Beruflich Dokumente
Kultur Dokumente
ANNUAL REPORT
ON THE SECURITIES
MARKETS. 1998
I.S.B.N.: 84-87870-17-1
Depsito Legal: M-29112-1999
Original Title in Spanish: Informe Anual sobre los Mercados de Valores. 1998.
Translated by: John J. Rynne.
Comisin Nacional del Mercado de Valores.
All information in this publication may be reproduced with attribution.
Printed by: V.A. Impresores, S.A.
CONTENTS
1. Overview of the securities markets ......................................................................................
13
13
24
28
37
37
38
43
45
3.1.
3.2.
3.3.
3.4.
45
57
66
68
71
4.1.
4.2.
4.3.
4.4.
71
76
82
85
87
5.1.
5.2.
5.3.
5.4.
Overview ...................................................................................................................... 87
Securities investment funds (FIM) .................................................................................. 92
Money market mutual funds (FIAMM) .......................................................................... 98
Closed-end securities investment companies (SIM) and open-end securities investment
companies (SIMCAV) ..................................................................................................... 99
5.5. Foreign collective investment institutions marketed in Spain ......................................... 100
5.6. Real estate investment funds (FII) and companies .......................................................... 100
6. Securities firms and management companies ....................................................................... 103
6.1. Securities firms .............................................................................................................. 103
6.2. Management companies ............................................................................................... 110
Annex 1. Primary markets .......................................................................................................... 115
A.1.1.
A.1.2.
A.1.3.
A.1.4.
A.1.5.
117
118
119
120
121
A.1.6.
A.1.7.
122
131
A.1.8.
A.1.9.
A.1.10.
A.1.11.
A.1.12.
A.1.13.
A.2.1.
A.2.2.
A.2.3.
A.2.4.
A.2.5.
A.2.6.
A.2.7.
A.2.8.
A.2.9.
A.2.10.
A.2.11.
A.2.12.
A.2.13.
A.2.14.
A.2.15.
A.2.16.
A.2.17.
A.2.18.
A.2.19.
A.2.20.
A.2.21.
A.2.22.
A.2.23.
A.2.24.
A.2.25.
A.2.26.
A.2.27.
123
124
126
127
128
129
130
133
134
135
136
137
138
139
140
141
142
143
144
144
145
146
147
152
168
168
169
169
170
170
171
172
173
174
INDEX
175
176
177
178
179
180
181
182
183
187
188
189
201
A.3.5.
A.3.6.
A.3.7.
A.3.8.
A.3.9.
A.3.10.
A.3.11.
A.3.12.
A.3.13.
A.3.14.
A.3.15.
A.3.16.
A.3.17.
A.4.1.
A.4.2.
A.4.3.
A.4.4.
A.4.5.
A.4.6.
A.4.7.
A.4.8.
A.4.9.
A.4.10.
A.4.11.
A.4.12.
A.4.13.
190
190
191
192
193
194
195
196
196
197
197
198
198
199
203
204
205
206
207
208
209
210
266
267
268
269
276
A.4.14.
A.4.15.
A.4.16.
A.4.17.
A.4.18.
A.4.19.
A.4.20.
A.4.21.
277
278
279
280
281
282
282
283
A.5.1.
A.5.2.
A.5.3.1.
A.5.3.2.
A.5.3.3.
A.5.4.1.
A.5.4.2.
A.5.4.3.
A.5.5.1.
282
285
285
286
288
290
292
293
294
311
315
A.5.5.2.
A.5.5.3.
A.5.6.
A.5.7.
A.5.8.
A.5.9.
A.5.10.
A.5.11.
A.5.12.
A.5.13.
A.5.14.
A.5.15.
A.5.16.
A.5.17.
A.5.18.
295
296
297
298
298
299
300
301
302
303
305
306
307
307
308
310
INDEX
INDEX OF TABLES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.
1.8.
1.9.
14
18
21
23
27
30
32
33
34
38
39
41
43
46
47
48
52
52
59
62
63
67
73
74
74
77
78
79
80
82
84
84
85
88
89
89
94
97
Chapter 2
2.1.
2.2.
2.3.
2.4.
Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
Chapter 4
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
4.9.
4.10.
4.11.
Chapter 5
5.1.
5.2.
5.3.
5.4.
5.5.
Chapter 6
6.1.
6.2.
6.3.
6.4.
6.5.
6.6.
6.7.
6.8.
6.9.
103
105
106
107
107
109
110
110
111
INDEX
INDEX OF FIGURES
Chapter 1
Commodity price trends .............................................................................................
Business and consumer confidence indicators ............................................................
Spanish economy financing capacity (+) / borrowing requirement (-) as % of GDP ....
Long-term interest rates ..............................................................................................
Stock market indexes ..................................................................................................
13
17
20
26
28
40
45
47
49
50
51
51
53
54
71
1.1.
1.2.
1.3.
1.4.
1.5.
Chapter 2
2.1.
Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
3.11.
3.12.
3.13.
3.14.
3.15.
3.16.
3.17.
3.18.
55
58
58
59
60
61
62
64
65
67
Chapter 4
76
78
81
81
83
Chapter 5
5.1. Evolution of mutual fund assets ....................................................................................
5.2. Actual year-on-year yields on fixed-income mutual funds (FIM-RF) vs. the government
bond yield index (IRDE) and the AFI index of 1Y Treasury Bills (AFI-LT) .......................
5.3. Actual year-on-year yields on equity mutual funds (FIM-RV) vs. Ibex-35 Index .............
5.4. Actual year-on-year yields on money market funds (FIAMM) vs. the AFI indices of 1Y
Treasury bills (AFI-LT) and of overnight repos (AFI-R) ...................................................
87
96
97
99
Chapter 6
6.1. Number of securities firms per pre-tax ROE bracket ..................................................... 104
6.2. Securities firms order processing and execution revenues. Distribution by instrument as
% of total ..................................................................................................................... 108
6.3. IIC management companies: aggregated earnings ........................................................ 112
6.4. Portfolio management companies: aggregated earnings ............................................... 114
10
INDEX
INDEX OF BOXES
Stability and Growth Pact .......................................................................................................
18
56
65
72
75
New types of IIC in the framework of the Reform Law of the Securities Market Law ..............
90
Modifications to the taxation on IIC in the new Personal Income Tax Law .............................
91
91
94
11
Figure 1.1
COMMODITY PRICE TRENDS
150
25
125
20
100
15
75
10
50
25
5
Jan-96
May-96
Sep-96
Jan-97
May-97
Sep-97
Jan-98
May-98
Sep-98
13
Economies in crisis
Japans economic situation worsened in 1998, and its GDP shrank by 2.8%. An expansive fiscal
policy, which increased the government deficit from 3.3% of GDP in 1997 to 5.9% in 1998, combined with low interest rates proved insufficient to revive weak internal demand, which fell 3.5%. The
Table 1.1
International economic indicators
GDP (a)
OECD ...............................................
USA ..................................................
Japan ................................................
EU ...................................................
Euro zone .....................................
Germany ...................................
Spain .........................................
France .......................................
Italy ...........................................
United Kingdom ............................
Latin America ...................................
1996
1997
1998
3.2
3.4
5.1
1.8
1.6
1.3
2.4
1.6
0.9
2.6
3.6
3.3
3.9
1.4
2.7
2.5
2.2
3.5
2.3
1.5
3.5
5.2
2.3
3.9
-2.8
2.8
3.0
2.8
3.8
3.2
1.4
2.1
2.3
1996
3,3
3,6
5,7
1,4
1,1
0,7
1,6
0,9
0,2
3,0
3,1
4,2
0,1
2,4
1,9
1,4
2,9
0,9
2,4
3,9
14
1998
2,7
5,1
-3,5
3,5
3,4
3,1
4,9
3,7
2,6
3,5
CPI (c)
1996
1997
1998
7.5
5.4
3.4
11.3
11.6
10.3
22.2
12.3
12.1
8.0
7.7 (1)
7.2
4.9
3.4
10.9
11.6
11.4
20.8
12.4
12.3
6.9
7.3 (1)
7.1
4.5
4.1
10.2
11.0
11.2
18.8
11.8
12.2
6.2
7.9 (1)
1996
2,4
2,9
0,1
2,5
2,2
1,4
3,6
2,0
3,8
2,4
18,4 (2)
1997
1997
2,1
2,3
1,7
2,0
1,6
1,9
2,0
1,2
1,8
3,1
10,3 (2)
1998
1,6
1,6
0,6
1,3
1,1
0,9
1,8
0,8
1,7
3,4
10,2 (2)
1996
1997
1998
-2.6
-0.9
-4.2
-4.2
-4.1
-3.4
-4.7
-4.1
-6.6
-4.4
-1.3
-1.2
0.4
-3.4
-2.4
-2.5
-2.6
-2.6
-3.0
-2.7
-2.0
-1.4
-0.1
1.7
-6.0
-1.6
-2.1
-2.0
-1.8
-2.9
-2.7
0.4
-2.4
1996
0,0
-1,8
1,4
1,0
1,1
-0,6
0,3
1,3
3,3
-0,1
2,0
1997
0,1
-1,9
2,3
1,5
1,6
-0,2
0,6
2,7
2,9
0,8
3,3
1998
-0,1
-2,7
3,2
1,1
1,4
-0,2
-0,2
2,8
2,0
-0,1
4,1
foreign sectors contribution to growth was reduced due to a decline in demand from the developing
countries of Southeast Asia (imports by Indonesia, Malaysia and Thailand fell an average of 9.4%) and
to the yens loss of competitiveness due to sharp depreciation in the regions other currencies1. The
weak economic situation and the disclosure of further financial problems at many banks was another
blow to the financial system, leading to temporary nationalizations and major recapitalization plans as
part of a program to reform the financial sector.
Russias economic crisis also worsened. Following a slight recovery in 1997, GDP fell by 4.8%
in 1998. The economic situation plus shaky public finances forced a drastic devaluation of the
ruble and the adoption of a partial moratorium on foreign debt servicing in mid-year, all in a climate of increasing political and social instability. The need for financial support from the International Monetary Fund forced the Russian government to commit to continuing the process of economic reform while maintaining State control. Although Russia accounts for a small part of the
world economy, these problems had a considerable international impact mainly because of the
countrys political importance and because they coincided with serious difficulties elsewhere in
the world.
In Latin America and the Caribbean, falling commodity prices and an unfounded perception by
investors of risk in the zone following the worsening of the Asian and Russian crises during the summer led to a sharp decline in economic growth, from 5.2% in 1997 to 2.3% in 1998. The main Latin
American economies have made successful efforts in recent years to reduce their internal imbalances
and to liberalize their internal economies and the flows of trade and investment with the rest of the
world. However, they remain highly vulnerable in certain areas, such as their dependence on exports
of commodities and, in the financial sphere, on short-term capital movements. The contagion problem
reached alarming proportions in Brazil, Latin Americas largest economy, in 1998, and growth was cut
from 3.2% in 1997 to 0.2% in 1998.
Pressure to depreciate in the currency markets forced governments to extend the tight monetary
and fiscal measures which they had implemented in 1997 on observing the first serious effects of the
Asian crisis. As a result, inflation in the region was stabilized at round 10%, consolidating the extraordinary correction attained in the last few years. However, these adjustments greatly increased financial costs and triggered a surge in the current account deficit. A reduction in capital inflows (mainly
short-term flows) exacerbated the regions financial difficulties and led to a drastic decline in their central banks foreign reserves.
Most of the regions currencies slumped in 1997. It is also noteworthy that, even thought it did not devalue its currency,
China took over from Japan as Asias leading trading nation.
2 The countries selected were: Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Holland, Austria, Portugal
and Finland.
15
The euro zone attained 3% GDP growth, half a point higher than in 1997. The main driving force
was domestic demand, which took over from the foreign sector since the latter gradually reduced its
positive contribution to growth during the year due to the worsening situation for exports and, in some
countries, the strength of imports. Private spending proved very vigorous, underpinned by faster
employment growth. Conversely, gross fixed-capital formation declined, reflecting a worsening of business expectations as evidenced by leading indicators of business confidence. Growth in the euro zone
descended gradually during the year, from 3.8% in the first quarter (with respect to the same period in
the previous year) to 2.4% in the fourth quarter.
Growth was unevenly distributed among the countries of Europe. Ireland and Finland registered
the highest rates (9% and 5%, respectively), and Spain, Holland Greece and Portugal were well above
the average. Germany and France were in line with the average and Italy retained its position as Europes slowest-growing economy (1.4%). Among the EU countries which did not join MU, there was a
slowdown in the United Kingdom due to slack private investment.
There was price stability in the euro zone, favored by the steady decline in oil and other commodity prices, sustained moderate growth in wages and increases in productivity (reflected in a
slight decline in unit labor costs in several countries). The average price increase, measured by the
Harmonized Consumer Price Index (HCPI), fell from 1.6% in 1997 to 1.1% in 1998. Following the
major efforts in previous years to cut government deficits as part of the Convergence Plans, the
reduction was less significant in 1998, and the process was supported mainly by the economies
good cyclic position and the impact of falling interest rates on the debt-servicing burden. In the
euro zone as a whole, the public deficit, measured as a percentage of GDP, fell by four-tenths of a
point to 2.1% of GDP. Unemployment continued to be the main problem in the region, but there
was a considerable recovery in occupation in 1998 and the standardized unemployment rate was
reduced by one percentage point from its 1997 peak to 10.7% of the active population at the end
of 1998.
The US economy attained high growth for the seventh year running without any acceleration in
prices. GDP rose by 3.9% but there were changes in the contribution from each of the components of
demand: strong private expenditure and a sustained rapid pace of growth in investment (mainly construction) offset a greater deterioration in the foreign sector, which was reflected in a further increase in
the trade deficit. The wealth effect derived from high stock market gains and the good outlook for the
labor market continued to fuel household spending 3. Price control was favored by internal factors,
such as gains in productivity and the fact that labor costs did not accelerate (which is surprising in an
economy where unemployment rates are so low and continue to fall), and external factors, such as the
decline in the price of energy and other commodities. Inflation averaged 1.6% in 1998, compared with
2.3% in 1997.
3 The US household saving rate fell from 2.2% of gross disposable income in 1997 to 0.5% in 1998. Such a low saving
rate suggests that a substantial part of household spending was financed by debt.
16
bility. Advances in these areas enabled Spain to enter the third stage of Economic and Monetary Union
(EMU) when it was implemented in January 1999. The summers turbulence in the economy and the
worlds financial markets affected Spains financial markets but the impact on economic growth was
slight.
Although the foreign sector felt the impact of the slowdown in international trade, strong
domestic demand amply compensated for this effect and enabled economic growth to intensify.
Private expenditure increased considerably due to a combination of various factors, including most
notably a sizable increase in disposable income, rapid growth in employment, falling interest rates
and (to a lesser extent) the positive effect on household wealth of stock market gains. These factors
were also reflected in the major increase in home-buying. Investment in capital goods grew more
moderately, but the gain was still significant, spurred by good corporate earnings, favorable prospects for consumption, a high level of production capacity utilization and the favorable impact of
falling interest rates on financial expenses. Overall, gross fixed-capital formation increased by 9%
(5.1% in 1997).
The Spanish economy maintained high rates of growth throughout the year, tailing off gently due
to the worsening international situation. Whereas the first quarter of 1998 attained 3.9% growth over
the same period of 1997, the corresponding figure was 3.6% in the fourth quarter. The international
financial crisis mainly affected business investment decisions but scarcely impacted consumer expectations (Figure 1.2).
Figure 1.2
BUSINESS AND CONSUMER CONFIDENCE INDICATORS
Difference between percentage opinions of opposing sign
20
10
0
-10
-20
-30
-40
-50
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
17
Inflation fell from 2% (over year ago) in 1997 to 1.4% in 1998. Food and energy were the components which contributed most to the slowdown, whereas services were again the most inflationary
component. Strong growth in employment (3.4%) did not prevent continued wage moderation, expressed in an average 2.6% raise in wage agreements (three-tenths of a point less than in 1997). However,
unit labor costs rose by 2%, i.e. half a point more than in 1997, due to faster relative growth of employment in services, where productivity is lower than in other sectors.
Government finances continued to improve considerably, in line with the commitments made in
the Stability Plan 1998-2002. The Public Administration deficit was revised downwards several times
during the year due to the favorable impact of the economic situation on revenues and expenses, to
the reduction in the financial burden caused by falling interest rates and to continued efforts to contain and rationalize spending. At year-end, the public sector borrowing requirement was 1.8% of GDP
in National Accounting terms, compared with 2.6% in 1997, and the debt/GDP ratio had fallen from
67.5% to 65.6%.
Table 1.2
SPANISH ECONOMY: MACROECONOMIC INDICATORS
Change on year, except where stated otherwise
1993
1994
1995
1996
1997
1998
-1.2
-4.2
-2.2
2.3
-10.6
8.5
-5.1
2.1
1.1
0.8
-0.3
1.4
16.2
10.4
2.8
3.1
1.5
1.3
8.2
8.2
8.8
2.4
1.6
2.0
0.9
1.3
10.6
7.4
3.5
2.9
3.1
1.4
5.1
14.8
12.2
3.8
4.9
3.8
1.6
9.0
7.8
10.6
4.9
-3.5
22.7
-1.1
-7.0
4.3
0.4
24.2
-1.4
-6.3
4.3
3.2
22.9
0.2
-7.3
3.2
3.3
21.8
0.3
-4.7
2.0
3.0
20.3
0.6
-2.6
1.4
3.4
18.2
-0.2
-1.9
18
had a clearly positive impact on private sector finance as it helped to keep interest rates low. The
Pact established a system of fines and deposits for States that exceeded the deficit ceiling (3% of
GDP, with certain exceptions).
Under the Pact, at the end of 1998 the Member States presented their respective Stability Programs (Convergence Programs, in the case of countries not integrated into EMU) to the European Commission, in which they specified the medium-term budget objective and the policy to be
implement to achieve it in the projected macroeconomic situation. The programs, which were
to be updated annually, generally envisaged a gradual reduction in government deficits until
2001-2002. By the end of that period, no country should have a deficit of over 1.5% and, in
some cases, there should be surplus. Major progress was made in reducing debt as a percentage of GDP but, because of their different starting situations, there were substantial differences
between individual countries. In the case of Spain, the Plan drafted by the government envisaged a practically balanced budget by 2002 and a reduction of debt to 59%.
Stability programs
% of GDP
Germany ...........
Austria ...............
Belgium .............
Spain .................
France (2) ..........
Ireland ...............
Italy ...................
Luxembourg ......
Holland (4) ........
Portugal .............
Finland ..............
Euro zone ..........
(1)
(2)
(3)
(4)
Debt
1997 1998 1999 2000 2001 2002 1997 1998 1999 2000 2001 2002
-2.7
-1.9
-1.9
-2.6
-3.0
1.1
-2.7
2.9
-0.9
-2.5
-1.2
-2.5
-2.1
-2.1
-1.3
-1.8
-2.9
2.3
-2.7
2.1
-0.9
-2.3
1.0
-2.1
-2.0
-2.0
-1.3
-1.6
-2.3
1.7
-2.0
1.1
-1.3
-2.0
2.4
-2.0
-1.7
-1.0
-1.0
-2.0
1.4
-1.5
1.2
-1.5
2.2
-1.5
-1.5
-0.7
-0.4
-1.6
1.6
-1.0
1.3
-1.2
2.1
-1.0
-1.4
-0.3
0.1
-1.2
1.7
-1.1
-0.8
2.3
62
64
122
67
58
61
122
6
71
62
55
75
61
64
118
66
58
59
118
7
68
58
52
74
61
64
115
66
59
52
115
(3)
66
57
49
61
62
112
64
47
111
(3)
56
46
61
61
110
62
43
107
(3)
55
45
60
60
107
59
57
(3)
65
53
43
Convergence programs
% of GDP
Debt
1997 1998 1999 2000 2001 2002 1997 1998 1999 2000 2001 2002
0.8
-2.4
2.0
0.6
2.5
-2.1
0.3
-0.3
2.8
-1.7
1.6
-0.3
2.6
-0.8
2.5
-0.1
0.2
61
109
77
50
56
108
74
48
53
106
71
47
49
103
67
45
46
100
58
44
42
19
In 1998, the Spanish economy saved the equivalent of 21.4% of GDP and invested 21.6% in gross
fixed-capital formation. Capital transfers from the rest of the world, which were particularly important
in the public sector and for non-financial firms, enabled the national economy to bridge the gap between saving and investment and provided a financial surplus (financing capacity, in National Accounting terms) equivalent to 1% of GDP. Consequently, the national economys financing capacity fell 0.6
points of GDP with respect to 1997 due, principally, to the impact of favorable economic prospects on
the behavior of non-financial firms and of households.
Self-financing proved clearly insufficient to finance new investment projects at non-financial
firms, whose funds from operations registered faster growth than in 1997 (3.1% in 1998 vs. 1.7 in
1997) but this was far below the 11% growth in gross fixed-capital formation registered in the sector.
Consequently, whereas in 1997 the sector had a financial surplus of 0.3% of GDP, in 1998 it had a
borrowing requirement equivalent to 0.6% of GDP.
Households and non-profit private institutions experienced a 5.4% increase in gross disposable
income in 1998 but the surge in expenditure meant that gross saving grew more slowly, falling from
10.8% of gross disposable income in 1997 to 10.4% in 1998. There was also strong growth (10.4%)
in expenditure on real estate (principally home-buying). The result was a 12.6% reduction in the sectors financing capacity, from 3.1% of GDP in 1997 to 2.6% in 1998.
Figure 1.3
SPANISH ECONOMY FINANCING CAPACITY (+) /
REQUIREMENT () (% OF GDP)
10
8
6
4
2
0
-2
-4
-6
-8
-10
1989
1990
1991
Households
Public Administrations
20
1992
1993
1994
Financial firms
National economy
1995
1996
1997
1998
Non-financial firms
There was also a slight reduction in the contribution of surplus funds by the financial sector (credit institutions and insurance companies) to the national economy, from 1.2% of GDP in 1997 to 1%
in 1998. As stated above, the Public Administrations again greatly reduced their borrowing requirement.
Table 1.3
FINANCING THROUGH SECURITIES
Annual flows (billions of pesetas)
1994
1995
1996
1997
1998
693
20.0
-18
1.1
1,223
105.6
-21
-1.0
2,942
62.2
676
14.5
200
2.1
79
-9.1
893
101.0
49
2.8
4,642
76.2
620
15.3
140
2.6
580
63.1
6,106
99.0
-2
-0.1
5,395
86.4
473
11.7
344
4.7
349
149.0
7,748
99.4
40
1.7
3,435
134.4
395
6.1
1,136
11.2
223
15.6
5,954
99.8
18
0.8
2,198
86.9
2,144
21.5
5,497
33.4
6,483
28.3
12,691
46.8
12,312
39.1
11,674
29.8
691
-89.3
493
10.0
1,087
22.2
3,759
47.8
8,706
76.7
(1) Negative percentages indicate opposing signs in financing via securities and net variation in financial liabilities.
(2) Financial assets in portfolio of resident sectors.
Source: Bank of Spain
21
Credit continued to be the main source of finance for non-financial firms, although it fell to 74.4%
of total new funds in 1998 (from 87.2% in 1997). Peseta-denominated credit from domestic monetary
institutions continued to be the main source of finance in this section, accounting for around 56% of
new credit. The net contribution by credit from domestic suppliers fell slightly although it continued
to represent a sizable fraction of the total, whereas credit in foreign currencies from the rest of the
world increased substantially.
Equities represented 68% of new financing obtained via securities by non-financial firms.
Placement was principally among non-resident investors, which contributed approximately 1.8
trillion pesetas, whereas the resident sector of the national economy divested around 372 billion
pesetas in aggregate terms. In fixed-income, there was a clear recovery in issues (both short and
long term) in contrast to the predominance of redemption in recent years. Short-term issues provided approximately 235 billion pesetas and were subscribed mainly by domestic collective
investment institutions. Bonds provided 482 billion pesetas, mainly from domestic banks and
savings banks.
As regards credit institutions financial flows, low interest rates and attractive yields on alternative investments exacerbated the decline in non-transferable peseta deposits (mainly time deposits and
interbank market deposits) which has been observed in recent years, and the result was negative in net
terms. Conversely, because of the economys good performance, rising net liquidity needs accelerated residents transferable deposits. Non-transferable foreign-currency deposits again registered strong
growth (although more subdued than in 1997), and they accounted for around 36.6% of the net variation in the sectors financial liabilities. The main increase in net issues of securities was in equities,
due mainly to Banco Santanders rights issue to acquire 100% of Banesto. Net bond issues increased
by 5.6%.
4 The financial assets considered in the Financial Accounts are as follows: cash and transferable deposits, other deposits,
short-term securities, bonds, equity securities - including shares, units in mutual funds and other participations, credit, insurance technical reserves and other.
22
Collective investment institutions and households were again the main investors. Despite lower growth
in net subscriptions, the increase in interest rates, due to a shift in investment towards longer-term
assets, and in capital gains enabled the collective investment institutions to expand net investment in
securities by over 40% with respect to 1997, and the increase in investment in securities issued by nonresidents was particularly significant (see Chapter 5). With the exception of the Public Administrations
which, overall, continued to divest securities through privatizations, the other sectors of the national
economy also registered strong growth in net acquisitions.
Households and non-profit private institutions acquired a net 9.2 trillion pesetas in financial assets
in 1998, i.e. a 14% increase over 1997. Securities accounted for 62% of net acquisitions by this sector (of which almost 53% was in the form of shares in mutual funds). Falling yields led to considerable direct divestment of fixed-income securities by this sector (both short and long term), which was
amply offset by strong growth in investment in shares (45% in foreign companies). A noteworthy feature of households financial behavior was the continued growth in long-term saving products (insurance technical reserves), which accounted for 25.6% of total net acquisitions of financial assets by
this segment in 1998.
Table 1.4
NET INVESTMENT IN SECURITIES
Annual flows in billions of pesetas
1994
1995
1996
1997
1998
4,196
95.9
85
-4.7
850
72.6
1,507
74.3
126
21.4
28
0.7
1,015
18.9
2,387
23.8
-3
0.6
-1,747
-194.4
1,060
61.2
-195
-20.2
576
14.7
1,701
25.5
1,114
14.4
-9
1.1
4,494
72.7
889
40.5
300
10.8
1,157
31.8
4,810
76.3
-215
-2.7
28
13.2
4,820
61.7
1,245
51.5
-554
-108.2
683
11.8
7,600
94.7
1,945
17.8
436
33.5
6,770
113.1
1,304
55.4
-577
-55.9
1,506
16.5
5,663
61.8
7,806
49.2
3,779
15.9
12,756
45.4
13,607
41.6
17,048
42.7
-1,329
684.3
3,198
77.6
1,023
26.1
2,450
36.9
3,332
31.5
(1) Negative percentages indicate opposing signs in financing via securities and net variation in financial assets.
(2) Financial liabilities of resident sectors.
Source: Bank of Spain
Net lending by monetary institutions rose by 42% in 1998 to 9.4 trillion pesetas, distributed
mainly among non-financial firms and households. The sector reduced its asset positions in bank
loans and other deposits and increased its investments in equities and bonds. Net acquisitions in
23
bonds were concentrated mainly non-resident issues, accounting for 63% of total securities. As in
1996 and 1997, falling interest rates led to significant divestment of short-term fixed-income instruments.
Pension funds and insurance companies acquired a net 1.3 trillion pesetas in securities, up 4.7%
over 1997. As with monetary institutions, investments were mainly in bonds (which experienced a
7.4% increase). Net new investment flows fell by 20% in equities and were practically flat in shortterm fixed-income.
Securities accounted for 16.5% of the net variation in financial assets at non-financial firms
(11.8% in 1997). The bulk of net investment in securities by this sector was concentrated in equities, particularly shares of non-resident companies, which doubled with respect to 1997, totaling
almost 1.5 trillion pesetas. The most noteworthy feature in this segment with respect to other financial assets was the considerable increase in cash and other deposits at resident and non-resident
financial institutions. New lending to the sector, which had increased five-fold in 1997, registered
21.4% growth in 1998.
Economic and financial problems in Japan and the emerging economies had a profound effect
on the worlds financial markets, which again evidenced their considerable degree of integration,
this time with negative consequences. The sound economic performance in the US and Europe
acted as a counterweight to the destabilizing phenomena by offering attractive investment opportunities and generating intense cash flows, as a result of which the losses sustained at the height of the
turbulence were recovered in the final months of the year. The international financial crisis created
some systemic risk problems, particularly due to the impact on the solvency of major market players, most notably hedge fund Long-Term Capital Management, which had to be bailed out by the
Federal Reserve.
There was a high perception of risk in 1998 but the markets performance varied during
the year: relative stability and a bull market in stocks until July, when the economic crisis reached its peak and the markets fell steadily until the end of September; towards the end of the
year, solutions seemed to be in place for the underlying problems and a bull market set in
again.
In the first part of the year, the main trends in financial activity observed at the end of 1997 following the widespread turbulence in October of that year were maintained. Although there were episodes of instability in some Asian markets, these problems were mainly local and no major risk of contagion was perceptible. In Europe, the markets benefited from good inflation prospects, which enabled
interest rates to continue to fall in some countries, particularly Spain and Italy. In this context, the stock
markets performed very well, long-term bond yields declined and share prices surged, with almost all
indices reaching record peaks in mid-July.
In July a string of negative events new problems in the developing economies of Southeast
Asia, an aggravation of the Japanese crisis and a moratorium on the Russian debt severely undermined investor confidence in those markets and this effect spread rapidly to Latin America. The
result was a drastic readjustment of international portfolios, involving a massive outflow of funds
24
from those countries, sharp increases in interest rates, heavy downward pressure on their exchange rates and a collapse of their stock markets. This situation had a negative impact on the stock
markets in Europe and North America and between July September their indices lost much of the
gains accumulated since January 1998 as the market discounted listed companies exposure to the
countries in crisis and the implications of the events for future economic growth and corporate earnings. The fixed-income markets (particularly the US and Germany) became the main destinations
for capital withdrawn from the crisis zones and domestic stock markets, leading to a widespread
decline in long rates and, within the euro zone, a slight widening of spreads against the German
bond.
Fears that the economic difficulties in Japan and the emerging economies might provoke a worldwide economic recession spurred the monetary authorities in the USA and the other industrialized
countries to reduce their benchmark interest rates. These measures, plus the perception that the authorities of the countries most affected by the crisis were moving to overcome the situation by means
of adjustment plans with the support of the International Monetary Fund, led to a rebound on the stock
markets. The worlds main indices made a rapid recovery to return practically to their pre-August
levels. The boom also spread to the bond markets, where yields fell considerably to reach record low
levels in the USA, Germany, Spain and other countries.
The first half of 1998 saw no major changes in monetary policy in the main economies, and
benchmark rates remained stable or declined slightly in most of the industrialized countries due to
good inflation performance and progress in reducing government deficits. This occurred in the
USA, despite the rapid pace of economic growth, in Japan, where the benchmark rate remained at
0.5%, and in the European Union, where some countries (such as Spain, Portugal and Italy) were
able to progressively reduce official rates within the convergence process. The main exception to
this trend was the United Kingdom, where poor price performance triggered an increase in the
basic rate to 7.50%.
The second half of the year saw a clear change in the tone of monetary policy in the industrialized world, and short-term rates fell in many countries. The US monetary authorities cut the
benchmark rate to prevent a negative impact on economic growth from the international crisis.
The Federal funds rate was cut by 50 basis points to 5%. In the euro zone, the countries with the
highest interest rates (including Spain and Italy) continued to reduce them, and in December all
the countries in the euro zone moved in concert to put their benchmark rates at 3%. In the United Kingdom, which had raised the benchmark rate in the first half of the year, the Bank of
England cut rates three times to reach 6.25%. Japan maintained the same official rate as in the
first half of the year.
Long-term interest rates also declined in most of the industrialized countries, including Japan, although there was a change in trend in Japan towards the end of the year and rates began to rise as a
result of the major financing program adopted by the Japanese government to pay for its fiscal stimulus plan and the reform of the financial system. Benchmark rates remained relatively stable in the US,
with a slight downward trend, during most of the year, but they fell considerably in the last quarter
following the reduction of the benchmark rate by the Federal Reserve and the influx of funds from the
domestic stock market and from the countries in crisis. At the end of year, due to the stock markets
recovery, the investment flows were reversed and long-term rates increased to an extent. In Europe, in
25
addition to the good outlook for inflation and the impact of investor portfolio adjustments at the height
of the international crisis, the decline in long-term rates was helped by the proximity of the introduction of the single currency.
Figure 1.4
LONG-TERM INTEREST RATES
% monthly figures
14
12
10
8
%
6
4
2
0
Dec-94
Jun-95
Dec-95
Euro zone*
Jun-96
Dec-96
USA
Jun-97
Dec-97
Japan
Jun-98
Dec-98
Spain
* Euro zone: countries included in the third stage of Monetary Union from 1 January 1999.
Stability was the predominant feature of exchange rates between the euro zone currencies. The
European currencies came under a slight degree of downward pressure against the dollar throughout
the year, due to faster growth in the US. The main feature of the international currency markets was
the performance of the yen against the dollar. In the first half of the year, the shift of funds out of yendenominated assets into dollars provoked a steady decline in value in the Japanese currency with respect to the US dollar. The yen slumped suddenly in June to 146 to the dollar. To halt the yens slide,
the monetary authorities in Japan and the US made a concerted intervention in the markets, but the
effect was only temporary due to the slow pace of economic and financial reforms in Japan. However,
there was a change in trend in the months which followed due to the improving outlook for the Japanese economy following parliamentary approval for a financial bail-out plan 5. The year-end exchange
rate was 115 yen to the dollar.
The Japanese Yen recovered basically in two sessions in mid-October when the international hedge funds
massively closed out short positions in the yen and long positions in US bonds in order to cover heavy losses caused by the international financial crisis. The improved outlook for Japan enabled the Yen to remain at that level until
year-end.
26
Equities markets
The international crisis did not prevent the developed worlds stock markets from appreciating
considerably in the year as a whole, ranging from a 15% increase in Londons FT 100 to a 41% increase in Milans MIB 30. The most outstanding exception was the Tokyo Stock Exchange, where the Nikkei lost ground for the third consecutive year (by slightly over 9% in 1998). The main markets of Southeast Asia (Hong Kong, Singapore and Taiwan) registered considerable losses, but they were not as
severe as in 1997. The exception to the prevailing trend in that region was South Koreas stock market, whose main index rose by almost 50%. The contagion of the financial problems to Latin America
provoked an intense, widespread decline in share prices (Table 1.5).
Table 1.5
EQUITIES MARKETS: INDICES AND TRADING VOLUME IN 1998
Market
Indices
Name
Trading volume
Chg. (%) (*)
Bn USD
Developed countries
New York ......................................
Tokyo ............................................
London .........................................
Paris ..............................................
Germany .......................................
Italy ...............................................
Spain .............................................
Dow Jones
Nikkei
FT 100
CAC 40
DAX 30
MIB 30
Ibex 35
16,1
-9,3
14,6
31,5
17,8
40,9
35,6
7.317,9
750,8
2.888,0
587,9
1.491,8
488,2
291,6
26,7
-10,3
43,2
42,0
40,8
143,1
60,2
Latin America
Buenos Aires .................................
Sao Paulo ......................................
Santiago de Chile ..........................
Mexico ..........................................
Lima ..............................................
Venezuela .....................................
Merval
Bovespa
IGPA
CPI
IGRA
IBC
-24,5
-33,5
-25,0
-24,3
-25,5
-44,6
26,1
139,6
4,4
n.a.
3,1
n.a.
-32,2
-21,6
-35,0
n.a.
-21,7
n.a.
Southeast Asia
South Korea ..................................
Philippines ....................................
Hong Kong ....................................
Jakarta ...........................................
Kuala Lumpur ...............................
Singapore ......................................
Thailand ........................................
Taiwan ..........................................
Korea Com Ex
Manila Composite
All or.
Jakarta Comp.
Kuala Lumpur Comp.
SES All-Share
Bangkok SET
Taiwan Weighted Pr.
49,5
5,3
-18,3
-0,9
-1,4
-10,2
-4,5
-21,6
145,1
10,1
206,2
10,6
26,8
58,5
21,0
896,0
18,8
-30,3
-54,5
-17,2
-74,0
-12,3
4,5
-21,2
The first four months of the year were decisive for the years outcome on most of the Western
stock markets. In that period they accumulated sizable gains and subsequently went into a more
subdued bullish phase which was to last until July. The Paris and Frankfurt stock exchanges did not
follow this trend but rose steadily throughout the first half. Following the record peaks reached by
the stock markets in July, the crisis in Japan and the emerging markets triggered a slump in prices
27
which was more severe in Europe (where indices fell between 33% and 37% during the summer)
than in New York and Tokyo, which lost 18% and 23%, respectively, in that period. The US rate
cut in October brought a recovery in share prices commencing in New York and continuing, with
some delay, in Europe. This rally enabled the Dow Jones to reach another record high in late
November. The European indices ended 1998 much higher than 1997, but they failed to regain
their pre-summer high.
Good price performance led to considerable growth in trading volume on the worlds main
stock markets, ranging from 27% on the New York Stock Exchange to 143% in Italy. The only leading bourse where trading volume declined was Tokyo (-10%). Most emerging-country stock markets, particularly Latin America, sustained major losses due to the persistent uncertainty during the
rest of the year and to caution on the part of foreign investors, which carry considerable weight in
those markets.
Figure 1.5
STOCK MARKET INDEXES
(BASE 100: 31/12/1994)
400
350
300
250
200
150
100
50
0
Dec-94
Nikkei-225
(Japan)
Jun-95
Dec-95
Dow Jones
(USA)
Jun-96
FT-100
(UK)
Dec-96
Jun-97
DAX-30
(Germany)
Dec-97
Jun-98
IBEX 35
(Spain)
Dec-98
Bovespa
(Brazil)
Low interest rates and good economic performance again created a favorable climate for growth
in securities market activity. Household savings increased considerably despite rapid growth in spending, and low yields on alternative investments again boosted demand for securities (mainly equities)
and, indirectly, collective investment institutions and long-term saving formulas. The good economic
28
climate also impacted the supply side, mainly in the form of private-sector issues. Increased corporate financing needs led to a considerable increase in issues, primarily in fixed-income. There was also
an increase in initial public offerings of shares, although the number and amount remained low in
comparison with other European countries. Public-sector issues shrank considerably but they continued to play a key role in providing paper to the market due both to bond issues and to continuing
privatizations.
A noteworthy feature in the Spanish markets performance in 1998 was the surge in investment in foreign securities, particularly euro zone fixed-income. These securities mainly met the
gap between demand and supply in the resident sectors, which was accentuated in 1998 by the
sharp decline in government bond issues. This phenomenon also reflects increasing interest by
Spanish investors in diversifying their portfolios and taking advantage of new opportunities for
returns.
Improved inflation control and the reduction in the government deficit enabled the Bank of Spain
to continue to cut interest rates during 1998 to reach the EMU convergence level of 3%. Overall, the
benchmark rate was cut by 175 basis points with respect to 1997 year-end. Interest rates on mediumand long-term bonds also fell considerably. The yield on the Spanish government 10-year bond declined by 159 basis points to 3.98% in December 1998. The yield on this bond fell steadily throughout
the year apart from an interlude in April and May when the yield rose slightly due to the prospects of
rate hikes in Germany and the USA. The spread against Germany narrowed from 26 basis points at
1997 year-end to 12 basis points at the end of 1998, although it widened to 50 basis points at the
height of the international financial crisis.
The Spanish stock market chalked up gains for the fourth consecutive year. The IBEX 35 index
appreciated 35.6%, one of the highest gains in the worlds markets 6. During the year it moved in
line with the worlds main indices, rising rapidly in the first half, undergoing a severe correction
in the summer and recovering considerably in the last quarter. The impact of the summer turbulence caused by the emerging-market crisis was similar in magnitude to that registered in other
European stock markets. However, there were times during the crisis when the Spanish market fell
further because of the considerable weight in the indices of companies with major exposure to
Latin America.
Falling interest rates and good prospects for future corporate earnings fueled a steady gain during
the bullish phases of the year. In addition to directly improving share values, the decline in interest
rates also triggered another massive shift of investments into equities by domestic investors, which clearly pushed prices up further. On this occasion, non-resident investors added further demand for Spanish equities: attracted by good results in the Spanish market, they acquired a net 860 billion pesetas
of stocks, after a net divestment in the previous two years. The markets opinion about corporate earnings was firmly backed by projections for overall growth in the Spanish economy. The figures repor-
6 According to figures from the International Federation of Stock Exchanges (IFSE), only the stock exchanges of Athens
(85%), Helsinki (69%), South Korea (50%), Italy (41%), Brussels (41%) and NASDAQ (40%) appreciated by more than the
Spanish market, out of a total of 47 exchanges covered by the IFSE.
29
ted by listed companies to the CNMV reveal considerable growth in earnings: almost 19% (compared
with 17.7% in 1997).
Although the year was good for the stock market as a whole, there were differences between
sectors. Focusing on the Madrid Stock Exchange indices, the boom in construction was reflected
by a gain in the sector index (71%), which far outperformed the General Index (37.8%). Conversely, banks (26%) and chemicals (17%) clearly underperformed the index (the banks because of the
impact of the Latin American crisis, which in the third quarter wiped out all the gains accumulated in the first half; chemicals, because of the impact of falling oil prices on petrochemicals, which
account for a sizable proportion of this sector). The iron, steel and metals sector saw exports decline sharply following the Asian crisis and this was the only sector to register a decline in its index
(-6.0%).
The main features in the primary markets in 1998 were the sharp decline in government bond
issues (25%) and the recovery in private sector issues, which doubled in amount with respect to
1997. The drastic reduction in government issues and their considerable weight in the market
meant that the total value of securities issued in 1998 (22 trillion pesetas) was 15% lower than in
1997. Private sector issues rose from 9% of the total in 1997 to 22% in 1998, gaining ground on
the government sector, which declined by almost 10 percentage points to 77%, and on pesetadenominated issues by foreign institutions (Matador bonds), which represented 5% of the total in
1997.
The improvement in the government deficit and the governments use of other sources of finance
(mainly privatizations and foreign-currency debt) meant that securities issues by the Public Administration fell from 22 trillion pesetas in 1997 to 17 trillion pesetas in 1998. The public sector continued
its policy of increasing the average maturity of its debt to take advantage of falling long-term rates.
Gross short-term issues practically halved with respect to 1997 (reaching 7.8 trillion pesetas) and the
outstanding balance at year-end fell by 16% to 10 trillion pesetas in 1997. Gross issues of mediumand long-term debt amounted to 9 trillion pesetas (up 9%) and the outstanding balance was around 32
trillion pesetas (up 11%).
Table 1.6
GROSS ISSUES AND PUBLIC OFFERINGS OF SECURITIES
Billions of pesetas
30
1993
1994
1995
1996
1997
1998
358.4
20,419.3
3,729.1
390.0
0.6
297.3
534.4
14,901.1
3,523.1
210.0
5.9
217.4
151.6
21,200.3
2,142.5
272.0
6.1
262.1
76.0
19,823.1
2,286.7
865.0
14.2
228.9
131.9
22,185.9
2,156.1
1,171.2
29.7
1,347.6
1,463.0
16,700.6
3,141.4
367.4
93.6
1,512.8
After years of lethargy, the private sector was particularly active in 1998, when it issued 4.7 trillion pesetas (2.3 trillion pesetas in 1997). Nevertheless, the private segment of the Spanish issues market is notoriously narrow in comparison with other European countries. The good economic climate,
the introduction of new instruments (including asset-backed bonds and preferred shares) and the efforts
currently being made to expedite the process for registering issues and to improve the liquidity and
efficiency of the secondary markets can be expected to foster a recovery in issuing activity, particularly
in the fixed-income segment.
As shown in Table 1.6, there was a considerable increase in capital-raising through rights issues
in comparison with 1997, although two major operations (at Banco Santander and Telefnica) represented 71% of the total. In the fixed-income market, all segments registered considerably growth.
Gross issues of non-convertible bonds and mortgage bonds increased by 23% and 40%, respectively.
The commercial paper market saw a change from the downward trend of recent years and there was
a 9% increase in issuance facilities registered with the CNMV. Though the issue of convertible bonds
increased considerably, it still remained very low.
Within the fixed-income segment, where was a noteworthy increase in issues of asset-backed
securities aimed at the domestic market, which rose from 40 billion pesetas in 1997 to 540 billion
pesetas in 1998 (from 117 to 844 billion pesetas if the international tranche is also considered).
Growth in mortgage lending and the expanded scope for securitization offered by Royal Decree
926/1998 7 pave the way for this type of issue to play a major role in the primary markets in the
future.
Matador bonds declined as a share of total domestic issues. Following a considerable increase in
1996 and 1997, Matador issues shrank by 69% in 1998, returning to levels similar to those which prevailed in the first half of the decade. Convergence of Spanish interest rates with those of the main euro
zone countries, the stability of the peseta exchange rate and the availability to big domestic investors
(mainly collective investment institutions) of effective alternatives in fixed-income (particularly eurozone foreign issues) reduced interest in Matadors.
As occurred in 1997, share offerings (particularly privatizations) were very prominent in attracting
investment. A total of 1.9 trillion pesetas in share offerings were registered with the CNMV, of which
1.5 trillion pesetas were directed at the domestic market. The biggest offering of the year (and the largest ever in the Spanish markets) was the final stage of privatization of Endesa, in which the domestic
tranche totaled 871 billion pesetas and the international tranche 163 billion pesetas. Also noteworthy
because of their size were the Argentaria and Tabacalera privatizations which, combined with the
Endesa privatization, accounted for 93% of the total share offerings in 1998. The number of initial
public offerings (IPO) increased over 1997 but remained low, as did the volume of funds raised in this
way.
Trading in equities increased considerably (60%) in 1998 to a total of 43.4 trillion pesetas, of
which 99% took place on the electronic market (SIBE). The first half of the year was the more active,
7 Royal Decree 926/1998, dated 14 May, regulating asset securitization funds (FTA) and securitization fund management
companies (SGFT). This regulation substantially expands the scope for securitization, which had previously been confined to
mortgages.
31
coinciding with the most intense bullish phase. The influx of fresh funds and the privatizations and
major capital increases during the year (Santander and Telefnica, mainly) underpinned the growth in
trading. The international crisis in the summer provoked a considerable degree of caution among
investors and the daily average trading volume in the second half of the year was 28% lower than in
the first half. Following the slump in stock prices in August and September, when selling predominated, there was a recovery in trading volumes (particularly buying by non-resident investors). Trading by
non-residents increased considerably with respect to 1997 8.
Table 1.7
TRADING IN SECONDARY MARKETS
AND IN DERIVATIVES
Billions of pesetas
1994
1995
1996
1997
1998
9,085.7
7,913.3
12,808.2
27,120.8
43,439.9
242,083.4
4,905.6
4,637.7
191,679.8
5,150.0
2,615.3
265,589.0
12,947.1
2,483.1
351,105.6
9,020.5
2,635.6
382,722.7
8,858.1
6,059.0
14,784
3,626
15,027
4,257
27
22,548
4,450
145
25,372
8,464
60
18,110.5
12,229.4
0.1
Equities (1)
Stock exchanges ........................................
