankinter GA | 1,809,376 |
| DPAM L – Bonds Emerging Markets Sustainable | DPAM | Optimize IP | 1,785,952 | |
| Man GLG Japan CoreAlpha | MAN | BPI GA | 1,754,271 | |
| Amundi Funds - Russian Equity | Amundi | Optimize IP | 1,698,938 | |
| Groupama Entreprises | Groupama AM | Santander AM | 1,683,244 | |
| Lyxor MSCI Canada | Lyxor | Optimize IP | 1,672,476 | |
| IMGA Liquidez | IMGA | IMGA | 1,639,578 | |
| BPI Obrigações de Alto Rendimento Alto Risco | BPI GA | BPI GA | 1,614,154 | |
| NB Euro Bond | BC | GNB GA | GNB GA | 1,542,891 |
| Schroder International Selection Fund Global Credit Income | Schroders | Optimize IP | 1,507,248 | |
| Vanguard FTSE Pacific ETF | Vanguard | Santander AM | 1,485,396 | |
| BGF Fixed Income Global Opportunities Fund | B | BlackRock | Santander AM | 1,477,865 |
| IMGA Euro Taxa Variável | B | IMGA | IMGA | 1,474,037 |
| Allianz Global Artificial Intelligence | AB | Allianz GI | Bankinter GA | 1,451,605 |
| ETF iShares MSCI Japan EUR Hedged | iShares | Bankinter GA | 1,419,375 | |
| Nordea 1 - Swedish Bond Fund | Nordea AM | Optimize IP | 1,391,507 | |
| DPAM L - Bonds Universalis Unconstrained | DPAM | Optimize IP | 1,303,564 | |
| Artemis Funds (Lux) US Select | Artemis | IMGA | 1,300,642 | |
| iShares S&P 500 Financials Sector ETF | iShares | IMGA | 1,289,140 | |
| Threadneedle UK ZNA GBP Fund | Columbia Threadneedle Investments | IMGA | 1,264,282 | |
| Liontrust GF UK Growth Fund | Liontrust | IMGA | 1,260,093 | |
| iShares J.P. Morgan EM Local Govt Bond ETF | iShares | IMGA | 1,250,668 | |
| iShares Core MSCI Europe ETF | iShares | GNB GA | 1,247,094 | |
| BlackRock Global Funds - United Kingdom Fund | BlackRock | IMGA | 1,218,595 | |
| Wellington US Research Equity Fund | Wellington | IMGA | 1,196,267 | |
| Jupiter Dynamic Bond | ABC | Jupiter AM | Optimize IP;Santander AM | 1,190,066 |
| BlackRock Continental European Fund | BlackRock | Optimize IP | 1,185,075 | |
| PIMCO GIS Income Fund | BC | PIMCO | Santander AM | 1,173,362 |
| iShares iBoxx $ High Yield Corporate Bond ETF | iShares | Optimize IP | 1,146,208 | |
| iShares NASDAQ 100 ETF | iShares | Optimize IP | 1,129,204 | |
| Morgan Stanley Investment Funds - US Growth Fund | AB | Morgan Stanley IM | Optimize IP | 1,106,438 |
| Schroder International Selection Fund US Small & Mid-Cap Equity | Schroders | Montepio GA;Optimize IP | 1,044,224 | |
| JPMorgan Funds - Emerging Markets Equity | ABC | J.P.Morgan AM | Optimize IP | 1,040,172 |
| Groupama Avenir Euro | Groupama AM | Optimize IP | 989,125 | |
| Echiquier Agenor SRI Mid Cap Europe | C | LFDE | Bankinter GA | 962,130 |
| IMGA European Equities | IMGA | IMGA | 944,060 | |
| BPI AFRICA | BPI GA | BPI GA | 880,995 | |
| iShares STOXX Europe 600 Insurance | iShares | BPI GA | 833,901 | |
| iShares MSCI Europe ex-UK ETF | iShares | Bankinter GA | 800,612 | |
| Amundi Index MSCI Europe ETF | Amundi | BPI GA | 787,392 | |
| IMGA Iberia Fixed Income | IMGA | IMGA | 780,788 | |
| Assenagon Alpha Volatility | Assenagon | IMGA | 774,261 | |
| Schroder International Selection Fund Greater China | Schroders | Optimize IP | 741,399 | |
| JPMorgan Funds - Europe Dynamic Technologies | B | J.P.Morgan AM | Santander AM | 727,316 |