Fixed-income
Book-entry system (2) (4) ...........................
Stock exchanges (1) ...................................
AIAF (2) .....................................................
Derivatives (3) (5)
MEFF RF ....................................................
MEFF RV ....................................................
FC&M ........................................................
(1) Effective value
(2) Nominal value
(3) 000 contracts
(4) Outright spot transactions.
(5) No. of contracts, adjusted for new contract amount.
Trading in the government bond book-entry market increased a moderate 9.0% over 1997 (Table
1.7). The Treasurys restructuring of the bond maturity profile was reflected in very differing levels of
trading in the short and long-term segments: trading in Treasury bills fell by 5% whereas trading in
government bonds increased by 14.4%. One new feature was that trading commenced in STRIPS
(separate trading of registered interest and principal of securities), although the volume of trading was
small.
The growth in private sector fixed-income issues was reflected in a substantial increase in trading
in AIAF, the main secondary market for this segment. The volume of trading in AIAF rose 130% to 6
trillion pesetas. This market grew in all segments except mortgage bonds, in which the trading volume
shrank considerably. Bonds were the most dynamic segment: trading increased by 232% over 1997
and accounted for 67% of the total market, due particularly to the boost from mortgage-backed bonds
32
The sum of purchases and sales by non-residents rose by 83% with respect to 1997.
in the last quarter. One of the principal new features in this market was the admission to listing of preferred shares, an instrument now widely used by Spanish banks to obtain finance through foreign subsidiaries.
Trading in fixed-income securities on the stock markets was very varied. A total of 8.8 trillion pesetas changed hands, implying a 1.8% decline. Trading in the electronic market fell by almost 90% due
to the decline in the government bond segment, which is a major component of this market. Conversely, there was a considerable increase in open outcry trading in autonomous regional government
bonds on the Barcelona, Bilbao and Valencia stock exchanges (particularly the first two), which led to
a 76.6% increase in outcry trading, (the latter expanded its share of total stock market trading of fixedincome securities from 53% to 95%).
The derivatives market registered mixed performance in 1998. In MEFF Renta Fija, the declining
volatility of the underlying instruments and the effects of accelerating the process of European integration given the impending Stage Three of Monetary Union led to a substantial reduction (29%) in the
number of contracts traded. Conversely, increased trading and volatility in equities produced a sizeable 45% increase in trading volume in MEFF Renta Variable. Both markets are determinedly adapting
to the competitive challenge raised by the introduction of the euro, which had an immediate impact
on derivatives markets (particularly the fixed-income segment). In addition to expanding their range of
products, both markets are participating in the Euroglobex alliance with other European markets in
order to provide members with competitive access to the most useful hedging contracts in the new
European context. The downward trend in trading on the citrus and commodities market (FC&M)
observed in recent years was accentuated in 1998.
Table 1.8
TRADING IN THE DERIVATIVES MARKETS
(FUTURES AND OPTIONS)
Number of contracts
1998
1997
Change (%)
GOVERNMENT BONDS.......................................
16,278,235
22,667,818
-28.2
Futures ..............................................................
Options .............................................................
15,542,798
735,437
20,743,997
1,923,821
-25.1
-61.8
MIBOR .............................................................
1,832,267
2,695,693
-32.0
Futures ..............................................................
Options .............................................................
1,755,685
76,582
2,401,603
294,090
-26.9
-74.0
IBEX 35 ............................................................
9,879,451
7,118,708
38.8
Futures ..............................................................
Options .............................................................
8,418,822
1,460,629
5,880,899
1,237,809
43.2
18.0
2,349,940
1,234,400
90.4
628
60,046
-99.0
SHARES
Options .............................................................
CITRUS
Future ...............................................................
33
Collective investment
Collective investment maintained its appeal to investors in 1998, and assets exceeded 35 trillion
pesetas by year-end, a 27% increase over 1997. The strong growth in Spanish collective investment
institutions (IIC) has placed this domestic sector among the leaders in Europe.
Because of the decline in interest rates, the trend in assets in the different types of IIC (FIM and
FIAMM) was totally different. Savers evidenced a clear preference for formulae offering higher yields
and assumed higher levels of risk. Consequently, whereas FIAMM assets shrank by 17% to 8.4 trillion
pesetas, FIM assets increased by 51% to 25.5 billion pesetas at year-end. The growth in FIM assets
was interrupted only temporarily, in August and September, due to the convulsions in the equities
markets, which led to considerable losses in these funds portfolios. As in 1997, guaranteed funds played a major role in the growth in FIM assets, accounting for around 40% of total assets and total
investors.
The bulk of mutual fund assets continued to be aimed at government bonds, which accounted for
39% of total assets at year-end, but there was a spectacular increase in the foreign portfolio, which
increased by 12 points to almost 17% of total mutual fund assets. Equities increased by 50%, rising
from 6.4% of total assets in 1997 to 7.6% in 1998.
Table 1.9
TREND IN IIC
Assets
Millions of pesetas
1996
1997
1998
FIM
FIAMM
Total funds
SIM
SIMCAV
Total
securities IIC
FII
Total IIC
9,211,944
16,863,639
25,478,833
9,496,438
10,165,745
8,426,314
18,708,382
27,029,384
33,905,147
375,622
448,336
524,315
157,130
353,138
828,206
19,241,134
27,830,858
35,257,668
14,158
21,942
65,921
19,255,292
27,852,800
35,323,589
Number of institutions
1996
1997
1998
FIM
FIAMM
Total funds
SIM
SIMCAV
Total
securities IIC
FII
Total IIC
788
1,277
1,675
181
204
206
969
1,481
1,881
217
218
230
68
137
361
1,254
1,836
2,472
4
4
5
1,258
1,840
2,477
Open-end securities investment companies (SIMCAV) were the more active in this segment, outstripping SIM in number and assets for the first time (Table 1.9). A relaxation of the requirements for listing SIMCAV greatly expanded this segment: 224 new companies of this type were constituted and
total assets in SIMCAV increased by 134% to 830 billion pesetas.
34
Real-estate mutual fund (FII) had registered little growth since they were first marketed, but in
1999 this segment attained about 200% growth in the number of investors. However, there was no
increase in the number of institutions in this segment (there are still only five funds). Low interest rates,
increased uncertainty in the equities markets and a surge in property development created favorable
conditions for growth in FII funds. Moreover, the regulations governing these funds was revised in
1998, resulting in an improvement in their tax treatment and facilitating more efficient management of
their assets.
35
2. PRIMARY MARKETS
2.1. General overview
The main features of the primary markets in Spain in 1998 were the continuation of the privatisation process through public offerings, the increase in the number of private issuers and the use of
new products.
As a result of the privatisation process undertaken by the Spanish State, public offerings of
shares exceeded one trillion pesetas for the second year running. Of the approximately 1.8 trillion pesetas in public offerings, 1.7 trillion pesetas were by the State. Noteworthy was the privatisation of Endesa, the largest public offering ever made in Spain: the total offering exceeded
one trillion pesetas of which approximately 900 billion pesetas were targeted at the domestic
market.
The privatizations provided the State with funds and contributed to a decrease in marketable debt
issues by the Public Administrations in 1998. However, the reduction of the public deficit was the ultimate reason behind the lower demand for funds by the government sector. Despite the amount of privatizations in 1998 and the fact that foreign currency financing increased from 466 billion pesetas in
1997 to 1.2 trillion pesetas in 1998, the Public Administrations net demand for funds decreased as a
result of the significant fall in net issues of marketable debt in 1998 1. The Public Administrations took
advantage of low interest rates to continue to restructure the debt maturity profile. Of the 17 trillion
pesetas issued, 8 trillion pesetas were short-term debt (43% less than in 1997) and 9 trillion were longterm debt (9% more than in 1997), 1 trillion pesetas of which were obtained by issuing 30-year bonds
(issued for the first time in 1998).
The lower number of public sector issues, which fell by 24% in gross terms, meant that the combined demand for savings by domestic issuers decreased in 1998. However, the public sector doubled
the number of issues it registered with the CNMV. Also, as described in chapter 1, the bulk of most of
the security issues by non-financial companies was placed among non-resident investors and, consequently, the total financing obtained by companies by issuing securities was considerably higher than
the figure registered with the CNMV.
The private issues recorded at the CNMV grew significantly in 1998 after several slack years,
boosted by good economic performance, growth in investment and savers increased interest in securities. This situation favoured the issuance of equities, which more than doubled the figure recorded in
1997. The favourable interest rate scenario also stimulated financing through fixed-income security
issues. The effective amount of fixed-income securities registered with the CNMV was 2.9 trillion pesetas, 38% higher than in 1997.
1 Net issues of marketable debt by the Public Administration decreased from 2.9 trillion pesetas in 1997 to slightly more
than 1 trillion pesetas in 1998.
37
Table 2.1
GROSS ISSUES IN 1998
No. of
Amount
Issuers
Issues
Billions of pesetas
N.A.
N.A.
16,912.3
-23.8
133
44
83
6
225
61
107
57
4,698.0
1,463.0
3,141.4
93.6
102.7
1,009.5
45.7
215.7
14
30
367.4
-68.6
2.2. Issues
Capital increases
In 1998, companies undertook capital increases for an effective amount of 1.5 trillion pesetas, a
record figure in Spain. There were two transactions of particular importance:
Banco Santanders take-over bid for Banesto in exchange for newly-issued shares, which gave
rise to Banco Santander recording a capital increase for an effective amount of 628 billion
pesetas.
Telefnicas need for funds to finance its investment projects resulting from possible international strategic alliances and the investment opportunities arising in Latin America, Morocco
and Eastern Europe. For these reasons Telefnica carried out a 427 billion pesetas capital
increase.
Even disregarding these operations, capital increases doubled in 1998 to 408 billion pesetas (from
132 billion pesetas in 1997) as companies used this method to obtain funds (44 issuers in 1998, eight
more than the previous year) and the average amount of each issue increased from 3.5 billion pesetas
in 1997 to 9.7 billion pesetas in 1998.
Nevertheless, these figures are still very low. This method of obtaining funds is expected to consolidate in coming years in view of growth forecasts for GDP, particularly capital expenditure, which
entails a need for financial resources that can be satisfied through the primary markets.
Good corporate earnings also led to an increase in bonus issues of new shares, which increased
in both number and amount (see table A.1.4. of the Annex). Acesas 6 billion peseta bonus issue was
the largest, as usual.
Seven companies increased their capital by raising the par value of their shares (4 more than in
1997) although the overall amount was lower: 26 billion pesetas, compared with 104 billion pesetas
in 1997.
38
PRIMARY MARKETS
Private fixed-income issues registered at the CNMV increased by 37% in 1998 to 2.9 trillion pesetas. In terms of maturity, there were more medium and long-term issues (73%). Maturities have increased gradually in recent years and short-term issues have declined as a percentage of total issues since
1993 (they accounted for more than 50% of the total up to that year).
The main segment in terms of volume issued were non-convertible bonds; with an effective issue
amount of 1 trillion pesetas, they represented more than 30% of total issues. Second in terms of importance were commercial paper issues and facilities, which accounted for 28%. In any event, these segments increased at relatively moderate rates (6% and 9% respectively) in comparison with the growth
in the market as a whole.
Asset-backed bonds and convertible bonds recorded the most spectacular increases, due
partly to their low levels in 1997. In the area of asset-backed bonds, 1998 saw the first issue of
bonds (200 billion pesetas) which were backed by assets other than mortgages. The rise in convertible bonds is due to investors interest in products which combine features of fixed-income
securities and equities.
Fixed-income issues were highly concentrated in certain companies and sectors. Consequently,
a small number of issuers continued to account for a considerable share of the total amount issued.
As shown in Annex A.1.6, nine of the total of 70 issuers in 1998 accounted for 62% of the total
amount issued. By sector, the savings banks performed 33% of the issues of non-convertible bonds
and 97% of mortgage bond issues. The electric utilities accounted for 56% of commercial paper
facilities.
The largest issuer of fixed-income securities in 1998 was Caja de Ahorros y Pensiones de Barcelona with a 400 billion peseta issue which accounted for 13% of total fixed-income issues and was 80
billion pesetas higher than the second-largest issuer, Instituto de Crdito Oficial (ICO), which has been
the leading issuer of fixed-income securities in recent years. Nevertheless, ICO was the leading issuer
of non-convertible bonds (290 billion pesetas). Caja de Ahorros y Pensiones de Barcelona is the leading issuer in the mortgage bond segment.
Table 2.2
PRIVATE FIXED-INCOME ISSUES
Nominal amounts in billions of pesetas
Amount
Annual change
No. of issuers
No. of issues
514.6
1,004.8
75.2
539.9
842.0
40.0
5.8
176.4
1,260.0
9.1
13
35
4
10
20
18
53
5
10
21
Total ................................................................
2,976.4
52.2
70
107
39
Issues in the commercial paper2 segment rose 9% over the previous year, but more intensive
use of registered facilities meant that placements of commercial paper increased by 31% to 1.2 trillion pesetas. The outstanding balance of these securities also contributed to improving their
investment image; at year-end the outstanding balance stood at 658 billion pesetas, 24% more than
in 1997.
The electricity and water companies were again the main issuers, in particular Endesa, Iberdrola
and Unin Fenosa. These three companies accounted for 48% of the issues and 44% of the placements. They also have the largest registered issuance facilities (more than 100 billion pesetas each).
Second in importance, in terms of the share of the total issues, was the sector of financial companies
owned by banks or savings banks, which represented 24% of issues and 29% of the placements. The
diversity in size of the entities in this sector is reflected in the amount of the issues, which ranged from
2 billion to 75 billion pesetas. The average issue size was 42 billion pesetas, slightly higher than the
average of 35 billion in 1997.
Figure 2.1
ISSUER INTEREST RATES ON COMMERCIAL PAPER PLACEMENTS
5.0
4.5
% 4.0
3.5
3.0
Jan
Feb
Mar
Apr
Average
May
Jun
Jul
3-6 months
Aug
Sep
Oct
Nov
Dec
12 months
Commercial paper issues continued to focus on the shortest maturities (up to three months), which
account for 40% of the total. The interest rate on commercial paper issues continued to decline, as it
had in 1997, falling from 4.8% in December 1997 to 3.3% at the end of 1998. It fell further than the
interbank deposit rates and, consequently, the spread between commercial paper and three and twelve-month deposits decreased gradually over the year to reach approximately 10 basis points at the end
of 1998. The average rate on new commercial paper issues was 4.20% in 1998, approximately 40
basis points higher than the 3-month Treasury bill.
40
PRIMARY MARKETS
As stated above, non-convertible bonds3 were the largest segment of fixed-income. Nevertheless,
their relative share of total fixed-income issues fell slightly (down to 37% from 44% the previous year)
due to the strong growth in the issues of asset-backed bonds. The savings banks represented 34% of
the total issued, since they carried out 25 of the total of 55 issues. ICO ranked first in terms of individual issuers (290 billion pesetas) followed by Caja Madrid (150 billion).
Almost all of the issues were placed through ordinary issues; only ICO used the auction method,
for 70.7% of its issues.
One-time issues are very heterogeneous. Of the 53 issues registered, four accounted for 39%
of the total since they had a unit size of between 70 billion and 90 billion pesetas. Excluding these
from the calculation, the average size of one-time issues was 13 billion pesetas. The maturity of the
issue also varied greatly, ranging from 1.5 to 30 years. The average life of the issues weighted by
the nominal registered amounts was eight years, compared with nine and a half years (115 months)
in 1997.
Interest rates continued to fall although by less than in 1997; the effective weighted average interest rate for the issuer fell 100 basis points to 4.97% and the interest rate for the investor stood at 4.8%
(5.8% in 1997). The risk premium on private bonds in comparison with government bonds averaged
approximately 20 basis points, i.e. lower than the 30-35 points in 1997.
Table 2.3
EFFECTIVE INTEREST RATES ON PRIVATE FIXED-INCOME SECURITIES (1)
Issuer
Investor
Highest
Lowest
Highest
Lowest
6.10
6.09
1.11
1.97
2.20
4.97
2.11
4.80
4.52
3.30
3.81
3.80
10.40
3.17
4.20
Mortgage bond4 issues almost doubled (a 40% increase) to a total effective amount of 515 billion
pesetas. Caja de Ahorros y Pensiones de Barcelona made two issues which together (400 billion)
accounted for 78% of the total. These two issues also had the highest unit face value. With the exception of these issues, the average size of mortgage bond issues was very small: 7 billion, ranging between 0.5 billion and 30 billion.
No issuer used the placement by auction method. In 1997, almost half of Banco Hipotecarios
issues were placed by auction. As in other segments, interest rates fell in 1998, ending the year at an
average rate (weighted by nominal registered amounts) of 3.8%.
3
4
41
Convertible bonds5 are a minority segment in private fixed-income issues. Their relative share of
total issues was barely 2.4% (despite doubling in volume in 1998). There were only four issuers and
five issues. Disregarding Banco Santanders 50 billion peseta issue, the average unit face value was 6
billion.
The marginal nature of this segment is also highlighted by its very low interest rates: 2.2% (issuerweighted) and 2.1% (investor-weighted).
In October 1998 through a resolution by its Board, the AIAF market increased the categories of
securities which can be listed to include preference shares6. Foreign subsidiaries of Spanish companies
had already issued preference shares. On the basis of the above-mentioned resolution, these issues can
be listed on the Spanish market and, consequently, be included in the CNMVs registers. After October 1998, two subsidiaries of Spanish banks issued preference shares. The issues were in ecus convertible one-to-one to euros. The interest rate was 6.9% for the issuer and 6.4% for the investor. In both
cases the issue could be increased, and this option was used. The effective overall amount issued was
216 billion pesetas.
Also, since 1998 it is now possible to issue asset-backed securities7. Nevertheless, this new instrument has not been used much and only at the end of the year was the first asset-backed security
fund (FTA) registered; it issued offered 200 billion pesetas of bonds, 50 billion of which were targeted
at the domestic market.
In 1998 nine mortgage-backed security funds8 were created and offered an overall amount of 644
billion pesetas, 490 billion pesetas of which were offered on the domestic market. The amounts achieved by some of these funds were high in comparison with those registered so far. For example, in 1997
the largest fund amounted to 39 billion pesetas, whereas in 1998 six funds exceeded this figure and
there were two issues for more than 150 billion pesetas.
Mortgage-backed securities have reacted slowly to the possibilities opened up by the 1992 legislation. Also, securitization needs time to establish itself in the financial culture of both issuers and
investors; it also requires computer systems to monitor and follow up the characteristics of the loans
(or the assets in general). These two factors explain why this segment of fixed-income securities has
been slow to expand. However, this market is expected to acquire depth and liquidity in the short term.
Because of the availability of ample cash and reasonable costs of equity, the banks have not had an
incentive to securitise assets up to now.
Fifty-seven warrants issues9 took place in 1998, 46 of which were undertaken by two issuers (Citibank and Socit Gnrale). The effective amount was approximately 94 billion pesetas, the largest
volume since this type of operations was first registered. Only two issues worth 742 million pesetas
42
PRIMARY MARKETS
performed by Banco Santander, were on fixed-income; the rest were warrants on shares or stock market indices.
Table 2.4
EFFECTIVE AMOUNTS OF PUBLIC OFFERINGS IN 1998
Total
Domestic market
Billions of pesetas
Billions of pesetas
1,787.5
1,712.6
-3.3
1.4
1,460.9
1,394.8
10.8
14.5
63.0
121.9
39.0
37.3
Total ...........................................................
1,850.5
-1.3
1,499.9
11.3
Privatizations
The Spanish State has sold off its last holdings in Endesa, Tabacalera and Argentaria. Demand
amply exceeded the number of securities offered in each case and tranches amounting to 40.8 billion
pesetas in total were reserved for employees.
Noteworthy among privatizations in terms of size was the States holding in Endesa which was
sold off in June. This public offering released an effective volume of more than 871 billion pesetas onto
the Spanish market (1 trillion pesetas including the foreign placement). It was the largest ever operation of its kind on the Spanish stock exchange. This was the fourth and last public offering of Endesa
10
Royal Decree 2590/1998, dated 7 December, on the modifications to the legal system of securities markets.
43
performed by the Spanish State, which made 29.5% of the companys capital stock available to investors on this occasion.
February saw the fourth public offering of Argentaria, completing its privatisation, which had
begun in May 1993. The last public offering involved selling the 29.20% of the companys stock which
was still held by the Spanish state (353 billion pesetas) to the public. The offer targeted retail investors
and Spanish and foreign institutional investors. The Spanish tranche (241 billion pesetas) was twice the
size of the international tranche (111 billion pesetas). One characteristic of this public offering was that
shareholders would receive a loyalty bonus if they maintained at least the balance of shares allotted
in the offering.
In April the State disposed of 52.36% of Tabacaleras capital stock which it still held through
Sociedad Estatal de Participaciones Patrimoniales (SEPPA) by means of a public offering. The public
offering was aimed at both Spanish and foreign retail and institutional investors. The domestic tranche
amounted to 241 billion pesetas out of the 284 billion pesetas on offer.
11
44
Primary offering of 27.9 billion pesetas of which 18.1 billion pesetas were offered to the domestic market.
3. SECONDARY MARKETS
3.1. Equity markets
Performance of the indexes
1998 was a very positive year for the Spanish stock exchange which, as in 1997, appreciated considerably and recorded a high level of growth in trading. As described in chapter 1, the sound fundamentals of the Spanish economy, falling interest rates and good listed company earnings and a bullish
scenario on the worlds stock exchanges, primarily New York, supported the positive performance of
prices. However, the international financial turmoil in the summer had a negative impact on the Spanish stock exchange since it triggered a severe correction in prices during the third quarter and volatility was very high 1.
Figure 3.1
LISTED SHARES HELD BY FIM FUNDS, AS %
OF MARKET CAPITALIZATION
5
-9
8
D
ec
98
pSe
98
Ju
n-
ar
-9
M
-9
7
D
ec
97
pSe
97
7
ar
-9
Ju
n-
6
M
ec
-9
6
D
p9
Se
n96
Ju
ar
-9
6
M
ec
-9
5
D
p9
Se
n95
Ju
ar
-9
5
1 In 1998 there were many sessions when the main stock market indexes advanced or declined considerably. The Madrid
Stock Exchange General Index varied by over 1% in 50% of the sessions (25.1% between 1989 and 1997) and by over 3%
in 8.1% of the sessions (1.1% between 1989 and 1997).
45
Several periods can be distinguished in 1998 in terms of the stock markets performance. During
the first half of the year, the Spanish stock exchange performed very well and the indexes scaled record
highs, the last peaks being attained in mid-July. The progress in the indexes was not without periods
of instability which triggered some declines and moments of uncertainty 2.
Subsequently, a strong bear market set in beginning with the outbreak of the Russian crisis.
The negative reaction of the New York Stock Exchange depressed other markets. Europes stock
exchanges continued to slide until early October 3. In this pessimistic climate, the deterioration of
the Japanese situation and the absence of expectations of a solution to it, plus the downgrading of
economic forecasts by the IMF, also took their toll. Further negative factors for Spains stock
exchanges were the worsening of inflation and concern about the impact of the turmoil in Latin
American markets on leading Spanish companies with major investments in that region. The profits of listed companies grew more slowly during that quarter. The stock exchanges were extremely
volatile and prices plummeted with the result that, by the first week of October, the Ibex 35 and
Madrid Stock Exchange General Index (IGBM) had fallen 32% and 35%, respectively, from their
mid-July value.
Table 3.1
PROFIT (LOSS) OF LISTED COMPANIES IN 1998
Compound rate of change in the year (%)
Sector
98-2
98-3
98-4
97-4
96-4
-38.5
16.7
-98.6
82.0
1,691.9
171.4
14.7
3.8
-21.6
46.3
23.7
82.9
28.9
82.5
16.7
26.2
25.9
-22.9
49.2
60.8
43.2
35.8
48.0
12.6
15.3
11.6
-37.8
31.4
25.8
51.1
15.9
31.4
5.5
17.8
18.2
-29.7
4.2
9.0
88.9
27.1
37.2
6.1
3.0
-2.4
87.3
45.7
23.1
75.3
51.9
32.4
5.6
10.9
15.3
-65.9
7.8
-77.9
83.1
-34.2
2.3
8.9
12.1
15.3
14.5
14.6
10.2
9.4
-1.3
-2.9
16.4
22.4
20.1
23.3
17.0
15.9
7.0
10.9
21.2
9.5
24.9
44.5
18.7
40.0
10.1
43.3
13.8
119.0
20.2
132.6
7.6
1,575.4
18.7
21.1
12.0
12.1
17.7
7.7
New instability in stock markets and Asian currencies caused some of these periods of instability on Europes stock
exchanges. In Spain, a considerable amount of paper was concentrated on the months of April and May due to privatizations
and capital offerings, which attenuated the bullish pressure on stock prices.
3 Wall Street slid until the end of August.
46
SECONDARY MARKETS
Figure 3.2
IBEX-35 PERFORMANCE AND VOLATILITY
65
10,500
55
9,500
45
7,500
Volatility (%)
Index
8,500
35
6,500
25
5,500
15
4,500
3,500
Dec-95 Mar-96 Jun-96
5
Sep-98 Dec-98
In mid-October, Spains stock exchanges began an intense recovery in line with the other European markets, pushed higher by the US Federal Reserves cuts in official interest rates (and, subsequently, by those of most of Europes central banks) and the improved outlook following the approval
of the IMF aid package for Brazil. Mergers and takeovers, particularly in the banking, telecommunications and oil sectors, played a notable role in the price recovery. By year-end the Ibex 35 and Madrid
Stock Exchange General Index had appreciated by 35.6% and 37.8%, respectively, with respect to
1997 year-end.
Table 3.2
PERFORMANCE OF SECTOR INDICES (MADRID STOCK EXCHANGE) IN 1998
Yield (Rate of change over previous period in %)
Period
Q1
Q2
Q3
Q4
1998
1997
1996
1995
Banks ...........................
Electric utilities .............
Food .............................
Construction .................
Investment ....................
Mining-Iron & Steel ......
Chemicals ....................
Communications ..........
Other ............................
47.1
29.5
45.3
40.5
43.1
26.9
26.4
53.4
37.6
-1.9
-3.1
1.3
-0.3
0.3
-6.8
3.3
4.6
-0.2
-32.1
-4.9
-17.3
-18.1
-12.2
-32.0
-27.2
-24.5
-15.4
28.5
22.6
12.7
49.7
28.8
17.0
23.1
22.1
28.6
25.9
46.4
37.1
71.7
62.2
-5.9
17.0
48.0
49.4
76.1
10.7
77.9
79.9
29.0
33.0
29.0
39.0
24.5
32.7
49.3
38.5
15.7
56.8
44.5
21.2
67.8
12.5
9.9
35.8
-1.8
-16.8
21.4
-15.3
6.6
12.3
7.6
General ........................
40.5
-0.6
-22.2
26.8
37.8
42.2
39.0
12.3
47
The positive performance of the stock exchange was not uniform across all sectors, as shown by
the extremely varied results of sectorial indexes, which ranged from a decline in the iron and steel sector (-5.9%), which was the only index to decline over the year as a whole, to the substantial appreciation of the construction sector (71.7%) on the back of the boom in this sector.
The largest sectors, communications and electricity utilities, outperformed the Madrid Stock
Exchange General Index, whereas banks underperformed. The rise in Telefnica due to its policy of
international alliances and its subsequent capital increase played an important role in the appreciation
of the communications index. Although the electricity utilities appreciated less than the market as a
whole for most of the year, they turned in the best performance at the height of the turmoil on emerging markets as they were viewed by investors as a safe haven to a certain extent. Conversely, although
the banks had appreciated considerably in the first quarter of the year due to rumors of new mergers
following Banco de Santanders take-over of Banesto and the privatization of Argentaria, they were the
sector that was hit hardest by the emerging market crisis 4.
Table 3.3
VARIATION IN THE NUMBER OF LISTED COMPANIES (EQUITIES) BY MARKET IN 1998
Total
Electronic market
Open outcry
Second market
244
243
1
19
9
1
9
232
231
0
1
3
3
0
0
Delistings ..........................................
Exclusions .........................................
Exclusions due to mergers .................
Change of market .............................
35
31
4
13
9
4
0
28
20
0
8
4
2
0
2
Pro Memoria:
Listed at 12/31/98 .............................
872
149
723
31
663
143
519
32
48
The banking sector index gained 28.5% in the year, but it had been up 62.8% in July.
SECONDARY MARKETS
Figure 3.3
COMPANIES LISTED ON THE SPANISH STOCK MARKETS
AT YEAR-END
600
500
Number
400
300
200
100
0
1992
1993
1994
Electronic market
1995
SIM/SIMCAV
1996
1997
1998
Other outcry
CAV 5 (open-end investment companies) following a relaxation of the listing requirements in 1997.
More than 51% of the listed SIMCAV at 31 December 1998 made their debut on the stock market in
the last two years.
Four of the 35 delistings related to companies listed on the electronic market which had merged
or been acquired, and a total of 20 companies were delisted from the open outcry markets, 15 of them
due to the action of Autonomous Communities using their powers. Another 10 companies changed
market: eight moved from open outcry to the electronic market, two left the second market to be listed on the open outcry markets and another to be listed directly on the SIBE.
Capitalization
The capitalization of Spains stock exchanges at the end of 1998 amounted to 59.2 trillion pesetas, 93.7% of that on the electronic market. The total stock market capitalization grew 29.9% with respect to 1997, which is lower than the appreciation of the stock exchange 6. However, if we divide capitalization into two components: Spanish companies and foreign companies (the latter account for a
The SIM/SIMCAV increased by 171 companies during the year, whereas the other sectors of open outcry markets, as a
whole, lost 28 companies.
6 As indicated in the section on index performance, the Madrid Stock Exchange General Index appreciated by 37.8% in
1998.
49
substantial amount of trading but are not very important from the point of view of turnover), the capitalization of the Spanish stock exchange in domestic terms increased by 39.2%, whereas the capitalization of foreign companies as a whole decreased in the same period by 9.3%. This indicates that
almost all of the rise in capitalization in the year was due to the price factor, capital increases accounted for a very small part of the increase and new listings accounted for even less, although these aggregates grew considerably that year.
The decrease in the stock market capitalization of foreign companies is due firstly to the delisting
of Commerzbank, which triggered a 4.3% decrease in total capitalization. Secondly, the capitalization
of foreign companies which continue to be listed on the stock exchange (Lafarge, Bayer and Volkswagen) only increased by 16.1%. The debut on the stock exchange of Reno de Medici, another foreign
company which has a much lower capitalization than any of the above-mentioned companies, had little impact on the total capitalization of the group.
Figure 3.4
CAPITALIZATION OF THE SPANISH STOCK EXCHANGES (EQUITIES)
60,000
Billions of pesetas
50,000
40,000
30,000
20,000
10,000
0
1992
1993
1994
1995
1996
1997
Outcry
1998
Foreign Firms
Figures 3.5 and 3.6, which compare the distribution of capitalization by sector in 1997 and 1998,
show the increase in the share of the communications and energy sectors in the electronic markets
capitalization, to the detriment mainly of banks and chemicals. The figures also illustrate the strong
increase in the share of SIM/SIMCAV in the capitalization of open outcry markets in comparison with
the lower share of securities of non-financial sectors.
50
SECONDARY MARKETS
Figure 3.5
SECTORIAL DISTRIBUTION OF CAPITALIZATION
ON THE ELECTRONIC MARKET (EQUITIES)
1998
1997
Oil, energy
and water
25%
Other
26%
Oil, energy
and water
24%
Other
25%
Chemicals
7%
Transport &
communications
14%
Banks
28%
Chemicals
9%
Transport &
communications
11%
Banks
31%
Figure 3.6
SECTORIAL DISTRIBUTION OF CAPITALIZATION
ON THE OUTCRY MARKET (EQUITIES)
1998
Other
financial sector
11%
SIM/
SIMCAV
65%
1997
Real estate
5%
Industry &
commerce
19%
Other
financial sector
9%
Real estate
8%
Industry &
commerce
31%
SIM/
SIMCAV
52%
Trading volume
The massive influx of funds onto the market, the privatizations and the upswing in foreign investment gave rise to a substantial increase in trading on the stock exchange to 43.4 trillion pesetas, 60.2%
more than in 1997. Spains continuous market (SIBE) concentrated 99% of trading volume, and most
of the small remainder was on the Madrid Stock Exchange.
51
Table 3.4
TRADING IN EQUITIES ON SPANISH STOCK EXCHANGES
Amounts in billions of pesetas
Variation %
Share %
1998
1997
1996
1998/97
1997/96
1998
1997
43,439.9
27,120.8
12,808.2
60.2
111.7
100.0
100.0
42,914.5
26,778.5
12,638.0
60.3
111.9
98.8
98.7
525.5
381.2
79.2
29.3
35.8
342.3
212.9
82.2
32.1
15.1
170.2
122.5
22.5
13.8
11.3
53.5
79.0
-3.7
-8.8
137.2
101.2
73.8
265.0
132.2
33.8
1.2
0.9
0.2
0.1
0.1
1.3
0.8
0.3
0.1
0.1
Table 3.5
DISTRIBUTION BY SECTOR OF TRADING ON SPANISH STOCK EXCHANGES
Percentages of trading
Sector
1992
1993
1994
1995
1996
1997
1998
Oil ................................................
Energy & water .............................
Mining & base metals ...................
Cement & construction materials ..
Chemicals .....................................
Textiles & paper ............................
Metal-mechanical .........................
Food .............................................
Construction .................................
Real estate .....................................
Transport & communications ........
Other ............................................
9.4
17.4
2.6
10.5
1.4
1.0
1.5
5.4
4.0
3.5
11.7
2.6
9.4
20.6
1.6
4.3
0.7
0.6
1.5
3.5
4.8
2.4
12.7
1.1
9.4
20.6
1.6
4.3
0.7
0.6
1.5
3.5
4.8
2.4
12.7
1.1
12.6
20.8
2.6
2.8
1.2
1.7
1.6
2.3
3.2
2.0
18.4
2.6
10.4
29.0
1.8
1.2
0.7
0.9
1.6
2.8
2.1
1.4
18.5
3.0
9.5
23.1
3.4
1.1
0.5
1.2
1.6
3.1
2.5
1.1
20.9
2.5
6.1
20.3
1.8
0.8
0.4
1.0
1.3
4.8
2.8
1.2
20.7
2.5
71.1
63.0
63.0
71.7
73.4
70.7
63.6
12
13
14
15
16
Banking .........................................
Insurance ......................................
Portfolio companies ......................
SIM/SIMCAV .................................
Finance companies .......................
22.4
3.2
1.9
1.3
0.0
34.0
0.8
1.3
0.8
0.0
34.0
0.8
1.3
0.8
0.0
24.9
1.8
1.1
0.5
0.0
24.0
1.0
1.0
0.6
0.0
26.7
1.1
0.9
0.7
0.0
33.5
0.9
1.1
1.0
0.0
28.9
37.0
37.0
28.3
26.6
29.3
36.4
TOTAL ................................................
100.0
100.0
100.0
100.0
100.0
100.0
100.0
0
1
2
3
4
5
6
7
8
9
10
11
The banking sector was the sector that registered the largest increase in share of total trading (6.8
percentage points) mainly as a result of the major financial operations in the sector including most
notably Banco Santanders take-over of Banesto, the privatization of Argentaria and the capital increases at Banco Central Hispano and Banco Santander. The amount of trading in securities in this sector
doubled in comparison with 1997. Conversely, two of the other most important sectors (energy &
water, and transport & communications) declined as a share of total trading. The aforementioned three
sectors accounted for 74.5% of trading volume (70.7% in 1997).
As for the different forms of trading during the session, regular session trading grew by most: its
share of total trading increased to 90.1% in 1998 (84.1% in 1997). Special operations off-hours and
52
SECONDARY MARKETS
registered trades as a whole amounted to 2.2 trillion pesetas and decreased slightly (-3.1%) in comparison with 1997. Trading through take-over bids amounted to 75.1 billion pesetas, down 21.4%.
Public offerings totaled 1.85 trillion pesetas, an increase of 2.2% over the previous year.
Little use was made of the innovations made to the trading systems. Block trades amounted to
360.8 billion pesetas, approximately 80% of which related to block trading by price and the remaining 20% to agreed-price trading. Trading under the fixing method amounted to 21.4 billion
pesetas.
Figure 3.7
MONTHLY TRADING IN EQUITIES ON THE SPANISH
STOCK EXCHANGES
5,000
4,500
Billions of pesetas
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan-96
Apr-96
Jul-96
Oct-96
Jan-97
Apr-97
Total
Jul-97
Oct-97
Jan-98
Apr-98
Jul-98
Oct-98
In session
The trading volume fell gradually during the year. In the first half of the year trading was lively
due to the positive progress in prices. Also, most of the special operations and public offerings were
made during this period. In the second half of the year, the financial turmoil made investors and issuers
more cautious and trading volumes were lower. The highest daily averages of trading on the electronic market occurred in June (224.3 billion pesetas), and the lowest in August (140.6 billion pesetas).
In any event, even during the crisis trading remained very high in comparison with other years. For
example, the slackest session in 1998 was 17 August, when trading volume amounted to 69.7 billion
pesetas; this would have been considered a very busy session only a short time ago.
Foreign investment played an important role in the growth in trading in 1998. The volume of trading in equities on the Spanish stock exchanges by non-residents increased by 83% with respect to
53
1997. Buying increased 88% and selling by 78%. Net investment amounted to 860.4 billion pesetas,
compared with a net 75.8 billion pesetas divested in 1997. Non-residents accounted for 43.4% of total
trading volume on the Spanish stock exchanges (up from 37.9% in 1997). This increase was particularly intense in the second half of the year, firstly to unwind positions during the height of the summer
crisis and later, during the last quarter, when there was a massive influx of foreign investment into the
Spanish market.
Figure 3.8
TRADING BY NON-RESIDENTS ON SPANISH STOCK EXCHANGES (EQUITIES)
50
12,000
10,000
Billions of pesetas
45
8,000
40
6,000
4,000
35
2,000
30
0
H1'95
H2'95
H1'96
H2'96
H1'97
H2'97
H1'98
H2'98
Trading continued to be very highly focused. The ten most highly-traded securities 7 accounted for
75.4% of total trading volume and 74.1% of regular session trading. The five most-traded stocks
accounted for 11.1 trillion pesetas of the 16.3 trillion pesetas growth in the effective amount of stock
market trading in 1998.
Foreign stock exchanges continued to decline in importance as trading centers for Spanish securities listed on Spains stock exchanges. In 1998, trading in Spanish securities on the New York Stock
Exchange accounted for 2.8% of the total amount traded on Spains stock exchanges compared with
13.8% three years ago. This process has gone hand in hand with an increased direct presence of
foreign investment in Spains markets, as shown in figures 3.8 and 3.9.
7 In order of importance: Telefnica, Endesa, Banco Santander, BBV, Argentaria, Repsol, Iberdrola, Banco Central, Banco
Popular and Tabacalera.
54
SECONDARY MARKETS
Figure 3.9
TRADING OF SPANISH SECURITIES ON FOREIGN BOURSES
AS A PERCENTAGE OF TRADING ON SPANISH BOURSES
14
12
10
2
1991
1992
1993
1994
1995
1996
1997
1998
Second market
As in previous years the performance of the second market was not very dynamic. The number of
companies (31) remained unchanged in 1998. Capitalization increased 48%, due the listing in Barcelona of two companies which, however, were not very active in terms of trading. Trading volume only
amounted to 2.1 billion pesetas, which represents a decline of approximately 29% with respect to
1997. The frequency of trading in more than two thirds of the companies listed on this market declined from its already-low level.
55
The fixing method was created under Sociedad de Bolsas Circular 1/98, dated 25 February 1998,
and it came into force on 1 July. Its aim was to concentrate, during specific periods of time, the buy
and sell orders for a number of securities which did not have a very high trading volume or liquidity
the aim being to improve the process of price formation. The new method basically covers securities
which were already listed on the SIBE when it was created, although some securities which are listed
on the open outcry market were also included. Although the timetable for trading in these securities is
from 09:00 to 16:00, fixing only takes place at 12:00 and 16:00.
Block trading, already in place on the major European markets, was implemented in Spain on 6
November 1998; the method allows trades for very large volumes of securities (in comparison with
their usual trading averages) to be made at more flexible prices and without having to accept existing
offers in the main market. It operates between 10:00 and 17:00 without a pre-opening period and the
operations which are executed are published immediately on the trading screen.
There are two types of block trading: agreed price trading and block trading by price. The agreed
price block trading enables significant operations to be performed by prior agreement between market
members. They are performed on Ibex 35 securities and other securities considered appropriate by the
Sociedad de Bolsas, subject to a minimum value (100 million pesetas or 5% of the average trading
volume in the last calendar quarter) and a range of prices. Block trading by price involves introducing
proposals which comply with a series of minimum amount requirements 8 (250 million or 10% of the
average trading volume in the last calendar quarter) and price requirements whose possible limits are
defined on the basis of the sessions closing price.
8 From the beginning of 1999, the minimum amount changed to 1.5 million euro and the percentage of average trading
volume in the last calendar quarter remained the same. These levels are due to be changed again from 1 July, to a minimum
amount of 1.2 million euro and 5% of average trading volume in the last calendar quarter.
56
SECONDARY MARKETS
This market is projected to start out with ten or twelve securities and subsequently to include
approximately fifty. Initial capitalization is estimated at between 30 and 40 billion euro.
The basic characteristics of this project are as follows:
The costs of access to this platform will be negligible for the issuer, since there is no initial
fee for listing the security, nor is a custodian required as the original shares are listed
directly.
As regards financial reporting to the market, the same information as provided to the home market will be accepted provided that the company complies with appropriate standards.
Trading will be in euro.
The listed companies must have a stock market capitalization of more than 300 million
euro, demonstrate a track record of regular compliance with obligations to the home
stock exchange and specifically and formally state their intention to participate in the
project.
The securities firms that are members of the Spanish markets will automatically be authorized
to operate in this market. Nevertheless, the number of intermediaries is forecast to increase as
the market develops to include other intermediaries including those from the Latin American
Stock Exchanges which join the project.
The technological support for trading and settlement will be those in force for the Spanish Stock
Exchange, namely the SIBE and SCLV.
On the AIAF market, yields at all maturities also decreased considerably during the year.
The spreads between the yields of the most significant AIAF issues and those of government
debt performed differently depending on whether they were short- or long-term assets. The
spreads between yields on commercial paper and treasury bills remained quite stable during
the first half of the year and narrowed significantly during the second half. Conversely, the spread between the yield on long-term private and government bonds decreased for most of the
year and widened in the last quarter when the yield on government debt fell after its recovery
in October.
57
Figure 3.10
5.5
10
5.0
20
4.5
30
4.0
40
3.5
02/01/98
16/02/98
31/03/98
18/05/98
29/06/98
10/08/98
21/09/98
04/11/98
Basic points
50
18/12/98
Figure 3.11
INTEREST RATES ON COMMERCIAL PAPER, INTERBANK DEPOSITS
AND 12-MONTH REPOS
5.3
4.8
4.3
%
3.8
3.3
2.8
Jan
Feb
March
April
May
Commercial paper
58
June
July
Aug
Interbank deposit
Sep
Oct
Repo
Nov
Dec
SECONDARY MARKETS
Figure 3.12
DIFFERENTIAL BETWEEN PRIVATE AND GOVERNMENT LONG-TERM DEBT
50
Basic points
40
30
20
10
0
Jan-98
Feb-98
Mar-98
Apr-98
May-98 Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98 Dec-98
Table 3.6
TRADING ON ORGANIZED FIXED-INCOME MARKETS
Nominal trading volume in billions of pesetas
1998
1997
1996
Change (%)
384,543.7
367,860.1
16,683.5
351,105.6
320,074.8
31,030.8
267,581.5
245,434.2
22,147.3
9.5
14.9
-46.2
8,858.1
433.9
8,424.2
9,021.4
4,250.6
4,770.8
12,947.1
9,854.4
3,092.7
-1.8
-89.8
76.6
AIAF ..............................................................
Commercial paper.....................................
Matador bonds ..........................................
Mortgage bonds.........................................
Bonds ........................................................
6,050.4
1,025.8
852.5
51.3
4,120.7
2,635.6
560.2
632.3
203.2
1,239.9
2,483.1
578.0
437.6
302.3
1,165.2
129.6
83.1
34.8
-74.7
232.3
59
Trading volume differed from one market to another. Whereas it increased slightly on the bookentry market for government debt (+9.5% with respect to 1997) the volume of fixed-income securities
traded on the stock exchange fell slightly (1.8%) and trading on the AIAF market surged by 130%.
Figure 3.13
TREASURY BILLS IN 1998
2,500
13,000
2,000
1,500
11,000
1,000
10,000
500
9,000
Jan
Feb
Mar
Apr
May
60
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Trading in fixed-date repos amounted to 1.500 trillion pesetas, a 25% increase over 1997.
Billions of pesetas
Billions of pesetas
12,000
SECONDARY MARKETS
Figure 3.14
GOVERNMENT BONDS. 1998
33,000
45,000
40,000
35,000
29,000
30,000
Billions of pesetas
Billions of pesetas
31,000
27,000
25,000
25,000
20,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
which was in trades for the account of third parties. Non-residents played an important role in this
segment 10. In the segment of Treasury bills, the third-party account represented two-thirds of total
trading.
During the year the principal and coupons of strippable bonds were traded separately for the first
time, although the volume remained low (2.3 trillion pesetas among account-holders and 4.3 trillion
pesetas in operations with third parties). Guaranteed mutual funds showed a growing interest in these
products during the year.
AIAF market
The outstanding balance listed on the AIAF market amounted to 6.6 trillion pesetas at 31
December 1998, i.e. 11.5% lower than on the same date in 1997. As shown in table 3.7, the
balances increased in the commercial paper and bond segments and decreased in mortgage
bonds and matador bonds. The average outstanding balance per issue grew by 1.4 billion pesetas in the case of commercial paper and 13.3 billion in the case of medium and long-term instruments. The number of issuers with a market presence remained unaltered at 19 for commercial
paper and 1 for mortgage bonds, decreased from 45 to 41 for matador bonds and increased from
58 to 71 in bonds.
10 They accounted for 93% of volume and 95% of operations booked as registrations in the third-party register and 93%
of volume and 76% of operations booked as deregistrations.
61
Table 3.7
ISSUES LISTED ON AIAF AT 31/12/1998
Amounts in billions of pesetas
Issues
Segment
Outstanding balances
Number
Amounts
% of total
368
259
11
189
-8.5
2.4
-15.4
22.7
516.2
2,530.8
197.1
3,361.1
42.9
-4.7
-12.8
25.4
7.8
38.3
3.0
50.9
TOTAL .................................
827
0.6
6,605.2
11.5
100.0
Nominal trading amounted to 6 trillion pesetas, an increase of 130% over the previous year. The
volume of trading increased in all segments with the exception of mortgage bonds, which declined steeply (they are a minor component of the market).
Trading volume grew most in the bond segment (232.4%), mainly due to securitized bonds, more
than three trillion pesetas of which were traded during the last quarter of the year. The share of trades
for own account increased as a percentage of the total to 59% of trading.
There was also a strong increase in trading of commercial paper. The nominal volume traded
amounted to 1,025.8 billion pesetas, an increase of 83% over 1997. The share of trading for own
Figure 3.15
TRADING ON AIAF, BY SEGMENT
7,000
Billions of pesetas
6,000
5,000
4,000
3,000
2,000
1,000
0
Commercial
paper
Bonds
1996
62
Mortgage
bonds
1997
Matador
bonds
Total AIAF
1998
SECONDARY MARKETS
account by account-holders also grew in this segment, from 31% of the total in 1997 to 37% in
1998.
Nominal trading in matador bonds amounted to 853 billion pesetas, an increase of 35% over
1997. Trading in this segment was less dynamic as the proximity of the launch of the euro made this
type of issues less appealing. Trading for own account in this segment decreased from 19% to 16% of
the total.
Trading volume through the blind trading network of the AIAF Mercado de Renta Fija amounted to 427.8 billion pesetas, 75% more than in 1997. Although mortgage bonds and matador bonds
are also traded through this network, bonds accounted for 93.6% of trading. In terms of total trading,
the blind segment declined slightly11.
Table 3.8
OUTSTANDING BALANCES OF FIXED-INCOME SECURITIES ON THE SPANISH
STOCK EXCHANGE
Amounts in billions of pesetas
Situation at 31/12/1998
Issuers
Issues
Outstanding
balances
% of total
Issues
Outstanding
balances
53
213
789
23.9
-27.8
-19.8
6
5
27
15
22
24
119
48
100
319
358
13
3.0
9.6
10.8
0.4
-56.9
-20.0
-36.4
77.8
-34.0
-20.6
-15.1
25.0
62
622
2,514
76.1
-3.1
-6.2
4
27
17
14
122
262
196
42
836
192
1,375
112
25.3
5.8
41.6
3.4
-1.6
-1.5
0.0
-25.0
13.7
-29.2
-13.2
25.0
TOTAL ...............................................
115
835
3,303
100.0
-10.9
-9.8
Companies ........................................
11 In 1998, trading in the blind network accounted for 9.8% of total trading in bonds 16.5% of trading performed for
own account.
63
Approximately 70% of the outstanding balance (2.3 trillion pesetas) was listed on the electronic
market and the remainder on open outcry markets. The public sector represented 76% of the total
balance. The 9.8% decrease in the listed outstanding balance occurred entirely on the electronic market (-17.3%). The outstanding balance of issues which are traded on the open outcry markets increased by 15.1%. By sector, the increases were mainly in the public sector, particularly in autonomous
regional government debt.
The effective volume of trading totaled 8.9 trillion pesetas, 1.8% lower. Trading on the electronic
market developed differently from that on the open outcry markets. Consequently, whereas trading
volume on the electronic market shrank considerably (89.8%) due to lower trading in book-entry
government debt on the stock market, trading in fixed-income securities on the open outcry markets
increased substantially (approximately 77%), triggered by the vigor of trading in autonomous government debt on the Barcelona, Bilbao and Valencia stock exchanges (particularly Barcelona and Bilbao).
As a result of this pattern, which has been repeated in recent years, 95.1% of trading was undertaken
by the open outcry method in 1998 12.
Figure 3.16
TRADING IN FIXED-INCOME SECURITIES ON THE STOCK EXCHANGES
1,200
Billions of pesetas
1,000
800
600
400
200
0
Jan-97
Mar-97
May-97
Jul-97
Sep-97
Nov-97
Electronic market
Jan-98
Mar-98
May-98
Jul-98
Sep-98
Nov-98
Autonomous Regional Governments 13 accounted for 95.1% of total trading in 1998 and public
funds as a whole accounted for 97.5% (disregarding international organizations). Trading decreased by
74.4% in issues by non-financial companies and by 13.7% in issues by financial companies, basically
banks.
12
64
SECONDARY MARKETS
Figure 3.17
TRADING IN FIXED-INCOME SECURITIES ON THE STOCK EXCHANGES
10,000
Billions of pesetas
8,000
6,000
4,000
2,000
0
Central Govt. debt
1996
1997
Other
1998
65
investors with the novelty of combining characteristics of fixed-income and equity products.
Preference shares form part of equity, which makes them very attractive to financial institutions. More information can be found about these products in the CNMVs Annual Report for
1998.
Asset securitization is very appealing for companies and investors. For companies it can
provide access to attractive financing in terms of costs or enable them to offload certain risks.
For investors it means an increase in the supply of financial products, broadening their scope
for choosing and diversifying risks. These are the reasons behind the development of securitization in the United States and some European countries. Securitization operations have been
carried out in Spain since 1993, but they are not as important as in those countries. Last year,
legislation in Spain increased the possibilities for securitization, which had previously been
restricted to mortgage loans. This measure enhances the growth potential of the private fixedincome market.
In 1999, the main brokers which specialize in wholesale brokerage in the public debt market
decided to create a powerful blind market called Infomedas, which will not be confined to
trading in Spanish public debt but it will also cover public issues from other euro zone countries
and private fixed-income securities.
The strong expansion in stock market activity had a positive effect on margin trading, which increased substantially faster than spot trading.
The month-on-month trend during the year reveals how buying subsided in the months when
the stock market crisis was at its peak. The share of buys as a percentage of total trading on the
electronic market fluctuated from 0.20% and 0.43% between months and this ratio was at its
lowest between August and October. Conversely it was precisely this period when sales expanded
most, both in terms of absolute value and as a percentage of trading on the electronic market (see
annex A.2.36).
Growth in bilateral stock lending (between firms) continued at a high rate. During the year, 7.7
trillion pesetas of loans were arranged, representing an increase of 56% over the previous year. However, this growth was lower than that in stock market trading mainly because of the slump in this acti-
14 Margin trading is regulated by the Order dated 25 March 1991, on credit systems in spot stock market transactions.
The loan of securities established by the Madrid and Barcelona Stock Exchanges is governed by Madrid Stock Exchange Operating Instruction no. 38/1992 and Barcelona Stock Exchange Communication 49/1992. It came into operation in October
1992 in Madrid and in November 1992 in Barcelona and is usually called a bilateral loan or a loan between firms. It should
not be confused with the centralized security loan system regulated by SCLV Circular 1/1994, which was established in accordance with the provisions of Article 57 of Royal Decree 116/92, dated 14 February.
66
SECONDARY MARKETS
Table 3.9
MARGIN TRADING
Amounts in millions of pesetas
Trading Volume
Purchases
Sales
Purchases
Sales
165.4
534.2
1,550.3
1,870.2
3,937.9
5.4
40.5
186.7
582.6
597.0
3,489.6
5,253.0
19,245.0
77,742.0
134,900.8
818.6
1,499.0
2,525.0
6,206.0
20,863.5
vity half-way through the year, particularly in August. In August, stock lending accounted for 9.3% of
trading on the SIBE, i.e. less than half the years average level. The ratio remained above 14.1% in all
other months.
The outstanding net balance of stock loans at the end of the year was 1.26 trillion pesetas, a considerable increase over the previous year both in terms of the amount of lending (which increased by
81.5%) and in comparison with the SIBEs market capitalization, since its share of the latter increased
to 2.3% (from 1.6% in 1997).
Figure 3.18
SECURITY LOANS BETWEEN FIRMS
2.5
50
45
2.0
40
35
1.5
30
25
1.0
20
15
0.5
10
5
0
Jan-98
Jul-98
67
The number of securities on which loans were arranged amounted to 99, eleven more than in
the previous year. Nine large issuers (Telefnica, Banco Santander, Argentaria, BBV, Endesa, Repsol, Iberdrola, Banco Popular, BCH and Tabacalera) accounted for 90% of the amount of the loans
granted.
15
68
Chapter 3 of the CNMVs Annual Report for 1998 provides more details.
SECONDARY MARKETS
require cash payments. As regards the documentation of sales, in May the timetable for the notifications for this purpose was extended to 10:00 on D+3. This measure was aimed at promoting greater overall compliance with settlement periods.
69
4. DERIVATIVES MARKETS
4.1. International situation
Activity on the organized derivatives markets continued to rise throughout the world in
1998. It is estimated that 2.2 billion contracts were traded, compared with 2 billion in 1997. The
main factors boosting trading were: (i) changing market expectations about official interest rates
in Europe and the US, and (ii) the slump in share prices in August and September, which triggered a sharp increase in volatility in the equities markets. Consequently, much of the growth in
derivatives trading took place in the second half of the year. Trading also increased in the OTC
markets. The latest report by the Bank for International Settlements (BIS) in Basle indicates that
the size of the world market has grown by 16% per year on average in the last three years (June
1995 - June 1998).
The situation in which the derivatives markets operated was marked by increasing globalization
of financial flows and the birth of the single European currency. These posed a challenge to the markets because of the increase in competition and the loss of specificity by domestic products. These
developments triggered strategic decisions which focused on Europe-wide and international alliances
and an improvement in cost-effectiveness by converting many open outcry markets to electronic systems (see box).
Figure 4.1
TRADING IN DERIVATIVES ON LONG-TERM INTEREST
RATES IN EUROPE
'000 contracts
150,000
100,000
50,000
0
LIFFE
EUREX
1997
MATIF
MEFF RF
1998
71
72
DERIVATIVES MARKETS
The proximity of the euro led to a reorganization of market shares in Europe in 1998. Contracts
on interest rates registered the greatest change in the distribution of trading among markets due to the
standardization of the contracts imposed by the euro. Trading fell 7% on LIFFE 1 in 1998. This was due
to a 51% decline in trading in products on long-term bonds, reflecting the shift in trading on German
Bund futures to the EUREX platform, which comprised the DTB 2 (Germany) and SOFFEX (Switzerland)
markets. This contract had been traded jointly on both markets for many years, although LIFFE clearly
predominated. In 1998, EUREX cornered the bulk of liquidity in derivatives on the notional 10-year
bond within the European Union.
LIFFE continued to concentrate the bulk of trading in derivatives on short-term interest
rates, which increased 37% in 1998 despite the slump in futures on 3-month interest rates
referenced to Eurolibor (the euro zones interbank benchmark published by the British Bankers Association). The continuation of this trend in early 1999 provoked a transfer of interest
in these contracts to their equivalents referenced to Euribor. Accordingly, it is likely that LIFFEs continuing dominance of this market will depend on the trend in trading in these shortterm products, in view of its loss of the leading position in derivatives on long-term interest
rates.
MATIF, in France, also experienced a 24% decline in trading volume in 1998 as activity decreased across the board. Conversely, the Chicago - based markets - CBOT, CBOE and CME - continued
to prosper and trading increased by 10%-15%.
In Spain, the organized markets in financial derivatives MEFF Renta Fija and MEFF Renta
Variable performed differently. The volatility in the stock market following the slump in share prices in August and September due to a worsening of the international financial crisis spurred the
use of derivatives on shares. As a result, trading on MEFF RV rose by 45% in 1998 to a record 12
Table 4.1
TRADING IN THE MAIN FUTURES AND OPTIONS MARKETS (1)
Market (2)
1996
1997
1998
CBOT ...........................
EUREX ..........................
CME .............................
CBOE ...........................
LIFFE ............................
AMEX ...........................
NYMEX ........................
MATIF ..........................
222,438,505
116,837,602
177,022,195
173,944,877
167,801,218
60,525,418
56,495,974
68,293,238
242,698,919
152,289,426
200,713,304
187,243,741
209,425,578
83,926,288
63,970,916
68,366,035
281,189,436
248,222,487
226,613,831
206,865,991
194,394,159
94,315,600
76,482,995
51,805,696
15.9
63.0
12.9
10.5
7.2
12.4
19.6
24.2
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but interyear comparisons are
meaningful.
(2) CBOT: Chicago Board of Trade; EUREX: Deutsche Terminbrse (DTB) & Financial Futures Exchange (SOFFEX); CME: Chicago Mercantile Exchange; CBOE: Chicago Board
Options Exchange; LIFFE: London International Financial Futures Exchange; AMEX: American Stock Exchange; NYMEX: New York Mercantile Exchange; MATIF: March
Terme International de France.
Source: Futures and OTC World.
1
2
73
Table 4.2
INTERNATIONAL MARKETS. TRADING VOLUME.
SOME KEY PRODUCTS (1)
Underlying
Pro-memoria:
Short-term
interest rates
Product
Market (2)
1997
Change (%)
CBOT
EUREX
CBOT
CBOT
EUREX
112,224,081
89,877,840
39,941,672
32,482,576
31,683,256
99,827,659
31,337,633
30,805,885
23,961,819
24,299,906
12.4
186.8
29.7
35.6
30.4
LIFFE
LIFFE
14,548,537
5,186,402
44,984,029
10,082,217
-67.7
-48.6
CME
LIFFE
BM&F
LIFFE
CME
109,472,507
54,559,028
34,423,143
33,750,746
24,637,718
99,770,237
43,326,030
36,466,961
20,370,846
26,341,259
9.7
25.9
-5.6
65.7
-6.5
(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but interyear comparisons are
meaningful.
(2) CBOT: Chicago Board of Trade; EUREX: Deutsche Terminbrse (DTB) y Swiss Options & Financials Futures Exchange (SOFFEX); CME: Chicago Mercantile Exchange; LIFFE:
London International Financial Futures Exchange; BM&F: Bolsa de Mercadorias & Futuros.
million contracts. Conversely, volatility on MEFF RF shrank considerably in the interbank and
government bond markets as the proximity of the euro imposed a sharp convergence in short-term
interest rates and a narrowing of yield spreads in Europe. As a result of these factors, trading declined by 29%.
Table 4.3
TRADING ON THE DERIVATIVES MARKETS IN SPAIN
N. of contracts
1998
MEFF RF .....................................................................
18,020,143
29.0
15,452,227
735,437
1,828,550
3,929
25.5
61.8
32.2
75.6
MEFF RV ....................................................................
12,229,391
+44.5
8,418,822
1,460,629
2,349,940
+43.2
+18.0
+74.6
30,249,534
10.6
FC&M .........................................................................
314
99.5
74
Change (%)
DERIVATIVES MARKETS
Product
1998
1999
Nominal
Tick
10,000,000 Pts
1,000 Pts
100,000 euro
10 euro
Nominal
Tick
100,000,000 Pts
2,500 Pts
1,000,000 euro
12.5 euro
Ibex - 35
Nominal
Tick
Ibex-35 * 10 euro
10 euro
Stock options
Nominal
Tick
100 shares
Whole pesetas
100 shares
Euro (2 decimal places)
The sequence of the conversion process was designed to respect a set of general principles,
including most notably the following:
Maximum transfer of liquidity by ensuring the transfer of a high percentage of positions;
Protection of the interests of investors (both member firms and their clients) by maintaining
portfolio values in the conversion to euro;
Total transparency in the process;
Neutrality on price formation, since this was not affected by the change-over mechanism.
During the weekend from 31 December 1998 to 4 January 1999, open interest in pesetas was
converted to euro under the general conditions governing contracts. For this purpose, the official irrevocable peseta/euro exchange rate was applied while respecting the principle of economic and financial equivalence before and after the conversion. Any fractional portion not converted was settled finally in cash. The outcome was satisfactory and the process concluded without incident.
75
Figure 4.2
GOVERNMENT BONDS: TRADING IN FUTURES AND OPTIONS AS PERCENTAGE
OF SPOT TRADING IN MEDIUM AND LONG-TERM BONDS
80
70
60
50
40
30
20
10
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
Note: Nominal amounts. Trading in bonds is taken as the total of outright spot trades in medium and long-term securities traded in the Bank of Spains book-entry
market.
Sources: Bank of Spain and CNMV.
76
DERIVATIVES MARKETS
The continued decline in government bond yields, which reached all-time lows, further reduced
volatility in fixed-income, which explains the large (62%) decline in options trading. Europe-wide
convergence of long-term interest rates meant that domestic futures contracts lost their distinguishing
features. Consequently, there was a decline of 25% in total trading in notional bond futures, and of
76% in DIFF contracts on future price differentials with respect to the German Bund. In February
1999, MEFF RF decided again to reduce the coupon amount of the future contract on the notional
10-year bond to 4% commencing with the July 1999 maturity (from 6.5% on the March 1998 maturity). This adjusted the interest rate on the notional bond to the yield on the spot market. It was also
an attempt to solve the problem which arose at the end of 1998, namely that the cheapest to deliver
bond was always the 07.35% reference, whose liquidity had been reduced by the Treasurys policy
of exchanges.
In terms of products, trading became even more concentrated in futures on the notional 10-year
bond, and they accounted for 95% of all trading in government bond derivatives (86% in 1996). A total
of 15.4 million contracts were traded in 1998 (20.7 million in 1997). At 735 thousand contracts, total
trading in options was at its lowest since 1992, having peaked at 2.6 million contracts in 1996. Options
on notional bonds other than the 10-year remained very slack.
Futures trading in 1998 reached a peak in March at close to 2 million contracts due to the heightened expectations of a decline in official interest rates following good inflation performance. Trading
did not return to high levels until September, this time due to investors preferences for government
bonds following repeated losses in share prices, in a context of controlled inflation and increasing
expectations of an economic slowdown in Europe due to the major financial problems worldwide.
However, options performed differently, and trading fell steadily from June onwards to reach an alltime monthly low of 1,300 contracts in December.
The size of the market, measured in terms of open interest, fell drastically in 1998 despite the
increase in the outstanding balance of government bonds. Open interest remained on average above
200 thousand contracts until August. However, the last four months of the year saw a significant closing of positions, particularly in the final sessions of the year, and the year ended at around 24 thousand contracts on 30 December, the lowest level since 1990; of that figure, 98% were futures on the
notional 10-year bond. This sharp decline in open interest in December appears to be due not only to
the traditional tendency to close positions at year-end but also to the adaptation of contracts to the
Table 4.4
FUTURES: TRADING VOLUME AND MARKET SIZE
Volume
No. of contracts
1992
1993
1994
1995
1996
1997
1998
..................
..................
..................
..................
..................
..................
..................
3-year
Bond
5-year
Bond
223,675
11,710
9,263
428
201,814
3,716
7,358
8,553
43,306
10-year
Bond
30-year
Bond
3-year
Bond
5-year
Bond
10-year
Bond
30-year
Bond
728,229
4,388,332
12,875,082
12,835,032
18,124,849
20,724,153
15,355,019
53,902
0
99
0
0
658
250
63
10,052
84,579
46,497
61,298
94,060
109,590
23,077
160
* At end of period.
77
Table 4.5
OPTIONS: TRADING VOLUME AND MARKET SIZE
Volume
No. of contracts
3-year
Bond
5-year
Bond
10-year
Bond
1992
1993
1994
1995
1996
1997
1998
71,614
0
0
0
7,230
50
0
200
260,565
814,893
1,501,481
1,497,410
2,597,397
1,923,771
735,237
..................
..................
..................
..................
..................
..................
..................
30-year
Bond
3-year
Bond
5-year
Bond
0
0
0
0
0
0
0
10-year
Bond
30-year
Bond
4,345
43,184
28,287
63,716
63,828
38,441
366
* At end of period.
Figure 4.3
FUTURES AND OPTIONS ON GOVERNMENT BONDS.
TRADING IN 1998
2,500
300
'000 contracts
200
1,500
150
1,000
'000 contracts
250
2,000
100
500
50
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
euro, which was carried out by MEFF RF on 31 December 1998 and involved calculating the euro
equivalent of the open interest in contracts whose nominal value was in pesetas, using the established
conversion factor.
The main new feature in this segment of the market was the launch, on 23 June, of futures
and options on the notional 30-year bond. These contracts were launched to: (i) cover the entire yield curve, after the Treasury commenced regular issues of 30-year bonds in January; (ii) introduce a contract with greater sensitivity to interest rate fluctuations so as to mitigate the decline in
78
DERIVATIVES MARKETS
appeal of the Spanish market because of the low level of volatility in government bonds; and (iii)
get ahead of competitors in launching these contracts, which were the first of their type in Europe. Trading during 1998 totaled only 54 thousand contracts, and only 160 contracts were open at
30 December 1998. The contracts failure to establish themselves in the market may be due to the
scant liquidity caused by the fact that there was only one deliverable: the 6% bond maturing
2029.
The deteriorating liquidity in the market was clearly evident in a reduction in the indicators of trading frequency and number of trades per session. Nevertheless, the slight increase in the average size
of transactions mitigated that decline. In contracts on 10-year government bonds the most significant
segment of MEFF RF the daily average of trades in futures contracts in the three months prior to maturity declined to 3,080 contracts (from 4,400 in 1997) whereas in options the average in the same time
horizon fell to 7 contracts per session (from 18 in 1997). Trading frequency in options also declined
considerably in 1998 there was trading in 82% of sessions in the month before maturity, compared
with 100% in 1997.
The trading structure also changed significantly in the options segment: (i) there was a sharp
decline in trading for the account of non-resident customers, which fell to 30% of the total trading
(from 51% in 1997), and (ii) there was a moderate decline in off-session trades in favor of put-throughs
(nevertheless, the former continued to concentrate the bulk of trading).
Table 4.6
DISTRIBUTION OF TRADING BY ACCOUNT TYPE
% of total market
1998
1997
Futures
Opcions
Futures
Opcions
61.9
55.4
59.8
35.2
CUSTOMERS ....................................
Residents .....................................
No-residents ................................
38.1
14.0
24.1
44.6
14.3
30.3
40.2
11.8
28.4
64.8
14.1
50.7
79
Table 4.7
TRADING IN MEFF RF: CONTRACTS ON MIBOR 90 +
AND MIBOR 360+
Volumen
Mibor 90+
No. of contracts
Future
1992
1993
1994
1995
1996
1997
1998
..................
..................
..................
..................
..................
..................
..................
70,872
211,762
338,480
585,699
1,188,954
2,325,491
1,723,576
Mibor 360+
Option
Call
Put
1,020
4,882
7,147
39,453
133,228
153,609
36,266
585
3,518
11,895
38,932
101,906
140,481
40,316
Mibor 90+
Future
Future
3,512
40,378
29,751
58,193
76,112
28,392
2,056
12,949
11,743
22,700
39,633
98,885
33,028
Mibor 360+
Option
Call
Put
220
172
1,080
9,700
17,624
17,285
1,800
0
720
700
10,578
13,912
30,135
2,100
Future
398
3,039
1,856
3,520
3,947
730
* At end of period.
This explains the steady decline in trading volumes from June onwards, after the peak of
approximately 260 thousand contracts attained in March. Only 55 thousand contracts were traded in the month of December. Consequently, the size of the market was greatly reduced: open
interest at 1998 year-end was 82% lower than at the end of 1997. Much of this decline was due
to closing out of open interest in the final sessions of the year, probably reflecting a shift out of
positions in Mibor contracts into new 3-month Euribor contracts, which were listed jointly by
MEFF RF and MATIF from 15 September onwards in the framework of the new joint electronic
trading platform Euro-GLOBEX (see box 1) and which started trading on MEFF RFs screens on
5 February 1999.
Options on Mibor 90+ were the product most affected by the trend because of the low
levels of volatility in the spot market. Trading fell 74% in this contract, leading to a decline
in trades by non-resident customers to 29% of total trading (from 40% in 1997). There was
also a 63% decline in trading in Mibor 360+ futures. As a result, trading in interest-rate derivatives became further concentrated on Mibor 90+ futures, which accounted for 95% of trading (from 86% in 1997). The decline in trading in these products was more moderate (-26%)
and was lower than the decline in FRAs traded on the Sistema Telefnico del Mercado de
Dinero. However, total trading in MEFF RF on short-term interest rates shrank in comparison
with trading in the 3-12 month non-transferable interbank deposits market: in 1998 the former was 43.5 times the latter, compared with 50.8 times in 1997, when there was a sharp
increase.
In this context, liquidity deteriorated in 1998, and the effect was more pronounced in the case of
options. This trend was evidenced by: (i) the decline in trading frequency in the period between 6 and
1 months prior to maturity, which fell from an average of close to 50% of sessions in 1997 to an average of 20% in 1997; and (ii) the lower number of trades in call options per session as a result, the
daily average was less than one in the 12 months prior to maturity and the average size of trades did
not exceed the 1997 figures.
80
DERIVATIVES MARKETS
Figure 4.4
TRADING IN FRAS vs. TRADING IN MEFF
CONTRACTS ON MIBOR
20,000
Billions of pesetas
15,000
10,000
5,000
0
1992
1991
1993
1994
1995
FRA
1996
1997
1998
MIBOR
Note: trading is expressed in nominal terms and is the monthly average in the period.
Sources: Bank of Spain and CNMV.
Figure 4.5
TRADING IN MIBOR 90+ AND MIBOR 360+ FUTURES AND OPTIONS
WITH RESPECT TO TRADING ON THE INTERBANK DEPOSIT MARKET
50
40
30
20
10
0
1991
1992
1993
1994
1995
1996
1997
1998
Note: The 3 month to 1 year terms are used as the measure of trading on the interbank market.
Sources: Bank of Spain and CNMV.
81
Table 4.8
LIQUIDITY IN MEFF RF IN OPTIONS
ON MIBOR 90 +
1998
1997
Call
Put
Call
Put
20.8
23.6
21.9
15.3
24.6
15.0
19.5
29.7
26.7
13.4
17.3
2.5
11.2
38.9
53.6
53.1
19.2
17.5
7.6
31.7
36.7
51.1
22.5
20.6
0.5
0.6
0.6
0.4
0.9
0.3
0.9
0.9
0.7
0.3
0.6
0.1
0.3
1.0
1.9
2.0
0.6
0.5
0.2
0.7
1.0
1.7
0.5
0.5
129.9
144.1
132.0
127.3
82
DERIVATIVES MARKETS
Trading in options on Ibex-35 futures increased by less than in the futures themselves (+18%). An
analysis of performance by product type reveals that: (i) trading in call options increased more rapidly
(27%) than in put options (8%); (ii) much of this performance is explained by the fact that, in February
and March, investor expectations about the performance of the underlying market greatly boosted trading in options (basically call options) to a record 125-130 thousand contracts. Unlike the futures segment, the market shrank 7% in size.
The rapid expansion in Ibex-35 derivatives came in parallel with the performance of the spot market. The level of implicit trading in Ibex-35 futures and options with respect to the volume traded in
the electronic market in regular trades again increased in 1998, although by less than in 1997. The
month average was 236% in 1998, compared with 203% in 1997.
Figure 4.6
TRADING IN IBEX-35 + FUTURES AND OPTIONS AS PERCENTAGE
OF ELECTRONIC MARKET TRADING
250
200
150
100
50
0
1992
1993
1994
1995
1996
1997
1998
This trend improved the liquidity of Ibex-35 derivatives. There was basically a major increase in
the average number of trades per session in the last two weeks to maturity (particularly in futures) without any significant change in the average trade size.
Another highlight of MEFF RV in 1998 was the consolidation of the stock options segment. Comparison over time is distorted by the constant splits in the par value of the underlying securities in the
last two years. Despite this upward bias in the number of contracts, this segment is clearly growing in
importance and it will foreseeably continue to expand in 1999 due to the addition, in March, of con-
83
tracts on shares of Acerinox, Bankinter, Banco Popular, Gas Natural and Tabacalera, thus raising the
number of available contracts on shares to 16. The increase in trading and in market size were clearly
greater in the case of put options, particularly from June onwards; this performance was reinforced by
hedging in view of the slump in share prices between August and October. Trading became even more
concentrated in the contracts on the most active stocks in the electronic market (Telefnica, Endesa,
BBV, Repsol, Iberdrola and Santander).
MEFF RV adopted a number of measures to further market development. In addition to launching new option contracts on shares, members and clients were allowed to meet margin requirements with shares instead of cash. Technological developments included the installation of MEFFQUOTE terminals for market makers, which enable them to generate option prices automatically on
the basis of market movements, and the availability from January 1999 of the TOP-PLUS terminal
for options trading.
Table 4.9
TRADING ON MEFF RV (1)
Volume
Ibex 35+
No. of contracts
..................
..................
..................
..................
..................
..................
..................
Shares
Option
Future
1992
1993
1994
1995
1996
1997
1998
268,537
1,039,789
2,689,482
2,731,879
2,819,216
5,880,899
8,418,822
Call
Put
122,387
178,425
361,336
366,301
410,938
651,671
827,568
98,824
144,144
352,899
392,199
365,483
586,138
633,061
Ibex 35+
Option
Future
131,800
222,411
766,652
854,796
1,345,679
2,349,940
5,629
28,251
23,040
45,775
44,987
70,521
80,810
Shares
Option
Option
Call
Put
2,163
4,978
8,334
12,930
26,237
16,382
15,533
2,106
4,727
6,542
9,347
21,371
13,041
11,751
3,955
17,033
22,704
45,435
26,175
267,857
(1) Data for options on shares are not strictly comparable due to changes in the nominal contract value as a result of splits in the underlying shares.
(2) At end of period.
Table 4.10
TRADING ON MEFF RV, BY CLIENTE TYPE
% of total cliente trading
1998
1997
Change
21.6
0.8
20.6
1.5
0.4
30.0
10.9
14.2
100.0
15.1
0.7
15.8
2.0
0.2
34.8
13.0
18.5
100.0
+6.5
+0.1
+4.8
-0.5
+0.2
-4.8
-2.1
-4.3
51.3
48.2
+3.1
84
DERIVATIVES MARKETS
The main aspects as regards market structure were: (i) there was a considerable increase in the
number of market members, particularly in the category of settling custodian; (ii) banks and savings
banks and mutual funds increased their shares of trading for customers account to over 20% in all
cases; and (iii) in the stock options segment, there was a considerable increase in put-throughs, which
rose to 35% of total trading in 1998, from 6% in 1997 (see Annex).
4.4. FC&M
Trading in the citrus futures market shrank considerably in 1998, intensifying the trend observed
in 1997. Total trading fell by 99% with respect to 1997, and a total of only 314 contracts were traded.
Most trading (97%) was concentrated in the first half of the year. The electronic trading system designed by FC&M was implemented at the end of the season to replace the previous system developed by
MEFF. As a result, following the summer break, trading recommenced in October rather than September (as in previous years). Moreover, the trading session was narrowed to 12.00 to 13.00, from 10.00
to 13.00. There was a drastic decline in trading in the last few months of the year. In terms of product,
the most-traded contract continued to be on the Valencia-late variety of orange, which represented
79% of total trading (compared with 64% in 1997). As regards settlement, there was no settlement by
delivery on maturity of the futures on the two varieties of citrus which are traded. There was no open
interest at year-end.
Table 4.11
TRADING IN THE CITRUS FUTURES MARKET
No. of contracts
1995 (2) .............................
1996 ..................................
1997 ..................................
1998 ..................................
Volume
Valencia late
Navel navelina
Clementina
Valencia late
Navel navelina
Clementina
48,258
38,442
248
27,031
67,079
20,659
66
30,113
945
0
0
0
80
138
11
0
101
0
Trading for own account continue to predominate, although to a lesser extent than in 1997, and
it represented 74% of total trading (98% in 1997). Practically all of these trades were by market makers;
there was still no participation by non-resident clients in this market.
As part of the plan for FC&Ms future, work continued on the launch of electricity derivatives following the deregulation of the spot market in January 1998.
85
Figure 5.1
EVOLUTION OF MUTUAL FUND ASSETS
40
35
Trillions of pesetas
30
25
20
15
10
5
0
Dec-89
Dec-90
Dec-91
Dec-92
FIM
Dec-93
Dec-94
FIAMM
Dec-95
Dec-96
Dec-97
Dec-98
Total
87
Other forms of collective investment accounted for a small proportion of the total, despite intense growth in some of them. Whereas SIMCAV assets grew by 134%, investment companies accounted
for only 3.7% of total assets at year-end. Similarly, real estate investment fund assets grew by 200%
but that was from a very low baseline: 22 billion pesetas. Investment in foreign institutions marketed
in Spain totaled 801 billion pesetas, 38% higher than in 1997, and accounted for 2.2% of total collective investment.
The considerable growth in mutual funds is a reflection of an intense restructuring of households financial assets during this decade. In the last year, mutual funds increased their share of this
sectors financial assets by two points to 22.4%, to the detriment of bank deposits (particularly time
deposits).
Table 5.1
COMPOSITION (%) OF HOUSEHOLDS FINANCIAL ASSETS (1)
1987 ............
1988 ............
1989 ............
1990 ............
1991 ............
1992 ............
1993 ............
1994 ............
1995 ............
1996 ............
1997 ............
1998 ............
Cash &
deposits
Fixed-income
securities
Shares
Mutual
funds
Insurance
technical reserves
Other
60.0
60.5
59.9
61.2
60.8
58.6
57.8
57.4
57.2
52.5
45.7
40.9
8.3
6.8
7.6
7.2
6.1
5.7
3.9
3.7
4.3
3.4
2.6
1.6
16.6
16.1
14.9
13.0
10.3
8.7
8.6
8.4
8.3
9.9
14.5
18.1
0.9
1.4
1.3
1.7
5.2
7.8
11.4
11.8
11.7
16.3
20.5
22.4
3.8
5.8
6.4
7.7
8.6
9.2
9.6
10.7
11.5
12.5
13.0
13.3
10.4
9.5
9.8
9.3
8.9
9.9
8.6
7.9
7.0
5.5
3.6
3.7
The banks continued to be the main promoters of mutual funds. Assets under management by
these groups fund managers (21.4 trillion pesetas) were practically equal to the deposits in the
banks liabilities (20.8 billion pesetas). As for the savings banks, their subsidiaries managed a total
of 9.7 trillion pesetas in assets, compared with their 27.5 trillion pesetas in deposits. In contrast,
mutual fund assets barely totaled 3% of the sum of funds plus deposits during the early 1990s
(Table 5.2).
The reduction in the gross issues of government debt and the rapid growth in funds obliged managers to seek new instruments in which to invest. Foreign markets were widely targeted, and investment
in foreign markets rose from 1.2 trillion pesetas in 1997 to 5.7 trillion pesetas in 1998. The domestic
markets also benefited 2. At the end of 1998, FIM funds were invested 2.6 trillion pesetas in shares, i.e.
50% more than in 1997 and much more than the appreciation of the stock market 3. Mutual funds more
2
3
88
See Annexes 4.3 and 4.9 for details of fund asset distribution.
For example, the Ibex-35 index appreciated 37%, and the Madrid Stock Exchange General Index by 35%.
Table 5.2
RATIO OF FUND ASSETS (1) TO DEPOSITS (%)
AT BANKS AND SAVINGS BANKS (2)
December 1990
December 1991
December 1992
December 1993
December 1994
December 1995
December 1996
December 1997
December 1998
........................
........................
........................
........................
........................
........................
........................
........................
........................
Banks
Saving banks
Total
3.40
11.68
18.36
25.62
26.49
26.56
36.99
46.23
50.70
3.16
7.18
9.00
12.65
12.92
13.24
17.76
23.52
26.08
3.29
9.58
13.95
19.46
19.84
20.05
27.63
35.50
39.15
(1) Managed by fund managers belonging to the banks and savings banks financial groups, respectively.
(2) Percentages represent the ratio of fund assets to the sum of fund assets plus deposits.
Source: Boletn Estadstico del Banco de Espaa and CNMV.
than doubled their investment in commercial paper, from 179 billion pesetas in 1997 to 395 billion
pesetas one year later. Funds investments in matador bonds totaled 933 billion pesetas at the end of
1998, 152 billion pesetas more than at the end of 1997. The amount invested in government bonds
Table 5.3
IIC PORTFOLIOS AS A PERCENTAGE OF OUTSTANDING BALANCES
ON THE MARKET (1)
%
1993
1994
1995
1996
1997
1998
Total
funds
Total
IIC
Total
funds
Total
IIC
Total
funds
Total
IIC
Total
funds
Total
IIC
Total
funds
Total
IIC
Total
funds
Total
IIC
1.2
2.1
1.9
2.9
1.6
2.5
2.4
3.2
5.0
6.0
5.0
6.0
13.0
22.2
11.2
13.4
2.9
13.6
23.4
11.7
14.1
3.0
11.3
22.7
9.8
11.7
2.5
11.8
22.8
10.3
12.3
2.7
6.5
15.3
5.6
6.3
3.0
6.9
15.3
6.0
6.8
3.2
9.0
16.8
8.4
9.1
6.5
9.4
18.0
8.7
9.5
6.7
16.3
33.5
15.2
10.9
23.4
16.6
34.7
15.5
11.3
23.5
19.2
60.0
16.3
11.7
26.5
19.6
60.3
16.7
12.1
26.9
18.7
28.7
11.1
19.8
19.0
28.8
11.5
20.1
18.4
32.5
8.6
8.4
18.6
32.6
9.0
8.7
12.3
23.5
5.9
6.7
12.5
23.7
6.2
6.8
21.3
39.2
11.6
11.7
21.5
39.3
11.8
12.0
25.6
45.8
17.6
13.8
25.9
46.0
17.8
14.0
29.4
44.6
25.4
15.0
29.6
45.0
25.7
15.2
14.6
14.8
15.7
15.9
20.9
21.2
21.0
21.3
25.9
26.3
18.9
19.6
Pro memoria:
Government securities held outright + GDR R
32.7
33.3
33.4
33.9
32.2
32.7
41.3
41.8
50.1
50.7
46.2
47.1
89
remained practically stable (around 21 trillion pesetas, if repos are included) so, although they continue to be the principal target for mutual fund assets, their share of the total declined considerably to
65%, i.e. 15 points lower than at the end of 1997.
Considering the percentage of the outstanding balances held by mutual funds, their share of the
private securities market increased-considerably so, in the case of commercial paper. The funds held
60% of the outstanding balance 4 of these instruments at year-end, i.e. 26 points higher than in 1997.
This figure is even more important considering the surge in the commercial paper market 5 in 1998
following several years of decline. Funds share of the matador bond segment was slightly higher in
1997 (26% of the outstanding balance, up from 23%), although there was a reduction in gross issues
and the outstanding balance in this segment 6.
Because of the increasing demand for mixed and stock funds, the ratio of funds holdings in listed shares to share market capitalization remained stable at 5% in 1998, although collective investment can be expected to increase its participation in these markets if investors continue to prefer
funds of these types. Also, mutual funds continued to have a considerable presence in the government debt markets, as they held 46% of the outstanding balance in December (including reverse
repos).
New types of IIC in the framework of the Reform Law of the Securities Market Law
The Reform Law of the Securities Market Law was a response to the need to broaden the range
of investment possibilities in this field so that fund managers could develop a varied range of products to suit individual investor profiles. The law makes it possible to create funds of domestic
funds, securities investment companies (SIM and SIMCAV) which invest in funds, and master-feeder funds. The latter are a special form of IIC in which feeder funds invest their assets in a single institution the master fund.
The range of products was also expanded by allowing the creation of IIC (FIM, SIM and SIMCAV) which invest principally in unlisted securities and of mutual funds aimed at institutional
and professional investors. The pre-existing legislation only allowed investment in unlisted securities up to 10% of an institutions assets (5% in the case of FIAMM).
The detailed rule-making for the new investment possibilities introduced by the new Securities Market Law is at a very advanced stage. Meanwhile, fund managers have diversified
their product range by registering funds specialized in specific areas (e.g. ethical and sector
funds) and guaranteed funds. All these developments will undoubtedly help the sector to
improve its services to investors and to compete on a stronger footing with IIC domiciled in
other countries.
The amount of assets invested in the various instruments are effective amounts. In the case of mutual funds participation in the fixed-income markets, nominal values are compared with outstanding balances.
5 Commercial paper facilities registered with the CNMV increased by 9% in amount with respect to 1997.
6 Gross issues of matador bonds shrank by 69% and their outstanding balance by 4%.
90
Modifications to the taxation on IIC in the new Personal Income Tax Law
The new personal income tax legislation 7, which came into force on 1 January 1999, made
a number of modifications to the taxation of collective investment institutions 8. The law eliminated the inflation-correction coefficients which were applied to the share or fund acquisition
values to calculate the taxable capital gain.
From 1 February 1999, a 20% withholding tax is applied to capital gains on the transfer or
reimbursement of shares or units in IIC, whether domestic or foreign, provided that they are performed by Spanish residents.
Where an IIC is constituted in a country or territory designated as a tax haven, its investors or
shareholders must report and pay tax on any capital gain, whether realized or not. Except where
otherwise proven, the capital gain will be deemed to be 15% of the acquisition value of the share
or unit.
The distinction between capital gains obtained in one year and those obtained in more than
one but less than two years has been eliminated. Under the new system, the gains in both cases
are taxed at the standard rate.
In addition to these measures which directly affect IIC, the measures adopted to provide more
balanced tax treatment of competing savings formulas (such as bank deposits and life insurance)
could also have important implications for the development of IIC.
7 Law 40/1998, dated 9 December, on personal income tax (IRPF) and others taxation rules, and Royal Decree 214/1999,
by which IRPF Regulation is passed.
8 For details of the previous tax treatment, see the 1996 Annual Report.
91
panies are limited liability companies which, in carrying out their corporate purpose, may make
participation loans (part of the interest rate is tied to the companys performance) and provide
other forms of finance (only to investee companies, in this case).
On 6 April 1999, Law 1/1999, dated 5 January, regulating venture capital institutions and
their management companies, came into force; the law aims to establish a comprehensive stable legal framework for Spanish VC institutions. The pre-existing legislation arose from certain
provisions of Royal Decree 1/1986, governing urgent administrative, financial, tax and labor
measures, which were amended several times. The new Law provides a framework for authorization, supervision, inspection and penalization which is on a par with that governing the other
parties which operate in Spains securities markets. In particular, the Law assigns the CNMV to
supervise VC institutions (previously they were under the control of the Direccin General del
Tesoro.
In application of the new Law, on 16 June 1999, the first two venture capital funds were registered with the Commission.
Number of venture capital institutions and management companies
1995
1996
1997
1998
.............................................
.............................................
.............................................
.............................................
Funds
Companies
Total
SGECR
8
10
10
12
14
16
17
19
22
26
27
31
7
6
6
10
As indicated above, investors search for greater yields on their savings proved more beneficial for
mutual funds which invest partly or totally in equities. The assets in mixed fixed-income, mixed equity
and equity funds increased by 85%-90%, with the result that they totaled 51% of total FIM assets at
the end of 1998 9. Fixed-income FIM assets increased by 26%. The number of investors doubled in the
case of mixed fixed-income FIMs, and increased by over 80% in the case of mixed equity and equity
funds, compared with an increase of only 19% in fixed-income FIM funds.
In 1998 there was a net influx of 6.7 trillion pesetas into FIM funds. The influx was steady throughout the year, even in August and September, when fund assets fell by 3.1% and 0.6%, respectively,
due to losses in equities and derivatives. Despite the poor results in those months, in the year as a
whole the variation in share prices contributed almost 700 billion pesetas to the growth in assets as a
result of good stock market performance. Fixed-income contributed 540 billion pesetas through price
92
variations and 812 billion pesetas through interest. As occurred in 1997, these figures reflect the importance of equities in FIM yields, even though they still accounted for only 14%-17% of total assets in
1998.
Demand for guaranteed funds remained strong. Guaranteed fund assets increased by 70% to 8
trillion pesetas, representing 31% of total FIM assets at 1998 year-end, up from 28% the previous
year. Most of the newly-registered funds (138 out of 167) tied their guarantee to a stock market index
or a basket of indices. The new regulations governing derivatives trading by mutual funds (which
allows the use of unlisted derivatives when the purpose is to achieve a specific yield target) influenced the type of guarantee offered by the new funds 10. A total of 103 funds (99 equities and 4 fixedincome) offered an internal guarantee and 64 (39 equities and 25 fixed-income) offered an external
guarantee.
In 1998, 400 new FIMs were registered and 2 were de-registered. Investor preference for equities
was also reflected in the variation in the number of funds in each category. At 1998 year-end there
were 109 new equities FIM finds, 97 new mixed equities FIMs, 135 new mixed fixed-income FIMs and
only 57 pure fixed-income funds. The number of guaranteed funds increased by 163.
Composition of assets
Three factors shaped the composition of FIM assets in 1998: the decline in gross issues by government 11, falling interest rates and the elimination of exchange-rate risk in the euro zone. Because of the
first two factors, government bonds (including reverse repos) fell 12 percentage points to 57.6% of FIM
assets12. This reduction was due to lower investment in absolute and relative terms in Treasury bills
and reverse repos since the proportion represented by government bonds held to maturity was 32% at
the end of 1998, i.e. 2 points higher than at the end of 1997.
FIMs foreign portfolio practically tripled its share of their total assets to 18.2%. This growth was
underpinned by three factors: (i) the possibility of investing in securities which would be free of
exchange-rate risk from 1 January 1999 onwards; (ii) diversification of portfolios as part of a new
approach by SGIIC; and (iii) the launch of many funds which are clearly oriented towards investment
abroad. As shown in table 5.4, the first factor was decisive as it provided IIC with the opportunity to
offset the decline in gross government bond issues in Spain and the shortage of private sector domestic issues without having to bear an exchange-rate risk. Consequently, at the end of 1998, 79% of
foreign bonds in the FIMs portfolios were denominated in euro zone currencies (67% in the case of
private fixed-income and 65% in the case of foreign equities). Outside the euro zone, FIMs invested a
sizable proportion of their portfolios in the US13 15% in government fixed-income, 28% in private
fixed-income and 20 % in equities at the end of 1998.
10 For details on types of guaranteed funds and how their guarantees operate, see the 1995 Annual Report, chapter 7.4,
Guaranteed mutual fund and the 1996 Annual Report, chapter 5, box Domestic guaranteed funds.
11 Gross issues by the government sector fell by almost 25% in 1998 to a total of 16.7 trillion pesetas. In terms of instrument, short-term issues fell by 45% to 7.7 trillion pesetas and long-term issues increased by 9.3% to 8.9 trillion pesetas.
12 For details on the composition of FIM assets, see Annex 4.3.
13 For details on currencies, see Annex 4.5.
93
Table 5.4
GEOGRAPHIC DISTRIBUTION OF FIMs FOREIGN PORTFOLIO AT 31-12-98
Effective amounts in millions of pesetas
Fixed-income (1)
Public
Private
Equities (2)
Total
Amount
76.03
5.01
18.95
764,701
227,090
427,116
53.89
16.00
30.10
100.00
1,418,908
100.00
Amount
Amount
Amount
1,745,802
114,966
347,933
79.04
5.21
15.75
509,840
33,708
214,348
67.27
4.45
28.28
2,255,643
148,674
562,281
TOTAL ...............
2,208,702
100.00
757,896
100.00
2,966,598
Domestic equities grew in line with the total FIM portfolios and their share of the total remained
practically the same 10.1% at 1998 year-end (10.2% in 1997).
Guaranteed funds
Guaranteed funds are invested primarily in fixed-income as their managers use fixed-income instruments to attain the minimum yield offered to investors14. Moreover, since the guarantees usually
apply over the long term, the investment is concentrated in longer-duration securities. Specifically, at
1998 year-end, 58% of guaranteed fund assets were in government bonds, 13% in domestic private
bonds and 3% in foreign bonds, both public and private. Conversely, equities accounted for only 0.1%
of the portfolio.
Government bonds increased their share of the total by nine points, and private bonds fell by four
points due mainly to the replacement of matador bonds with strippable government bonds. Whereas
at 1997 year-end the guaranteed funds were invested 10% in matador bonds, that percentage had
fallen to 7.3% one year later.