| iShares MSCI Japan ETF | iShares | Bankinter GA;Montepio GA | 708,375 | |
| iShares Core DAX ETF | iShares | Optimize IP | 689,688 | |
| iShares Automation & Robotics ETF | iShares | Bankinter GA | 676,769 | |
| Optimize Investimento Activo | Optimize IP | Optimize IP | 665,654 | |
| Financial Select Sector SPDR® Fund | SPDR | GNB GA | 659,392 | |
| ETF WisdomTree WTI Crude Oil | WisdomTree Investments | IMGA | 614,275 | |
| Lyxor ETF EUROSTOXX 50 | Lyxor | Optimize IP | 588,148 | |
| iShares MSCI All Country Asia ex Japan ETF | iShares | BPI GA;GNB GA | 578,730 | |
| Morgan Stanley Investment Funds - Europe Opportunity Fund | Morgan Stanley IM | Montepio GA | 571,405 | |
| Lyxor MSCI India ETF | Lyxor | Bankinter GA | 539,851 | |
| Schroder ISF Global Corporate Bond | Schroders | Optimize IP | 511,583 | |
| IMGA IBERIA EQUITIES | IMGA | IMGA | 482,169 | |
| Schroder International Selection Fund European Special Situations | Schroders | Montepio GA | 476,684 | |
| NB Momentum Sustentável | B | GNB GA | GNB GA | 445,460 |
| Goldman Sachs US Focused Growth Equity Portfolio | Goldman Sachs IM | Optimize IP | 436,455 | |
| Legg Mason ClearBridge Infrastructure Value Fund | B | Franklin Templeton | Bankinter GA | 408,759 |
| iShares $ Corp Bond ETF | iShares | Optimize IP | 407,821 | |
| iShares € Govt Bond 3-7yr ETF | iShares | Optimize IP | 402,298 | |
| Amundi Funds - European Equity Conservative | Amundi | Montepio GA | 401,625 | |
| Montepio Acções Europa | Montepio GA | Montepio GA | 399,476 | |
| WisdomTree Enhanced Commodity UCITS ETF | WisdomTree Investments | GNB GA | 398,905 | |
| Xtrackers MSCI USA ETF | Xtrackers | Montepio GA | 389,893 | |
| Fidelity Funds - Australia Fund | Fidelity | Optimize IP | 388,944 | |
| iShares MSCI Taiwan ETF | iShares | Bankinter GA | 388,289 | |
| Legg Mason Royce US Small Cap Opportunity Fund | B | Franklin Templeton | Bankinter GA | 384,212 |
| Lyxor MSCI Indonesia | Lyxor | Optimize IP | 378,903 | |
| BGF European Fund | BlackRock | Montepio GA | 374,403 | |
| Fidelity Funds - European Larger Companies | B | Fidelity | Montepio GA | 372,141 |
| Energy Select Sector SPDR Fund | SPDR | GNB GA | 351,335 | |
| Lyxor ETF CAC 40 | Lyxor | Optimize IP | 345,854 | |
| GAM Star Emerging Market Rates | GAM | Optimize IP | 337,543 | |
| Pictet-USA Index | BC | Pictet AM | Montepio GA | 297,542 |
| T. Rowe Price Funds SICAV - US Equity Fund | B | T. Rowe Price | IMGA | 283,421 |
| Schroder Emerging Market Equity Fund | Schroders | Montepio GA;Optimize IP | 276,154 | |
| BGF US Flexible Equity Fund | BlackRock | Montepio GA | 271,365 | |
| Xtrackers MSCI World ETF | Xtrackers | BPI GA | 267,929 | |
| TT Emerging Markets Equity Fund | TT International | IMGA | 255,910 | |
| Fidelity Funds Emerging Markets Fund | B | Fidelity | IMGA | 252,054 |
| Templeton Euroland Fund | Franklin Templeton | Montepio GA | 245,351 | |
| Comgest Growth Emerging Markets | Comgest | IMGA | 241,725 | |
| Pictet-Japanese Equity Selection | Pictet AM | Montepio GA | 218,796 | |
| Groupama Axiom Legacy 21 | Groupama AM | Optimize IP | 199,577 | |
| UBS ETF (LU) MSCI USA Socially Responsible | UBS AM | BPI GA | 198,494 | |