14
15
94
Most of the FIMs operations in derivatives were concentrated in the guaranteed funds,
which sought to attain their guaranteed yield (ultimately tied, in many cases, to the Ibex35 index or to a basket of foreign indices). Purchases of call options and warrants were
made mainly by the guaranteed funds. Specifically, over 90% of the committed amount at
year-end related to guaranteed funds. During the year, these funds shifted from warrants
to options due to a change in the legislation governing them. Through June 1997, IIC
could only use derivatives traded on organized markets, so they used listed warrants.
However, the Ministerial Order of June 1997 allows them to use OTC instruments, among
others.
31-12-97
FIM
Of which
guaranted
(%)
FIM
Of which
guaranted
(%)
Open
interest (2)
31-12-98
31-12-97
662,976
1,513,238
77.55
46.77
515,802
929,698
69.66
23.75
41,850,442 82,280,593
1,151,766 Not available
4,223,821
271,944
1,427,911
120,811
91.41
31.54
77.48
0.00
4,348,543
2,287
277,670
195,924
93.19
0.00
85.63
5.91
353,068,454 297,352,808
171,654
2,287
81,237,601 21,911,568
5,145,300 Not available
398,827
515,101
40.43
32.24
227,350
2,287
17.86
0.00
TOTAL .........................................
9,134,629
72.28
6,499,561
75.74
36,945,369
2,171,811
8,828,588
2,287
Yields
Mutual funds are invested primarily in domestic securities, and the bulk of their foreign investment is in securities from the euro zone, the US and the UK. As a result, because of the reduction in
interest rates16 and the gains on the stock markets in those areas17, the mutual funds on average obtained considerable yields, particularly on equities. However, there were two major exceptions to the
good yield performance in 1998: April-May and August-September. In April and May, fund yields were
16
For example, euro zone benchmark rates (with the exception of Italy) were standardized at 3% at the end of the year,
from 4.75% in Spain and 3.3% in France and Germany. Italy reduced its rates from 5.5% to 3.5% and the US from 5.5% to
4.75%.
17 For example, in Spain the Ibex-35 index appreciated by 35.6%, Frances CAC-40 by 31.5%, Germanys DAX-30 by
17.8%, USAs Dow Jones by 16.1% and United Kingdoms FT-100 by 14,5%.
95
adversely affected by the upswing in government bond yields as the expectations for euro interest rates
at year-end rose above previous projections. There was also a worsening of financial problems in Asia.
In August-September, the decline was due to the slump in the stock markets due to the international
financial crisis.
FIMs are subject to no restrictions as to the term of their investment in fixed-income, unlike
FIAMMs, which can only invest in fixed-income securities with a residual maturity of under 18
months. Consequently, figure 5.2 uses indices with different durations to compare the yield on
fixed-income FIMs: the government bond yields index (IRDE) 18 and the AFI index 19 of 1-year Treasury bills. The chart shows that the actual yield on fixed-income FIMs was closely tied to the
yields on Treasury bills. This is because the average duration of their portfolios in 1998 was less
than 2 years.
There is a legal limit to the management fees which FIMs and FIAMMs can charge; if set in terms
of assets, they may not exceed 2.5% (FIM) or 1.5% (FIAMM). Fees may be a major burden when a
funds gross yield is low. Table 5.5 shows that although fixed-income FIM management fees do not
exceed 1.5% on average, there are funds with durations under 18 months whose fees exceed that
level 20. Accordingly, investors should choose funds carefully to ensure that the management fees are
commensurate with results.
Figure 5.2
ACTUAL YEAR-ON-YEAR YIELDS ON FIXED-INCOME MUTUAL FUNDS (FIM-RF) vs.
THE GOVERNMENT BOND YIELD INDEX (IRDE) AND THE AFI INDEX
OF 1Y TREASURY BILLS (AFI-LT)
20
15
10
5
0
-5
-10
Mar95
Jun
Sep
Dec
Mar96
Jun
Sep
Dec
IRDE
Mar97
Jun
FIM-RF (*)
Sep
Dec
Mar98
Jun
Sep
Dec
AFI-LT
(*) Annual calculation based on average monthly yield. The latter is asset-weighted average of the monthly yield of fixed-income FIMs in
existence at the beginning of each month. Yields are net of management and custody fees.
18
19
20
96
Table 5.5
MANAGEMENT FEES OF FIM-RF GROUPED BY PORTFOLIO DURATION
AT THE END OF 1998
A) FIM-RF management fee based only on assets
Duration
No. of funds
Up to 4 months(1) .............................
(4 months-1.5 years] .........................
(1.5 -3 years] ....................................
Over 3 years .....................................
105
204
230
138
Management fee
Lowest effective
Highest effective
Average
0.30
0.10
0.10
0.15
2.50
2.25
2.50
2.50
1.11
1.17
1.29
1.27
Duration
Up to 4 months(1) .........
(4 months-1.5 years] ......
(1.5 -3 years] .................
Over 3 years ..................
10
5
1
1
Management fee
of assets
Lowest effective Highest effective
0.45
0.30
1.10
1.00
of results
Average
1.25
1.30
1.10
1.00
1.01
0.92
1.10
1.00
10.00
2.50
5.00
10.00
Average
10.00
10.00
5.00
10.00
10.00
7.10
5.00
10.00
The yields on equity FIMs were much more in line with the market; see figure 5.3, which compares fund yields with the Ibex-35 index.
Figure 5.3
ACTUAL YEAR-ON-YEAR YIELDS ON EQUITY MUTUAL FUNDS (FIM-RV)
vs. IBEX-35 INDEX
90
75
60
45
% 30
15
0
-15
-30
Mar95
Jun
Sep
Dec
Mar96
Jun
Sep
IBEX-35
Dec
Mar97
Jun
Sep
Dec
Mar98
Jun
Sep
Dec
FIM-RV (*)
(*)Annual calculation based on average monthly yield. The latter is asset-weighted average of the monthly yield of fixed-income FIMs in existence at the beginning of each month. Yields are net of management and custody fees.
97
Composition of assets
As stated above, FIAMM assets declined by slightly over 1.7 trillion pesetas in 1998. Managers
adjusted their portfolios basically by cutting investment in reverse repos by 1.9 trillion pesetas (-38%)
and, to a lesser extent, in Treasury bills, by 835 billion pesetas (-21%). As a result of this recomposition, although those two items continued to predominate at year-end, accounting for about 37% of
total assets each, the former declined by over 12 points and the latter by 2 points.
The sharp decline in funds allocated to those two items was matched by a reorientation of portfolios towards foreign securities. Since FIAMMs are legally confined to investing in fixed-income
securities with a residual duration to maturity of under 18 months, the reduction in issues of shortterm government bonds forced fund managers to seek alternative destinations for investment in
1998, this meant foreign markets. Additionally, the other euro zone markets had the added appeal
of eliminating exchange-rate risk from 1 January 1999. Assets in the foreign portfolio increased by
practically 900 billion pesetas, and their share of total assets rose from 1.6% to 12.5% in a single
year.
Yields
The FIAMMs duration averaged 3-4 months in 1998, and the highest durations were around 1
year. The predominance of the very short term meant that interest rate cuts were transferred rapidly to
yields, which barely reached 3% in the year as a whole.
21
98
Figure 5.4
ACTUAL YEAR-ON-YEAR YIELDS ON MONEY MARKET FUNDS (FIAMM)
vs. THE AFI INDICES OF 1Y TREASURY BILLS (AFI-LT)
AND OF OVERNIGHT REPOS (AFI-R)
8
0
Mar95
Jun
Sep
Dec
Mar96
AFI-LT
Jun
Sep
Dec
Mar97
Jun
FIAMM (*)
Sep
Dec
Mar98
Jun
Sep
Dec
AFI-R
(*) Annual calculation based on average monthly yield. The latter is the asset-weighted average of the monthly yield of FIAMMs in existence at the beginning of each month. Yields are net of management and custody fees.
In real terms, the average yield on FIAMMs was barely over 1.5% (figure 5.4), almost half of the
AFI overnight repo index and two points lower than the AFI index of one-year Treasury bills. FIAMM
yields are published net of management and custody fees.
5.4. Closed-end securities investment companies (SIM) and open-end securities investment
companies (SIMCAV)
Although SIMs and SIMCAVs had been diverging for years, the relaxation of listing requirements
for SIMCAVs in 1997 further widened the gap. In 1998, SIMCAV assets rose by 134%, compared with
just 17% in the case of SIM assets, and they ended the year with 828 billion pesetas and 524 billion
pesetas in assets, respectively. As regards the number of institutions, 224 SIMCAVs and 18 SIMs were
registered (and 6 deregistered). As a result, at the end of 1998 the reference magnitudes for SIMCAVs
exceeded those of SIMs for the first time.
A sizable part of the increase in SIMCAV assets was invested in foreign securities so that the
foreign portfolio represented 32% of the total at the end of the year (double the 1997 level). Next
in importance were domestic shares (29% of assets) and reverse repos (20%). In the case of SIMs,
99
almost half of their assets were in domestic equities, 25% in reverse repos and 14% in foreign securities.
22 Law 19/1992, dated 7 July, governing real estate investment companies and mutual funds and on mortgage securitization funds, as amended by Law 20/1998, dated 1 July, reforming the legal and tax regime of real estate IIC and on the
assignment of certain debt claims of the General State Administration.
100
101
Table 6.1
SECURITIES FIRMS: AGGREGATED
INCOME STATEMENT
Amounts in millions of pesetas
1994
1995
1996
1997
1998
11,454
-2,144
61,281
13,857
1,086
53,413
16,215
2,008
63,483
12,516
10,584
101,397
5,392
6,993
146,111
70,591
68,356
81,706
124,497
158,495
46,942
45,169
46,123
57,164
64,874
23,649
23,187
35,583
67,333
93,621
3,402
878
3,184
-395
6,676
1,344
7,245
2,565
1,620
2,824
21,125
19,608
30,251
62,653
94,825
8,090
6,787
9,966
18,726
29,526
13,035
12,821
20,285
43,927
65,299
21.6
24.3
17.5
19.2
22.6
13.9
30.5
32.4
27.0
58.4
74.2
29.1
77.1
100.3
33.6
103
The good earnings performance of the sector was reflected in the return on equity before taxes
(figure 6.1). The average ROE at broker-dealers was 100%, a level exceeded by 8 of the 47 firms in
this segment. Most broker-dealers (57%) attained what could be classified as a high ROE (over 30%),
whereas slightly less than one-fifth of firms were in the low (under 10%) or negative ROE bracket. The
dealers averaged a 34% ROE, and half of them were around or above that level. Proportionally more
firms in this segment (around one-third) obtained low (under 10%) or negative returns. Three brokerdealers and five brokers reported losses.
There was a considerable increase in securities firms labor force to cater for the growth in business. At the end of the year, the sector employed a total of 3,718, 10% higher than in 1997. Nevertheless, personnel costs increased more slowly than in 1997, and the same effect was observed in overall operating costs (excluding commission expenses). The slowdown in the growth of these costs reduced their impact on the profit and loss account: whereas they accounted for 46% of total net revenues
in 1997, this percentage fell to 41% in 1998.
The sectors aggregated balance sheet increased by 15% in the year (22% in 1997). Table
6.2 shows the most significant changes in the various line-items. On the asset side, there was a
noteworthy reduction in the trading portfolio due to the decline with respect to 1997 in fixedincome securities held outright and the scant growth in repos due to the decline in interest rates.
Conversely, there was a significant increase in deposits at intermediaries to handle the higher
need for liquidity caused by growth in operations. The two main variations in liabilities were in
Figure 6.1
NUMBER OF SECURITIES FIRMS
PER PRE-TAX ROE BRACKET
% of total
100
90
80
70
60
50
40
30
20
10
0
1994
ROE<10%
104
1995
10%<ROE>30%
1996
1997
30%<ROE>60%
1998
ROE>60%
financing from intermediaries, which increased considerably due to the low interest rates, and
in funds from securities on loan, which shrank sharply at the end of 1997 and did not recover
thereafter.
Table 6.2
SECURITIES FIRMS: AGGREGATED BALANCE SHEET STRUCTURE
Annual average of month-end figures
% of total aggregated balance sheet
1994
1995
1996
1997
1998
ASSETS .......................................................................
100.0
100.0
100.0
100.0
100.0
7.4
84.5
1.6
0.8
9.2
82.2
1.4
1.0
10.4
83.6
1.2
0.9
11.7
82.7
1.4
0.8
13.7
79.8
1.5
0.8
0.0
1.1
4.5
0.0
1.3
4.9
0.0
1.1
2.7
0.0
0.9
2.6
0.0
0.9
3.3
LIABILITIES ................................................................
100.0
100.0
100.0
100.0
100.0
Equity ...................................................................
Income for the year ..............................................
Due to financial intermediaries ............................
Due to customers .................................................
Subordinated finance and other debt securities ....
Sale of securities on loan .....................................
Sundry accounts ..................................................
10.0
1.3
64.8
8.7
0.5
4.7
10.1
12.6
1.2
66.3
6.1
1.4
5.0
7.5
10.5
1.6
65.6
5.2
1.4
11.5
4.2
9.4
2.8
67.9
5.4
0.8
7.5
6.2
9.9
3.9
71.8
5.1
0.3
0.7
8.2
1,090
849
1,003
1,222
1,400
The sectors earnings performance in recent years has enhanced its solvency. At 31 December
1998, the firms had 123 billion pesetas in equity, the average being 2.183 billion pesetas for brokerdealers and 353 million pesetas for brokers. The surplus over the minimum equity requirements averaged 1.968 billion pesetas at broker-dealers and 192 million pesetas at brokers (whose equity requirements are less stringent since they do not operate for their own account). Over 60% of broker-dealers had over 800 million pesetas in surplus equity and all of the dealers had over 100 million pesetas
in surplus equity.
In 1998, five broker-dealers ceased operations and three new broker-dealers were registered.
There were two new brokers, and three dealers ceased operations. As a result, the total number of
securities firms decreased by one in 1998 to 105 (47 broker-dealers and 58 brokers). Some of the firms
which ceased trading did so in the context of restructuring of financial groups.
105
margin. Overall, net income from own account trading in the sector totaled 14.6 billion pesetas, i.e. a
24% decline with respect to 1997. This decline and the strong growth in earnings from trading for the
account of third parties led to a decline in the income from own account trading as a percentage of
pre-tax earnings. Consequently, own-account trading shrank from 33% of broker-dealers earnings in
1997 to 16% in 1998.
The financial margin provided securities firms with 5.4 billion pesetas, less than half the figure
obtained in 1997. Falling interest rates led to a 16.5% decline in gross financial revenues, which represent a sizeable proportion of earnings from own account trading due to the importance of government
bond repos, in particular. Financial costs decreased by only 4%.
Table 6.3
SECURITIES FIRMS:
RESULT OF OWN ACCOUNT TRADING
Amounts in millions of pesetas
1994
1995
1996
1997
1998
9,377
-8,503
9,556
-2136
8,294
17,288
2,587
-3,861
-2,054
13,960
18,368
10,393
-10,474
-4,439
13,848
14,460
49,513
-44,809
164
19,328
7,373
52,361
-41,506
-3,629
14,599
As occurred in 1997, the equities trading portfolio was the main source of revenues from own
account trading, although the growth in this item was much more subdued than in 1997. Firms obtained net gains of 52 billion pesetas in this line item, a 6% increase over 1997. The earnings from trading in money market and fixed-income assets remained stable with respect to 1997, amounting to
approximately 2 billion pesetas (see Annex A.5.9). As usual, derivatives generated results of opposing
sign to the spot market as a result of hedging transactions. In 1998, the securities firms lost close to 42
billion pesetas under this heading, i.e. 6% more than in 1997. They also experienced losses of 3.6
billion pesetas in the trading portfolio. Overall, trading activities provided the sector with net revenues
of 7 billion pesetas, 34% less than in 1997.
The volume of own account trading declined considerably with respect to 1997, and it also declined as a share of total securities firms trading activities (Table 6.4). Trading under this heading totaled
123 trillion pesetas, i.e. 4.5% growth on the year (compared with 28% growth in 1997). The segments
which saw the greatest decline in activity were fixed-income (+3.6%) and derivatives (-1.7%). Trading
in equities (10% of the total) registered vigorous growth (43%) despite the adverse circumstances
which affected the stock markets in the third quarter.
106
Table 6.4
TRADING BY SECURITIES FIRMS
Amounts in trillions of pesetas
1994
1995
1996
1997
1998
592.3
519.4
666.9
840.0
991.6
93.9
91.5
91.2
92.1
93.1
Equities .......................................................................
20.6
17.4
27.6
56.6
93.8
88.3
85.6
84.1
85.2
87.2
Derivatives .................................................................
148.5
126.2
205.9
330.6
380.0
81.3
83.1
86.1
87.0
88.9
Total ...........................................................................
761.4
663.0
900.4
1,227.2
1,465.4
91.3
89.7
89.8
90.4
91.6
Service revenues
In contrast with own-account trading, earnings from services increased considerably. Gross revenues under this heading totaled 201 billion pesetas, i.e. 40.5% higher than in 1997. In net terms, services increased their contribution to total net revenues from 81% in 1997 to 92% in 1998 (91% at broker-dealers and 96% at brokers).
Table 6.5
SECURITIES FIRMS:
SERVICE FEE REVENUES
Amounts in millions of pesetas
1994
1995
1996
1997
1998
56,900
9,093
3,560
3,057
2,778
10,714
46,247
9,205
5,419
3,058
2,717
9,750
60,208
10,156
5,082
2,827
3,214
10,387
92,844
14,810
11,724
6,246
4,312
13,437
131,192
20,400
23,056
4,372
5,621
16,859
Total ...........................................................................
86,102
76,396
91,874
143,373
201,500
Trading for the account of third parties was again the main segment of this line-item. The securities firms processed a total of 1,342 trillion pesetas in trades under this heading, i.e. 21% more than
in 1997. The most dynamic segment, because of its high growth rate, and the one which made the greatest contribution to the sectors aggregated income statement despite its relatively small proportion
of total trading was equities (see Table 6.4). Trading in equities increased by 70%, compared with
19% growth in money market and fixed-income assets and 17% in derivatives (for further details see
Annex A.5.8).
107
Growth in the volume of intermediated business greatly increased the revenues from order processing and execution (see Table 6.5). The sector collected 131 billion pesetas in revenues under this
heading, of which 77% related to equities, 13% to money market and fixed-income assets and the
remaining 10% to derivatives. The broker-dealers only processed 14% of the total volume intermediated 1, but they collected 75% of the commissions due mainly to their activities in the equities segment.
Figure 6.2
SECURITIES FIRMS ORDER PROCESSING
AND EXECUTION REVENUES.
DISTRIBUTION BY INSTRUMENT AS % OF TOTAL
100
90
80
70
60
50
40
30
20
10
0
1994
1995
1996
1997
Equities
1998
Derivatives
The securities firms also increased their revenues from other services. Growth in mutual fund marketing generated a total of 20 billion pesetas in commissions, i.e. 38% more than in 1997. Likewise,
privatizations, IPOs and greater activity in the primary markets led to a 97% increase in revenues from
issue underwriting and placement (23 billion pesetas). Revenues from portfolio management and securities custody services together increased by 30%, whereas revenues from advisory services and transaction design for companies shrank by the same percentage. Revenues from other services increased
by over 25%.
1 The dealers large share of trading is due to their active participation in the government bond market as mediators in
the wholesale segment. As described in chapter 3, these intermediaries joined forces in 1999 to constitute Infomedas - a
powerful blind market in public and private fixed-income securities.
108
Consolidable groups
In accordance with the definitions in Royal Decree 1343/1992 2, at the end of 1998 there were a
total of 47 consolidable groups of financial institutions subject to CNMV supervision. Ten of these
groups were headed by non-resident credit institutions, 18 by securities firms and the remainder by
other financial institutions (see Annex 5.11). Overall, the consolidable groups comprised 297 firms,
including most notably broker-dealers and brokers (61), their agents (77%) and IIC and securitization
fund management companies (43).
Table 6.6 compares the securities firms aggregate income statement with the total consolidated
sector, which includes the consolidable groups plus the securities firms which do not belong to any
group. Firms other than broker-dealers and brokers contributed approximately 10 billion pesetas to the
sectors consolidated result, i.e. 13.5% of the total, (14.5% in 1997). This slight decline is due mainly
to the faster relative growth in operating expenses at those firms, to extraordinary losses and to a greater share in earnings by external shareholders.
Table 6.6
CONSOLIDABLE GROUPS.
AGGREGATED INCOME STATEMENT 1998
Amounts in millions of pesetas
Consolidated
total (1)
Securities
firms (2)
1998
1997
1996
7,020
8,221
183,603
5,392
6,993
146,111
23.2
14.9
20.4
10.7
4.2
22.1
9.0
10.0
20.2
198,844
158,496
20.3
19.8
17.9
87,631
1,548
66,494
2,824
24.1
-82.4
21.0
-50.3
19.9
11.4
112,761
94,826
15.9
16.8
14.1
35,713
29,526
17.3
19.5
15.0
77,048
65,300
15.2
15.6
13.6
1,556
100.0
100.0
100.0
75,492
13.5
14.5
12.3
65,300
IIC and securitization fund management companies continued to generate a sizeable proportion of commissions within the consolidated sector, as shown in Table 6.7 and (in more detail)
Annex 5.14. These firms generated 32% of gross service revenues in the consolidated sector and
2 Royal Decree 1343/1992, dated 6 November, implementing Law 13/1992, dated 1 June, governing consolidated basis
equity and supervision of financial institutions.
109
over half of the expenses under the same heading. Their net contribution to the consolidated sectors service revenues was almost 22%, compared with 74% for securities firms and 4% for other
firms.
Table 6.7
CONSOLIDABLE GROUPS. NET COMMISSIONS.
DISTRIBUTION BY TYPE OF FIRM IN 1998
As % of the consolidated groups total
1994
1995
1996
1997
1998
80.1
12.6
7.3
70.3
22.6
7.1
73.3
20.4
6.3
73.9
21.2
4.9
73.9
21.7
4.5
Total ...........................................................................
100.0
100.0
100.0
100.0
100.0
Pro memoria:
Total consolidated sector (millions of pesetas) ............
76,532
68,066
79,522
130,091
183,603
Table 6.8
NUMBER OF MANAGEMENT COMPANIES AND ASSETS
UNDER MANAGEMENT
Amounts in billions of pesetas
1994
1995
1996
1997
1998
136
11,493.5
857
136
12,466.6
958
136
19,073.5
1,187
133
27,620.5
1,770
131
34,991.3
2,390
72
569.6
5,347
68
620.5
4,531
57
976.6
5,121
58
1,062.6
6,475
49
976.2
5,654
110
The trend in assets under management was reflected in the income statement (for further details,
see Annex 5.18). Commission revenues rose considerably (37%) but not by as much as in 1997 (57%).
These revenues related 97% to management fees and 3% to front-end and back-end fees. The average asset-weighted management fees actually applied to the funds fell slightly in the case of FIAMM and
increased slightly in the case of FIM overall, although there were sizable variations in that group (Table
6.9). In general, commissions increased in the instruments most in demand and decreased in the
others; however, the mixed equity FIM funds were a major exception fees declined significantly despite a rapid increase in assets.
Table 6.9
MANAGEMENT FEES APPLIED TO MUTUAL
FUNDS BY SGIIC
Percentage of assets
1996
1997
1998
FIAMM ..................................................................................
1.24
1.22
1.20
FIM .........................................................................................
1.48
1.46
1.47
Fixed-income ....................................................................
Mixed fixed-income ..........................................................
Mixed equities ..................................................................
Equities .............................................................................
1.41
1.52
1.90
1.96
1.35
1.36
1.89
1.98
1.28
1.44
1.74
2.18
Mutual fund marketing commissions also increased significantly (36%), but by far less than in
1997 (61%). Net commission revenues (commission revenues less fund marketing expenses)
accounted for 95% of the sectors aggregated total net revenues, which increased by 33% (49% in
1997). The other two components of total net revenues (the financial margin and net earnings on
securities) reduced their contribution with respect to 1997 as their amount declined by 12%. In
aggregated terms, the sector obtained 3.9 billion pesetas in net additional extraordinary revenues
(2% of total net revenues).
Personnel expenses increased at a similar rate to 1997 (around 20%) whereas other operating expenses slowed significantly they rose by 28% in 1998 (42% in 1997). Overall, operating
expenses detracted 16% from total net revenues a saving of over one percentage point with respect to 1997. Firms allocated a slightly large amount to depreciation and other charges than in
1997 (3.5%).
As a result, pre-tax earnings rose by 40% with respect to 1997 to reach 156 billion pesetas.
After deducting corporate income tax, aggregated earnings amounted to 104 billion pesetas, a
36% increase over 1997 (when they rose by 49%). However, as in previous years, earnings were
very unevenly distributed in the sector: whereas only 12% of firms obtained above-average aftertax ROE (68%), 36% obtained an ROE of less than 15% (including the seven firms which reported losses).
111
Figure 6.3
IIC MANAGEMENT COMPANIES: AGGREGATED EARNINGS
160,000
140,000
Millions of pesetas
120,000
100,000
80,000
60,000
40,000
20,000
0
1994
1995
1996
Pre-tax
1997
1998
After-tax
112
1994
1995
1996
1997
1998
0.08
0.01
0.67
1.40
0.72
0.05
0.00
0.63
1.46
0.83
0.07
0.00
0.60
1.40
0.79
0.05
0.00
0.52
1.34
0.82
0.03
0.01
0.52
1.37
0.86
0.02
0.01
0.53
1.40
0.87
0.77
0.67
0.68
0.58
0.56
0.56
0.15
0.07
0.08
0.14
0.06
0.08
0.14
0.07
0.07
0.11
0.06
0.06
0.10
0.04
0.05
0.09
0.04
0.05
0.62
0.54
0.54
0.46
0.46
0.47
0.01
0.00
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.61
0.53
0.53
0.46
0.46
0.48
0.14
0.12
0.13
0.13
0.15
0.16
0.47
0.40
0.40
0.32
0.31
0.32
Pro memoria:
Average assets under management (*) .........
8.3
12.1
11.7
15.9
24.5
32.8
113
there was a considerable increase in IIC management fees (29%) and in advisory fees (36%). Operating costs overall rose moderately (5%) and absorbed approximately 58% of total net revenues. Extraordinary items contributed 12% of pre-tax earnings.
The overall growth in earnings was unevenly distributed. In terms of after-tax ROE, the number of
firms with low returns increased with respect to 1997. In 1997, half the firms had attained an ROE of
under 12%; that percentage rose to 60% of firms in 1998, including loss-making firms in both cases (9
in 1997, 5 in 1998). The firms average ROE increased slightly with respect to 1997 but remained
under 10%.
Figure 6.4
PORTFOLIO MANAGEMENT COMPANIES: AGGREGATED EARNINGS
1,400
1,200
Millions of pesetas
1,000
800
600
400
200
0
-200
1994
1995
1996
Pre-tax
114
1997
After-tax
1998
Annex 1
Primary markets
Gross issues
Public administration marketable debt (1) ...............................
Short term .........................................................................
Medium and long term .....................................................
1998
1997
Change (%)
16,912.3
7,965.1
8,947.2
22,185.9
14,000.3
8,185.6
-23.8
-43.1
9.3
4,747.2
1,463.0
3,190.6
842.0
2,348.6
93.62
2,317.5
131.9
2,156.0
772.0
1,384.0
29.65
104.8
1,009.5
48.0
9.1
69.7
215.7
367.4
1,171.2
-68.6
1,499.9
1,347.6
11.3
42,275.0
10,091.1
32,183.9
41,184.3
12,072.3
29,112.0
2.6
-16.4
10.6
3,769.0
3,575.0
5.4
2,605.6
2,081.0
25.2
658.1
533.4
23.4
2,869.0
2,977.0
-3.6
Pro memoria:
Gross issues of commercial paper brokered by
banks, savings banks and SMMD (5) .......................................
662.9
503.0
31.8
117
118
1,463.0
1,463.0
0.0
216.3
2,974.3
514.6
1,002.7
75.2
539.9
842.0
0.0
93.6
92.9
0.7
0.0
1,499.9
1,460.9
39.0
6,247.2
97.9
Fixed-income ........................................................................................
Mortgage bonds ..............................................................................
Non-convertible bonds and debentures ..........................................
Convertible/exchangeable bonds and debentures ...........................
Asset-backed securities ...................................................................
Commercial paper (2) .....................................................................
Other fixed-income securities .........................................................
Warrants ...............................................................................................
Equity warrants ...............................................................................
Fixed-income warrants ...................................................................
Currency warrants ..........................................................................
TOTAL ........................................................................................................
Pro-memoria:
Capital reductions through variation of the share par value ..................
70.5
10.7
-
11.3
215.7
217.1
104.7
-
38.0
40.0
5.6
176.3
1,259.1
9.1
-
1,009.5
1,009.5
-
104.8
Chg. (%)
97.9
3,495.1
90.9
2.5
93.4
93.6
92.9
0.7
0.0
2,976.4
514.6
1,004.8
75.2
539.9
842.0
0.0
99.9
231.8
205.5
26.3
3,401.7
Amount
Nominal
34.8
3,665.1
1,319.1
28.5
1,347.6
29.7
29.3
0.4
0.0
2,156.0
367.5
949.6
27.2
39.7
772.0
0.0
131.9
131.9
0.0
2,317.5
Amount
40.7
476.4
-
488.8
108.6
155.3
-86.8
-
-5.7
8.2
16.8
52.9
-81.5
-14.3
-
73.6
73.6
-
-2.5
Chg. (%)
Effective
1997
(1) In 1996 there was a capital increase for a maximum amount of 16.2 billion pesetas, with waiver of pre-emptive rights in order to carry out a public offering of new shares.
(2) Registered issues and facilities.
4,747.3
Issues ...........................................................................................................
Amount
Effective
1998
34.8
2,530.9
175.2
5.1
180.3
29.7
29.3
0.4
0.0
2,156.1
367.5
949.6
27.2
39.7
772.0
0.0
164.8
60.6
104.2
2,350.5
Amount
Nominal
26.7
2,605.7
228.9
-
228.9
14.2
11.5
2.7
0.0
2,286.7
339.8
813.0
17.8
215.2
901.0
0.0
76.0
76.0
0.0
2,376.9
Amount
1.7
-12.7
-
-12.7
132.1
532.1
153.8
-100.0
6.7
-31.0
29.5
1,724.7
899.5
-9.9
-
-49.9
-49.9
-
3.3
Chg. (%)
Effective
1996
26.7
2,366.6
26.3
-
26.3
14.2
11.5
2.7
0.0
2,287.1
339.8
813.4
17.8
215.2
901.0
0.0
39.0
37.1
1.9
2,340.3
Amount
Nominal
Fixed-income
TOTAL IN SPAIN .............................................
Resident credit entities .....................................
Spanish ......................................................
Foreign ......................................................
Rest of financial sector and insurance ..................
Other financial institutions .........................
Collective investment schemes ..................
Insurance companies .................................
Non-financial firms ..........................................
Households ......................................................
TOTAL NON-RESIDENTS ................................
Financial institutions ........................................
Other investors .................................................
Equities
Total
1998
1997
1996
1998
1997
1996
1998
1997
1996
90
26
25
1
12
2
4
6
2
50
10
5
5
95
27
25
3
13
6
2
5
2
53
5
4
0
95
22
21
1
9
2
3
4
6
58
5
3
2
68
5
5
0
10
1
4
5
11
41
32
68
5
5
0
10
1
4
5
8
45
32
28
5
72
9
9
0
11
1
5
5
13
39
28
22
6
86
23
22
1
12
2
4
6
4
48
14
9
5
90
23
21
2
13
5
3
5
3
51
10
9
1
92
21
20
1
9
2
3
4
7
56
8
6
2
119
No. of
Agriculture, livestock and fishing ............................................................................
BYADA, S.A. ............................................................................................................
Food, beverages and tobacco ..................................................................................
AZUCARERA EBRO AGRICOLAS, S.A. ....................................................................
PULEVA, S.A. ...........................................................................................................
VISCOFAN , S.A. .....................................................................................................
Banks .......................................................................................................................
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. ...............................
BANCO BILBAO VIZCAYA, S.A. .............................................................................
BANCO CENTRAL HISPANOAMERICANO, S.A. ....................................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A. .........................................
BANCO SANTANDER, S.A. .....................................................................................
Commerce ...............................................................................................................
EL SARDINERO, S.A. ................................................................................................
PROMOCIONES EUROBUILDING, S.A....................................................................
SOL MELIA, S.A. .......................................................................................................
Communications .....................................................................................................
TELEFONICA, S.A. ...................................................................................................
Construction ............................................................................................................
ACCIONA, S.A. .......................................................................................................
BAMI, S.A. INMOBILIARIA DE CONSTRUCCIONES Y TERRENOS .........................
CONSTRUCCIONES LAIN, S.A. ..............................................................................
OBRASCON HUARTE, S.A. .....................................................................................
Holding companies and conglomerates ...................................................................
GRUPO PICKING PACK, S.A. ..................................................................................
SOS ARANA ALIMENTACION, S.A. ........................................................................
VALENCIANA DE NEGOCIOS, S.A. ........................................................................
Energy and water utilities ........................................................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA, S.A. ......................................
Extraction and transformation of non-energy minerals ...........................................
COMPAIA VALENCIANA DE CEMENTOS PORTLAND, S.A. ................................
CRISTALERIA ESPAOLA, S.A. ................................................................................
LAFARGE, S.A. .........................................................................................................
VIDRALA, S.A. .........................................................................................................
Metal transformation industries ..............................................................................
LINGOTES ESPECIALES, S.A. ...................................................................................
RADIOTRONICA, S.A. .............................................................................................
VOLKSWAGEN AKTIENGESELLSCHAFT .................................................................
ZARDOYA OTIS, S.A. ..............................................................................................
Chemical industry ...................................................................................................
FAES, S.A. ................................................................................................................
TOBEPAL, S.A. .........................................................................................................
ZELTIA, S.A. .............................................................................................................
Real estate ...............................................................................................................
CARTEMAR, S.A ......................................................................................................
INMOBILIARIA ZABALBURU, S.A. ..........................................................................
INMOLEVANTE, S.A. ...............................................................................................
METROVACESA, S.A. ..............................................................................................
PRIMA INMOBILIARIA, S.A. ....................................................................................
Other manufacturing industry .................................................................................
GMU, S.A. ...............................................................................................................
RENO DE MEDICI, S.P.A. ........................................................................................
SNIACE, S.A. ............................................................................................................
TABLEROS DE FIBRAS, S.A. ....................................................................................
Insurance .................................................................................................................
CATALANA OCCIDENTE, S.A. DE SEGUROS Y REASEGUROS .............................
Transport .................................................................................................................
AUTOPISTAS, CONCESIONARIA ESPAOLA, S.A. ................................................
IBERICA DE AUTOPISTAS, S.A. ...............................................................................
TOTAL .....................................................................................................................
120
Issuers
Cap. Incr.
1
1
4
1
2
1
14
1
9
1
1
2
3
1
1
1
3
3
5
1
1
2
1
4
2
1
1
1
1
5
2
1
1
1
5
2
1
1
1
3
1
1
1
5
1
1
1
1
1
5
1
1
2
1
1
1
2
1
1
61
1
4
1
4
1
2
44
Effective
amount
Nominal amount
Total
333.6
269.4
333.6
269.4
6,631.4 10,143.2
6,631.4
6,631.4
0.0
3,395.5
0.0
116.3
825,266.2 41,333.8
573.2
46.0
30,122.6
1,255.1
163,820.2 10,238.8
2,849.8
2,316.9
627,900.4 27,477.0
41,795.2
2,678.9
1,218.1
449.9
9,816.4
1,355.9
30,760.7
873.1
427,035.3 52,952.3
427,035.3 52,952.3
27,760.3
6,685.3
0.0
22.1
3,240.5
3,240.5
4,640.4
1,517.1
19,879.5
1,905.6
16,555.3 14,916.0
11,605.4 11,605.4
4,465.2
3,189.4
484.7
121.2
226.2
226.2
226.2
226.2
32,100.0 30,320.5
32,013.9 26,218.3
0.0
2,186.5
86.1
5.2
0.0
1,910.5
4,443.7
2,922.0
400.0
700.0
4,021.9
804.4
21.8
1.1
0.0
1,416.6
2,955.9
540.4
0.0
124.4
240.6
240.6
2,715.3
175.4
49,179.3 24,880.2
134.5
87.4
26,789.5
3,720.8
0.0
250.0
0.0
589.9
22,255.3 20,232.1
28,667.6
8,552.1
5,093.6
1,365.9
1,549.0
226.0
4,922.0
3,711.1
17,103.0
3,249.1
0.0
3,000.0
0.0
3,000.0
45.1
6,053.6
0.0
6,008.5
45.1
45.1
1,462,995.1 205,474.1
Bonus issues
0.0
0.0
3,511.8
0.0
3,395.5
116.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10,248.8
10,248.8
22.1
22.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4,097.0
0.0
2,186.5
0.0
1,910.5
1,716.6
300.0
0.0
0.0
1,416.6
124.4
124.4
0.0
0.0
839.9
0.0
0.0
250.0
589.9
0.0
0.0
0.0
0.0
0.0
0.0
3,000.0
3,000.0
6,008.5
6,008.5
0.0
29,569.1
TOTAL ..............................................................................................................
1
1
Issues
Issuers
No. of
216,325
116,470
99,855
Effective
amount
99,878
23
99,855
Nominal
amount
6.90
6.90
6.90
Highest
6.90
6.90
6.90
Lowest
Issuer
6.90
6.90
6.90
Average
6.35
6.59
6.35
Average
Investor
A.1.5. ISSUES. PREFERRED SHARES. AMOUNTS REGISTERED AND INTEREST RATES. 1998.
DETAIL BY ISSUER
121
122
Amount
150,000
150,000
100,000
75,000
75,000
75,000
30,000
28,000
25,000
708,000
134,000
842,000
Issuer
TOTAL ............................................................................................
Commercial paper
100.0
84.1
15.9
17.8
17.8
11.9
8.9
8.9
8.9
3.6
3.3
3.0
Issuer
Non-convertible bonds
1,004,800
790,000
214,800
290,000
150,000
90,000
70,000
70,000
40,000
30,000
25,000
25,000
Amount
100.0
78.6
21.4
27.0
14.0
8.4
6.5
7.0
4.0
3.0
2.5
2.5
Issuer
Total fixed-income
2,976,428
1,825,000
1,151,428
400,000
320,000
220,000
175,000
165,000
150,000
150,000
145,000
100,000
Amount
100.0
61.3
38.7
13.4
10.8
7.4
5.9
5.5
5.0
5.0
4.9
3.4
(a) Averages weighted by registered nominal amounts. Floating-rate issues not included in the calculation.
(b) Averages weighted by registered nominal amounts.
(c) Floating rate issue.
Banks ................................................................................................................
BANCO SANTANDER ......................................................................................
BANKINTER .....................................................................................................
Chemical industry ............................................................................................
LA SEDA DE BARCELONA ...............................................................................
Other ...............................................................................................................
SECURITAS .......................................................................................................
TOTAL ..............................................................................................................
4
Issuers
No. of
2
1
1
2
2
1
1
5
Issues
66,800
50,000
16,800
7,000
7,000
1,378
1,378
75,178
Nominal
amount
2.02
2.02
1.11
6.10
6.10
(c)
(c)
6.10
Highest
1.11
2.02
1.11
5.77
5.77
(c)
(c)
1.11
Lowest
Issuer
Investor
1.79
2.02
1.11
6.05
6.05
(c)
(c)
2.20
1.78
2.01
1.10
5.28
5.28
(c)
(c)
2.11
121
60
121
36
36
59
59
121
Highest
60
60
121
34
34
59
59
34
Lowest
75
60
121
36
36
59
59
71
Average (b)
Maturity (months)
123
124
(a) Averages weighted by registered nominal amounts. Floating-rate issues placed by auction are not included.
(b) Averages weighted by registered nominal amounts.
(c) Floating rate issue.
150,000
40,000
30,000
20,000
17,500
17,000
15,000
10,000
10,000
6,000
5,000
5,000
5,000
2,500
2,000
2,000
1,500
500
1
1
1
2
2
1
1
1
1
1
1
1
1
339,000
25,000
10,000
35,000
25,000
20,000
6,800
6,000
57,800
Nominal
amount
2
3
2
1
2
25
18
3
1
Banks .....................................................................................................
5
1
1
2
1
Issues
Issuers
No. of
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Ordinary Auction
(%)
(%)
Placement
3.87
4.46
3.95
(c)
4.56
3.51
3.22
4.09
4.05
5.08
4.86
5.61
4.78
5.03
4.27
4.08
4.27
4.52
5.61
6.09
4.66
6.09
5.52
4.84
2.01
3.08
5.52
Highest
Investor
3.87
4.46
3.95
(c)
4.56
3.51
3.22
4.09
4.05
5.08
3.82
5.08
4.78
4.17
4.27
4.08
4.27
4.32
3.22
5.11
4.66
4.66
5.52
4.84
1.97
3.08
1.97
3.87
4.46
3.95
(c)
4.56
3.51
3.22
4.09
4.05
5.08
4.34
5.35
4.78
4.60
2.14
4.08
4.27
4.41
4.17
5.83
4.66
5.50
5.52
4.84
1.99
3.08
4.62
3.80
4.41
3.93
(c)
4.55
3.48
3.15
4.04
4.04
5.07
4.30
5.32
4.75
4.53
2.12
4.07
4.21
4.37
4.12
5.74
4.62
5.42
5.45
4.74
1.98
2.95
4.54
72
120
119
246
240
121
20
120
63
89
120
120
60
144
123
121
63
62
246
366
120
366
180
120
61
61
180
Highest
72
120
119
246
240
121
20
120
63
89
61
117
60
120
38
120
63
36
20
120
120
120
180
120
60
61
60
Lowest
72
120
119
246
240
121
20
120
63
89
90
118
60
132
80
120
63
51
107
271
120
228
180
120
61
61
133
Average
(b)
Maturity (months)
Issuer
1
1
3
35
Transport ...............................................................................................
AUTOPISTAS DEL ATLANTICO, CONCESIONARIA ESPAOLA, S.A ....
CONSORCIO DE TRANSPORTES DE BIZKAIA ......................................
TOTAL ...................................................................................................
(a) Averages weighted by registered nominal amounts. Floating-rate issues placed by auction are not included.
(b) Averages weighted by registered nominal amounts.
(c) Floating rate issue.
53
2
1
1
3
1
1
1
1
1
9
9
1
1
2
1
1
1
1
Issues
Issuers
No. of
1,004,800
17,000
12,000
5,000
105,500
90,000
8,000
7,500
5,000
5,000
290,000
290,000
8,000
8,000
70,000
7,500
77,500
70,000
70,000
Nominal
amount
79.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
29.3
29.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
20.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
70.7
70.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Ordinary Auction
(%)
(%)
Placement
6.09
5.13
4.20
5.13
5.82
4.66
5.82
5.82
5.60
5.60
5.79
5.79
5.23
5.23
5.14
4.43
5.14
5.40
5.40
Highest
Investor
1.97
4.20
4.20
5.13
4.66
4.66
5.82
5.82
5.60
5.60
4.44
4.44
5.23
5.23
5.14
4.43
4.43
5.40
5.40
4.97
4.47
4.20
5.13
4.83
4.66
5.82
5.82
5.60
5.60
4.84
4.84
5.23
5.23
5.14
4.43
5.07
5.40
5.40
4.80
4.24
3.90
5.06
4.74
4.60
5.55
5.55
5.38
5.38
4.80
4.80
4.96
4.96
4.94
4.40
4.89
4.90
4.90
366
120
120
108
188
120
188
188
84
84
143
143
96
96
60
84
84
120
120
Highest
20
108
120
108
120
120
188
188
84
84
58
58
96
96
60
84
60
120
120
Lowest
113
116
120
108
130
120
188
188
84
84
88
88
96
96
60
84
62
120
120
Average
(b)
Maturity (months)
Issuer
Communications ....................................................................................
TELEFONICA, S.A. ..................................................................................
(Continue)
125
126
(a) Averages weighted by registered nominal amounts. Issues placed by auction are not included.
(b) Averages weighted by registered nominal amounts.
Banks .....................................................................................................
BANCO HIPOTECARIO DE ESPAA, S.A. .............................................
Savings banks .........................................................................................
C. A. Y MONTE DE PIEDAD DE SEGOVIA ............................................
C.A.M.P. DE ZARAGOZA, ARAGON Y RIOJA .......................................
C.A. DE VALENCIA, CASTELLON Y ALICANTE .....................................
CAJA GENERAL DE AHORROS DE GRANADA .....................................
M.P.C. GENERAL DE AHORROS DE BADAJOZ ....................................
CAJA DE AHORROS DE CATALUA ....................................................
C.A. Y PENSIONES DE BARCELONA .....................................................
CAIXA DESTALVIS DEL PENEDES .........................................................
CAJA POSTAL, S.A. ................................................................................
C.A. PROVINCIAL DE GUADALAJARA ..................................................
C.A. PROVINCIAL DE PONTEVEDRA ....................................................
CAIXA DESTALVIS DE SABADELL .........................................................
Total registered ......................................................................................
1
1
12
1
1
1
1
1
1
1
1
1
1
1
1
13
Issuers
No. of
1
1
17
2
1
1
3
2
1
2
1
1
1
1
1
18
Issues
1,500.0
1,500.0
513,050.0
7,550.0
10,000.0
30,000.0
20,000.0
6,000.0
15,000.0
400,000.0
10,000.0
6,000.0
500.0
5,000.0
3,000.0
514,550.0
Nominal
amount
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Ordinary
(%)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Auction
(%)
Placement
4.04
4.04
4.52
4.03
4.31
4.08
3.81
3.80
3.33
4.06
3.79
3.34
3.93
4.29
4.52
4.52
Highest
Investor
4.04
4.04
3.30
3.81
4.31
4.08
3.30
3.30
3.33
3.50
3.79
3.34
3.93
4.29
4.52
3.30
4.04
4.04
3.81
3.94
4.31
4.08
3.56
3.55
3.33
3.82
3.79
3.34
3.93
4.29
4.52
3.81
4.00
4.00
3.80
3.91
4.29
4.07
3.52
3.53
3.32
3.81
3.78
3.30
2.83
4.25
4.50
3.80
63
63
66
36
36
43
36
42
42
36
60
33
36
41
66
66
Highest
34
34
33
36
36
43
36
42
42
36
60
33
36
41
66
33
Lowest
42
42
37
36
36
43
36
42
42
36
60
33
36
41
66
37
Average
(b)
Maturity (months)
Issuer
No. of
issuers
MORTGAGE-BACKED BONDS ............................
TDA 4, FONDO DE TITULIZACION HIPOTECARIA
FONDO DE TITULIZACION HIPOTECARIA,
HIPOTEBANSA VII ...........................................
FONDO DE TITULIZACION HIPOTECARIA,
HIPOCAT 1 ......................................................
FONDO DE TITULIZACION HIPOTECARIA UCI 4
TDA 5, FONDO DE TITULIZACION HIPOTECARIA
BANCAJA 2, FONDO DE TITULIZACION
HIPOTECARIA ..................................................
FONDO DE TITULIZACION HIPOTECARIA,
HIPOCAT 2 ......................................................
HIPOTECARIO 2 FONDO DE TITULIZACION
HIPOTECARIA ..................................................
FONDO DE TITULIZACION HIPOTECARIA,
HIPOTEBANSA VIII ..........................................
ASSET-BACKED BONDS .......................................
SANTANDER I (b) .................................................
TOTAL ..................................................................
1
10
Total
Domestic
market
Total
Domestic
market
643,921
24,996
489,896
12,396
643,925
25,000
52,800
10,000
24,000
30,000
195,000
% T.A.C.P.
489,900
12,400
6.3
10.0
52,800
10,000
13.0
4.0
24,000
6,000
165,000
24,000
30,000
195,000
24,000
6,000
165,000
4.3
17.6
4.4
10.0
4.0
10.0
40,000
40,000
40,000
40,000
5.0
10.0
47,500
47,500
47,500
47,500
4.3
10.0
175,000
175,000
175,000
175,000
5.0
10.0
54,625
200,000
200,000
843,921
10,000
50,000
50,000
539,896
54,625
200,000
200,000
843,925
10,000
50,000
50,000
539,900
5.7
8.0
(a) Maturity (years): Varies on the basis of prepayment rates. For this reason, the % TACP column is included (TACP = constant annual prepayment rate).
(b) Includes bonds and commercial paper.
127
Number
Amount
10
202,500
341,227
Balance
outstanding
at 31-12
145,033
1
0
0
1
1
1
1
1
1
1
2
0
6
20,000
0
0
30,000
18,000
75,000
2,000
20,000
7,500
10,000
20,000
0
473,000
17,159
2,133
0
15,616
55,133
90,201
5,183
53,944
8,859
34,582
58,416
0
620,419
6,583
204
39
13,916
15,283
23,835
1,119
19,108
3,933
9,814
51,179
19
377,527
SEVILLANA ................................................................................................
VIESGO ......................................................................................................
EMPRESA HIDROELECTRICA DEL RIBAGORZANA, S.A. ..........................
ENDESA, S.A. .............................................................................................
HIDROELECTRICA DEL CANTABRICO, S.A. .............................................
IBERDROLA, S.A. .......................................................................................
RED ELECTRICA DE ESPAA, S.A. ............................................................
UNION ELECTRICA FENOSA, S.A. ............................................................
Asset securitization funds ..........................................................................
0
0
1
1
1
1
1
1
1
0
0
20,000
150,000
25,000
150,000
28,000
100,000
0
5,400
1,500
29,256
234,531
24,800
155,985
32,875
136,072
15,000
2,600
300
18,917
149,580
20,800
87,560
10,000
87,770
15,000
1
1
0
15,000
15,000
21,200
15,000
8,300
1
1
15,000
1,500
21,200
2,723
8,300
876
1
2
1,500
150,000
2,723
193,284
876
125,048
1
1
75,000
75,000
84,164
109,120
56,830
68,218
TOTAL .......................................................................................................
21
842,000
1,193,853
671,784
Registered programs
(1) The registered amount is included in the total amount of the asset securitization fund.
128
Placements
No. of
BCH ............................................................
B.SANTANDER ...........................................
CITIBANK (Frankfurt branch) ......................
SOCIETE GENERALE ...................................
SOL MELIA .................................................
TOTAL REGISTERED ...................................
Effective amount
Issue premium
Issuers
Issues
Total
Of warrants
on equities (a)
Highest
Lowest
Average
7
2
16
30
1
56
723.8
742.5
47,305.0
35,412.0
9,436.9
93,620.2
723.8
0.0
47,305.0
35,412.0
9,436.9
92,877.7
2,493
16,500
338
837
1,835
16,500
383
16,500
47
48
1,835
47
1,182
16,500
135
218
1,835
909
(a) Includes warrants on shares and warrants on stock market indices. The remainder in 1998 were warrants on fixed-income securities.
129
130
ALSTOM, S.A.
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.
BANCO BILBAO VIZCAYA, S.A.
BANCO CENTRAL HISPANOAMERICANO, S.A.
BANKINTER, S.A.
BEFESA MEDIO AMBIENTE, S.A.
DOGI, S.A.
ENACO, S.A.
ENDESA, S.A.
ENDESA, S.A.
FEDERICO PATERNINA, S.A.
FUNESPAA, S.A.
KOIPE, S.A.
LUCENT TECHNOLOGIES
PAPELES Y CARTONES DE EUROPA, S.A.
SUPERDIPLO
TABACALERA, S.A.
TABACALERA, S.A.
TELEPIZZA
TRANSPORTES AZKAR, S.A.
TRANSPORTES AZKAR, S.A.
VALAUCHAN INTERNATIONAL
VIDRIERA LEONESA, S.A.
Offered company
8,457.9
27,892.8
26,673.0
63,023.7
TOTAL OFFERED
Total
38,997.2
8,457.9
18,130.3
12,409.0
Domestic market
FASTIBEX, S.A.
MELIA INVERSIONES AMERICANAS, N.V.
SUPERDIPLO, S.A.
Offered company
(a) Lucent Technologies registered a stock option plan for its employees in Spain. The maximum total effective amount which can be reached is 9.314 billion pesetas.
SEPPA
TABACALERA, S.A.
TELEPIZZA
Several sellers
TRANSPORTES AZKAR, S.A.
SOFICOLE EXPLOTATIEMAATSCHAPPIJ, B.V.
VISTA DESARROLLO, S.A.
TOTAL OFFERED
Several sellers
Several sellers
Several sellers
SEPI
ENDESA, S.A.
Several sellers
Several sellers
Several sellers
LUCENT TECHNOLOGIES
SEPPA
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.
BANCO BILBAO VIZCAYA, S.A.
BANCO CENTRAL HISPANOAMERICANO, S.A.
Seller
Total
3,759.7
63
11,547
1,000
2,229
563
3,184
1,883
318
1,318
51,668
1,040
1,659
172
905
(a)
3,771
57
7,583
125
11
608
54
568
618
90,496.1
Domestic
market
63
16,882
1,000
2,229
563
3,184
3,816
382
1,318
61,361
1,040
1,659
172
905
(a)
3,771
57
8,927
125
11
793
54
568
618
109,499.2
Total
2,478.4
825.0
1,014.4
639.0
Domestic market
263
241,499
19,521
2,229
563
3,184
7,910
3,391
9,886
871,121
17,535
3,914
7,674
12,122
(a)
7,053
1,114
241,378
3,754
2,327
0
0
850
3,607
1,460,894.6
Domestic
market
825.0
1,560.7
1,374.0
263
353,071
19,521
2,229
563
3,184
16,027
4,071
9,886
1,034,552
17,535
3,914
7,674
12,122
(a)
7,053
1,114
284,152
3,754
2,327
0
0
850
3,607
1,787,469.8
Total
Annex 2
Secondary markets
Sector
3.1
-0.8
-17.4
3.5
-9.8
18.9
4.3
13.6
21.9
4.3
9.3
33.5
38.9
19.4
13.9
14.4
10.5
12.7
10.4
7.8
8.4
9.7
5.7
8.5
-3.6
14.4
0.2
29.7
-5.7
13.0
24.5
21.9
1998-2
10.5
1.1
-0.7
3.1
-4.2
19.0
11.2
20.9
29.4
9.8
14.5
36.0
37.6
29.1
17.9
18.6
13.3
16.1
14.3
6.6
12.7
8.2
1.1
13.4
1998-1
-3.2
6.3
-37.4
37.2
0.6
-3.9
-3.6
-0.5
-10.2
11.3
-0.7
12.9
16.7
8.2
10.0
28.7
33.9
15.8
14.9
16.9
1.4
10.6
10.2
6.8
6.7
24.2
5.8
6.2
1998-3
Net revenues
-4.0
6.5
-1.7
33.9
12.5
-6.8
-1.2
-4.4
-12.9
4.2
-1.2
15.3
22.3
5.4
0.7
25.3
30.2
16.1
12.1
14.1
0.7
5.3
13.5
7.6
6.0
14.2
5.5
5.7
1998-4
-14.6
13.6
116.7
16.0
-15.0
8.0
3.9
15.0
-2.4
13.2
21.9
11.8
18.9
6.2
6.5
11.0
12.5
5.2
14.2
15.6
8.2
7.9
10.3
6.6
16.8
5.8
7.6
17.8
1997-4
-38.5
14.7
13.3
31.0
3.8
52.9
-21.6
46.3
72.2
1.6
23.7
82.9
1,667.4
7.3
28.9
35.7
68.6
10.5
82.5
16.7
12.1
-236.6
1.1
15.3
17.0
24.9
-5.9
-42.0
44.5
18.7
1998-1
16.7
26.2
5.2
25.4
25.9
34.1
-22.9
49.2
96.3
4.1
60.8
43.2
374.6
7.6
35.8
32.1
201.3
15.3
48.0
12.6
14.5
4,722.2
7.3
14.6
15.9
18.7
-3.6
-4.3
40.0
21.1
1998-2
-98.6
15.3
15.2
23.7
11.6
9.5
-37.8
31.4
52.9
2.4
25.8
51.1
509.6
9.0
15.9
21.5
1.6
5.0
31.4
5.5
10.2
303.9
2.0
9.4
7.0
10.1
-2.3
-24.7
43.3
12.0
1998-3
1998-4
1,691.9
3.0
35.8
15.1
-2.4
3.0
87.3
45.7
61.9
24.9
23.1
75.3
-2,111.0
82.9
51.9
44.0
605.4
85.5
32.4
5.6
16.4
67.6
-9.8
22.4
21.2
20.2
-2.6
122.0
132.6
17.7
1997-4
Change accumulated to quarter with respect to same period of the previous year (%)
133
Nikkei
FT 100
8.3
-4.2
-15.3
3.3
-9.3
-21.2
-2.6
0.7
13.2
15.5
-1.7
-13.2
16.2
14.6
24.7
11.6
20.3
-10.3
CAC 40
DAX 30
Milan
IBEX 35
20.1
15.6
-24.1
11.9
17.8
47.1
28.2
7.0
-7.1
40.2
-3.3
-17.9
26.7
40.9
58.9
11.1
-4.2
3.1
40.7
-0.6
-24.3
28.1
35.6
40.8
42.0
17.6
-14.6
DAX 30
Milan
IBEX 35
20.5
21.0
22.3
37.8
26.2
22.2
11.3
12.8
16.7
18.4
33.8
36.2
40.7
30.4
21.7
18.1
19.0
21.4
18.1
25.2
28.0
39.5
27.7
20.3
12.2
13.1
18.3
29.2
8.5
-23.9
23.3
31.5
29.5
23.7
-0.5
-17.1
Index volatility (%) (b)
Dow Jones
14.9
12.5
13.4
22.2
18.0
17.5
11.2
9.5
10.6
Nikkei
FT 100
29.8
22.0
19.8
34.2
27.5
24.4
14.3
21.2
17.1
15.5
14.8
15.9
27.1
19.7
13.9
9.1
9.8
13.3
CAC 40
17.5
20.2
21.7
33.7
24.1
20.9
12.5
16.8
17.4
Trading volume
NYSE
Tokyo
LSE
France
Germany
Italy
Spain
7,317.9
5,777.6
4,063.4
3,082.9
26.7
42.2
31.8
750.8
896.1
938.8
888.4
-10.3
5.7
21.2
2,888.0
1,989.5
1,360.3
1,138.4
43.2
40.1
20.2
587.9
414.3
282.0
213.4
42.0
67.2
36.0
1,491.8
1,067.7
811.6
606.5
40.8
51.4
41.0
488.2
203.3
103.3
94.5
143.1
117.8
3.4
291.6
184.6
100.7
63.6
60.2
111.7
61.9
100.0
100.0
100.0
100.0
10.3
15.5
23.1
28.8
39.5
34.4
33.5
36.9
8.0
7.2
6.9
6.9
20.4
18.5
20.0
19.7
6.7
3.5
2.5
3.1
4.0
3.2
2.5
2.1
France
Germany
Italy
Spain
Japan
UK
30.2
22.9
19.3
17.2
185.2
41.9
108.7
105.2
20.4
16.8
14.9
15.1
26.2
24.0
48.7
23.8
23.5
22.7
27.6
25.5
25.0
24.7
18.9
26.9
26.1
22.2
16.8
12.6
1.3
1.8
2.0
2.3
1.0
0.8
0.8
0.7
2.5
3.3
3.9
4.0
2.1
2.5
2.8
3.4
1.9
2.0
2.3
2.7
1.4
2.0
2.4
2.1
1.5
2.5
2.8
3.8
134
Barcelona
Bilbao
Valencia
IBEX 35
40.5
-0.6
-22.2
26.8
37.8
42.2
39.0
12.3
-11.7
41.6
-2.6
-22.1
24.3
33.5
40.0
42.8
13.1
-10.8
41.2
0.2
-22.4
27.6
40.0
45.6
47.8
20.4
-10.2
40.6
-1.5
-22.0
24.1
34.0
40.7
44.2
18.7
-8.9
40.7
-0.6
-24.3
28.1
35.6
40.8
42.0
17.6
-14.6
Madrid
Barcelona
Bilbao
Valencia
IBEX 35
16.7
22.9
25.2
34.3
24.8
19.0
11.0
11.8
16.9
18.1
23.8
25.5
33.6
25.3
19.9
13.5
13.7
18.6
17.2
23.8
25.7
35.5
25.6
19.2
11.9
12.6
17.7
17.4
23.8
25.0
32.8
24.8
19.4
12.3
14.4
17.4
18.1
25.2
28.0
39.5
27.7
20.3
12.2
13.1
18.3
* The volatility in each period is defined as the arithmetic mean of annualized daily volatilities. Daily volatility is defined as the standard deviation of the daily index yield in
the last 30 sessions.
135
136
21.6
23.5
33.8
52.7
32.9
21.9
10.6
11.4
16.5
Banks
47.1
-1.9
-32.1
28.5
25.9
76.1
32.7
9.9
-11.8
Banks
21.4
30.0
23.6
26.5
25.3
21.8
15.7
16.0
20.3
Electricity
29.5
-3.1
-4.9
22.6
46.4
10.7
49.3
35.8
-15.9
Electricity
18.0
22.7
26.2
29.7
24.2
19.9
15.0
15.4
19.2
Food
45.3
1.3
-17.3
12.7
37.1
77.9
38.5
-1.8
-7.6
Food
17.8
23.6
22.5
27.0
22.7
22.5
11.2
16.7
23.0
Construction
40.5
-0.3
-18.1
49.7
71.7
79.9
15.7
-16.8
-8.0
Construction
26.9
-6.8
-32.0
17.0
-5.9
33.0
44.5
-15.3
7.4
Mining/Steel
19.1
30.1
27.2
30.2
26.6
21.1
15.0
15.5
24.1
Investment
18.9
22.3
23.9
34.2
24.8
21.3
14.1
14.5
15.6
Mining/Steel
43.1
0.3
-12.2
28.8
62.2
29.0
56.8
21.4
-7.9
Investment
15.2
20.4
18.3
25.3
19.8
19.0
13.5
13.1
20.8
Chemicals
26.4
3.3
-27.2
23.1
17.0
29.0
21.2
6.6
-7.2
Chemicals
27.3
34.7
35.2
44.1
35.3
23.6
15.7
16.6
22.5
Comms.
53.4
4.6
-24.5
22.1
48.0
39.0
67.8
12.3
-18.6
Comms.
* The volatility in each period is defined as the arithmetic mean of annualized daily volatilities. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
Q1 ...........................
Q2 ...........................
Q3 ...........................
Q4 ...........................
1998 ........................
1997 ........................
1996 ........................
1995 ........................
1994 ........................
Period
Q1 ...........................
Q2 ...........................
Q3 ...........................
Q4 ...........................
1998 ........................
1997 ........................
1996 ........................
1995 ........................
1994 ........................
Period
16.2
28.5
24.7
33.2
25.6
21.9
15.6
16.9
24.3
Misc.
37.6
-0.2
-15.4
28.6
49.4
24.5
12.5
7.6
-2.4
Misc.
16.7
22.9
25.2
34.3
24.8
19.0
11.0
11.8
16.9
General
40.5
-0.6
-22.2
26.8
37.8
42.2
39.0
12.3
-11.7
General
Madrid
Barcelona
Bilbao
Valencia
57,540.8
44,494.9
31,684.1
22,995.5
20,310.4
54,491.3
42,458.6
30,313.1
21,745.0
19,132.0
46,006.9
33,473.5
23,174.2
16,630.8
13,957.5
481
384
358
363
375
375
321
303
305
313
283
222
206
205
223
205
155
159
161
177
Pro memoria
Total
Elect. MKT*
Outcry MKT
43,187.7
30,906.9
21,088.2
15,076.5
13,209.7
59,176.9
45,538.4
32,443.6
23,629.3
20,895.1
55,429.5
43,097.3
30,544.4
21,929.1
19,319.1
3,747.3
2,441.1
1,899.2
1,700.2
1,576.0
250
248
242
240
262
275
215
211
209
215
872
663
606
615
652
149
143
134
127
127
723
520
472
488
525
114
105
117
114
117
146
100
102
98
106
816
650
593
585
608
149
143
134
126
127
667
507
459
459
481
* Electronic market.
Active companies are those which were listed at the end of the period and had registered a transaction during the year.
Their capitalization is calculated using the price of the last transaction. Companies in which there were no trades are assigned zero capital as there is no reference price.
Pro-memoria:
Listed capital of foreign companies (effective, in billions of pesetas)
Bayer...............................
Volkswagen.....................
Commerzbank.................
Lafarge ............................
Reno de Medici...............
TOTAL ............................
% of total capitalization ..
1998
3,681.0
2,945.7
1,132.5
76.2
7,835.4
13.2
1997
3,450.9
2,297.7
1,959.9
934.2
8,642.7
19.0
1996
3,393.4
1,298.7
1,044.3
697.2
6,433.6
19.8
137
Sector
0 OIL
1 ENERGY & WATER
2 MINING & BASIC METALS
3 CEMENT & BUILDING MATERIALS
4 CHEMICALS
5 TEXTILE AND PAPER
6 METAL-MECHANICAL
7 FOOD
8 CONSTRUCTION
9 REAL ESTATE
10 TRANSPORT AND COMMUNICATIONS
11 OTHER
TOTAL NON-FINANCIAL
12 BANKS
13 INSURANCE
14 PORTFOLIO COMPANIES
15 SIM
16 FINANCE COMPANIES
TOTAL FINANCIAL SECTOR
TOTAL 1998
TOTAL 1997
1998 Gini index
1997 Gini index
Continuous market
25%
50%
75%
Total
25%
50%
75%
Total
1
1
1
1
1
2
1
1
1
1
1
1
2
1
1
1
1
1
1
3
5
1
2
2
1
1
4
1
2
2
2
1
2
6
2
2
1
1
1
3
8
10
1
4
2
4
1
8
1
5
3
3
1
5
15
4
3
2
1
1
5
18
21
2
13
7
11
6
14
13
16
7
10
6
13
118
19
4
6
1
1
31
149
143
0.79
0.77
0
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
10
1
8
8
8
0
1
2
1
1
2
2
1
1
1
2
2
4
1
1
3
59
1
51
43
27
0
1
2
2
1
4
2
3
1
5
3
4
13
2
1
5
171
1
163
161
91
0
2
9
6
2
13
9
9
2
34
5
11
102
5
2
33
580
1
621
723
520
0.69
0.75
Notes:
The total columns indicate the number of companies admitted to listing at the end of the related year.
In the case of issuers listed on more than one market, the capitalization was taken as that on the market where the share is traded most frequently.
138
Sector
0
1
2
3
4
5
6
7
8
9
10
11
OIL
ENERGY & WATER
MINING & BASIC METALS
CEMENT & BUILDING MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
TRANSPORT & COMMUNICATIONS
OTHER
Electronic market
1998
1997
1998
1997
4.9
20.6
0.8
3.7
6.9
0.6
6.5
3.1
4.0
1.3
13.6
4.0
5.7
18.6
1.4
4.6
8.5
0.6
6.5
2.7
2.6
1.1
11.4
2.9
0.0
0.3
0.6
2.5
0.2
0.8
9.0
2.5
0.1
5.1
2.3
0.8
0.0
0.6
2.3
1.5
1.3
2.7
2.1
2.5
0.4
7.1
1.0
2.7
TOTAL NON-FINANCIAL
70.0
66.5
24.2
24.2
12
13
14
15
16
27.7
1.0
1.1
0.0
0.1
31.2
1.4
0.9
0.0
0.0
5.8
2.1
2.8
65.2
0.0
1.2
0.4
6.7
67.1
0.4
30.0
33.5
75.8
75.8
100.0
100.0
100.0
100.0
55,429.5
43,097.3
3,747.3
2,441.1
BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES
Electronic market: Percentage of the sector capitalization for shares traded on the electronic market.
In the case of issuers listed on more than one market, the capitalization was taken as that on the market where the share is traded most frequently.
139
1997
Change (%)
43,439.9
42,893.4
546.4
27,120.8
26,778.5
342.3
60.2
60.2
59.6
382,722.7
366,042.2
16,680.5
8,858.1
433.9
8,424.2
6,050.4
1,025.8
852.5
51.3
4,120.7
351,105.6
320,074.8
31,030.8
9,021.4
4,250.6
4,770.8
2,635.6
560.2
632.3
203.2
1,239.9
9.0
14.4
-46.2
-1.8
-89.8
76.6
129.6
83.1
34.8
-74.7
232.4
FIXED-INCOME
Govt. Debt book-entry market (b,c)
Bonds
Treasury bills
Stock exchanges (a)
Electronic market
Outcry market
AIAF (b)
Commercial paper
Matador bonds
Mortgage bonds
Bonds
FUTURES AND OPTIONS MARKETS
1998
1997
Futures
Options
16,278,235
15,542,798
735,437
22,667,818
20,743,997
1,923,821
-28.2
-25.1
-61.8
Futures
Options
1,832,267
1,755,685
76,582
2,695,693
2,401,603
294,090
-32.0
-26.9
-74.0
Futures
Options
9,879,451
8,418,822
1,460,629
7,118,708
5,880,899
1,237,809
38.8
43.2
18.0
SHARES
Options
2,349,940
1,234,400
90.4
CITRICS
Futures
628
60,046
-99.0
DEBT
MIBOR
IBEX 35 (d)
140
Outcry market
Month
Total
Electronic
market
Outcry
market
Madrid
Barcelona
Bilbao
Valencia
January ............
February ..........
March .............
April ................
May ................
June ................
July .................
August .............
September .......
October ..........
November .......
December .......
1998 ...............
1997 ...............
Change (%) .....
Share (%) ........
2,931.9
3,602.5
4,369.1
4,065.5
3,305.2
4,899.1
3,383.1
2,978.3
3,799.6
3,472.6
3,280.8
3,352.2
43,439.9
27,120.8
60.2
100.0
2,913.0
3,579.4
4,331.3
4,036.7
3,280.5
4,727.9
3,338.0
2,952.6
3,763.2
3,438.7
3,247.1
3,284.9
42,893.4
26,778.5
60.2
98.7
18.8
23.0
37.8
28.8
24.7
171.2
45.2
25.7
36.4
34.0
33.6
67.3
546.5
342.3
59.6
1.3
12.9
14.2
22.4
24.1
17.8
164.5
23.3
13.9
18.5
20.7
23.1
41.5
397.0
212.9
86.4
72.6
3.8
3.2
9.7
2.4
4.5
4.4
13.1
3.3
12.3
7.4
4.6
11.6
80.3
82.2
-2.3
20.2
1.3
2.6
1.5
1.0
1.3
1.6
3.1
7.7
1.7
3.2
2.1
3.8
30.6
32.1
-4.6
38.1
0.8
3.0
4.2
1.3
1.1
0.7
5.6
0.8
4.0
2.7
4.0
10.3
38.6
15.1
155.5
125.9
Share: Trading on the electronic and outcry markets as percentage of the total and trading on outcry market in each exchange as percentage of total outcry trading.
141
142
43,439.9
39,118.3
2,017.5
190.1
75.1
1,858.7
79.8
100.4
Amount
90.1
4.6
0.4
0.2
4.3
0.2
0.2
100.0
Share (%)
Total
38,648.3
1,991.6
175.3
71.0
1,858.7
69.0
100.4
42,914.5
Amount
90.1
4.6
0.4
0.2
4.3
0.2
0.2
100.0
Share (%)
Electronic market
470.0
25.8
14.8
4.1
0.0
10.7
0.0
525.5
Amount
89.4
4.9
2.8
0.8
0.0
2.0
0.0
100.0
Share (%)
Total
354.8
4.4
9.9
3.0
0.0
9.1
0.0
381.2
Amount
93.1
1.2
2.6
0.8
0.0
2.4
0.0
100.0
Share (%)
Madrid
56.6
21.1
0.6
0.6
0.0
0.2
0.0
79.2
Amount
71.4
26.7
0.8
0.8
0.0
0.3
0.0
100.0
Share (%)
Barcelona
Outcry markets
27.3
0.2
1.0
0.5
0.0
0.3
0.0
29.3
Amount
93.2
0.8
3.3
1.6
0.0
1.1
0.0
100.0
Share (%)
Bilbao
31.4
0.0
3.3
0.0
0.0
1.1
0.0
35.8
87.6
0.1
9.3
0.0
0.0
3.0
0.0
100.0
Valencia
42,893.4
26,778.5
60.2
71.3
22,555.6
38,627.3
2,601.1
3,093.1
4,026.6
3,551.3
2,848.8
3,168.1
3,223.0
2,875.2
3,580.7
3,301.6
3,186.3
3,171.4
Regular
session
3.1
1,932.7
1,991.6
301.9
82.8
244.2
145.5
407.6
349.4
78.3
55.6
141.3
102.4
48.1
34.4
Off-hours
-36.5
276.0
175.3
4.9
17.9
2.4
18.4
9.5
32.3
33.3
19.5
0.7
1.3
4.3
30.7
Special
authorized trades
104.3
34.8
71.0
0.0
4.5
1.5
14.3
1.5
0.0
2.5
0.0
5.0
33.2
8.5
0.0
Tender
offers
2.3
1,817.8
1,858.7
3.9
381.0
0.0
307.0
12.3
1,138.5
0.0
0.0
4.3
0.0
0.0
11.8
Public
offerings
* Matched-trades: transcations in which the same market member acts as buyer and seller. The percentage is expressed in terms of the sessions volume.
2,913.0
3,579.4
4,331.3
4,036.7
3,280.5
4,727.9
3,338.0
2,952.6
3,763.2
3,438.7
3,247.1
3,284.9
January ....................................
February ..................................
March ......................................
April ........................................
May .........................................
June .........................................
July ..........................................
August .....................................
September ...............................
October ...................................
November ...............................
December ...............................
Total
-44.6
124.7
69.0
1.2
0.1
40.0
0.0
0.0
26.7
0.8
0.0
0.0
0.2
0.0
0.0
Declared
trades
172.1
36.9
100.4
0.0
0.0
16.7
0.2
0.8
12.8
0.1
2.2
31.1
0.0
0.0
36.6
Exercise of
options
41.3
5,637.5
7,967.8
483.1
539.6
800.3
730.0
593.1
754.3
718.4
568.0
806.1
706.4
618.2
650.3
Volume
25.0
20.6
18.6
17.4
19.9
20.6
20.8
23.8
22.3
19.8
22.5
21.4
19.4
20.5
(%)
Pro-memoria
Matched-trades (*)
143
Percentage of total
1998
1997
1996
1998
1997
1996
72,489
32,842
39,648
48,004
44,334
19,967
24,614
27,321
23,515
9,852
13,663
13,410
100.0
45.3
54.7
66.2
100.0
45.0
55.5
61.6
100.0
41.9
58.1
57.0
72.8
9.0
13.8
0.5
79.4
6.7
14.5
0.6
82.8
14.9
2.5
0.7
Duration
Overnight ..........................................
Until a date .......................................
Until canceled ...................................
Fulfill or cancel .................................
52,790
6,531
9,992
360
35,196
2,973
6,411
253
19,466
3,510
585
169
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
OIL .................................................................
ENERGY & WATER .........................................
MINING & BASIC METALS .............................
CEMENT & BUILDING MATERIALS ...............
CHEMICALS ...................................................
TEXTILE & PAPER ...........................................
METAL-MECHANICAL ....................................
FOOD ............................................................
CONSTRUCTION ...........................................
REAL ESTATE ..................................................
TRANSPORT & COMMUNICATIONS ............
OTHER ...........................................................
TOTAL NON-FINANCIAL ..............................
BANKS ............................................................
INSURANCE ...................................................
PORTFOLIO COMPANIES ..............................
SIM .................................................................
FINANCE COMPANIES ...................................
TOTAL FINANCIAL SECTOR ..........................
TOTAL 1998 ...................................................
TOTAL 1997 ...................................................
1998 Gini index .............................................
1997 Gini index .............................................
Electronic market
25%
1
1
1
1
1
2
2
1
1
1
1
2
1
1
1
1
1
1
1
2
2
50%
1
1
2
2
2
5
3
1
3
3
1
3
3
2
1
2
1
1
2
4
5
0.86
0.84
75%
Total
25%
1
2
2
4
3
8
5
3
4
5
1
6
9
4
2
2
1
1
4
10
12
3
13
7
11
7
16
14
18
8
10
6
13
126
24
4
6
1
1
36
162
143
0
1
1
1
1
1
1
2
1
1
1
1
2
1
1
2
1
1
1
1
4
50%
0
1
1
2
2
1
1
3
1
2
1
2
5
1
1
3
7
1
8
12
18
0.87
0.85
75%
Total
0
1
2
3
3
2
2
5
1
4
1
2
14
1
1
5
38
1
42
54
52
0
3
11
7
6
14
10
10
2
37
5
14
119
6
2
35
580
2
625
744
520
Notes:
The Total columns indicate the number of companies admitted to listing at 31/12/97
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trading volume on each market.
Trades in stocks which were listed on the electronic market as at 31/12/97 are included in the electronic market total for 1997, regardless of when they joined the market.
144
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
OIL .................................................................
ENERGY & WATER .........................................
MINING & BASIC METALS .............................
CEMENT & BUILDING MATERIALS ...............
CHEMICALS ...................................................
TEXTILE & PAPER ...........................................
METAL-MECHANICAL ....................................
FOOD ............................................................
CONSTRUCTION ...........................................
REAL ESTATE ..................................................
TRANSPORT & COMMUNICATIONS ............
OTHER ...........................................................
TOTAL NON-FINANCIAL ..............................
BANKS ............................................................
INSURANCE ...................................................
PORTFOLIO COMPANIES ..............................
SIM .................................................................
FINANCE COMPANIES ...................................
TOTAL FINANCIAL SECTOR ..........................
TOTAL 1998 ...................................................
TOTAL 1997 ...................................................
Electronic market
0-50%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
50-85% 85-100%
1
1
0
0
0
0
1
0
0
1
1
0
5
0
0
0
0
1
1
6
8
1
12
7
11
6
14
12
16
7
9
5
13
113
19
4
6
1
0
30
143
134
Outcry markets
Total
0-50%
2
13
7
11
6
14
13
16
7
10
6
13
118
19
4
6
1
1
31
149
143
0
2
8
6
2
12
7
8
1
33
4
10
93
2
2
31
548
1
584
677
481
50-85% 85-100%
0
0
1
0
0
1
2
1
1
1
0
1
8
1
0
2
20
0
23
31
27
0
0
0
0
0
0
0
0
0
0
1
0
1
5
0
0
12
0
17
18
13
Total
0
2
9
6
2
13
9
9
2
34
5
11
102
5
2
33
580
1
621
723
521
Notes:
Frequency: percentage of sessions on which stocks were traded.
The Total columns indicate the number of companies admitted to listing at 31/12/98.
In the case of issuers listed on more than one market, the trading frequency was calculated by considering that the stock was active on days when it was traded on at least
one market.
145
Sector
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
OIL .................................................................
ENERGY & WATER .........................................
MINING & BASIC METALS .............................
CEMENT & BUILDING MATERIALS ...............
CHEMICALS ...................................................
TEXTILE & PAPER ...........................................
METAL-MECHANICAL ....................................
FOOD ............................................................
CONSTRUCTION ...........................................
REAL ESTATE ..................................................
TRANSPORT & COMMUNICATIONS ............
OTHER ...........................................................
TOTAL NON-FINANCIAL ..............................
BANKS ............................................................
INSURANCE ...................................................
PORTFOLIO COMPANIES ..............................
SIM .................................................................
FINANCE COMPANIES ...................................
TOTAL FINANCIAL SECTOR ..........................
TOTAL ............................................................
TOTAL (billions of pesetas) ............................
Electronic market
1998
1997
1998
1997
6.1
20.5
1.8
0.8
0.5
1.0
1.2
4.8
2.8
1.2
20.9
2.6
64.2
33.9
0.9
1.0
0.0
0.0
35.8
100.0
42,914.5
9.6
23.4
3.4
1.0
0.5
1.2
1.6
3.1
2.5
1.1
21.2
2.4
71.1
26.9
1.1
0.8
0.0
0.0
28.9
100.0
26,778.5
0.0
0.5
0.7
0.5
0.0
1.2
4.7
0.9
0.1
3.4
0.4
0.6
13.1
1.6
3.7
2.0
79.6
0.0
86.9
100.0
525.5
0.0
0.3
2.7
9.8
1.7
0.8
2.8
10.3
0.1
4.0
1.1
4.1
37.6
4.4
0.0
2.3
55.6
0.0
62.4
100.0
342.3
Notes:
Electronic market: Percentage of the sectors trading for the stocks traded on the electronic market.
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trades on each market.
The years trading in stocks which were listed on the electronic market as at 31/12/98 are included in the electronic market total for 1998, regardless of when they joined the
market in that year.
146
Companies
Annual trading
1998
1997
1998
1997
0
470,040
2,271,000
81,915
410,282
1,950,000
4,636
44,158
2,583,704
1,844
45,781
2,535,548
589,436
121,868
150,109
3,590,077
250,094
341,049
2,306,047
159,202
296,576
2,393,613
15,000
429,755
747,988
425,289
110,948
119,387
2,813,261
196,324
264,913
1,179,144
124,200
252,051
1,807,606
10,800
280,584
444,832
173,606
8,653
32,005
5,060,330
17,786
132,113
606,928
27,117
131,070
1,871,903
382
160,678
582,597
126,098
4,519
23,575
3,094,257
18,366
123,017
418,782
44,170
128,914
1,713,284
320
137,836
426,698
177,500
17,670
233,750
17,814
256,345
2,824
194,604
5,944
ACERINOX ..........................................................................
ASTURIANA DE ZINC .........................................................
ESPAOLA DEL ZINC .........................................................
GRUPO DURO FELGUERA ................................................
NUEVA MONTAA QUIJANO ...........................................
193,273
49,803
2,820
17,463
5,387
263,975
87,709
4,856
19,797
4,583
327,395
113,662
8,046
40,826
22,188
349,258
289,070
18,385
58,021
7,731
161,181
237,344
124,764
48,824
126,324
55,926
44,798
80,264
36,373
7,139
106,619
411,213
153,495
53,834
99,462
47,990
39,096
88,392
50,040
3,768
24,243
17,830
40,183
3,567
34,893
12,913
5,269
160,807
32,809
18,439
14,053
20,741
38,286
8,499
23,247
11,049
3,952
132,380
22,275
7,878
Comments
DOMESTIC STOCKS
OIL
BP OIL ESPAA ..................................................................
COMPAIA ESPAOLA DE PETROLEOS - CEPSA ............REPSOL ...............................................................................
Delisted 11-02-98
Switched from
outcry to electronic
trading 25/02/98
147
(Continue)
Companies
Annual trading
1998
1997
1998
1997
36,188
29,188
62,943
1,313
0
31,769
38,250
22,617
42,169
1,145
98,242
7,331
38,875
81,862
52,841
5,989
2,081
9,845
34,136
57,653
37,618
3,689
2,382
2,114
24,426
23,040
50,517
1,670
40,346
22,590
13,263
0
15,266
18,919
10,340
0
6,054
45,508
15,316
20,711
37,791
44,044
1,563
11,282
23,905
11,687
1,597
6,893
22,189
34,274
6,189
24,117
17,956
16,075
51,821
36,745
63,174
1,913
47,192
19,304
6,101
46
49,580
19,964
6,849
27,540
28,048
27,156
42,825
11,052
84,020
61,380
1,711
2,558
6,523
6,188
6,787
9,757
16,596
18,764
29,697
27,999
48,953
4,709
ABENGOA ..........................................................................
AMPER ................................................................................
AZKOYEN ...........................................................................
CITROEN HISPANIA ...........................................................
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES ......
DIMETAL (in liquidation) .....................................................
GLOBAL STEEL WIRE ..........................................................
LINGOTES ESPECIALES .......................................................
78,999
45,771
54,411
0
14,912
315
10,594
5,760
47,238
57,423
34,353
48,414
19,266
224
8,136
3,825
56,568
111,865
47,540
3,861
11,211
181
17,663
1,571
18,151
143,971
28,399
817
7,778
1,070
10,248
582
9,945
48,166
56,228
40,029
274,548
6,408
6,805
20,038
54,210
188,580
12,016
97,684
8,669
108,683
49,848
8,048
12,625
1,455
166,360
29,595
Comments
CHEMICALS
ENERGIA E INDUSTRIAS ARAGONESAS -EIA - ..................
ERCROS ..............................................................................
FAES ....................................................................................
GRUPO FOSFORERA ..........................................................
SOCIEDAD ESPAOLA DE CARBUROS METALICOS ........
ZELTIA ................................................................................
Suspended on 31-12-98
Delisted 04-06-98
Switched from
outcry to electronic
trading 22/10/98
Listed 20-01-98
Delisted 21-12-98
Listed 10-07-98
Delisted 04-12-98
METAL - MECHANICAL
148
Delisted 05-08-98
Suspended on 31-12-98
Switched from
outcry to electronic
trading 01/09/98
(Continue)
Companies
1997
Annual trading
1998
Comments
1997
FOOD
AZUCARERA EBRO AGRICOLAS ........................................
207,563
32,467
33,676
10,336
33,253
86,178
22,515
0
13,698
62,142
17,783
20,880
7,725
26,185
91,157
11,486
128,951
69,335
9,555
24,193
6,122
6,698
41,836
7,603
39,978
7,620
48,421
19,275
37,659
7,873
3,275
18,255
9,615
67,468
29,281
2,505
PESCANOVA .......................................................................
16,555
12,698
8,314
4,298
PULEVA ..............................................................................
S A EL AGUILA ...................................................................
SOCIEDAD GENERAL AZUCARERA DE ESPAA ...............
SOS ARANA ALIMENTACION ............................................
80,644
47,607
0
15,548
55,313
15,235
58,899
10,780
153,722
30,366
2,783
6,849
126,055
8,012
5,654
2,383
TABACALERA ......................................................................
TELE PIZZA .........................................................................
VISCOFAN ..........................................................................
659,139
289,789
112,076
454,769
132,015
88,949
1,162,205
310,776
152,105
347,182
71,649
85,177
767,713
267,656
132,843
41,689
300,466
633,538
0
79,048
280,549
156,770
54,212
28,128
186,427
348,296
23,427
24,785
202,341
253,919
36,430
54,529
323,320
227,872
44,586
59,436
110,987
117,390
25,427
39,115
175,116
141,570
26,792
14,498
14,689
21,192
3,913
91,209
40,308
211,100
51,996
14,097
2,265
261,998
5,388
7,689
2,870
59,565
12,799
162,112
14,011
10,159
2,596
200,908
33,164
26,456
1,010
72,567
32,034
83,245
53,130
31,137
1,999
165,448
12,482
15,388
1,595
29,122
11,558
76,861
8,501
24,558
3,382
114,113
Listed 28-05-98
due to merger of Ebro
Agrcolas Compaa
de Alimentacin
and Sociedad
General Azucarera
de Espaa
Delisted 26-05-98
Listed 16-09-98
Switched from
outcry to electronic
trading 01/04/98
Switched from
outcry to electronic
trading 2/06/98
Delisted 26-05-98
Switched from
outcry to electronic
trading 02/06/98
CONSTRUCTION
GRUPO ACCIONA .............................................................
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS ...
AGROMAN EMPRESA CONSTRUCTORA ..........................
CONSTRUCCIONES LAIN ..................................................
DRAGADOS Y CONSTRUCCIONES ...................................
FOMENTO DE CONSTRUCCIONES Y CONTRATAS ..........
HUARTE ..............................................................................
OBRASCON HUARTE .........................................................
Delisted 21-09-98
REAL ESTATE
BAMI ...................................................................................
FILO ....................................................................................
INBESOS .............................................................................
INMOBILIARIA URBIS ........................................................
INMOBILIARIA ZABALBURU .............................................
METROVACESA ..................................................................
PRIMA INMOBILIARIA ........................................................
SOTOGRANDE ...................................................................
URBANIZACIONES Y TRANSPORTES - URBAS - ...............
VALLEHERMOSO ................................................................
149
(Continue)
Companies
Annual trading
1998
1997
1998
1997
595,563
264,898
18,813
78,697
93,430
6,466,980
491,496
181,825
13,125
62,833
71,991
4,086,698
282,687
202,382
16,966
16,152
17,772
8,440,082
211,444
144,967
10,145
15,694
14,171
5,269,337
119,571
461,760
832,682
146,629
31,358
41,242
26,513
33,745
37,571
63,450
99,300
153,450
203,745
69,214
275,040
429,588
119,969
28,763
7,213
20,528
91,800
189,100
79,132
185,052
252,638
75,698
18,406
6,317
4,095
91,903
22,995
54,652
52,650
163,120
90,174
92,622
120,633
202,449
42,637
3,527
15,121
30,346
39,450
107,386
1,800,750
128,911
4,546,289
1,863,250
0
139,936
141,027
42,289
83,680
0
1,135,575
105,928
3,334,362
1,215,546
20,186
138,524
89,823
30,836
61,771
0
2,688,354
2,525
3,972,217
1,761,796
4,574
7,976
5,166
2,642
1,737
18,740
1,014,336
3,397
1,988,501
694,045
1,187
7,794
1,252
1,556
1,154
10,232
112,448
61,280
0
4,304
87,283
37,600
24,015
2,191
46,347
1,590
2,927
2,351
26,871
720
2,467
158
1,145,673
50,400
87,721
161,736
1,185,293
3,300,598
0
80,475
409,070
918,989
42,840
65,406
116,759
1,179,754
2,438,853
13,578
80,198
357,639
375,216
10,728
1,261
52,351
1,168,393
4,027,532
1,083
18,753
359,401
586,334
6,093
9,961
31,069
822,055
1,704,222
305
24,371
272,036
Comments
Listed 11-12-98
Listed 11-12-98
Listed 08-04-98
Listed 14-05-98
BANKS
150
Delisted 11-05-98
Delisted
(Warrants only)
Delisted 10-03-98
Switched from
outcry to electronic
trading 06/07/98
Delisted 07-08-98
(Continue)
Companies
Annual trading
Comments
1998
1997
1998
1997
87,310
88,800
233,008
170,880
96,441
93,120
244,507
171,520
35,372
37,991
235,324
56,400
32,487
64,887
166,365
40,487
43,299
65,438
324,304
169,330
14,580
7,871
61,431
231,183
66,830
21,915
184
37,081
2,586
166,693
205,263
25,986
9,301
5,530
142,970
68,108
5,975
389
2,833
1,904
5,693
3,281
1,132,474
934,209
2,764
2,605
3,680,990
3,450,928
1,984
3,006
2,945,728
2,297,700
2,115
982
1,959,909
843
1,362
76,189
509
INSURANCE
AGF UNION-FENIX ............................................................
CATALANA DE OCCIDENTE ..............................................
CORPORACION MAPFRE ...................................................
MAPFRE VIDA ....................................................................
PORTFOLIO COMPANIES
BEFESA MEDIO AMBIENTE .................................................
CORPORACION BANESTO ................................................
CORPORACION FINANCIERA ALBA ..................................
CORPORACION FINANCIERA REUNIDA - COFIR -............
DINAMIA CAPITAL PRIVADO ............................................
FASTIBEX ............................................................................
Listed 01-07-98
Switched from
outcry to electronic
trading 06/04/98
(traded in the 2nd
market in 1997)
SIM /SIMCAV
COMPAIA GENERAL DE INVERSIONES ..........................
FOREIGN STOCKS
CEMENT & BUILDING MATERIALS
LAFARGE ............................................................................
CHEMICALS
BAYER AKTIENGESELLSCHAFT ..........................................
METAL - MECHANICAL
VOLKSWAGEN AKTIENGESELLSCHAFT .............................
BANKS
COMMERZBANK ................................................................
Delisted 10/08/98
FINANCE ENTITIES
RENO DE MEDICI .................................................................
Listed 22-07-98
151
Companies
1997
1997
Comments
9,418
2,136
0
6,048
2,073
2,080
2,471
15
0
737
51
76
0
15
99
165
1,070
2,378
9,653
7,674
0
562
144
0
15
70
165
1,209
1,784
11,440
8,126
159
533
139
0
0
2
9
225
77
2,468
178
412
64
4
0
1
8
6
554
91
1,966
644
9
13
28
1,371
0
592
8,554
33,451
50,553
142
1,325
39,072
434
7,881
21,669
50,276
71
16
693
13
20
1,247
695
4
22
134
15
56
1,183
24,306
36
0
5,100
961
0
0
0
1,914
4,860
943
525
1,104
2,810
0
33
22
15
12
32
0
864
13
23
1,002
1,701
245
297
582
9,803
1,407
0
3,226
750
1,168
606
104
8,819
1,878
435
245
309
605
887
1,429
1,251
2,768
750
559
540
78
5,512
1,597
434
17
9
3
565
18
5
607
13
308
19
9
4,208
586
35
10
18
95
87
27
51
32
21
24
10
1
2,216
183
31
Delisted 29/01/98
Delisted 28/05/98
Delisted 14-04-98
Delisted 02-06-98
CHEMICALS
HIDRO NITRO ESPAOLA .................................................
LA UNION RESINERA ESPAOLA ......................................
LUCTA ................................................................................
NITRATOS DE CASTILLA - NICAS - ....................................
SEFANITRO .........................................................................
TOBEPAL ............................................................................
Delisted 27-11-98
Delisted 19-08-98
Delisted 26-03-98
Delisted 09-12-98
152
Suspended on 31-12-98
Delisted 17-04-98
(Continue)
Companies
1998
1997
1998
1997
3,737
0
13,170
135,548
284
164,540
0
18,389
186
0
2,540
41
11,100
85,430
261
35,487
304
12,177
196
0
414
0
3,153
5,824
12
13,402
0
2,105
4
0
445
2
2,970
3,675
28
233
15
1,457
4
0
3,819
3,512
540
0
2,809
9,735
4,320
9,914
55,021
0
3,819
4,790
450
6,030
1,707
8,623
1,836
6,885
47,103
238
13
264
95
528
487
412
971
1,021
1,061
0
113
3,890
5
154
45
634
924
491
2,646
9
1,836
378
1,664
378
295
3
247
3
5,053
600
1,404
400
1,307
1,080
9,909
812
0
0
291
9,842
654
29
857
69
3,502
544
674
0
1,184
1,154
9,150
882
630
0
364
5,521
532
29
1,267
67
296
1
218
4
338
27
344
241
0
0
73
6,931
63
0
62
1
158
4
156
0
157
170
380
105
15
0
33
405
37
0
12
2
Comments
METAL - MECHANICAL
CORPORACION IB-MEI ......................................................