| iShares MSCI India ETF | iShares | GNB GA | 195,288 | |
| Schroder International Selection Fund US Large Cap | Schroders | Montepio GA | 193,817 | |
| Schroder Euro Government Bond | Schroders | IMGA;Montepio GA | 186,176 | |
| HSBC Global Investment Funds - Global Emerging Markets Equity | HSBC GIF | Montepio GA | 185,814 | |
| Eurizon Fund - Bond Aggregate RMB | B | Eurizon | Optimize IP | 181,608 |
| Allianz Global Floating Rate Notes Plus | B | Allianz GI | Montepio GA | 172,955 |
| DWS Floating Rate Notes | DWS | Montepio GA | 170,778 | |
| Montepio Obrigações | Montepio GA | Montepio GA | 163,507 | |
| Legg Mason Western Asset Macro Opportunities Bond | B | Franklin Templeton | GNB GA | 161,700 |
| BGF Japan Flexible Equity Fund | BlackRock | Montepio GA | 161,030 | |
| Pictet Corporate Bonds | Pictet AM | Montepio GA | 143,251 | |
| iShares EURO STOXX Banks 30-15 ETF | iShares | BPI GA;GNB GA | 142,320 | |
| Fidelity Funds - Euro Bond Fund | Fidelity | Montepio GA | 142,189 | |
| BNY Mellon Global Bond Fund | BNY Mellon IM | Montepio GA | 134,216 | |
| Fidelity S&P 500 Index Fund | Fidelity | Montepio GA | 132,685 | |
| Pictet Short Term High Yield | Pictet AM | Montepio GA | 124,780 | |
| Fidelity Funds - Emerging Market Debt Fund | Fidelity | Montepio GA | 122,873 | |
| Montepio Taxa Fixa | Montepio GA | Montepio GA | 109,728 | |
| Fidelity Funds - Sustainable Water & Waste Fund | Fidelity | Montepio GA | 102,621 | |
| Pictet Emerging Markets | Pictet AM | Montepio GA | 101,554 | |
| Montepio Multi Gestão Mercados Emergentes | Montepio GA | Montepio GA | 101,463 | |
| BMO Responsible Global Equity Fund | B | BMO GAM | BPI GA | 98,521 |
| Brown Advisory U.S. Sustainable Growth Fund | A | Brown Advisory | BPI GA | 95,199 |
| BGF Emerging Markets Fund | BlackRock | Montepio GA | 94,017 | |
| Morgan Stanley Investment Funds - Short Maturity Euro Bond | B | Morgan Stanley IM | Montepio GA | 88,901 |
| iShares € Govt Bond 5-7yr ETF | iShares | Montepio GA | 87,036 | |
| HSBC GIF Euro Credit Bond | HSBC GIF | Montepio GA | 85,109 | |
| Morgan Stanley Investment Funds - Euro Corporate Bond - Duration Hedged | B | Morgan Stanley IM | Montepio GA | 82,132 |
| HSBC Pan European Euro | HSBC GIF | Montepio GA | 81,950 | |
| HSBC Global Investment Funds - Economic Scale US Equity | HSBC GIF | Montepio GA | 77,973 | |
| Montepio Tesouraria | Montepio GA | Montepio GA | 74,342 | |
| Schroder International Selection Fund BRIC | Schroders | Montepio GA | 65,895 | |
| Morgan Stanley Investment Funds - Emerging Markets Equity Fund | Morgan Stanley IM | Montepio GA | 65,851 | |
| Mirabaud - Global Strategic Bond Fund | Mirabaud | Santander AM | 61,631 | |
| DWS Invest - Short Duration Income | DWS | Montepio GA | 57,912 | |
| Amundi Funds - Emerging Markets Equity Focus | Amundi | Montepio GA | 49,955 | |
| DWS Concept Kaldemorgen | B | DWS | Santander AM | 40,527 |
| Pictet Global Emerging Debt | Pictet AM | Montepio GA | 36,937 | |
| iShares U.S. Industrials | iShares | BPI GA | 15,049 | |
| LFIS Vision Premia | LFIS Capital | Santander AM | 4,306 | |
| Parvest Euro Government Bond | BNP Paribas AM | IMGA | 389 | |
| Nomura Funds Ireland plc - US High Yield Bond Fund | Nomura | Caixa GA | 266 |