CORPORACION UCEM (in liquidation) ..............................
ELECNOR ............................................................................
FABRICACION DE AUTOMOVILES RENAULT DE ESPAA
IBERICA DE MANTENIMIENTO INDUSTRIAL - IMISA - .....
INDRA SISTEMAS ...............................................................
JUMBERCA ..........................................................................
KOXKA C.E. ........................................................................
PMRK INVESTMENT ...........................................................
SOCIEDAD ANONIMA AURRERA ......................................
Suspended on 31-12-98
Suspended on 31-12-98
Delisted 17-04-98
FOOD
ACEITES Y PROTEINAS - ACEPROSA - ...............................
BODEGAS BILBAINAS ........................................................
BODEGAS RAMON BILBAO ..............................................
CONSERVAS GARAVILLA ...................................................
FRIMANCHA INDUSTRIAS CARNICAS ..............................
NAARDEN INTERNACIONAL .............................................
NATRA ................................................................................
PASCUAL HERMANOS .......................................................
SOCIEDAD ANONIMA DAMM ..........................................
UNITED DUTCH ESPAA ..................................................
Delisted 14-10-98
Suspended on 31-12-98
CONSTRUCTION
CLEOP .................................................................................
OBRAS Y SERVICIOS PUBLICOS ........................................
REAL ESTATE
AHORRO FAMILIAR ...........................................................
ALCINVER ...........................................................................
CARTEMAR .........................................................................
CIAMSA ..............................................................................
COMPAIA DE INVERSIONES CINSA ................................
COMPAIA DE TRANSPORTES E INVERSIONES ...............
COMPAIA ESPAOLA DE VIVIENDAS EN ALQUILER ....
COMPAIA INMOBILIARIA VALENCIANA - CIVSA - ........
DALT ...................................................................................
EDIFICACIONES EN MADRID Y PROVINCIAS(EN LIQ.) ....
EGUARAS ...........................................................................
EUROCIS .............................................................................
FINANZAS INMUEBLES CISNEROS ....................................
FINEX ..................................................................................
FOMENTO INMOBILIARIO CENTRAL ................................
FONINVES ..........................................................................
Suspended on 31-12-98
Delisted 17-04-98
153
(Continue)
Companies
1998
1997
963
1,762
777
3,428
244
7,303
0
0
2,880
1,260
2,000
64
10,886
257
11,270
104,800
1,158
5,556
659
68
1,934
1,619
5,374
730
4,380
263
7,245
206
451
1,840
421
404
64
7,422
0
6,440
88,000
702
4,828
625
70
1,370
210
0
137
1,701
149
234
7
2
40
732
803
7
692
1
78
3,974
144
67
81
8
106
13
325
244
1,461
17
452
14
276
143
0
14
7
124
0
6,338
1,615
450
199
153
8
32
38,676
2,556
51
23,939
20,200
38,676
1,900
51
21,229
14,683
0
309
0
118
1,861
145
376
11
87
3,086
OTHER
ALMACENES GENERALES INTERNACIONALES - AGISA - ...
ANDRES RUIZ DE VELASCO ..............................................
ARMANDO ALVAREZ . ......................................................
CERAMICA VIVES ...............................................................
COMERCIAL DE LAMINADOS ...........................................
COMPAIA LOGISTICA DE HIDROCARBUROS-CLH- ......
DOMAN .............................................................................
EL SARDINERO ...................................................................
FRIGORIFICOS DE VIGO ....................................................
GRAND TIBIDABO .............................................................
INFORMES Y PROYECTOS - INYPSA - . ..............................
PESQUERIAS ESPAOLAS DEL BACALAO - PEBSA - .........
RUSTICAS ...........................................................................
URBANIZACIONES Y CONSTRUCCIONES INMOBILIARIA
140
60
4,982
0
0
8,851
278
1,250
369
5,154
750
0
9,380
0
187
60
2,683
636
1,224
0
281
1,210
336
2,370
625
258
6,360
990
17
9
14
0
0
249
1
100
8
1,604
68
0
1,273
1
17
15
4
72
11,951
300
5
10
10
523
68
74
486
117
144,013
0
0
8,423
51,758
11,648
123,220
0
8,423
51,758
11,648
525
471
365
0
6,981
185
1,916
594
1
164
11,831
BANKS
BANCA CATALANA ............................................................
BANCO CENTRAL HISPANOAMERICANO ........................
BANCO COOPERATIVO ESPAOL ....................................
BANCO DE PROMOCION DE NEGOCIOS - PROMOBANC BANCO MAPFRE ................................................................
BANKOA .............................................................................
154
1998
1997
Comments
Delisted 08-05-98
Delisted 02-06-98
Delisted 30-07-98
Delisted 29-01-98
Suspended on 31-12-98
Delisted 24-03-98
(Warrants only)
(Warrants only)
(Continue)
Companies
1998
1997
1998
1997
76,531
941
76,531
1,505
19,483
51
108
43
0
0
260
65
258
604
130
926
929
285
282
340
8,096
954
533
10,351
224
338
3,445
27,797
560
0
260
65
216
437
112
519
906
285
220
340
9,025
962
348
23,730
318
100
469
8,019
4
0
19
7
82
11
7
19
6
30
18
21
1,266
9
10
2,084
96
51
1,505
2,113
9
0
12
1
96
51
6
17
8
21
71
24
1,202
6
12
3
173
30
119
793
380
15,960
10,487
600
0
248
727
120
545
855
552
17,700
247
0
210
224
15,048
7,673
606
100
218
546
120
495
852
552
19,650
250
0
225
12
758
223
99
0
15
24
0
24
16
33
2,004
194
0
6
5
1,368
283
103
3
15
17
0
3
6
1
4,265
7
0
5
7,240
915
990
4,760
705
6,584
896
4,355
564
764
1,432
359
630
49
311
378
282
131
Comments
INSURANCE
BANCO VITALICIO .............................................................
LEPANTO ............................................................................
PORTFOLIO COMPANIES
Delisted 11-08-98
Listed 27-11-98.
From 2nd market
Delisted 29-01-98
Suspended on 31-12-98
S.I.M. /SIMCAV
A&G BOLSA .......................................................................
A&G RENTA FIJA I ..............................................................
A.M.J. EVALUATION ..........................................................
AB CEUTA ..........................................................................
ABC DE INVERSION MOBILIARIA ......................................
Listed 10-07-98
155
(Continue)
Companies
ABILITY ...............................................................................
ACCIONES, CUPONES Y OBLIGACIONES SEGOVIANAS ..
ACROPOLIS 2001 ...............................................................
ACUARIO 98 ......................................................................
ADDITION ..........................................................................
ADRASAM INVERSION ......................................................
AGATA ................................................................................
AGENDA DE INVERSIONES ...............................................
AGROPE SANFER ...............................................................
AGRUPACION FINANCIERA DE INVERSIONES .................
AHORRO BURSATIL ...........................................................
AHORRO COLECTIVO .......................................................
AHORROCAPITAL ..............................................................
AIRUN INVERSIONES .........................................................
ALAVA INVERSIONES .........................................................
ALDARA GESTION .............................................................
ALEFOMA ...........................................................................
ALFA CAPITAL ....................................................................
ALFA INVERSIONES ............................................................
ALFACARTERA ....................................................................
ALFAGON 1 .......................................................................
ALLOCATION .....................................................................
ALMARO .............................................................................
ALMORADIEL DE INVERSIONES ........................................
ALOR CARTERA ..................................................................
ALRAYA DE INVERSIONES .................................................
ALTAE GESTION .................................................................
ALTAIS INVEST ...................................................................
ALTRES XXI .........................................................................
AM 68 .................................................................................
AMA 899 ............................................................................
ANALISIS DE VALORES ......................................................
ANTA DIVERSIFICACION ...................................................
ANTALYA ............................................................................
ARALAR DE INVERSIONES .................................................
ARANJUEZ BOLSA ..............................................................
ARBARIN ............................................................................
ARDIZIA DE INVERSIONES ................................................
AREKA INVERSIONES .........................................................
ARELGUIA ..........................................................................
ARGALAN INVERSIONES ...................................................
ARGENTARIA AHORRO .....................................................
ARGENTARIA CARTERA DE INVERSIONES ........................
ARIEN PATRIMONIO ..........................................................
ARIZCUN ............................................................................
ARSA CARTERA ..................................................................
ARUT 98 INVERSIONES ......................................................
ASTURIANA DE VALORES ..................................................
ATAZAR DE INVERSIONES .................................................
ATIENZA DE INVERSIONES ................................................
156
1997
260
1,098
13,880
1,924
3,510
2,700
10,465
1,908
4,436
480
2,551
625
392
0
4,044
3,800
792
284
260
1,240
820
5,375
4,388
3,928
4,468
0
10,434
293
6,390
4,084
0
10,280
4,851
2,038
10,400
40,271
408
2,030
6,120
368
4,740
5,550
60,800
3,881
460
0
2,138
3,998
1,000
4,376
260
1,368
10,950
3,090
2,023
8,760
480
1,680
380
560
284
260
1,480
741
5,100
3,715
5,425
600
9,780
392
5,512
369
4,600
5,325
41,250
432
3,192
912
1997
12
209
3,421
2,001
356
10
5
297
8
13
7
2
14
3,505
1,247
2,091
85
554
84
444
247
6
2,675
3,012
12
10
31
Comments
Listed 07-09-98
Listed 24-09-98
Listed 21-01-98
Listed 19-06-98
Listed 30-12-98
Listed 27-11-98
Listed 29-07-98
Listed 04-12-98
Listed 27-03-98
Listed 30-11-98
Listed 23-01-98
Listed 30-07-98
Listed 16-10-98
Listed 30-12-98
Listed 17-06-98
Listed 07-09-98
Listed 13-08-98
Listed 18-05-98
Listed 21-08-98
Listed 25-09-98
Listed 13-10-98
Listed 07-01-98
(Continue)
Companies
AUREO INVERSIONES ........................................................
AYUA INVERSIONES ..........................................................
AZORIN INVERSIONES ......................................................
B&B DE VALORES ..............................................................
B.S. INVERSIONES 97 .........................................................
BALAGUER 98 DE INVERSIONES .......................................
BANCAJA GESTION ............................................................
BANCOMERCIO AHORRO I ..............................................
BANDESCO GLOBAL .........................................................
BANDESCO INVERSIONES .................................................
BANESTO CEUTA Y MELILLA .............................................
BANKINTER DE INVERSIONES ...........................................
BANSALIBER .......................................................................
BANSAPA ............................................................................
BANSODAD .......................................................................
BARNEVAL INVERSIONES ..................................................
BARRARO ...........................................................................
BASARTE .............................................................................
BBV ARAGON ....................................................................
BBV CARTERA ....................................................................
BBV CEME MONETARIO ....................................................
BBV PRIVANZA 25 CARTERA .............................................
BBV PRIVANZA 50 CARTERA .............................................
BBV PRIVANZA 75 CARTERA .............................................
BCH MEYCE ........................................................................
BELATLANS, SIMCAV, S.A. .................................................
BEMASA INVERSIONES ......................................................
BERZOSA DE INVERSIONES ...............................................
BESSER INVERSIONES ........................................................
BETA FONDOS INTERNACIONAL .....................................
BEXCARTERA ......................................................................
BEXCARTERA DOS .............................................................
BICHAR DE INVERSIONES .................................................
BIFERO ................................................................................
BILBAO EQUITY .................................................................
BILUTOR .............................................................................
BLUE CHIP INVERSIONES ..................................................
BMS BLUE CHIPS ................................................................
BMS CARTERA ....................................................................
BOLINVER ..........................................................................
BOLSAGAR .........................................................................
BOLSAID INVERSIONES .....................................................
BOLSHISPANIA ...................................................................
BOLSIBER ............................................................................
BOMBAY INVESTMENT OFFICE .........................................
BOND INVERSIONES .........................................................
BOOMING INVERSIONES ..................................................
BORSARIA INVERSIONES ...................................................
BRENT INVERSIONES .........................................................
BRIMO DE INVERSIONES ...................................................
1998
1997
1998
1997
428
0
2,010
790
4,465
3,712
4,804
695
4,240
8,934
4,340
1,178
21,387
4,220
1,113
0
5,662
340
25,375
79,250
4,492
4,040
4,048
4,044
4,312
0
0
2,790
4,540
3,432
1,645
1,100
4,256
11,160
3,324
1,444
160
5,160
9,990
360
452
11,428
1,899
549
1,030
3,180
2,190
4,674
2,080
280
412
4,151
606
4,045
8,085
4,140
963
20,745
0
1,025
0
320
70,400
4,264
4,152
2,790
4,160
4,040
1,630
940
9,528
1,440
160
369
448
10,321
1,134
549
563
2,763
1,960
4,449
280
8
0
6
1
6
0
3,150
20
2,537
3,728
429
12
515
0
60
0
1
17
4,902
22,606
948
4,372
4,221
1,574
1,171
0
0
13
43
1,529
18
49
0
278
166
0
4
487
996
374
49
45
491
631
31
49
195
436
1
1
116
1,234
93
308
2,890
260
10
707
0
8
0
22
22,127
1,413
857
139
295
1,589
1,093
36
1,509
45
4
3
33
56
30
12
13
27
350
48
Comments
Listed 30-12-98
Listed 16-06-98
Listed 31-07-98
Listed 03-08-98
Listed 16-11-98
Listed 29-12-98
Listed 22-05-98
Listed 23-07-98
Listed 23-07-98
Listed 23-07-98
Listed 30-12-98
Listed 30-12-98
Listed 04-12-98
Listed 09-09-98
Listed 29-09-98
Listed 27-03-98
Listed 05-11-98
157
(Continue)
Companies
BROSNA .............................................................................
BRUNARA ...........................................................................
BUENDIA DE INVERSIONES ...............................................
BULK INVERSIONES ...........................................................
BULL INVEST ......................................................................
BUSMONDO ......................................................................
CAESAR IMPERATOR I ........................................................
CAIXA INVERSIONES I ........................................................
CALAINVEST 98 ..................................................................
CALCEDONIA .....................................................................
CAPGESA ............................................................................
CAPINVER ...........................................................................
CAPITAL M.E.P. ..................................................................
CAPITAL P.A.V. ...................................................................
CAPITALZA .........................................................................
CARAMA DE INVERSIONES ...............................................
CARFY .................................................................................
CARRAN DE INVERSIONES ................................................
CARTEBANC .......................................................................
CARTERA ASEGURADORA ................................................
CARTERA BASEIBAR ...........................................................
CARTERA BELLVER .............................................................
CARTERA BELLVER 2 ..........................................................
CARTERA DE ACCIONES - TACISA - ..................................
CARTERA DELFI ..................................................................
CARTERA DELFI 2 ...............................................................
CARTERA EXTRAMUN ........................................................
CARTERA INTEGRAL ..........................................................
CARTERA INVERONIA ........................................................
CARTERA MOBILIARIA - CARMOSA - ................................
CARTERA PIRINEO .............................................................
CARTERA ROIS ...................................................................
CARTERA URQUIJO ...........................................................
CASTEINVER .......................................................................
CAT PATRIMONIS ..............................................................
CATALANA CARTERA ........................................................
CATIMSA ............................................................................
CATOC ...............................................................................
CAULES DE INVERSIONES .................................................
CENTRAL DE INVERSIONES EN VALORES - CEIVASA - ......
CENTRAL DE VALORES - CEVALSA - .................................
CERES INVERSIONES ..........................................................
CHAPE ................................................................................
CHART INVERSIONES ........................................................
CLEAR INVERSIONES .........................................................
CLUB BANCOMERCIO CIBELES .........................................
COLLBATO INVEST ............................................................
CONCORDIA DE INVERSIONES MEDITERRANEAS ...........
CONSULBIC .......................................................................
CONSULBOLSA ..................................................................
158
1998
1997
1998
1997
4,492
36,858
300
440
4,464
475
2,248
4,154
0
4,308
475
200
4,424
4,328
1,860
0
1,050
5,850
1,005
462
12,016
4,008
3,848
680
5,980
4,460
4,328
2,000
0
24,150
800
4,136
4,240
262
4,160
6,030
261
6,901
0
16,060
400
4,132
1,100
860
300
4,584
1,900
0
13,296
9,896
32,726
300
3,840
440
570
352
4,028
4,025
2,000
1,050
944
504
8,535
658
4,824
4,004
21,453
500
260
260
5,349
15,730
312
925
480
297
4,090
10,160
7,860
0
18,080
53
0
164
29
605
897
0
0
491
28
230
21
100
0
53
699
93
11
10,740
2,279
46
28
1,257
1,420
0
1
0
492
52
28
1,321
117
466
1,481
11
456
0
477
111
845
17
11
16
335
1
0
607
363
22,119
19
132
40
861
9
4
561
100
62
22
177
5,139
673
1,805
700
427
31
97
690
746
78
147
13
16
1,493
597
513
Comments
Listed 27-03-98
Listed 27-11-98
Listed 06-02-98
Listed 16-12-98
Listed 21-12-98
Listed 21-12-98
Listed 30-12-98
Listed 13-11-98
Listed 06-03-98
Listed 28-04-98
Listed 07-09-98
Listed 22-10-98
Listed 11-12-98
Listed 17-03-98
Listed 22-10-98
Listed 03-12-98
Listed 27-11-98
Listed 06-07-98
Listed 14-07-98
Listed 02-06-98
Listed 30-10-98
(Continue)
Companies
CORPORACION DE INVERSIONES MOBILIARIAS .............
CORPORAT INVERSIONES .................................................
COSTAGES ..........................................................................
COVIMOSA ........................................................................
CRISTOBALMENDI .............................................................
CYCLE INVERSIONES .........................................................
DABIFINSA .........................................................................
DACINVER ..........................................................................
DAPA DE INVERSIONES .....................................................
DAR ....................................................................................
DAVMES .............................................................................
DEVON ISLAND .................................................................
DIGIT INVERSIONES ..........................................................
DINERCAPITAL ...................................................................
DINERINVER .......................................................................
DIVERSIFICACION FINANCIERA ........................................
DOBLERS ............................................................................
DOCK INVERSIONES ..........................................................
DOSANE .............................................................................
DRIVE INVESTMENT ...........................................................
DUNIE 98 DE INVERSIONES ..............................................
EAGLE STAR DE INVERSION MOBILIARIA .........................
EAST STAR ..........................................................................
ECHO DE INVERSIONES ....................................................
EL DORADO INVERSIONES ...............................................
EMESA GLOBAL .................................................................
EPOMENES .........................................................................
ERCIA DE VALORES MOBILIARIOS ....................................
EREGOS ..............................................................................
ESTUDIOS FINANCIEROS DE VALORES ............................
EUROBOLSA SELECCION ...................................................
EUROMIX ...........................................................................
EUROTITULOS ...................................................................
EUROZITRO .......................................................................
FACTOR INVERSIONES ......................................................
FAIMSA ...............................................................................
FAMEGA INVESTMENT ......................................................
FAMQUIR INVERSIONES ....................................................
FEBRER NORANTAVUIT .....................................................
FERNANFLOR DE INVERSIONES ........................................
FIB ARCA FUTURA .............................................................
FIBUR ..................................................................................
FIMBROBOLSA ...................................................................
FINA DE INVERSIONES 97 .................................................
FINANBELA .........................................................................
FINANCIERA BANSANDER .................................................
FINANCIERA INTERNACIONAL .........................................
FINANCIERA PONFERRADA ..............................................
FINANTER ...........................................................................
FINANZAS Y PATRIMONIOS ..............................................
1997
1,090
4,400
0
823
328
1,493
4,056
10,881
3,648
796
768
0
2,020
4,512
1,000
720
5,748
995
0
1,954
4,020
975
6,160
4,588
4,944
4,000
6,460
460
0
379
4,208
795
560
0
3,042
630
4,640
0
0
112
4,836
9,268
864
4,440
3,992
14,000
348
12,087
200
3,240
702
4,560
820
9,533
1,780
304
1,000
400
5,540
412
5,160
6,090
460
379
626
560
2,778
626
104
8,225
695
12,464
348
11,045
200
2,640
1997
12
6
96
1,754
1
7
21
58
20
2,732
1
46
111
91
70
4
500
176
508
26
1,653
9
30
Comments
Listed 29-12-98
Listed 29-12-98
Listed 10-07-98
Listed 05-02-98
Listed 30-10-98
Listed 30-12-98
Listed 28-10-98
Listed 13-08-98
Listed 24-08-98
Listed 29-07-98
Listed 27-07-98
Listed 01-12-98
Listed 10-06-98
Listed 26-06-98
Listed 30-10-98
Listed 29-09-98
Listed 23-02-98
Listed 26-06-98
Listed 23-11-98
Listed 11-12-98
Listed 03-11-98
Listed 29-09-98
Listed 07-01-98
Listed 22-10-98
159
(Continue)
Companies
FINANZASA ........................................................................
FINCAPITAL ........................................................................
FINCOR DE INVERSIONES .................................................
FINECO ACCIONES ............................................................
FINECO DE VALORES MOBILIARIOS .................................
FINECO EURO CARTERA ...................................................
FLORIDIAN .........................................................................
FLOW INVERSIONES ..........................................................
FOCUS INVERSIONES ........................................................
FOIX DE INVERSIONES ......................................................
FOLONPIE ..........................................................................
FOMENTO DE AHORRO E INVERSIONES .........................
FONMOBA .........................................................................
FONTECILLA .......................................................................
FORALEX ............................................................................
FUENTE CLARIN .................................................................
FUERFIN .............................................................................
GAMA BURSATIL ...............................................................
GARADASA ........................................................................
GARDAMA DE INVERSIONES ............................................
GERLOCAPITAL ..................................................................
GESINBOL DE INVERSIONES .............................................
GESPRISA INVERSIONES ....................................................
GESTRISA ............................................................................
GLOBALMIX .......................................................................
GOMPOR BOLSA ...............................................................
GORINVEST ACTIUS MOBILIARIS ......................................
GOVER ACTIUS MOBILIARIS .............................................
GRAMER INVERSIONES .....................................................
GRUFALER ..........................................................................
GUESINVER ........................................................................
GURUGUACTIVOS ............................................................
HECLASAN .........................................................................
HEDGE INVERSIONES ........................................................
HENA TRES .........................................................................
HERCASOL .........................................................................
HIE DE INVERSIONES .........................................................
HIJULE, SIMCAV, S.A. .........................................................
HISPALIS INVERSION XXI ...................................................
HISPANA CINCO ................................................................
HISPANA DOS ....................................................................
HOLDER INVERSIONES ......................................................
HUBBLE INVEST .................................................................
HUPASA DE VALORES MOBILIARIOS ...............................
IBIDA ..................................................................................
ICU GLOBAL ......................................................................
ILUSTRACION ....................................................................
INAMOSA ...........................................................................
INBARSAVE .........................................................................
INBURESA ...........................................................................
160
1997
358
908
4,264
4,208
4,752
4,540
4,312
4,300
1,580
7,968
2,370
354
0
650
606
4,328
0
280
1,073
4,116
3,768
10,962
6,270
336
3,792
3,980
4,600
4,550
0
4,100
1,150
4,250
3,960
1,470
8,850
7,668
360
0
4,288
284
360
2,036
803
10,970
280
4,016
12,960
2,170
260
6,450
798
4,360
4,159
12,045
2,000
354
650
560
280
910
9,415
244
1,050
7,830
7,280
360
284
360
10,327
280
11,251
250
5,700
1997
40
1,807
1,074
915
0
2
2
29
429
15
29
133
39
6
21
27
15
38
3
627
Comments
Listed 26-08-98
Listed 24-07-98
Listed 12-06-98
Listed 21-12-98
Listed 15-04-98
Listed 12-06-98
Listed 09-12-98
Listed 10-06-98
Listed 30-12-98
Listed 26-08-98
Listed 22-07-98
Listed 16-06-98
Listed 13-08-98
Listed 04-12-98
Listed 03-11-98
Listed 03-11-98
Listed 30-12-98
Listed 20-08-98
Listed 29-10-98
Listed 10-08-98
Listed 01-07-98
Listed 30-12-98
Listed 29-10-98
Listed 21-12-98
Listed 26-08-98
Listed 13-08-98
Listed 21-12-98
(Continue)
Companies
INDEX INVERSIONES .........................................................
INDUVISA ...........................................................................
INFRAN 95 .........................................................................
INGERCOVER .....................................................................
INGOAN ACTIUS MOBILIARIS ...........................................
INGUNZA ...........................................................................
INMOBASA .........................................................................
INOINVERSORA .................................................................
INPAMOSA .........................................................................
INPISA DOS ........................................................................
INSAPI .................................................................................
INTERCONTINENTAL DE CARTERA ...................................
INTERVALOR ......................................................................
INVACO ..............................................................................
INVERAVANCE ...................................................................
INVERBELA .........................................................................
INVERFINA .........................................................................
INVERGEINSA .....................................................................
INVERLENDO .....................................................................
INVERMANHER ..................................................................
INVERMAY ..........................................................................
INVERMAY 2 ......................................................................
INVERMAY INVEST .............................................................
INVERMAY VALORES .........................................................
INVERMAY VERDE .............................................................
INVERPAMPLONA ..............................................................
INVERPASTOR ....................................................................
INVER-RENT .......................................................................
INVERSIONES ANSO ..........................................................
INVERSIONES ARGA ..........................................................
INVERSIONES ASPE ............................................................
INVERSIONES AZURITA 2000 ............................................
INVERSIONES BANZANO ..................................................
INVERSIONES BAZTAN ......................................................
INVERSIONES BERKAY .......................................................
INVERSIONES CAMPEA ......................................................
INVERSIONES DEVA ...........................................................
INVERSIONES ECHEMU .....................................................
INVERSIONES ELIZONDO ..................................................
INVERSIONES EN VALORES 3 DE ABRIL ...........................
INVERSIONES EN VALORES SIGLO XXI .............................
INVERSIONES ESTRELLA ....................................................
INVERSIONES FAMEI ..........................................................
INVERSIONES FINANCIERAS ARAGONESAS .....................
INVERSIONES FINANCIERAS CRESA ..................................
INVERSIONES FINANCIERAS CUBI ....................................
INVERSIONES GARBI .........................................................
INVERSIONES GARDON ....................................................
INVERSIONES HABANA 2000 ............................................
INVERSIONES HERCA ........................................................
1997
4,140
550
400
460
4,505
0
251
349
320
8,733
9,900
600
256
519
4,068
10,300
228
464
300
404
45,234
22,064
16,995
4,336
3,772
1,015
17,412
448
308
820
550
3,996
13,376
380
10,610
5,652
580
680
0
0
1,104
440
2,564
8,508
0
0
460
0
3,772
428
550
400
452
294
329
320
8,345
8,820
510
248
444
228
360
300
404
37,251
11,663
4,005
1,018
14,040
448
308
472
468
11,720
340
5,620
440
678
496
984
0
2,110
7,600
424
488
1997
9
0
6
0
3
0
357
232
32
31
30
2
16
1
77
2,160
14,459
1,752
87
102
21
9
63
8
511
30
75
8
31
2
121
0
74
6
23
54
Comments
Listed 18-05-98
Listed 03-11-98
Listed 30-12-98
Listed 23-11-98
Listed 27-03-98
Listed 17-02-98
Listed 05-06-98
Listed 22-10-98
Listed 27-03-98
Listed 21-12-98
Listed 30-12-98
Listed 30-12-98
Listed 30-12-98
Listed 30-10-98
161
(Continue)
Companies
INVERSIONES HERRERO ....................................................
INVERSIONES INFANTES ....................................................
INVERSIONES INSANCO ....................................................
INVERSIONES INSTITUCIONALES ......................................
INVERSIONES INVERJOTA .................................................
INVERSIONES IRURITA ......................................................
INVERSIONES LABRADOR .................................................
INVERSIONES LEAL ............................................................
INVERSIONES LEALTAD .....................................................
INVERSIONES LECAROZ ....................................................
INVERSIONES LLONER .......................................................
INVERSIONES LONHER ......................................................
INVERSIONES MARREBA ....................................................
INVERSIONES MEERLEN .....................................................
INVERSIONES MILAMAR 2000 ...........................................
INVERSIONES MOBILIARIAS GRUPO ADAN .....................
INVERSIONES MOBILIARIAS SIETE F ..................................
INVERSIONES MOBILIARIAS URQUIOLA ..........................
INVERSIONES MONTISIELLO .............................................
INVERSIONES PIRO ............................................................
INVERSIONES PROGRAMADAS .........................................
INVERSIONES RANZA ........................................................
INVERSIONES ROSCHELL ..................................................
INVERSIONES SELECTIVAS .................................................
INVERSIONES SERRABLO ...................................................
INVERSIONES SEZUR .........................................................
INVERSIONES TEIDE ...........................................................
INVERSIONES VERAL .........................................................
INVERSIONES VILLA DE PARIS I ........................................
INVERSIONES VILLA DE PARIS II .......................................
INVERSIONES VILLA DE PARIS III ......................................
INVERSIONES VISANSA .....................................................
INVERSIONES Y ANALISIS ESTRATEGICOS ........................
INVERSIONES ZAGA ..........................................................
INVERSIONES ZUBITEL ......................................................
INVERSIONS AGO ..............................................................
INVERSORA MOBILIARIA ESPAOLA ................................
INVERSORA OLARIZU .......................................................
INVERSORA PATRIMONIAL ...............................................
INVERTUY ..........................................................................
INVERURBASA ....................................................................
INVERVALOR ......................................................................
INVERVULCANO ................................................................
INVERZETA .........................................................................
INVESTALBERT ...................................................................
IRADIER DE INVERSIONES .................................................
IRON ONE ..........................................................................
ITURINVER .........................................................................
IZAGA DE INVERSIONES ....................................................
JARAMIEL ............................................................................
162
1997
13,244
4,356
0
4,271
0
480
0
280
1,048
540
233
4,516
5,052
0
4,180
10,160
2,110
1,576
3,824
332
1,198
298
0
568
11,760
500
11,255
627
684
747
576
2,778
2,266
1,040
1,944
4,118
3,782
599
982
464
931
372
4,396
1,286
660
495
4,720
4,816
6,413
1,000
11,582
440
320
448
630
402
0
8,760
1,550
722
320
428
8,800
340
9,134
603
612
906
546
2,330
748
2,840
436
834
360
900
372
664
572
351
4,160
4,120
608
900
1997
1,129
23
20
4
28
1,345
0
35
157
4
1
2
505
19
152
5
194
1,129
34
254
72
1,770
16
32
13
6
0
27
11
9
1,115
460
13
52
Comments
Listed 09-12-98
Listed 22-10-98
Listed 30-11-98
Listed 30-11-98
Listed 28-08-98
Listed 29-01-98
Listed 30-11-98
Listed 03-08-98
Listed 20-03-98
Listed 15-09-98
Listed 16-10-98
Listed 30-12-98
Listed 25-09-98
Listed 06-03-98
Listed 07-09-98
Listed 03-11-98
Listed 23-11-98
(Continue)
Companies
JASOCA ...............................................................................
JENUSA DE VALORES MOBILIARIOS .................................
JQ41 DE VALORES .............................................................
KALYANI .............................................................................
KAPITAL GELD ...................................................................
KEY RATE INVERSIONES ....................................................
KLANDUR ...........................................................................
KLAPPEN INVERSIONES .....................................................
KONTACT EXCHANGE .......................................................
LACERTA INVERSIONES .....................................................
LAZAREJO ...........................................................................
LEON VALORES ..................................................................
LEYRE DE INVERSIONES .....................................................
LEZAMA-INEAR ..................................................................
LIENDO DE INVERSIONES .................................................
LIERDE ................................................................................
LIGA MOBILIARIA ..............................................................
LINANTO ............................................................................
LLUC VALORES ..................................................................
LORA DE INVERSIONES .....................................................
LOSVA ................................................................................
LOUCA 98 ..........................................................................
LUBIA DE INVERSIONES ....................................................
MACQUEREL ......................................................................
MADRIGAL DE INVERSIONES ............................................
MALI INVERSIONES ............................................................
MALLORQUINA DE TITULOS ............................................
MANRESA CAPITAL ............................................................
MARKT INVERSIONES ........................................................
MASVOLTES .......................................................................
MATRIX INVERSIONES .......................................................
MATXITXACO DIVERSIFICADA ..........................................
MB GLOBAL 1 ....................................................................
MB GLOBAL 2 ....................................................................
MB GLOBAL 3 ....................................................................
MB GLOBAL 4 ....................................................................
MEDITERRANEA 2000 INVERSIONES .................................
MEJANA ..............................................................................
MERSIR ...............................................................................
METAINVERSION ...............................................................
MICRON INVERSIONES .....................................................
MIGJORN INVERSIONS ......................................................
MIRA DE INVERSIONES ......................................................
MIZAR INVEST ....................................................................
MOBILCAPITAL ..................................................................
MOBILCARTERA .................................................................
MOBINVER .........................................................................
MOBINVERSORA ................................................................
MOENSA .............................................................................
MOLIETE .............................................................................
1997
973
360
0
10,600
4,420
4,692
3,592
4,380
358
0
0
1,645
8,596
9,188
480
402
1,190
400
3,200
22,770
1,916
0
10,970
15,668
4,032
0
38,305
4,100
380
3,840
1,010
1,946
7,110
5,400
5,175
5,025
8,392
1,005
284
1,656
480
3,560
754
241
372
600
301
11,979
4,480
5,076
380
360
4,050
3,960
350
1,286
6,960
7,676
420
240
806
20,925
13,080
31,874
380
6,660
5,125
5,063
340
284
0
480
664
372
600
360
9,578
4,600
3,830
1997
9
1
681
395
28
3,765
0
1,029
73
7
13
1,446
3,068
3,256
4,470
1,374
1
1
11
0
131
489
1
20
0
4,335
6
193
Comments
Listed 28-12-98
Listed 15-07-98
Listed 05-03-98
Listed 28-10-98
Listed 21-12-98
Listed 13-11-98
Listed 03-08-98
Listed 28-04-98
Listed 22-07-98
Listed 29-12-98
Listed 26-06-98
Listed 19-11-98
Listed 30-12-98
Listed 11-12-98
Listed 28-10-98
Listed 26-08-98
Listed 17-07-98
Listed 05-11-98
Listed 29-10-98
Listed 24-07-98
Listed 26-08-98
163
(Continue)
Companies
MONTE DE VALORES .........................................................
MONTE GENIL ...................................................................
MONTSIRESA ......................................................................
MORALZARZAL DE INVERSIONES .....................................
MORINVEST .......................................................................
MOSEFRA ...........................................................................
MOTIVASA DE INVERSIONES ............................................
MULINSAR ..........................................................................
MUSKARIA INVERSIONES ..................................................
MUTUAVALOR I ................................................................
NADIR 98 ...........................................................................
NAPULIA DE INVERSIONES ...............................................
NARA ..................................................................................
NARA INVERSIONES ..........................................................
NAVALCUDIA DE INVERSIONES .......................................
NERVION INVEST ...............................................................
NITE HAWK ........................................................................
NORCAFIX ..........................................................................
NORTEA DE VALORES ....................................................
NORTH CAPE INVERSIONES ..............................................
NOVAGESTION INVERSIONES ..........................................
NOVAMER ..........................................................................
NOVELDA INVERSIONES ...................................................
NUEVOS VALORES ............................................................
ODAMI DE VALORES .........................................................
OLARBI ...............................................................................
OMICRON ..........................................................................
OPORTUNIDAD BURSATIL ...............................................
ORDEF ................................................................................
ORMIBASA .........................................................................
ORSEVEN ............................................................................
ORTO INVERSIONES ..........................................................
OSMA DE INVERSIONES ....................................................
PADINVER ..........................................................................
PARITY ................................................................................
PARNUERA .........................................................................
PATRICOMPA .....................................................................
PATRIMIX ............................................................................
PATRIMONIO DE VALORES ...............................................
PATRIMONIO GLOBAL ......................................................
PEMYC INVERSIONES ........................................................
PENYA EL FRARE ................................................................
PEALARA DE INVERSIONES .............................................
PEALVER DOCE ...............................................................
PEASANTA DE VALORES .................................................
PERUARGO ........................................................................
PINTOFON .........................................................................
PLENCIA DE INVERSIONES ................................................
PLUSCAPITAL .....................................................................
PLYZOSMAR .......................................................................
164
1998
1997
1998
650
2,032
13,185
4,775
163,050
3,436
650
9,561
1,950
1,730
2,212
4,396
22,664
304
3,836
5,680
0
537
6,336
3,400
4,880
568
3,900
4,440
450
419
240
6,790
2,340
298
2,920
5,000
4,272
2,213
435
638
520
7,480
396
6,152
4,470
4,032
6,644
136
1,392
1,914
5,008
4,408
354
6,300
440
650
9,195
1,408
21,420
368
368
5,200
2,720
608
3,960
419
240
5,530
2,180
280
2,260
1,967
425
594
460
6,380
332
5,900
132
4,590
354
39
513
10
99
136,607
356
1
61
609
59
455
0
1,242
86
150
80
0
60
260
10
1,326
34
1,385
8
0
1
5
3,116
39
4
101
1
5
43
24
23
3
1,063
15
0
386
0
16
2
163
363
7
0
24
3
1997
22
1
88
43
1,890
40
292
217
1,050
95
15
3
7
3,419
324
3
165
38
35
8
3
808
15
15
15
450
145
Comments
Listed 10-08-98
Listed 14-12-98
Listed 30-10-98
Listed 24-04-98
Listed 29-09-98
Listed 08-06-98
Listed 10-07-98
Listed 17-06-98
Listed 10-08-98
Listed 04-03-98
Listed 09-12-98
Listed 25-09-98
Listed 09-12-98
Listed 19-06-98
Listed 03-08-98
Listed 07-01-98
Listed 26-08-98
Listed 28-08-98
Listed 16-12-98
Listed 13-08-98
Listed 30-10-98
Listed 25-09-98
Listed 13-11-98
(Continue)
Companies
PORTFOLIO 25 ...................................................................
PREMIUM INVERSIONES ....................................................
PREVICIA ............................................................................
PRICE INVERSIONES ...........................................................
PROFIT INVERSIONES ........................................................
PROMOCINVER ..................................................................
PYSACO INVERSIONES ......................................................
QUORUM 98 .....................................................................
QUOTATION ......................................................................
RANK INVERSIONES ..........................................................
RASEC INVERSIONES .........................................................
REINVERPLUS .....................................................................
RENTA INSULAR CANARIA - RINCASA - ...........................
RENTINVER .........................................................................
RENTIVASA DE INVERSIONES ............................................
RENVALOR .........................................................................
RENVASA, SIMCAV, SA ......................................................
REOLSO DE INVERSIONES .................................................
REYZA INVERSIONES Y GESTION ......................................
RUBICON XXI .....................................................................
SAGEI ..................................................................................
SALAMANCA I ....................................................................
SALIMAR INVESTMENTS ....................................................
SALIME DE INVERSIONES ..................................................
SALVIA DE INVERSIONES ...................................................
SAMAROCA ........................................................................
SAMMAR ............................................................................
SAN AMARO DE INVERSIONES .........................................
SANSEMISA .........................................................................
SANTANDER INVERSIONES CEUTA MELILLA ....................
SAU DINVERSIONS ...........................................................
SAYOA ................................................................................
SECURE INVERSIONES .......................................................
SEISBECISA ..........................................................................
SELECCION DIVERSIFICADA ..............................................
SELEGNA ............................................................................
SENY 97 ..............................................................................
SERECO INVERSIONES .......................................................
SERGROBE DE INVERSIONES .............................................
SHARE INVERSIONES .........................................................
SICEUTA .............................................................................
SIGLO XXI BOLSA ..............................................................
SIGMA DIVERSIFICACION .................................................
SILOBAR .............................................................................
SIMHERSAN ........................................................................
SINIPOLI .............................................................................
SIRVAL ................................................................................
SOCIEDAD DE CARTERA DEL VALLES - SOCARVE - .........
SOCIEDAD MADRILE/A DE INVERSION MOBILIARIA .......
SOCIEDAD MEDITERRANEA ASSET MANAGEMENT .........
1997
422
440
1,300
3,150
236
1,978
3,700
1,926
2,540
6,020
5,215
5,384
2,544
2,844
356
461
4,200
4,212
4,076
13,800
11,809
360
4,448
6,437
3,980
14,655
271
0
879
7,770
0
480
550
415
10,160
1,930
4,654
377
4,304
380
5,052
4,340
4,172
2,160
600
4,740
1,980
1,004
420
4,752
332
380
722
1,718
2,260
4,645
4,480
2,730
2,626
356
461
11,650
9,002
400
5,381
252
428
7,301
440
507
407
0
380
4,332
4,045
1,760
600
4,190
1,260
880
420
1997
109
10
6
134
15
231
239
209
146
9
533
3,525
350
68
11
1
1,955
27
68
3
0
10
1,116
123
32
1
33
190
29
14
Comments
Listed 29-05-98
Listed 26-08-98
Listed 29-05-98
Listed 30-11-98
Listed 26-06-98
Listed 03-04-98
Listed 21-12-98
Listed 22-07-98
Listed 23-11-98
Listed 02-12-98
Listed 13-11-98
Listed 30-12-98
Listed 30-12-98
Listed 18-02-98
Listed 30-11-98
Listed 02-01-98
Listed 17-06-98
Listed 26-06-98
Listed 13-08-98
165
(Continue)
Companies
SOCYAM .............................................................................
SOGAPRIM .........................................................................
SOIXA .................................................................................
SOOLHASI ..........................................................................
SOSMART INVERSIONES ....................................................
SOUTH HILL .......................................................................
SPOT INVERSIONES ...........................................................
STOCK INVERSIONES .........................................................
STRIP INVERSIONES ...........................................................
SUBAIDA FINANCIERA ......................................................
SURFUP ..............................................................................
SYRIUS INVERSIONES ........................................................
TABAGU .............................................................................
TARRACISA .........................................................................
TASDEY DE INVERSIONES .................................................
TENA INVERSIONES ...........................................................
TEXRENTA INVERSIONES ...................................................
TIBEST CINCO ....................................................................
TIBEST DOS ........................................................................
TIETAR DE INVERSIONES ...................................................
TIGNA VENTURA ...............................................................
TITULOS BILBAO ...............................................................
TITULOS GALICIA ..............................................................
TORRENOVA INVERSIONES ..............................................
TORROFISA ........................................................................
TRAMOEXA DE INVERSIONES ...........................................
TRAXIS ................................................................................
TREND INVERSIONES ........................................................
TRIENTE INVERSIONES ......................................................
TUCANA INVERSIONES .....................................................
UNIFOND ...........................................................................
UNION ESPAOLA DE INVERSIONES ...............................
UNIPROM 98 .....................................................................
UNIVERSAL DE INVERSIONES ...........................................
URPRASA FINANCIERA ......................................................
UXAMA INVERSIONES .......................................................
VAIMESA .............................................................................
VALENCIANA DE VALORES ...............................................
VALIBESA ............................................................................
VALLISOLETANA DE VALORES ..........................................
VALMER DE INVERSIONES .................................................
VALOR XXI .........................................................................
VALORES BILBAINOS .........................................................
VALORES CORONA ...........................................................
VALORES DEL PRINCIPADO ..............................................
VALORES DIVERSIFICADOS ...............................................
VALORES INDUSTRIALES ...................................................
VALORES MADRID .............................................................
VALORES MEDITERRANEOS ..............................................
VALORES MOBILIARIOS HERRERO ...................................
166
1997
2,211
4,076
900
3,740
2,460
5,650
2,300
420
3,090
6,968
4,220
0
5,914
256
4,220
5,865
6,450
614
1,806
1,036
9,924
8,208
532
102,413
4,635
200
963
4,440
4,671
0
4,464
1,200
4,368
240
0
2,290
280
560
625
9,684
4,000
4,620
2,480
386
264
0
352
510
400
2,604
1,703
900
2,320
5,000
420
2,306
256
5,300
614
1,743
945
7,309
256
91,083
160
888
4,120
4,100
964
240
2,015
280
640
625
8,560
4,120
1,700
231
240
352
510
400
2,250
1997
0
1,023
0
42
98
19
199
111
184
52
631
20
1,546
44
6
743
480
3
180
20
56
14
43
900
129
6
11
4
66
4
3
Comments
Listed 23-11-98
Listed 17-06-98
Listed 05-03-98
Listed 18-05-98
Listed 31-07-98
Listed 05-06-98
Listed 21-12-98
Listed 29-12-98
Listed 18-05-98
Listed 30-11-98
Listed 22-06-98
Listed 10-08-98
Listed 21-12-98
Listed 03-12-98
Listed 30-12-98
Listed 04-12-98
Listed 28-03-98
(Continue)
Companies
VALRENT ............................................................................
VALSIP INVERSIONES .........................................................
VALTISA ..............................................................................
VALUE INVERSIONES .........................................................
VELABOIT ...........................................................................
VERIESA ..............................................................................
VICTORIA FUND ................................................................
VINCIT-93 ...........................................................................
VIALES INVERSIONES ......................................................
VIRIATO DE INVERSIONES ................................................
VISCASA .............................................................................
VOLGA DE VALORES MOBILIARIOS .................................
WEBSTER INVERSIONES .....................................................
WEST RIVER ........................................................................
WIENER BLUT ....................................................................
XYLON-94 ..........................................................................
YIELD INVERSIONES ..........................................................
ZABIMA INVERSIONES FINANCIERAS ...............................
ZANETT INVERSIONES .......................................................
ZANISA DE INVERSIONES ..................................................
ZAARTU 2000 ..................................................................
ZAVALAGA .........................................................................
ZELETA DE INVERSIONES ..................................................
ZESTAO DE INVERSIONES .................................................
ZIAMVE ...............................................................................
1997
1997
444
4,180
281
475
0
372
0
5,146
3,960
360
336
405
4,160
6,140
4,680
9,380
240
0
2,120
240
3,964
3,440
7,315
9,096
208
600
332
475
368
3,980
360
336
405
5,040
4,160
7,680
240
240
2,840
6,490
208
13
247
24
9
0
198
0
6
400
4
17
10
111
249
7
4
5
0
15
2
1,041
202
105
0
5
111
1
36
17
2
25
16
3,462
143
3
7
146
269
17
809
0
764
25
3
0
16
1
Comments
Listed 01-12-98
Listed 30-12-98
Listed 21-12-98
Listed 14-12-98
Listed 18-11-98
Listed 09-12-98
Listed 18-11-98
Listed 27-05-98
Listed 11-12-98
FINANCING ENTITIES
FINANCIERAS AGRUPADAS - SAF - ...................................
INSTITUTO HIPOTECARIO ESPAOL(in liquidation) .........
Delisted 11-02-98
167
Bilbao
Madrid
Valencia
Total
No. of securities
1998 ..............................
1997 ..............................
18
17
8
8
3
5
2
3
31
31
Capitalization (*)
1998 ..............................
1997 ..............................
21,320
5,558
6,521
4,705
1,576
9,484
579
738
29,996
20,141
267
1,037
1,248
348
441
1,456
165
5
2,121
2,975
* Millions of pesetas
Spanish
market
Effective
Effective
trading in 1998 trading in 1998
Argentaria ........................
Banco Bilbao Vizcaya .....
Banco Central-Hispano ...
Banco Santander .............
Endesa .............................
Repsol .............................
Telefnica .......................
TOTAL 1998 (**) .............
2,688,354
3,972,217
1,761,796
4,027,532
5,060,330
2,583,704
8,440,082
43,439,943
45,425
55,215
8,250
96,400
165,900
320,145
523,307
1,214,642
1997
1996
1995
1994
1993
1.7
1.4
0.5
2.4
3.3
12.4
6.2
2.8
2.6
1.7
0.9
5.5
4.9
15.0
12.7
5.0
4.0
3.8
1.2
9.4
7.6
33.9
13.6
7.2
6.8
8.1
9.9
7.8
26.8
49.9
24.8
13.3
6.5
14.8
1.0
9.1
15.7
40.0
34.9
10.9
8.8
9.1
1.1
11.1
23.4
43.6
39.5
10.3
(*) Figures for annual trading abroad were obtained by aggregating the monthly figures translated into pesetas at the month average exchange rate.
(**) Figures for the Spanish market are the total trading volumes in equities on the four exchanges.
Source: Bank of Spain, Madrid Stock Exchange & CNMV.
168
1992
10.1
0.4
5.0
43.4
22.7
64.9
9.9
1991
1.6
1.1
2.1
53.3
65.1
80.4
8.1
1998
1997
1996
384,543.7
367,860.1
16,683.5
351,105.6
320,074.8
31,030.8
8,858.1
433.9
8,424.2
AIAF ........................................................
Commercial paper .............................
Matador bonds...................................
Mortgage bonds .................................
Bonds.................................................
6,050.4
1,025.8
852.5
51.3
4,120.7
Change (%)
1998/97
1997/96
267,581.5
245,434.2
22,147.3
9.5
14.9
-46.2
31.2
30.4
40.1
9,021.4
4,250.6
4,770.8
12,947.1
9,854.4
3,092.7
-1.8
-89.8
76.6
-30.3
-56.9
54.3
2,635.6
560.2
632.3
203.2
1,239.9
2,483.1
578.0
437.6
302.3
1,165.2
129.6
83.1
34.8
-74.7
232.3
6.1
-3.1
44.5
-32.8
6.4
31-12-98
Treasury bills .....................................
Government bonds ............................
TOTAL ...............................................
31-12-97
Amount
% of total
Amount
% of total
9,942
29,591
39,533
25.1
74.9
100.0
11,945
26,613
38,557
31.0
69.0
100.0
169
Government bonds
January ...............
February .............
March .................
April ...................
May ....................
June ....................
July .....................
August ................
September ...........
October ..............
November ...........
December ...........
1998 ...................
1997 ...................
1996 ...................
Total
Treasury
bills
Total
Maturing
under 2 years
Maturing
2-4 years
Maturing
over 4 years
32,344
26,881
33,994
32,178
31,796
33,814
31,969
33,577
43,697
35,516
24,196
24,582
384,544
351,106
267,581
2,436
1,266
1,392
1,304
1,150
1,111
1,304
958
1,480
1,280
1,321
1,680
16,684
31,031
22,147
29,908
25,615
32,602
30,875
30,646
32,703
30,665
32,619
42,216
34,236
22,874
22,901
367,860
320,075
245,434
2,932
2,029
3,972
3,751
4,439
4,166
3,115
2,576
3,282
3,076
1,579
853
35,770
40,978
21,044
6,556
6,360
10,434
8,579
7,256
7,450
5,501
5,356
6,833
6,893
4,613
4,221
80,053
79,621
74,435
20,420
17,226
18,196
18,545
18,951
21,087
22,048
24,687
32,101
24,267
16,683
17,828
252,037
199,477
149,956
Number of issues
Instrument
Commercial paper ........
Matador bonds ..............
Mortgage bonds ............
Bonds ............................
TOTAL ..........................
Source: AIAF.
170
Outstanding balances
1998
1997
1998
1997
% change
1998/97
Amount
% of total
Amount
% of total
% change
1998/97
368
259
11
189
827
402
253
13
154
822
-8.5
2.4
-15.4
22.7
0.6
516.2
2,530.8
197.1
3,361.1
6,605.2
7.8
38.3
3.0
50.9
100.0
361.3
2,655.0
226.0
2,680.4
5,922.7
6.1
44.8
3.8
45.3
100.0
42.9
-4.7
-12.8
25.4
11.5
January .................................
February ...............................
March ...................................
April .....................................
May ......................................
June ......................................
July .......................................
August ..................................
September .............................
October ................................
November .............................
December .............................
TOTAL 1998 ........................
TOTAL 1997 ........................
TOTAL 1996 ........................
Pro-memoria: own
account (%).
1998 .................................
1997 .................................
1996 .................................
Total
Commercial
paper
Matador
bonds
Mortgage
bonds
Bonds
260
211
355
226
236
332
311
179
391
597
1,530
1,422
6,050
2,636
2,483
103
60
107
52
38
69
80
43
96
147
87
145
1,026
560
578
76
53
111
53
52
95
96
24
77
57
82
78
853
632
438
4
3
2
12
1
1
4
1
7
0
8
8
51
203
302
77
95
135
109
146
167
131
112
211
393
1,353
1,191
4,121
1,240
1,165
49.2
32.9
29.9
36.8
30.8
31.6
16.4
19.2
7.6
26.3
35.4
47.3
59.3
40.4
32.9
Source: AIAF.
171
172
Commercial
paper
0.0
620.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14.8
113.0
0.0
748.5
18.6
0.0
0.0
0.0
184.2
0.0
202.8
0.0
0.0
0.0
0.0
74.5
0.0
74.5
1,025.8
Sector
0 OIL .........................................................................
1 ENERGY & WATER ................................................
2 MINING & BASIC METALS ....................................
3 CEMENT & BUILDING MATERIALS .......................
4 CHEMICALS ...........................................................
5 TEXTILE & PAPER ...................................................
6 METAL-MECHANICAL ...........................................
7 FOOD ....................................................................
8 CONSTRUCTION ...................................................
9 REAL ESTATE ..........................................................
10 TRANSPORT & COMMUNICATIONS ....................
11 OTHER ...................................................................
TOTAL NON-FINANCIAL ............................................
12 BANKS ...................................................................
13 INSURANCE ...........................................................
14 PORTFOLIO COMPANIES .....................................
15 SIM .........................................................................
16 FINANCE COMPANIES ..........................................
17 SECURITIES FIRMS .................................................
TOTAL FINANCIAL SECTOR ........................................
18 STATE .....................................................................
19 AUTONOMOUS REGIONS ...................................
20 LOCAL GOVERNMENTS ........................................
21 OTHER GOVERNMENT AGENCIES .......................
22 STATE BODIES .......................................................
23 INTERNATIONAL BODIES .....................................
TOTAL PUBLIC SECTOR ..............................................
TOTAL ..........................................................................
13.8
912.2
0.0
0.0
0.0
1.1
0.5
0.0
0.0
7.4
195.5
0.0
1,130.5
559.8
0.0
1.1
0.0
1,717.3
0.0
2,278.2
0.0
331.2
118.6
0.0
262.2
0.0
712.1
4,120.7
Bonds
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
51.3
0.0
0.0
0.0
0.0
0.0
51.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
51.3
Mortgage
bonds
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
852.5
852.5
852.5
Matador
bonds
13.8
1,532.9
0.0
0.0
0.0
1.1
0.5
0.0
0.0
22.2
308.5
0.0
1,878.9
629.8
0.0
1.1
0.0
1,901.5
0.0
2,532.4
0.0
331.2
118.6
0.0
336.8
852.5
1,639.1
6,050.4
Amount
0.2
25.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
5.1
0.0
31.1
10.4
0.0
0.0
0.0
31.4
0.0
41.9
0.0
5.5
2.0
0.0
5.6
14.1
27.1
100.0
Total AIAF
-18.0
415.5
-96.8
90.2
34.8
32.6
129.6
338.8
3,154.1
-43.0
128.5
21.9
19.7
98.0
35.7
48.3
140.1
Chg. % 98/97
Billions of pesetas
Madrid
Barcelona
Bilbao
Valencia
Total
ISSUERS
1995
1996
1997
1998
..............................
..............................
..............................
..............................
161
126
117
95
104
81
69
65
113
86
72
67
54
56
54
52
N.A.
153
142
115
ISSUES
1995
1996
1997
1998
..............................
..............................
..............................
..............................
745
683
753
657
591
553
508
477
489
569
477
405
338
503
451
410
N.A.
851
937
835
CAPITAL ADMITTED
1995 ..............................
1996 ..............................
1997 ..............................
1998 ..............................
3,102
2,989
2,817
2,329
1,837
1,799
1,495
1,365
2,671
2,531
1,925
1,545
1,482
1,551
1,171
966
N.A.
3,731
3,663
3,303
* Exluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
173
174
0
6
2
0
2
1
1
2
0
1
4
0
19
21
0
2
0
0
1
24
1
2
4
4
24
17
52
95
0 OIL .........................................................................
1 ENERGY & WATER ................................................
2 MINING & BASIC METALS ....................................
3 CEMENT & BUILDING MATERIALS .......................
4 CHEMICALS ...........................................................
5 TEXTILE & PAPER ...................................................
6 METAL-MECHANICAL ...........................................
7 FOOD ....................................................................
8 CONSTRUCTION ...................................................
9 REAL ESTATE ..........................................................
10 TRANSPORT & COMMUNICATIONS ....................
11 OTHER ...................................................................
TOTAL NON-FINANCIAL ............................................
12 BANKS ...................................................................
13 INSURANCE ...........................................................
14 PORTFOLIO COMPANIES .....................................
15 SIM .........................................................................
16 FINANCE COMPANIES ..........................................
17 SECURITIES FIRMS .................................................
TOTAL FINANCIAL SECTOR ........................................
18 STATE .....................................................................
19 AUTONOMOUS REGIONS ...................................
20 LOCAL GOVERNMENTS ........................................
21 OTHER GOVERNMENT AGENCIES .......................
22 STATE BODIES .......................................................
23 INTERNATIONAL BODIES .....................................
TOTAL PUBLIC SECTOR ..............................................
TOTAL ..........................................................................
0
4
2
0
2
1
0
0
0
1
4
0
14
12
0
2
0
0
1
15
1
3
4
0
27
1
36
65
Barcelona
Stock Exchange
0
5
3
0
2
0
1
1
0
1
5
0
18
10
0
1
0
0
0
11
1
3
7
1
24
2
38
67
Bilbao
Stock Exchange
* Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
Madrid
Stock Exchange
Sector
0
4
1
0
1
0
0
0
0
0
4
0
10
7
0
0
0
0
0
7
1
2
3
4
24
1
35
52
Valencia
Stock Exchange
0
6
3
0
3
1
1
2
0
2
5
0
23
27
0
2
0
0
1
30
1
4
8
5
27
17
62
115
Total market
0
6
2
0
2
1
1
2
0
1
4
0
19
21
0
2
0
0
1
24
1
2
4
4
24
17
52
95
Electronic mkt.
Outcry
0
19
4
0
2
1
1
2
0
1
23
0
53
100
0
31
0
0
1
132
16
0
10
6
244
196
472
657
0 OIL .........................................................................
1 ENERGY & WATER ................................................
2 MINING & BASIC METALS ....................................
3 CEMENT & BUILDING MATERIALS .......................
4 CHEMICALS ...........................................................
5 TEXTILE & PAPER ...................................................
6 METAL-MECHANICAL ...........................................
7 FOOD ....................................................................
8 CONSTRUCTION ...................................................
9 REAL ESTATE ..........................................................
10 TRANSPORT & COMMUNICATIONS ....................
11 OTHER ...................................................................
TOTAL NON-FINANCIAL ...........................................
12 BANKS ...................................................................
13 INSURANCE ...........................................................
14 PORTFOLIO COMPANIES .....................................
15 SIM .........................................................................
16 FINANCE COMPANIES ..........................................
17 SECURITIES FIRMS .................................................
TOTAL FINANCIAL SECTOR ........................................
18 STATE .....................................................................
19 AUTONOMOUS REGIONS ...................................
20 LOCAL GOVERNMENTS ........................................
21 OTHER GOVERNMENT AGENCIES .......................
22 STATE BODIES .......................................................
23 INTERNATIONAL BODIES .....................................
TOTAL PUBLIC SECTOR ..............................................
TOTAL ..........................................................................
0
16
4
0
2
1
0
0
0
1
23
0
47
48
0
31
0
0
1
80
15
62
12
0
248
13
350
477
Barcelona
Stock Exchange
0
20
5
0
2
0
1
1
0
3
24
0
56
49
0
1
0
0
0
50
16
16
14
2
229
22
299
405
Bilbao
Stock Exchange
* Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
Madrid
Stock Exchange
Sector
0
12
1
0
1
0
0
0
0
0
23
0
37
50
0
0
0
0
0
50
13
42
8
6
252
2
323
410
Valencia
Stock Exchange
0
22
5
0
3
1
1
2
0
4
24
0
62
119
0
31
0
0
1
151
16
122
18
8
262
196
622
835
Total market
0
19
4
0
2
1
1
2
0
1
23
0
53
100
0
31
0
0
1
132
16
0
10
6
244
196
472
657
Electronic mkt.
Outcry
175
176
0
99,535
415
0
36
6,000
20
1,875
0
3,500
318,512
0
429,893
292,267
0
40
0
0
1,200
293,507
2,926
1,900
4,330
46,800
174,886
1,374,874
1,605,716
2,329,117
0 OIL .........................................................................
1 ENERGY & WATER ................................................
2 MINING & BASIC METALS ....................................
3 CEMENT & BUILDING MATERIALS .......................
4 CHEMICALS ...........................................................
5 TEXTILE & PAPER ...................................................
6 METAL-MECHANICAL ...........................................
7 FOOD ....................................................................
8 CONSTRUCTION ...................................................
9 REAL ESTATE ..........................................................
10 TRANSPORT & COMMUNICATIONS ....................
11 OTHER ...................................................................
TOTAL NON-FINANCIAL ...........................................
12 BANKS ...................................................................
13 INSURANCE ...........................................................
14 PORTFOLIO COMPANIES .....................................
15 SIM .........................................................................
16 FINANCE COMPANIES ..........................................
17 SECURITIES FIRMS .................................................
196,499
2,926
480,514
3,777
0
154,913
110,500
752,630
1,364,586
0
86,994
415
0
36
6,000
0
0
0
3,500
318,512
0
415,457
195,259
0
40
0
0
1,200
Barcelona
Stock Exchange
221,058
2,926
279,826
44,584
14,000
190,895
384,730
916,961
1,545,036
0
87,113
425
0
39
0
20
875
0
27
318,518
0
407,017
221,018
0
40
0
0
0
Bilbao
Stock Exchange
* Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.
Madrid
Stock Exchange
Sector
197,965
2,644
68,979
542
46,800
174,970
80,000
373,935
965,959
0
75,427
106
0
13
0
0
0
0
0
318,512
0
394,058
197,965
0
0
0
0
0
Valencia
Stock Exchange
358,953
2,926
835,519
48,389
60,800
191,583
1,374,874
2,514,092
3,303,075
0
99,613
425
0
53
6,000
20
1,875
0
3,527
318,518
0
430,030
357,713
0
40
0
0
1,200
Total market
293,507
2,926
1,900
4,330
46,800
174,886
1,374,874
1,605,716
2,329,117
0
99,535
415
0
36
6,000
20
1,875
0
3,500
318,512
0
429,893
292,267
0
40
0
0
1,200
Electronic mkt.
65,446
0
833,619
44,060
14,000
16,697
0
908,376
973,958
0
78
10
0
16
0
0
0
0
27
6
0
137
65,446
0
0
0
0
0
Outcry
Millions of pesetas
ISSUES
Financial institutions
1998 ....................................
1997 ....................................
1996 ....................................
Non-financial companies
1998 ....................................
1997 ....................................
1996 ....................................
TOTAL
1998 ....................................
1997 ....................................
1996 ....................................
CAPITAL LISTED
Financial institutions
1998 ....................................
1997 ....................................
1996 ....................................
Non-financial companies
1998 ....................................
1997 ....................................
1996 ....................................
TOTAL
1998 ....................................
1997 ....................................
1996 ....................................
Total
Madrid
Barcelona
Bilbao
Valencia
1
0
1
1
0
1
1
0
0
1
0
0
0
0
0
7
11
19
7
11
19
4
6
13
4
6
13
0
1
9
8
11
20
8
11
20
5
6
13
5
6
13
0
1
9
21
0
634
21
0
634
21
0
0
21
0
0
0
0
0
11,799
19,022
63,165
11,799
19,022
63,165
9,904
16,999
60,617
1,299
12,425
54,134
0
11,250
52,434
11,820
19,022
63,799
11,820
19,022
63,799
9,925
16,999
60,617
1,320
12,425
54,134
0
11,250
52,434
177
Outcry
Month
Total
Electronic
market
Total
outcry
Barcelona
Bilbao
Valencia
Pro memoria
Elect.mkt/Total(%)
January ............
February ..........
March .............
April ................
May ................
June ................
July .................
August .............
September .......
October ..........
November .......
December .......
1998 ...............
1997 ...............
1996 ...............
Change (%)
1998 / 97 ....
1997 / 96 ....
Share (%)
1998 ...........
1997 ...........
753.0
960.3
937.8
664.5
659.2
716.9
732.7
567.2
690.7
660.4
708.8
806.5
8,858.1
9,021.4
12,947.1
85.3
28.2
26.5
19.6
21.9
23.3
55.5
10.8
34.2
24.6
48.5
55.5
433.9
4,250.6
9,854.4
667.8
932.1
911.2
644.9
637.3
693.7
677.2
556.5
656.5
635.8
660.3
751.1
8,424.2
4,770.8
3,092.7
175.4
205.8
220.7
217.3
219.4
301.0
395.2
372.4
436.0
465.8
410.0
430.6
3,849.6
1,741.8
1,105.2
488.0
722.6
688.8
423.3
413.2
388.9
279.9
183.9
215.2
168.7
241.6
313.4
4,527.7
2,989.1
1,932.9
4.3
3.6
1.7
4.3
4.7
3.7
2.0
0.2
5.3
1.3
8.6
7.1
47.0
39.8
54.7
11.3
2.9
2.8
3.0
3.3
3.2
7.6
1.9
4.9
3.7
6.8
6.9
4.9
47.1
76.1
-1.8
-30.3
-89.8
-56.9
76.6
54.3
121.0
57.6
51.5
54.6
18.0
-27.2
100.0
100.0
4.9
47.1
95.1
52.9
43.5
36.5
51.1
62.7
0.5
0.8
Share: Proportion of trading on the electronic market and the outcry market as a percentage of total fixed-income trading on the stock exchanges and proportion of outcry
trading on each stock exchange as a percentage of the total outcry trading.
(*) All fixed-income trading on the Madrid Stock Exchange is conducted in the electronic market.
178
0 OIL ...............................................................
1 ENERGY & WATER ......................................
2 MINING & BASIC METALS ..........................
3 CEMENT & BUILDING MATERIALS .............
4 CHEMICALS .................................................
5 TEXTILE & PAPER .........................................
6 METAL-MECHANICAL .................................
7 FOOD ..........................................................
8 CONSTRUCTION ........................................
9 REAL ESTATE ...............................................
10 TRANSPORT & COMMUNICATIONS ..........
11 OTHER .........................................................
TOTAL NON-FINANCIAL ..................................
12 BANKS .........................................................
13 INSURANCE .................................................
14 PORTFOLIO COMPANIES ...........................
15 SIM ...............................................................
16 FINANCE COMPANIES ................................
17 SECURITIES FIRMS .......................................
TOTAL FINANCIAL SECTOR ..............................
18 STATE ...........................................................
19 AUTONOMOUS REGIONS .........................
20 LOCAL GOVERNMENTS .............................
21 OTHER GOVERNMENT AGENCIES .............
22 STATE BODIES .............................................
23 INTERNATIONAL BODIES ...........................
TOTAL PUBLIC SECTOR ....................................
TOTAL ................................................................
Sector
0.0
23.8
0.7
0.0
0.0
1.1
0.0
0.1
0.0
4.8
48.2
0.0
78.7
53.0
0.0
11.2
0.0
0.0
0.2
64.4
91.8
8,427.6
24.5
27.9
62.6
80.5
8,714.9
8,858.1
1998
0.0
204.1
0.0
0.0
0.0
1.8
0.0
0.1
0.2
1.3
100.5
0.0
308.0
74.1
0.0
0.0
0.0
0.0
0.5
74.7
3,629.6
4,789.2
3.1
0.7
104.4
111.7
8,638.7
9,021.4
1997
0.0
327.6
0.0
0.5
0.0
3.7
0.2
0.1
0.3
0.0
82.6
0.0
415.1
80.0
0.7
1.3
0.0
0.0
1.1
83.1
8,815.2
3,097.2
10.2
7.1
221.0
298.2
12,448.8
12,947.1
1996
Billions of pesetas
0.1
371.1
0.0
1.1
0.0
3.0
0.7
1.8
0.3
0.0
138.5
0.0
516.5
75.6
0.0
5.4
0.0
0.0
1.2
82.2
3,391.5
813.5
18.2
4.5
303.0
20.5
4,551.3
5,150.0
1995
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.5
0.0
0.9
0.6
0.0
0.1
0.0
0.0
0.0
0.7
1.0
95.1
0.3
0.3
0.7
0.9
98.4
100.0
1998
0.0
2.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.1
0.0
3.4
0.8
0.0
0.0
0.0
0.0
0.0
0.8
40.2
53.1
0.0
0.0
1.2
1.2
95.8
100.0
1997
0.0
2.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.6
0.0
3.2
0.6
0.0
0.0
0.0
0.0
0.0
0.6
68.1
23.9
0.1
0.1
1.7
2.3
96.2
100.0
1996
% Distribution
0.0
7.2
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
2.7
0.0
10.0
1.5
0.0
0.1
0.0
0.0
0.0
1.6
65.9
15.8
0.4
0.1
5.9
0.4
88.4
100.0
1995
-20.7
-88.3
16,796.8
-57.5
-37.9
-20.3
-4.6
-100.0
255.0
-52.0
-74.4
-28.4
-100.0
398,814.3
-74.9
-68.2
-13.7
-97.5
76.0
697.4
4,053.8
-40.0
-28.0
0.9
-1.8
-19.6
5.8
-76.6
1,023.0
-9.6
1.1
159.9
280.7
-44.2
56.8
-27.1
1,354.6
173.5
151.4
-25.8
-7.3
-97.7
-99.8
-80.1
-51.5
-10.1
-58.8
54.6
-69.8
-90.5
-52.8
-62.5
-30.6
-30.3
21.7
-54.6
-11.7
-62.0
-54.3
-92.0
25.3
-66.1
-92.0
19.4
-100.0
-40.4
-34.8
-37.7
-49.0
-100.0
344.1
-51.8
-97.9
-51.7
-43.7
Billions of pesetas
179
Sector
0 OIL .............................................................................
1 ENERGY AND WATER ...............................................
2 MINING AND BASIC METALS ...................................
3 CEMENT AND BUILDING MATERIALS .....................
4 CHEMICALS ...............................................................
5 TEXTILE AND PAPER .................................................
6 METAL-MECHANICAL ...............................................
7 FOOD ........................................................................
8 CONSTRUCTION ......................................................
9 REAL ESTATE .............................................................
10 TRANSPORT AND COMMUNICATIONS ..................
11 OTHER .......................................................................
TOTAL NON-FINANCIAL ................................................
12 BANKS .......................................................................
13 INSURANCE ...............................................................
14 PORTFOLIO COMPANIES .........................................
15 SIM .............................................................................
16 FINANCE COMPANIES ..............................................
17 TOTAL FINANCIAL SECTOR ......................................
TOTAL SECTOR FINANCIERO .........................................
18 STATE .........................................................................
19 AUTONOMOUS REGIONS .......................................
20 LOCAL GOVERNMENTS ...........................................
21 OTHER GOVERNMENT AGENCIES ...........................
22 STATE BODIES ...........................................................
23 INTERNATIONAL BODIES .........................................
TOTAL PUBLIC SECTOR ..................................................
TOTAL ..............................................................................
Pro memoria: list of main issuers in terms of trading volume in 1998.
1. Basque Government .............................................
2. Catalua Government ...........................................
180
50.7%
43.4%
25%
50%
75%
90%
100%
1
1
1
0
1
1
1
1
0
1
1
0
2
1
0
1
0
1
1
2
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
1
2
0
3
2
0
1
0
1
1
3
1
1
1
2
2
1
1
1
1
2
1
0
1
1
1
1
0
1
3
0
5
5
0
1
0
1
1
5
1
2
1
3
3
2
2
2
1
3
1
0
1
1
1
1
0
1
4
0
8
13
0
1
0
1
1
12
1
2
1
4
3
4
2
2
1
9
2
0
3
2
1
1
0
1
7
0
27
31
0
2
0
1
1
35
1
6
6
5
18
12
48
110
Sector
0 OIL .............................................................................
1 ENERGY & WATER ....................................................
2 MINING & BASIC METALS ........................................
3 CEMENT & BUILDING MATERIALS ...........................
4 CHEMICALS ...............................................................
5 TEXTILE & PAPER .......................................................
6 METAL-MECHANICAL ...............................................
7 FOOD ........................................................................
8 CONSTRUCTION ......................................................
9 REAL ESTATE .............................................................
10 TRANSPORT & COMMUNICATIONS ........................
11 OTHER .......................................................................
TOTAL NON-FINANCIAL ................................................
12 BANKS .......................................................................
13 INSURANCE ...............................................................
14 PORTFOLIO COMPANIES .........................................
15 SIM .............................................................................
16 FINANCE COMPANIES ..............................................
17 SECURITIES FIRMS .....................................................
TOTAL FINANCIAL SECTOR ............................................
18 STATE .........................................................................
19 AUTONOMOUS REGIONS .......................................
20 LOCAL GOVERNMENTS ...........................................
21 OTHER GOVERNMENT AGENCIES ...........................
22 STATE BODIES ...........................................................
23 INTERNATIONAL BODIES .........................................
TOTAL PUBLIC SECTOR ..................................................
TOTAL ..............................................................................
50%
75%
90%
100%
1
1
1
0
1
1
1
1
0
1
2
0
2
3
0
2
0
1
1
4
2
3
1
2
2
4
3
3
1
1
1
0
1
1
1
1
0
1
6
0
7
8
0
5
0
1
1
12
4
5
1
3
3
10
6
6
1
3
1
0
1
1
2
1
0
1
12
0
15
22
0
9
0
1
1
31
11
11
1
4
5
21
13
13
1
5
1
0
1
1
2
1
0
1
17
0
25
51
0
14
0
1
1
65
29
19
1
6
10
34
21
23
1
37
4
0
3
1
3
1
0
1
27
0
94
184
0
25
0
1
1
211
119
157
11
8
180
69
544
849
181
Purchases
Sales
Purchases
Sales
Adjusted % of E. Mkt.
balance (4)
capit.
January ...............
February .............
March .................
April ...................
May ....................
June ....................
July .....................
August ................
September ...........
October ..............
November ...........
December ...........
2,184
3,907
5,036
5,414
5,315
3,886
5,308
3,124
1,809
2,223
4,597
3,938
211
85
81
50
140
175
230
953
849
767
556
597
7,507
11,764
18,224
14,248
12,869
9,560
12,935
6,872
7,863
8,410
13,880
10,768
753
1,017
568
1,879
2,537
905
663
2,800
2,783
3,284
1,657
2,019
783,033
838,422
1,047,155
1,127,286
1,233,340
1,025,950
1,151,180
876,739
970,782
1,056,639
1,179,523
1,261,444
1998 ...................
1997 ...................
1996 ...................
3,938
1,870
1,550
597
583
187
134,901
77,742
19,245
20,863
6,206
2,525
1,261,444
694,887
768,382
(1) Trades executed under Order dated 25 March 1991, regulating spot transactions on margin.
(2) Trades executed other than under Order dated 25 March 1991, regulating spot transactions on margin.
(3) End-of-period figures.
(4) Total balance less amount of re-loans.
(5) Compared with trading on the electronic market during the regular session.
Source: Madrid Stock Exchange bulletins, Madrid Stock Exchange, SCLV and CNMV.
182
Trading
Amount
% of E. Mkt.
volume (5)
1.7
1.6
1.8
1.9
2.1
1.7
1.8
1.8
2.1
2.1
2.1
2.3
1,160,503
505,677
659,230
670,604
841,881
766,502
524,004
275,145
562,086
561,889
632,907
600,763
44.6
16.3
16.4
18.9
29.6
24.2
16.3
9.6
15.7
17.0
19.9
18.9
2.3
1.6
2.5
8,061,191
4,979,511
2,724,833
20.9
22.1
17.7
60,508
21,175
11,431
2,998
51
0
433
8,565
1,906
119
75,235
1,079
183,499
474,592
800
338
0
0
475,731
659,230
29,546
10,885
16,362
614
1
3
2
51,349
8,167
279
203,111
2,945
323,265
346,959
255
125
0
0
347,338
670,604
April
19,497
28,701
383
123
0
253
207
14,702
22,123
758
650,421
9,910
747,076
79,592
15,055
158
0
0
94,805
841,881
May
53,329
320,558
1,107
220
0
296
2,098
8,731
5,438
3,999
82,171
6,054
484,003
245,861
18,289
18,350
0
0
282,499
766,502
June
NB. The last column (% of trading) refers to all trading on the electronic market, not just trading within the regular session.
26,725
65,126
1,024
1,675
13
153
341
3,280
1,021
346
40,112
1,463
141,277
361,238
2,959
203
0
0
364,400
505,677
0 Oil ..................................................
63,507
1 Energy & water ...............................
41,579
2 Mining & basic metals ....................
5,441
3 Cement & building materials ..........
877
4 Chemicals .......................................
11
5 Textile & paper ...............................
0
6 Metal-mechanical ...........................
119
7 Food ...............................................
60,734
8 Construction ...................................
3,176
9 Real estate ......................................
5,100
10 Transport & communications .......... 628,655
11 Other ..............................................
3,197
Total non-financial ................................. 812,396
12 Banks .............................................. 347,377
13 Insurance ........................................
423
14 Portfolio companies ........................
307
15 Sim .................................................
0
16 Finance companies .........................
0
Total financial sector ............................. 348,107
Total ....................................................... 1,160,503
Sector
101,256
128,853
3,828
650
165
1,126
5,412
3,452
1,043
3,333
78,326
2,706
330,151
191,558
174
2,121
0
0
193,854
524,004
July
39,466
36,832
2,098
314
0
6
324
3,918
2,553
530
90,364
3,701
180,105
92,430
1,740
870
0
0
95,040
275,145
August
13,322
49,094
1,340
1,584
192
70
537
14,159
5,359
812
97,973
3,734
188,176
373,099
708
103
0
0
373,910
562,086
48,671
113,726
1,076
787
0
84
722
5,518
16,097
648
102,578
3,936
293,844
264,772
1,823
1,451
0
0
268,046
561,889
31,317
131,563
5,054
348
0
191
589
4,540
1,272
92
213,256
10,133
398,355
233,606
945
0
0
0
234,551
632,907
47,134
207,280
3,721
4,505
0
360
791
11,861
3,931
889
51,042
7,940
339,453
245,853
12,682
2,776
0
0
261,310
600,763
SeptemNovem- DecemOctober
ber
ber
ber
534,278
6.9
1,155,372 14.9
52,862
0.7
14,694
0.2
433
0.0
2,542
0.0
11,574
0.1
190,810
2.5
72,086
0.9
16,907
0.2
2,313,243 29.8
56,798
0.7
4,421,600 57.0
3,256,935 42.0
55,854
0.7
26,801
0.3
0
3,339,591 43.0
7,761,191 100.0
Total % of total
20.31
13.12
6.84
4.18
0.22
0.58
2.19
9.26
6.00
3.37
25.77
5.17
16.04
22.41
15.31
6.01
21.75
18.09
% of
trading
Millions of pesetas
183
Annex 3
Derivatives markets
1997
83,926,288
187,243,741
242,698,919
200,713,304
152,289,426
209,425,578
68,366,035
63,970,916
18,020,143
12,229,391
25,372,064
8,464,387
Change (%)
12.4
10.5
15.9
12.9
63.0
-7.2
-24.2
19.6
-29.0
44.5
(1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but interyear comparisons are possible.
Sources: Futures and OTC World and CNMV.
AMEX
CBOE
CBOT
CME
EUREX
LIFFE
MATIF
MEFF RF
MEFF RV
NYMEX
187
Securities index
Currencies
Pro-memoria:
Long-term interest rate
Short-term interest rate
Securities indices
Product
Market
CBOT
EUREX
CBOT
CBOT
EUREX
CME
LIFFE
BM&F
LIFFE
CME
CBOE
KSE
CME
EUREX
CBOE
BM&F
CME
CME
CME
BM&F
MEFF RF
MEFF RF
MEFF RV
1998
1997
Change (%)
112,224,081
89,877,840
39,941,672
32,482,576
31,683,256
109,472,507
54,559,028
34,423,143
33,750,746
24,637,718
33,425,854
32,310,812
31,430,523
29,948,503
25,708,136
18,573,100
7,065,266
6,884,026
3,974,163
3,405,413
99,827,659
31,337,633
30,805,885
23,961,819
24,299,906
99,770,237
43,326,030
36,466,961
20,370,846
26,341,259
36,595,576
n.d.
21,294,584
31,521,286
26,494,543
40,387,111
6,034,565
7,044,783
4,222,268
8,151,689
12.4
186.8
29.7
35.6
30.4
9.7
25.9
-5.6
65.7
-6.5
-8.7
47.6
-5.0
-3.0
-54.0
17.1
-2.3
-5.9
-58.2
15,355,019
1,723,576
8,418,822
20,724,153
2,325,491
5,880,899
-25.9
-25.9
43.2
((1) Trading volume refers to number of contracts. Differences in the underlying security prevent direct comparison between markets, but interyear comparisons are possible.
BM&F
CBOE
CBOT
CME
EUREX
KSE
LIFFE
MEFF RF
MEFF RV
188
549,833
648,427
752,577
745,841
677,657
637,390
626,547
718,418
920,646
875,990
635,508
629,988
8,418,822
5,880,899
2,819,216
2,731,879
2,689,482
1,039,789
268,537
Future
61,036
135,539
120,784
72,166
57,338
58,121
71,405
44,656
53,916
61,352
60,170
31,085
827,568
651,671
410,938
366,301
361,336
178,425
122,387
Call
58,544
72,107
66,772
59,901
44,546
67,349
38,594
36,385
56,647
51,677
52,764
27,775
633,061
586,138
365,483
392,199
352,899
144,144
98,824
Put
Option
Data prior to 10 January 1997 have been adjusted for comparison with the contracts new nominal value.
January .................................
February ...............................
March ..................................
April .....................................
May ......................................
June ......................................
July .......................................
August ..................................
September ............................
October ................................
November ............................
December ............................
1998 ....................................
1997 ....................................
1996 ....................................
1995 ....................................
1994 ....................................
1993 ....................................
1992 ....................................
1997
Trading volume
119,580
207,646
187,556
132,067
101,884
125,470
109,999
81,041
110,563
113,029
112,934
58,860
1,460,629
1,237,809
776,421
758,500
714,234
322,569
221,212
Total
669,413
856,073
940,133
877,908
779,541
762,860
736,546
799,459
1,031,209
989,019
748,442
688,848
9,879,451
7,118,708
3,595,637
3,490,379
3,403,716
1,362,358
489,749
Total
82,520
90,340
90,973
83,639
76,222
83,808
80,523
73,054
70,433
73,301
78,443
82,810
82,810
70,521
44,987
45,775
23,040
28,251
5,629
Future
41,084
85,022
60,858
70,207
66,604
44,047
48,712
52,231
38,448
48,792
54,359
15,533
15,533
16,382
26,237
12,930
8,334
4,978
2,163
Call
36,144
62,832
56,369
62,426
62,180
34,633
34,135
37,324
32,116
42,277
51,737
11,751
11,751
13,041
21,371
9,347
6,542
4,727
2,016
Put
Option
77,228
147,854
117,227
132,633
128,784
78,680
82,847
89,555
70,564
91,069
106,096
27,284
27,284
29,423
47,607
22,277
14,876
9,706
4,179
Total
A.3.3. MEFF RV. IBEX 35 CONTRACTS. TRADING VOLUME AND OPEN INTEREST. 1998
159,748
238,194
208,200
216,272
205,006
162,488
163,370
162,609
140,997
164,370
184,539
110,094
110,094
99,944
92,594
68,051
37,916
37,957
9,808
Total
No. of contracts
189
Future
Call
Put
31.5
45.4
98.8
100.0
100.0
100.0
31.9
61.0
96.8
100.0
100.0
100.0
29.3
63.3
95.4
100.0
100.0
100.0
3.5
6.1
261.5
6,138.8
6,306.6
5,221.2
3.4
7.7
27.5
126.4
113.9
69.6
3.0
7.3
24.2
103.2
98.3
54.0
5.6
20.1
18.2
1998
January .............................................
February ...........................................
March ...............................................
April .................................................
May ..................................................
June ..................................................
July ...................................................
August ..............................................
September .........................................
October ............................................
November .........................................
December .........................................
1998
1997
1996
1995
1994
1993
190
.................................................
.................................................
.................................................
.................................................
.................................................
.................................................
Trading volume
Total market
Total market
Call
Put
Total
Call
Put
Total
36,398
102,748
93,205
61,484
66,778
110,270
120,310
125,352
206,506
74,318
92,480
224,548
23,283
35,083
45,099
35,012
38,655
135,611
71,876
104,743
196,253
66,798
74,605
208,525
59,681
137,831
138,304
96,496
105,433
245,881
192,186
230,095
402,759
141,116
167,085
433,073
34,606
81,276
52,938
86,317
117,550
103,951
212,427
245,015
175,481
219,916
265,550
134,908
28,006
54,261
41,418
66,994
95,062
147,030
203,352
212,503
150,068
173,782
227,662
132,949
62,612
135,537
94,356
153,311
212,612
250,981
415,779
457,518
325,549
393,698
493,212
267,857
1,314,397
832,456
616,375
383,582
134,668
90,267
1,035,543
513,223
238,421
383,070
87,743
41,533
2,349,940
1,345,679
854,796
766,652
222,411
131,800
134,908
15,399
37,299
16,154
12,313
3,705
132,949
10,776
8,136
6,550
4,720
250
267,857
26,175
45,435
22,704
17,033
3,955
Call
263,822
256,688
256,531
80,307
33,065
8,775
11,580
8,376
101,496
5,480
9,423
1,035,543
Put
1998
560,739
545,805
607,998
186,012
102,478
20,424
41,024
21,044
224,824
11,424
28,168
2,349,940
Total
236,744
78,524
69,151
157,870
136,295
23,447
40,683
21,073
32,881
4,981
30,807
832,456
Call
Trading volume
165,742
53,701
18,571
54,464
179,699
6,663
6,359
7,824
7,422
3,891
8,887
513,223
Put
1997
402,486
132,225
87,722
212,334
315,994
30,110
47,042
28,897
40,303
8,872
39,694
1,345,679
Total
40,669
18,313
55,902
9,423
893
736
505
360
7,222
300
585
134,908
Call
42,306
18,574
55,456
7,259
450
423
579
520
6,799
260
323
132,949
Put
1998
82,975
36,887
111,358
16,682
1,343
1,159
1,084
880
14,021
560
908
267,857
Total
2,229
3,634
630
6,001
542
252
198
176
582
220
935
15,399
Call
4,472
3,121
459
1,704
117
260
40
140
239
55
169
10,776
Put
1997
6,701
6,755
1,089
7,705
659
512
238
316
821
275
1104
26,175
Total
A.3.6. MEFF RV. Contracts on stocks. Trading volume and open interest.
Detail by contract type. 1998
191
192
1,798,048
1,614,374
2,064,128
1,451,997
1,134,871
1,658,146
975,199
1,284,903
1,836,621
1,288,843
599,140
485,323
16,191,593
22,676,371
21,066,011
14,332,870
14,385,826
5,214,935
1,291,441
934,694
266,137
1998
January .....................................
February ...................................
March .......................................
April .........................................
May ..........................................
June ..........................................
July ...........................................
August ......................................
September ................................
October ....................................
November ................................
December ................................
1998 .........................................
1997 .........................................
1996 .........................................
1995 .........................................
1994 .........................................
1993 .........................................
1992 .........................................
1991 .........................................
1990 .........................................
5,049
6,636
3,904
4,810
2,701
1,261
2,019
3,873
2,050
3,554
3,131
4,318
43,306
8,553
7,358
48,372
5Y
Bono
1,703,251
1,482,870
1,968,462
1,322,540
1,000,626
1,585,600
926,619
1,237,456
1,806,294
1,263,459
580,072
477,770
15,355,019
20,724,153
18,124,849
12,835,032
12,875,082
4,388,332
728,229
10Y
Bono
6,244
17,398
13,384
8,229
4,157
2,588
1,902
53,902
30Y
Bono
Futures
1,309
551
849
20
0
0
0
0
600
350
250
0
3,929
16,128
134,721
DIFF
1,709,609
1,490,057
1,973,215
1,327,370
1,003,327
1,593,105
946,036
1,254,713
1,817,173
1,271,520
586,041
483,990
15,456,156
20,752,550
18,461,384
12,835,460
12,884,345
4,400,042
959,262
465,367
171,440
Total
* The total trading figures include the futures and options on the notional 3Y Bono in the years when it existed.
Total
market
200
0
0
0
0
0
0
0
0
0
0
0
200
0
0
11,125
Call
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,350
Put
5Y Bono
200
0
0
0
0
0
0
0
0
0
0
0
200
0
0
15,475
Total
38,521
69,394
47,489
48,932
61,420
23,036
15,271
9,603
3,777
5,143
6,377
861
329,824
906,652
1,172,295
793,011
771,062
396,700
112,813
Call
49,718
54,923
43,424
75,695
70,124
42,005
13,892
20,587
15,671
12,180
6,722
472
405,413
1,017,119
1,425,102
704,399
730,419
418,193
147,752
Put
10Y Bono
Options
88,239
124,317
90,913
124,627
131,544
65,041
29,163
30,190
19,448
17,323
13,099
1,333
735,237
1,923,771
2,597,397
1,497,410
1,501,481
814,893
260,565
Total
0
0
0
0
0
0
0
0
Call
0
0
0
0
0
0
0
0
Put
30Y Bono
0
0
0
0
0
0
0
0
Total
88,439
124,317
90,913
124,627
131,544
65,041
29,163
30,190
19,448
17,323
13,099
1,333
735,437
1,923,821
2,604,627
1,497,410
1,501,481
814,893
332,179
469,327
94,697
Total
No. of contracts
Total
market
198,252
249,093
174,382
225,965
259,805
190,150
193,821
221,715
139,232
103,748
102,049
23,666
23,666
148,706
158,865
125,644
74,784
127,862
14,397
23,411
12,505
1998
January .......................
February .....................
March ........................
April ...........................
May ...........................
June ...........................
July ............................
August ........................
September ..................
October .....................
November ..................
December ..................
1998 ..........................
1997 ..........................
1996 ..........................
1995 ..........................
1994 ..........................
1993 ..........................
1992 ..........................
1991 ..........................
1990 ..........................
1,406
2,106
150
250
211
200
350
343
150
510
582
63
63
250
100
5Y
Bono
130,303
146,777
113,783
119,115
131,433
134,829
137,850
147,009
118,592
80,567
78,623
23,077
23,077
109,590
94,060
61,928
46,497
84,579
10,052
10Y
Bono
996
1,306
6,039
265
327
516
160
160
30Y
Bono
Futures
510
510
20
0
0
0
0
0
200
100
100
0
0
425
319
DIFF
132,219
149,393
113,953
119,365
131,644
136,025
139,506
153,391
119,207
81,504
79,821
23,300
223
110,265
95,037
61,928
46,497
84,678
10,052
7,776
3,408
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Call
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Put
5Y Bono
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
29,115
42,463
31,979
47,655
61,223
21,824
23,858
24,502
3,786
5,946
5,089
8
8
18,338
28,794
34,385
15,764
20,360
1,415
Call
Total
36,918 66,033
57,237 99,700
28,450 60,429
58,945 106,600
66,938 128,161
32,301 54,125
30,457 54,315
43,822 68,324
16,239 20,025
16,298 22,244
17,139 22,228
358
366
358
366
20,103 38,441
35,034 63,828
29,331 63,716
12,523 28,287
22,824 43,184
2,930
4,345
Put
10Y Bono
Options
0
0
0
0
0
0
0
0
Call
0
0
0
0
0
0
0
0
Put
30Y Bono
0
0
0
0
0
0
0
0
Total
66,033
99,700
60,429
106,600
128,161
54,125
54,315
68,324
20,025
22,244
22,228
366
366
38,441
63,828
63,716
28,287
43,184
4,345
15,635
9,097
Total
No. of contracts
193
Option (*)
Call
Put
0.0
0.0
41.4
100.0
100.0
100.0
1.6
0.0
23.8
78.7
89.3
75.0
1.6
0.0
24.6
86.1
93.3
70.0
0.0
0.0
52.6
3,031.7
2,782.1
3,424.2
0.2
0.0
1.0
5.2
8.8
6.2
0.2
0.0
1.1
7.5
9.8
6.9
20.7
158.2
165.0
194
Future
4,355
9,045
5,550
5,350
3,050
3,226
2,760
1,580
550
700
100
0
36,266
153,609
133,228
39,453
7,147
4,882
1,020
3,816
361
Call
4,325
12,114
6,200
4,475
5,200
3,000
1,000
2,602
700
700
0
0
40,316
140,481
101,906
38,932
11,895
3,518
585
2,867
101
Put
Option
MIBOR 90+
8,680
21,159
11,750
9,825
8,250
6,226
3,760
4,182
1,250
1,400
100
0
76,582
294,090
235,134
78,385
19,042
8,400
1,605
6,683
462
Total
186,318
196,005
255,966
195,128
173,023
168,021
109,096
157,022
135,057
109,239
64,800
50,483
1,800,158
2,619,581
1,424,088
664,084
357,522
220,162
72,477
50,313
2,192
Total
4,025
2,889
3,432
1,869
3,349
2,984
1,369
1,805
2,206
2,073
1,328
1,063
28,392
76,112
58,193
29,751
40,378
3,512
Future
MIBOR
360+
110,996
147,043
130,640
144,063
140,595
105,362
112,314
128,820
92,165
90,039
84,695
33,028
33,028
98,885
39,633
22,700
11,743
12,949
2,056
1,066
234
Future
18,685
23,054
14,894
16,319
17,344
11,511
11,391
11,831
6,476
6,076
6,176
1,800
1,800
17,285
17,624
9,700
1080
172
220
258
45
Call
33,615
41,454
29,854
31,829
31,729
19,801
20,001
20,987
8,421
8,021
8,021
2,100
2,100
30,135
13,912
10,578
700
720
0
251
15
Put
Option
MIBOR 90+
52,300
64,508
44,748
48,148
49,073
31,312
31,392
32,818
14,897
14,097
14,197
3,900
3,900
47,420
31,536
20,278
1780
892
220
509
60
Total
Total
163,296
211,551
175,388
192,211
189,668
136,674
143,706
161,638
107,062
104,136
98,892
36,928
36,928
146,305
71,169
42,978
13,523
13,841
2,276
1,574
294
4,069
4,741
4,010
4,266
3,932
2,800
2,782
2,788
1,945
2,011
1,621
730
730
3,947
3,520
1,856
3,039
398
Future
MIBOR
360+
No. of contracts
Data in this table from before June 1995 are divided by 10 to standardize the size of the former Mibor 90 and Mibor 360 contracts (10 million pesetas) with the new Mibor 90 + and Mibor 360 + contracts (100 million pesetas).
January ...........................................
177,638
February .........................................
174,846
March .............................................
244,216
April ...............................................
185,303
May ................................................
164,773
June ................................................
161,795
July .................................................
105,336
August ............................................
152,840
September ......................................
133,807
October ..........................................
107,839
November ......................................
64,700
December ......................................
50,483
1998 ............................................... 1,723,576
1997 ............................................... 2,325,491
1996 ............................................... 1,188,954
1995 ...............................................
585,699
1994 ...............................................
338,480
1993 ...............................................
211,762
1992 ...............................................
70,872
1991 ...............................................
43,630
1990 ...............................................
1,730
1998
Trading volume
A.3.10. MEFF RF. MIBOR CONTRACTS. TRADING VOLUME AND OPEN INTEREST.1998
195
Future
Call
Put
99.6
100.0
100.0
100.0
100.0
100.0
20.8
23.6
21.9
15.3
24.6
15.0
19.5
29.7
26.7
13.4
17.3
2.5
39.0
67.1
75.4
69.1
45.2
57.2
0.5
0.6
0.6
0.4
0.9
0.3
0.9
0.9
0.7
0.3
0.6
0.1
33.4
129.9
144.1
1998
January ...............
February .............
March ................
April ...................
May ....................
June ....................
July .....................
August ................
September ..........
October ..............
November ..........
December ..........
1998 ..................
1997 ..................
1996 ..................
1995* .................
Trading volume
Valencia-Late Navel-Navelina
77
5
41
75
24
18
8
248
38,442
48,258
25
28
3
5
5
0
66
20,659
67,079
27,031
196
Clementina
Total
945
30,113
102
33
44
75
24
18
8
5
5
0
314
60,046
145,450
27,031
Valencia-Late Navel-Navelina
45
50
49
0
2
4
0
0
0
0
5
3
0
5
0
0
0
11
138
80
Clementina
Total
0
101
50
53
49
0
2
4
0
5
0
0
0
11
239
80
Category
Clearing members..............................
Clearing-custodian members..............
Clearing-custodian non-traders ..........
Traders...............................................
Total ..................................................
MEFF RF
FC & M
12/31/98
Change*
12/31/98
Change*
12/31/98
Change*
47
51
6
5
109
+7
+20
+1
+1
0
15
48
3
7
73
-3
0
+1
+1
-3
7
8
0
4
19
0
0
0
0
0
Instrument
12/31/98
Change*
Ibex 35 ....................................
Ibex 35 ....................................
Stocks ......................................
10Y Bono .................................
Mibor 90+ ...............................
FC&M ......................................
Future
Option
Option
Future
Future
Future
**
**
**
5
3
4
**
**
**
0
0
0
30%
50%
75%
90%
100%
MEFF RV
Ibex 35 futures ...........................
Ibex 35 options ..........................
Stock options ..............................
2
1
1
4
3
1
8
5
3
16
10
6
29
16
14
67
61
62
MEFF RF
Govt. bond futures .....................
Govt. bond options ....................
Mibor futures ..............................
Mibor options .............................
DIFF* futures ..............................
2
1
1
1
1
4
2
3
3
1
8
5
6
4
1
15
10
12
7
2
26
17
21
11
4
78
52
61
25
7
FC&M
Valencia-late futures ...................
Navel-navelina futures ................
1
1
1
1
2
2
3
3
3
4
5
6
197
Own account
Customers
Total
Residents
Non-res.
Pro memoria
Market makers
44.2
56.8
46.6
55.8
43.2
53.4
28.0
15.9
25.7
27.8
27.3
27.7
37.5
32.6
36.6
43.1
56.9
29.6
27.3
33.8
61.9
55.4
61.6
38.1
44.6
38.4
14.0
14.3
14.0
24.1
30.3
24.4
26.3
0.0
25.1
39.1
63.8
60.9
36.2
10.0
7.1
50.9
29.1
19.9
0.0
40.2
59.8
9.8
50.0
19.1
99.5
0.5
0.5
0.0
0.5
74.0
26.0
26.0
0.0
73.4
198
MEFF RV
MEFF RF
FC & M
21.6
0.8
20.6
1.5
0.4
30.0
10.9
14.2
0.0
100.0
51.3
39.1
7.3
7.7
1.0
0.0
39.3
0.1
2.3
3.2
100.0
66.5
6.1
46.0
47.9
100.0
0.0
Regular
session
Offsessin (1)
Putthroughs (2)
Pro memoria
op. spread (3)
78.1
72.6
77.1
55.7
87.7
1.8
83.7
93.7
11.8
90.2
100.0
97.4
16.8
18.2
17.0
9.7
2.5
88.3
6.6
0.3
79.3
3.7
0.0
0.0
5.2
9.2
5.9
34.6
10.0
9.9
10.0
6.0
9.0
6.2
0.0
2.6
26.6
0.0
21.8
0.0
5.0
0.0
4.8
2.5
0.0
2.4
0.0
0.0
199
Annex 4
Collective investment
institutions
FIM
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
FIAMM
Total
Guaranteed
Total
Guaranteed
146
171
206
285
371
441
528
602
788
1,277
1,675
0
0
0
0
0
0
0
34
132
391
553
31
41
62
88
106
130
138
154
181
204
206
0
0
0
0
0
0
0
1
1
3
3
SIM
SIMCAV
219
250
272
270
230
224
222
215
217
218
230
7
8
10
19
25
27
41
53
68
137
361
Total
Total
Guaranteed
403
470
550
662
732
822
929
1,024
1,254
1,836
2,472
0
0
0
0
0
0
0
35
133
394
556
Assets
(Millions of pesetas)
FIM
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
FIAMM
Total
Guaranteed
Total
Guaranteed
547,355
540,557
542,812
1,905,972
2,992,555
5,557,837
5,287,287
5,199,893
9,211,944
16,863,639
25,478,833
0
0
0
0
0
0
0
223,791
1,704,700
4,711,611
7,998,676
221,136
329,219
619,722
1,964,087
3,287,810
4,736,734
5,962,282
6,993,227
9,496,438
10,165,745
8,426,314
0
0
0
0
0
0
0
24,180
45,652
60,758
56,330
SIM
SIMCAV
277,175
293,396
325,115
349,711
311,547
355,531
321,892
322,033
375,622
448,336
524,315
11,712
11,804
14,864
24,688
35,387
59,284
74,924
95,442
157,130
353,138
828,206
Total
Total
Guaranteed
1,057,378
1,174,976
1,502,513
4,244,458
6,627,299
10,709,386
11,646,385
12,610,595
19,241,134
27,830,858
35,257,668
0
0
0
0
0
0
0
247,971
1,750,352
4,772,369
8,055,006
No. of investors
(000)
FIM
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
FIAMM
Total
Guaranteed
Total
Guaranteed
518.5
446.7
376.2
663.1
900.4
1,446.9
1,440.6
1,334.3
2,184.4
3,946.4
5,976.0
0
0
0
0
0
0
0
58.1
423.5
1,141.9
1,975.2
42.7
104.2
193.8
482.0
776.8
1,101.4
1,356.0
1,611.2
2,106.7
2,274.4
2,011.8
0
0
0
0
0
0
0
8.9
14.7
17.6
15.9
SIM
SIMCAV
94.5
83.9
74.6
64.4
59.6
57.0
53.6
52.6
2.3
33.6
26.1
32.2
33.0
33.3
39.8
49.3
Total
Total
Guaranteed
561.2
550.9
570.0
1,241.9
1,794.7
2,649.1
2,893.2
3,038.1
4,381.5
6,314.2
8,089.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
67.0
438.3
1,159.5
1,991.1
203
1994
1995
1996
1997
1998
1997
........................
........................
........................
........................
........................
Jan ...............
Feb ..............
Mar ..............
Apr ..............
May .............
Jun ...............
Jul ................
Aug ..............
Sep ..............
Oct ..............
Nov .............
Dec ..............
1998 Jan ...............
Feb ..............
Mar ..............
Apr ..............
May .............
Jun ...............
Jul ................
Aug ..............
Sep ..............
Oct ..............
Nov .............
Dec ..............
Money market
funds (FIAMM)
Fixed-income
Mixed fixed-income
Mixed equity
Equity
6.69
8.01
6.99
4.37
2.99
0.50
0.30
0.35
0.41
0.39
0.33
0.33
0.31
0.38
0.30
0.34
0.34
0.18
0.25
0.28
0.23
0.25
0.24
0.25
0.26
0.27
0.25
0.22
0.27
1.54
9.66
11.11
6.14
6.76
0.84
0.09
-0.16
1.07
0.74
0.90
0.57
-0.07
1.06
0.99
0.74
0.77
0.96
0.66
0.75
-0.12
0.56
0.45
0.48
-0.03
0.50
0.40
0.87
0.70
-0.07
9.70
12.61
9.25
10.87
0.99
0.02
0.02
1.43
1.54
2.39
0.71
-1.09
2.68
-2.05
1.83
1.68
2.43
2.65
3.22
-0.55
0.85
0.66
0.76
-3.28
-0.59
1.78
2.17
1.06
-5.41
11.51
25.35
19.90
17.01
2.37
0.13
0.76
4.11
3.03
4.77
0.87
-2.31
5.11
-5.62
3.98
2.31
4.38
4.90
6.49
-0.73
0.39
0.81
1.43
-9.60
-3.43
5.62
4.79
1.54
-8.39
12.27
36.03
34.12
25.08
3.89
0.36
1.25
6.51
4.85
8.13
1.85
-4.26
8.00
-10.15
6.45
3.76
7.02
8.57
11.26
-1.20
0.09
1.33
1.80
-16.23
-6.58
9.21
8.21
2.67
Notes:
Fixed-income FIM: Mutual funds invested 100% in fixed-income securities.
Mixed fixed-income FIM: Mutual funds invested 75% - 100% in fixed-income securities.
Mixed equity FIM: Mutual funds invested 30%-75% in fixed-income securities.
Equity FIM: Mutual funds invested under 30% in fixed-income.
Average yields were calculated using the composition of each funds portfolio at the end of year or month (for annual and monthly yield, respectively).
The average yield is weighted by the assets of all the funds existing at the beginning of the year or month (for annual and monthly yield, respectively).
204
25,478,833
1,634,303
23,860,341
19,229,270
2,578,832
816
1,786,874
8,258,526
1,226,413
310,044
4,872,679
116,593
78,493
4,631,071
1,344,286
74,622
2,674,322
292,276
245,565
-15,811
Amount
31-12-98
6.33
5.28
0.29
10.50
1.15
0.96
-0.03
100.00
5.24
94.79
88.46
10.20
0.00
8.36
30.38
7.93
1.68
29.48
0.19
0.24
% of total
1,066,686
438,906
29,333
497,293
37,747
63,407
-4,801
16,863,639
884,067
15,984,373
14,917,687
1,719,730
400
1,409,171
5,123,457
1,338,017
282,694
4,970,961
32,399
40,858
Amount
31-12-97
6.33
2.60
0.17
2.95
0.22
0.38
-0.03
100.00
5.24
94.79
88.46
10.20
0.00
8.36
30.38
7.93
1.68
29.48
0.19
0.24
% of assets
3,564,385
905,380
45,289
2,177,029
254,529
182,158
-11,010
8,615,194
750,236
7,875,968
4,311,583
859,102
416
377,703
3,135,069
-111,604
27,350
-98,282
84,194
37,635
Amount
Change
334.16
206.28
154.40
437.78
674.30
287.28
229.33
51.09
84.86
49.27
28.90
49.96
104.00
26.80
61.19
-8.34
9.67
-1.98
259.87
92.11
205
31-12-98
31-12-97
Amount
% of assets
Amount
% of assets
662,976
1,513,238
2,942,159
192,464
1,089,198
271,944
1,427,911
120,811
142,908
185,277
70,642
515,101
2.60
5.94
11.55
0.76
4.27
1.07
5.60
0.47
0.56
0.73
0.28
2.02
515,802
929,698
195,367
146,071
4,007,105
2,287
277,670
195,924
68,923
121,804
36,623
2,287
3.06
5.51
1.16
0.87
23.76
0.01
1.65
1.16
0.41
0.72
0.22
0.01
41,850,442
82,280,593
1,151,766 Not available
250,776,232 184,111,895
107,979
57,476
102,184,243 113,183,437
171,654
2,287
81,237,601
21,911,568
5,145,300 Not available
24,762,754
8,362,521
11,773,012
3,577
409,603
462,490
2,171,811
2,287
TOTAL ..............................................
9,134,629
35.85
6,499,561
38.54
206
31-12-98
Fixed-income (1)
Equities (2)
Government
Private
Total
1,745,802
27,901
17,216
11,488
976,750
70,610
10,790
89,771
240
427,200
102,849
10,989
509,840
161,864
0
0
292,677
6,638
0
1,427
0
6,835
39,264
1,136
2,255,643
189,765
17,216
11,488
1,269,426
77,247
10,790
91,197
240
434,035
142,114
12,125
764,701
2,141
21,085
204,542
39,173
n.a.
218,352
1,057
110,827
109,683
43,299
14,542
REST OF EU ......................................
Danish Krone ...............................
Pound Sterling .............................
Greek Drachma ...........................
Swedish Krona .............................
114,966
31,640
73,568
1,776
7,982
33,708
0
29,457
4,251
0
148,674
31,640
103,025
6,027
7,982
227,090
2,105
197,059
3,690
24,236
347,933
337,384
5,403
3,419
148
284
793
387
Not available
Not available
Not available
115
214,348
211,321
1,106
0
1,044
757
0
0
Not available
Not available
Not available
118
562,281
548,705
6,509
3,419
1,193
1,041
793
387
Not available
Not available
Not available
234
427,116
286,757
490
18,212
109,499
986
922
n.a.
3,043
1,491
734
4,981
TOTAL ..............................................
2,208,702
757,896
2,966,598
1,418,908
207
208
3,891,529
2,525,817
1,365,712
186,210
15,823
14,104
229,744
817,350
186,489
-68,457
-6,009
934
4,205
-14,681
Amount
Q1
7.37
1.01
0.09
0.08
1.24
4.41
1.01
-0.37
-0.03
0.01
0.02
-0.08
% of daily
average
assets
2,000,586
1,835,330
165,256
205,242
12,912
22,359
4,945
182
21,383
-80,148
-7,124
-546
-2,989
-10,960
Amount
Q2
0.76
0.94
0.06
0.10
0.02
0.00
0.10
-0.37
-0.03
0.00
-0.01
-0.05
% of daily
average
assets
-19,774
952,086
-971,860
217,584
14,345
14,027
79,113
-909,364
-296,618
-84,782
-6,820
-5,699
4,136
2,218
Amount
1998
Q3
-4.19
0.94
0.06
0.06
0.34
-3.92
-1.28
-0.37
-0.03
-0.02
0.02
0.01
% of daily
average
assets
2,742,853
1,408,897
1,333,956
202,826
13,621
10,637
226,456
791,301
200,274
-89,041
-7,503
-2,651
1,319
-13,283
Amount
Q4
5.56
0.85
0.06
0.04
0.94
3.30
0.83
-0.37
-0.03
-0.01
0.01
-0.06
% of daily
average
assets
8,615,195
6,722,131
1,893,064
811,862
56,701
61,127
540,258
699,469
111,528
-322,428
-27,456
-7,962
6,671
-36,706
Amount
8.65
3.71
0.26
0.28
2.47
3.20
0.51
-1.47
-0.13
-0.04
0.03
-0.17
9.08
5.01
0.32
0.24
1.82
3.13
0.29
-1.48
-0.14
0.01
0.01
-0.13
% of daily
average
assets
1997
7,651,695
6,422,197
1,229,498
679,108
42,930
32,502
246,536
423,863
39,306
-200,914
-19,620
1,871
1,019
-17,103
Amount
Accumulated
% of daily
average
assets
1998
31-12-98
31-12-97
Change
Amount
% of total
Amount
% of total
Amount
FIXED-INCOME ........................................
MIXED FIXED-INCOME ............................
MIXED EQUITY ........................................
EQUITY .....................................................
12,491,400
7,499,933
2,739,212
2,748,288
49.0
29.4
10.8
10.8
9,946,695
3,975,481
1,483,815
1,457,648
59.0
23.6
8.8
8.6
2,544,705
3,524,452
1,255,397
1,290,640
25.6
88.7
84.6
88.5
25,478,833
100.0
16,863,639
100.0
8,615,194
51.1
Number of investors
31-12-98
31-12-97
Change
No.
% of total
No.
% of total
No.
FIXED-INCOME ........................................
MIXED FIXED-INCOME ............................
MIXED EQUITY ........................................
EQUITY .....................................................
2,611,017
1,846,791
747,736
770,431
43.7
30.9
12.5
12.9
2,197,855
924,348
402,588
421,642
55.7
23.4
10.2
10.7
413,162
922,443
345,148
348,789
18.8
99.8
85.7
82.7
5,975,975
100.0
3,946,433
100.0
2,029,542
51.4
Number of institutions
31-12-98
31-12-97
Change
No.
% of total
No.
% of total
No.
FIXED-INCOME ........................................
MIXED FIXED-INCOME ............................
MIXED EQUITY ........................................
EQUITY .....................................................
712
417
259
287
42.5
24.9
15.5
17.1
655
282
162
178
51.3
22.1
12.7
13.9
57
135
97
109
8.7
47.9
59.9
61.2
1,675
100.0
1,277
100.0
398
31.2
Notes:
Fixed-income FIM: Mutual funds invested 100% in fixed-income securities at year-end.
Mixed fixed-income FIM: Mutual funds invested 75% - 100% in fixed-income securities at year-end.
Mixed equity FIM: Mutual funds invested 30%-75% in fixed-income securities at year-end.
Equity funds: Mutual funds invested under 30% in fixed-income at year-end.
209
210
Q2
Q3
Q4
1998
1.79
5.98
4.31
6.17
0.01
1.67
5.07
3.85
5.73
3.75
6.58
4.09
2.54
2.41
3.92
1.93
0.86
6.48
2.75
1.33
2.52
1.83
2.34
3.77
3.40
1.57
1.77
2.83
3.26
1.87
MEQ
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
9.15
2.09
1.73
2.39
1.72
3.12
2.62
2.10
1.66
0.94
1.15
0.99
1.30
1.10
0.97
1.07
1.14
1.82
1.41
0.61
1.62
1.10
1.07
1.14
0.99
0.65
1.31
1.17
0.88
1.09
1.00
11.14
3.78
2.38
2.59
2.36
2.56
1.01
1.47
2.15
1.80
1.54
1.99
1.09
1.64
1.73
1.23
1.08
2.02
2.13
1.35
0.93
1.22
1.30
1.22
1.25
1.40
0.99
0.86
1.10
1.13
1.08
7.66
6.74
3.95
6.31
0.00
1.83
5.43
5.38
5.38
4.24
6.69
3.96
4.39
4.96
3.84
3.27
2.50
3.57
2.73
3.20
3.10
2.53
3.87
4.16
3.90
1.89
2.95
3.05
3.03
3.21
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
-3.62
5.05
3.79
4.64
2.94
0.47
4.37
4.10
1.97
3.02
2.72
2.24
2.27
2.99
2.79
1.85
2.58
2.23
1.22
2.55
1.74
1.94
1.98
1.84
1.93
1.84
1.94
1.83
1.99
1.59
2.14
8.32
6.78
5.38
5.47
3.95
1.22
1.91
3.66
4.27
3.94
4.29
4.46
1.78
3.08
2.74
2.03
2.13
2.50
0.96
3.01
1.68
2.24
2.75
2.69
2.65
3.24
2.29
1.57
2.41
1.71
2.09
3.82
3.85
3.02
3.32
4.12
3.24
3.45
3.07
3.95
3.27
3.96
2.95
1.73
3.96
2.87
3.02
0.00
9.93
7.46
8.36
6.92
0.00
1.36
5.58
4.83
5.29
5.15
5.67
4.10
22.60 14.01
17.54 4.54
16.77 3.63
15.37 3.51
14.52 2.89
13.60 3.02
12.20 1.33
12.05 2.29
11.78 2.96
11.28 2.75
10.88 2.83
10.23 3.14
10.23 1.52
9.33 2.10
9.20 2.03
9.14 1.52
9.10 1.44
8.93 2.52
8.88 1.83
8.84 2.12
8.60 1.16
8.59 1.55
8.34 1.86
8.31 1.83
8.29 1.81
8.25 2.09
8.25 1.46
8.16 1.22
7.96 1.64
7.95 1.34
7.93 1.42
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 2.00 0.00
Not apl. 0.15 0.00
Not apl. 0.45 0.00
Not apl. 1.00 0.00
Not apl. 0.50 0.00
Not apl. 0.45 10.00
Not apl. 0.75 0.00
Not apl. 0.30 0.00
Not apl. 0.35 0.00
Not apl. 1.75 0.00
Not apl. 1.25 0.00
Not apl. 0.50 0.00
Not apl. 0.60 0.00
90.73 1.25 0.00
86.13 1.50 0.00
102.20 1.45 0.00
Not apl. 0.50 0.00
84.51 1.40 0.00
74.25 1.65 0.00
56.93 1.50 0.00
Not apl. 0.40 0.00
Not apl. 1.10 0.00
Not apl. 1.40 0.00
85.25 0.88 0.00
Not apl. 1.35 0.00
53.82 2.00 0.00
Not apl. 1.00 0.00
Not apl. 0.60 0.00
Not apl. 2.00 0.00
Not apl. 1.00 0.00
75.09 1.75 0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
2.00
2.00
5.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
2.00
1.00
1.50
1.00
0.00
1.00
0.00
0.00
0.00
1.50
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
0.15
0.05
0.05
0.14
0.10
0.15
0.10
0.04
0.10
0.20
0.25
0.09
0.10
0.13
0.13
0.15
0.10
0.10
0.10
0.10
0.10
0.15
0.05
0.00
0.08
0.10
0.25
0.15
0.40
0.15
0.00
Custody
Q2
Q3
Q4
1998
1.50
1.84
1.19
1.02
0.69
0.98
1.10
1.00
1.72
1.07
1.56
1.21
1.56
1.80
1.24
1.04
1.52
2.15
1.01
1.20
0.99
0.51
5.38
1.07
5.55
1.33
1.24
0.83
1.11
0.97
4.91
3.61
6.90
2.82
2.62
2.05
2.60
2.07
2.29
2.93
2.09
3.34
2.36
2.21
2.72
0.03
2.65
4.20
2.74
2.87
2.68
3.16
1.66
FI
FI
FI
FI
FI
MFI
FI
MFI
MFI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
MFI
1.08
0.98
1.01
0.96
1.13
0.88
1.00
0.82
0.16
0.97
0.92
1.12
0.75
0.88
0.70
0.66
0.96
0.93
0.93
0.70
0.87
1.30
0.32
0.89
0.15
0.56
0.91
0.86
0.87
0.46
1.18
0.79
0.68
0.97
1.32
0.92
0.81
0.85
1.60
0.79
0.81
1.10
1.25
1.02
1.17
0.73
1.16
2.11
0.85
1.15
0.76
0.75
5.73
0.74
5.37
1.37
1.12
0.70
0.76
0.87
7.00
2.45
2.31
2.11
2.67
3.25
2.44
1.39
4.70
2.47
2.43
3.26
3.20
2.53
2.58
2.51
2.53
3.17
3.06
2.12
2.61
2.61
2.47
FI
FI
FI
FI
MFI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
MFI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
3.22
2.50
2.53
2.85
2.71
3.11
2.73
3.00
2.16
2.26
2.31
1.90
2.50
2.35
1.93
4.31
1.34
1.96
2.13
1.89
2.25
1.77
0.09
2.33
0.14
2.25
2.58
1.82
2.14
2.28
1.88
1.09
0.91
1.99
0.90
1.35
1.05
1.31
1.28
1.00
1.03
0.82
1.73
1.14
1.07
2.51
1.73
3.05
0.85
1.00
0.92
0.72
5.14
0.88
4.42
1.77
1.27
0.72
0.78
1.74
1.64
5.34
3.71
6.43
2.54
2.45
2.26
2.17
1.77
2.31
3.02
3.19
2.59
2.19
3.02
1.85
2.61
4.03
2.98
3.17
2.93
3.38
1.91
2.46
3.05
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
1.25
1.62
1.84
1.73
2.44
1.55
1.59
1.62
2.43
1.91
1.69
1.98
1.83
1.61
2.05
0.22
1.95
0.94
1.74
2.07
2.00
2.11
2.36
1.50
2.58
1.69
1.31
2.12
1.71
2.27
1.96
2.41
1.36
2.33
1.50
1.58
0.84
1.47
2.57
1.67
2.15
1.56
2.31
1.56
1.41
1.68
1.76
3.10
1.60
1.53
1.55
1.56
5.28
1.45
4.79
2.55
2.06
1.94
1.33
1.60
3.52
2.72
2.56
2.21
3.03
3.66
2.71
2.37
2.36
0.97
6.00
3.72
7.13
3.78
2.46
2.28
2.19
2.08
3.18
3.53
2.59
2.45
3.49
1.83
1.98
2.58
1.78
4.33
7.80
7.77
7.75
7.67
7.58
7.55
7.55
7.49
7.38
7.35
7.34
7.31
7.28
7.20
7.10
7.03
7.01
7.01
7.01
6.97
6.94
6.93
6.92
6.89
6.88
6.84
6.81
6.79
6.77
6.77
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
2.04
2.46
2.15
1.93
1.10
1.82
2.03
1.85
2.45
2.03
2.24
2.12
2.02
2.18
2.25
1.71
2.59
3.02
2.03
2.14
1.65
1.58
4.02
2.01
3.89
2.18
1.86
1.83
1.89
1.60
1.67
1.66
1.07
1.70
1.16
1.25
0.96
1.19
1.87
1.19
1.48
1.20
1.77
1.42
1.24
1.67
1.57
2.66
1.13
1.24
1.10
0.97
5.40
1.08
5.06
1.83
1.48
1.18
1.03
1.36
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
54.31 1.50 0.00
Not apl. 1.20 0.00
79.77 0.60 0.00
78.32 1.75 0.00
Not apl. 0.60 0.00
63.16 1.50 0.00
Not apl. 0.50 0.00
69.74 1.50 0.00
Not apl. 1.50 0.00
76.35 0.55 0.00
Not apl. 1.00 0.00
Not apl. 1.20 0.00
Not apl. 1.40 0.00
Not apl. 1.30 0.00
75.40 1.25 0.00
60.33 1.00 0.00
Not apl. 0.50 0.00
Not apl. 1.55 0.00
Not apl. 1.00 0.00
65.61 1.25 0.00
69.64 1.75 0.00
Not apl. 1.00 0.00
Not apl. 1.80 0.00
Not apl. 1.50 0.00
Not apl. 1.90 0.00
78.17 1.50 0.00
76.90 1.60 0.00
Not apl. 1.00 10.00
74.85 1.50 0.00
65.44 1.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
2.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
1.00
0.00
0.00
2.00
2.00
0.00
2.00
1.00
1.50
1.00
0.00
2.00
0.00
0.00
1.00
0.50
5.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.50
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.10
0.15
0.15
0.00
0.15
0.20
0.10
0.20
0.20
0.11
0.40
0.40
0.10
0.20
0.00
0.15
0.07
0.25
0.40
0.10
0.00
0.05
0.40
0.15
0.10
0.15
0.15
0.25
0.00
0.12
Custody
211
212
Q2
Q3
Q4
1998
0.89
1.71
0.88
0.78
1.08
1.08
0.91
1.20
0.80
0.81
0.71
1.11
0.96
1.17
0.89
0.40
1.31
1.46
0.82
0.54
0.75
1.74
0.93
0.89
0.78
0.60
0.68
0.72
0.62
1.26
FI
FI
MFI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
MFI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
1.56 FI
FI
FI
2.66 FI
1.74
2.52
2.27
1.81
1.99
2.13
2.30
3.03
1.24
2.14
1.66
2.42
1.99
0.93
1.94
1.45
1.50
2.96
1.84
1.23
2.06
1.43
2.38
2.49
1.89
0.87
1.05
0.90
0.95
0.91
0.93
0.92
0.53
0.82
0.94
1.10
0.83
0.90
0.84
0.87
1.48
0.68
0.54
0.89
0.80
0.78
1.18
0.94
0.80
0.88
1.03
0.66
0.94
0.87
0.83
0.70 2.30 FI
2.28 2.36 FI
0.69
MFI
0.60 2.37 FI
1.14 3.20 FI
0.82 1.98 FI
0.65
MFI
0.80 2.90 FI
0.63 2.16 FI
0.69 2.29 FI
0.60 1.82 FI
0.71 3.35 FI
0.66
MFI
0.90 2.66 FI
0.85 Not av. FI
0.82
FI
0.98 2.63 FI
0.91 2.61 FI
0.85 Not av. FI
0.53 1.49 FI
0.69 2.42 FI
1.58 1.49 FI
0.58 1.86 FI
0.62 2.54 FI
0.62
FI
0.74 2.08 FI
0.54 1.65 FI
0.62 1.88 FI
0.91 1.76 MFI
1.16 3.50 FI
2.51
1.81
2.46
2.33
2.48
1.80
2.45
3.92
1.96
2.29
2.04
2.41
2.08
2.68
2.31
1.41
2.78
2.14
2.29
2.57
2.15
3.07
1.97
2.13
1.89
1.90
2.42
1.93
1.83
2.11
0.86 2.14 FI
0.85 2.23 FI
0.95
FI
0.77 2.12 FI
0.95 3.10 FI
0.84 1.87 FI
0.93
FI
2.19 2.57 FI
0.82 1.99 FI
0.81 2.45 FI
0.59 1.82 FI
0.88 2.55 FI
0.92
MFI
1.64 2.50 FI
1.02 Not av. FI
0.84 1.56 FI
1.51 2.56 FI
0.92 1.82 FI
1.03 Not av. FI
1.15 2.19 FI
0.85 2.39 FI
1.35 1.22 FI
0.76 1.98 FI
0.94 2.83 FI
0.67 2.12 FI
0.78 2.36 FI
0.91 2.29 FI
0.68 1.50 FI
0.73
FI
1.03 2.81 FI
1.50
1.08
1.55
1.70
1.50
1.93
1.44
0.47
2.37
1.57
1.53
1.45
1.56
1.24
1.36
1.94
0.98
1.81
1.38
1.67
1.68
0.03
1.51
1.45
1.53
1.99
1.45
1.84
1.97
1.17
1.60 2.50
1.62 2.00
1.36 2.26
1.09 2.13
1.46 2.84
1.55 2.48
1.37 2.24
1.58 2.45
1.97 0.63
1.30 2.30
0.97 1.80
1.29 2.33
1.23
2.06 3.19
1.38 Not av.
1.39 1.20
2.45 1.72
2.20 3.25
1.32 Not av.
1.56 2.28
1.40 2.57
1.21 1.51
1.00 1.86
1.22 2.83
1.23 2.20
1.24 2.43
2.32 2.04
0.95 1.52
1.29 1.97
2.63 1.87
6.77
6.73
6.70
6.69
6.68
6.66
6.63
6.60
6.57
6.57
6.55
6.54
6.54
6.52
6.44
6.43
6.41
6.39
6.38
6.38
6.33
6.31
6.26
6.20
6.18
6.16
6.16
6.14
6.09
5.96
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
1.73
2.64
1.64
1.56
1.63
1.84
1.67
1.57
1.27
1.62
1.73
1.70
1.85
1.62
1.76
1.45
1.84
1.76
1.69
1.19
1.57
1.92
1.70
1.68
1.74
1.11
1.51
1.29
1.28
1.73
1.08
1.70
1.01
0.83
1.18
1.12
1.00
1.56
1.19
0.94
0.74
1.03
0.97
1.52
1.06
0.93
1.67
1.48
1.03
1.05
0.97
1.50
0.83
0.95
0.87
0.88
1.33
0.76
0.93
1.66
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.10 0.00
Not apl. 1.50 0.00
69.77 1.50 0.00
52.46 1.10 0.00
Not apl. 1.75 0.00
Not apl. 1.35 0.00
82.08 1.50 0.00
Not apl. 1.30 0.00
40.69 1.25 0.00
Not apl. 1.25 0.00
Not apl. 0.75 0.00
73.26 1.25 0.00
70.71 0.90 0.00
Not apl. 1.35 0.00
59.63 1.00 0.00
71.16 1.00 0.00
Not apl. 1.25 0.00
73.71 1.50 0.00
Not apl. 0.80 0.00
Not apl. 1.50 0.00
76.70 1.50 0.00
65.64 1.50 0.00
Not apl. 1.00 0.00
77.77 1.35 0.00
72.82 1.00 0.00
77.87 1.35 0.00
Not apl. 1.20 0.00
66.36 1.75 0.00
66.93 1.00 0.00
70.93 1.60 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
1.50
0.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
2.00
2.00
0.00
0.00
2.00
0.00
0.00
2.00
1.00
0.00
0.00
1.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.15
0.15
0.00
0.15
0.25
0.00
0.15
0.15
0.15
0.10
0.10
0.25
0.11
0.15
0.00
0.15
0.25
0.40
0.20
0.20
0.15
0.15
0.05
0.14
0.40
0.00
0.15
0.00
0.25
0.15
Custody
Q2
Q3
Q4
1998
1.09
1.30
0.71
0.70
0.87
0.51
0.95
0.96
0.95
0.97
0.83
0.65
0.79
0.97
0.81
0.64
0.73
4.46
0.66
0.74
1.07
0.88
1.26
0.66
0.62
0.22
0.69
0.93
0.16
0.67
1.07
1.71
0.50
1.98
1.98
1.52
1.90
3.44
0.59
1.56
2.42
2.38
1.92
0.54
1.73
0.56
1.14
1.53
0.24
1.79
2.55
3.75
1.52
2.00
0.93
1.46
2.49
2.70
1.88
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.39
0.40
0.72
1.03
0.89
0.84
0.99
0.90
0.46
0.68
0.80
0.80
0.83
0.79
0.65
0.94
0.73
-0.22
1.01
0.92
0.58
0.91
0.79
0.93
1.03
0.84
0.87
0.85
1.04
0.78
0.83
0.95
0.50
0.37
0.66
0.41
0.66
0.87
0.83
1.01
0.73
0.58
0.71
0.53
0.81
0.52
0.55
4.08
0.49
0.62
0.73
0.66
0.51
0.54
0.42
0.09
0.46
0.42
0.36
0.48
1.69
1.89
2.98
1.25
1.88
2.50
1.28
2.65
1.41
1.14
0.49
2.14
1.68
0.76
1.80
3.70
2.13
1.89
2.07
1.51
1.49
3.37
2.37
3.05
1.98
1.91
2.02
1.55
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
1.42
3.94
2.26
1.79
1.61
1.99
1.76
2.55
2.01
1.41
2.00
1.77
2.04
1.83
1.76
1.90
1.77
0.28
1.92
1.39
1.92
1.69
1.99
1.78
1.53
1.40
1.50
1.84
1.85
1.25
1.72
2.20
1.21
0.62
0.79
0.68
0.64
0.92
0.85
0.93
1.12
0.52
0.70
0.90
0.64
0.61
0.64
4.52
0.83
0.48
1.26
0.64
0.79
0.76
0.42
0.80
0.77
0.79
0.49
0.73
2.19
1.43
1.96
1.75
0.98
0.20
1.77
1.42
1.47
1.64
3.82
3.58
1.73
1.57
1.97
1.82
1.44
3.40
2.35
2.59
1.98
1.90
1.68
1.40
1.60
1.76
2.17
4.41
1.14
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
MFI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
2.55
-0.06
1.48
1.18
1.62
1.55
1.06
0.98
1.46
1.91
1.37
1.31
1.26
1.15
1.58
1.11
1.48
1.55
1.02
1.59
1.53
0.98
1.72
1.20
1.09
1.83
1.47
1.28
1.30
1.54
2.77
1.55
1.58
0.77
0.89
0.87
0.75
1.62
1.23
1.33
1.37
0.94
1.53
1.20
1.08
1.10
1.57
4.03
0.99
0.96
2.14
0.83
1.20
1.07
0.46
1.17
0.79
0.87
0.68
1.10
2.86
1.34
2.05
1.89
0.90
1.84
1.73
1.49
1.23
1.74
1.70
2.38
4.21
1.38
2.02
1.05
2.88
3.59
2.86
1.97
1.69
1.76
1.32
3.22
2.48
2.39
1.95
5.93
5.92
5.89
5.85
5.80
5.79
5.77
5.73
5.69
5.66
5.66
5.65
5.65
5.64
5.60
5.59
5.56
5.55
5.49
5.48
5.47
5.41
5.41
5.38
5.38
5.36
5.34
5.31
5.31
5.29
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
1.46
1.57
1.31
1.73
1.57
1.30
1.84
1.19
1.65
1.55
1.37
1.65
1.42
1.76
1.50
1.53
1.48
3.88
1.43
1.47
1.33
1.73
0.82
1.37
1.62
1.19
1.40
1.25
1.03
1.63
1.78
1.60
1.09
0.64
0.81
0.65
0.76
1.15
0.98
1.08
1.05
0.70
1.00
0.93
0.86
0.76
0.97
4.29
0.77
0.72
1.41
0.76
1.00
0.78
0.49
0.73
0.69
0.78
0.47
0.79
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
73.21 1.40 0.00
47.54 1.75 0.00
Not apl. 1.65 0.00
79.30 1.25 0.00
Not apl. 1.50 0.00
54.55 1.00 0.00
70.70 1.00 0.00
68.33 1.75 0.00
64.73 2.00 0.00
62.52 2.00 0.00
52.69 1.50 0.00
54.15 1.25 0.00
Not apl. 1.10 0.00
Not apl. 1.75 0.00
68.90 1.25 0.00
Not apl. 1.15 0.00
54.94 1.80 0.00
74.59 1.25 0.00
Not apl. 0.70 0.00
Not apl. 1.00 0.00
55.30 2.50 0.00
Not apl. 1.25 0.00
Not apl. 1.40 0.00
Not apl. 1.00 0.00
66.30 0.50 0.00
Not apl. 1.00 0.00
53.87 1.50 0.00
Not apl. 1.00 0.00
Not apl. 0.50 0.00
Not apl. 1.20 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
2.00
2.00
0.00
0.00
1.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.95
0.00
0.50
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.07
0.15
0.10
0.08
0.10
0.30
0.10
0.15
0.00
0.00
0.25
0.10
0.15
0.30
0.20
0.10
0.40
0.15
0.15
0.40
0.40
0.10
0.15
0.15
0.10
0.00
0.10
0.15
0.10
0.20
Custody
213
214
Q2
Q3
Q4
1998
0.66
0.62
0.64
0.57
0.61
4.59
1.06
0.78
0.42
0.68
0.69
0.84
0.64
0.67
0.86
0.62
0.51
4.56
0.66
0.56
0.43
0.52
0.58
0.54
0.87
0.55
0.63
0.85
0.61
0.85
1.76
1.07
1.24
1.27
1.59
1.35
1.75
1.47
1.67
1.64
1.74
1.38
1.68
1.85
1.48
1.49
1.56
1.31
1.50
4.90
2.51
1.87
1.93
1.68
1.56
1.09
1.54
1.70
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.77
0.72
0.83
0.76
0.89
-0.67
0.84
0.74
0.93
0.70
0.70
0.84
0.69
0.75
0.80
0.69
0.80
0.69
0.80
0.81
0.81
0.84
0.78
0.83
0.89
0.77
0.83
0.71
0.88
0.83
0.45 1.93
0.44 1.82
0.70 1.60
0.50 Not av.
0.56 1.67
3.87 5.70
0.62 2.60
0.62 2.03
0.48 2.48
0.52
0.63 1.64
0.66 2.62
0.56 2.03
0.39 1.72
1.38 2.49
0.51 1.69
0.14 0.68
1.75 0.03
0.43 1.56
0.43 1.44
0.33 1.05
0.34 1.35
0.49 1.55
0.32 1.29
0.94 1.77
0.40 1.62
0.45 1.91
0.72 3.53
0.43 1.19
0.63 1.97
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
1.93
1.76
1.78
1.82
1.84
0.65
2.42
1.71
1.17
1.75
1.73
1.60
1.71
1.63
1.68
1.72
1.54
0.77
1.61
1.80
1.47
1.30
1.66
1.65
1.65
1.67
1.77
1.88
1.49
1.61
0.72 2.10
0.62 1.78
0.52 1.79
0.78 Not av.
0.56 1.59
4.51 6.43
0.87 2.71
0.62 1.87
0.54 2.34
0.63 1.72
0.69 1.76
0.58 1.63
0.71 1.99
0.55 1.27
0.93
0.62 2.01
0.73 0.59
0.79 0.02
0.54 1.49
0.50 1.75
0.43 1.21
0.77 1.02
0.69 1.70
0.48 1.20
0.59 2.22
0.54 1.68
0.53 1.66
0.65 2.35
0.50 1.09
0.47 1.97
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
1.22
1.48
1.20
1.24
0.96
1.45
0.75
1.10
1.91
1.28
1.22
1.09
1.23
1.24
1.58
1.34
1.32
0.13
1.13
0.99
1.42
1.49
1.18
1.13
1.19
1.23
0.96
1.13
0.95
0.95
0.92 2.30
0.92 1.68
0.73 1.71
0.91 Not av.
1.01 1.28
4.48 6.63
1.71 2.77
0.98 1.73
1.23 2.92
0.96 1.77
1.05 1.77
0.77 1.70
1.05 1.88
0.66 1.26
1.76
1.06 1.88
1.18 2.36
2.11 0.01
0.82 1.48
0.85 1.69
0.81 1.22
0.70 1.26
0.80 1.64
0.95 1.51
0.65 1.21
0.76 1.51
0.80 1.26
0.72 2.10
0.64 1.09
0.97 1.16
5.28
5.24
5.23
5.23
5.21
5.20
5.19
5.18
5.18
5.17
5.16
5.11
5.06
5.04
5.04
5.03
5.03
5.02
5.01
5.01
5.00
5.00
5.00
4.98
4.98
4.96
4.95
4.92
4.87
4.86
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
1.26
1.19
1.33
1.31
1.44
3.71
1.09
1.53
1.07
1.34
1.41
1.49
1.34
1.34
0.89
1.20
1.29
3.37
1.38
1.32
1.22
1.27
1.28
1.29
1.16
1.20
1.31
1.12
1.46
1.38
0.71
0.67
0.66
0.72
0.72
4.38
1.15
0.77
0.75
0.72
0.79
0.72
0.77
0.58
1.29
0.74
0.75
2.69
0.63
0.61
0.54
0.61
0.66
0.62
0.78
0.58
0.62
0.74
0.56
0.76
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.50 0.00
60.51 1.50 0.00
61.09 1.50 0.00
Not apl. 1.10 0.00
Not apl. 0.90 0.00
Not apl. 2.00 0.00
75.09 1.85 0.00
Not apl. 1.60 0.00
Not apl. 1.50 0.00
61.26 1.50 0.00
60.36 2.00 0.00
51.98 1.50 0.00
55.25 1.50 0.00
Not apl. 1.25 0.00
74.54 0.75 0.00
54.76 1.75 0.00
Not apl. 1.00 10.00
67.38 1.00 10.00
Not apl. 1.25 0.00
Not apl. 1.25 0.00
57.42 1.00 0.00
50.80 1.50 0.00
60.62 1.80 0.00
Not apl. 1.10 0.00
Not apl. 1.50 0.00
62.27 1.50 0.00
39.86 1.00 0.00
51.12 1.50 0.00
Not apl. 1.00 0.00
Not apl. 1.35 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
0.00
0.00
0.00
1.00
1.00
1.00
0.00
1.00
1.50
0.00
1.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.50
0.00
2.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.20
0.08
0.10
0.15
0.10
0.20
0.18
0.35
0.15
0.40
0.10
0.15
0.40
0.10
0.25
0.40
0.00
0.00
0.15
0.10
0.18
0.20
0.00
0.15
0.26
0.10
0.25
0.35
0.10
0.15
Custody
Q2
Q3
Q4
1998
0.82
0.59
0.75
0.64
0.33
0.46
0.58
0.58
4.49
0.42
0.58
0.43
0.60
0.53
0.56
0.59
0.47
0.81
1.16
0.69
0.61
0.63
4.20
0.63
3.56
0.57
0.62
0.30
0.28
0.33
1.07
1.40
1.08
1.64
1.59
1.47
1.38
1.26
1.63
1.48
1.60
1.46
1.73
3.21
2.32
1.96
1.08
1.75
0.43
0.81
0.77
0.01
1.66
1.90
2.55
0.91
1.39
1.39
1.45
FI
FI
FI
FI
FI
MFI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.77
0.71
0.76
0.88
0.81
0.78
0.63
0.73
-0.12
0.73
0.61
0.50
0.91
0.74
0.78
0.70
0.68
0.75
0.51
0.69
0.69
0.85
-0.28
0.43
0.26
0.78
0.81
1.12
0.96
0.81
1.00 2.37 FI
0.47 1.65 FI
0.25 1.53 FI
0.49 2.63 FI
0.22 0.99 FI
0.35
FI
0.49 Not av. FI
0.40
FI
3.66 3.18 FI
0.32 1.04 FI
0.47 Not av. FI
0.56 1.58 FI
0.45 0.99 FI
0.72 1.55 FI
0.39 1.32 FI
0.43 1.50 FI
0.46 1.59 FI
0.48 1.40 FI
1.47 2.43 FI
0.41 2.19 FI
0.46
FI
0.45 1.19 FI
3.68 3.37 FI
0.53 1.14 FI
2.68 1.63 FI
0.54 1.54 FI
0.42 1.17 FI
0.65 0.42 FI
0.21 0.54 FI
0.36 0.93 FI
2.19
1.29
1.52
1.14
1.45
1.74
1.64
1.57
-0.05
1.32
1.60
1.62
1.36
1.41
1.28
1.57
1.50
1.29
1.30
1.45
1.44
1.37
0.50
1.80
-0.14
1.54
1.33
1.11
0.93
1.43
1.06 2.05 FI
0.44 1.70 FI
0.70 1.42 FI
0.53 2.32 FI
0.42 0.72 FI
0.55 1.46 FI
0.74 Not av. FI
0.56 1.56 FI
4.37 3.25 FI
0.40 1.26 FI
0.69 Not av. FI
0.64 1.77 FI
0.38 0.90 FI
0.47 1.64 FI
0.49 1.18 FI
0.56 1.49 FI
0.51 1.45 FI
0.61 1.18 FI
1.47 2.97 FI
0.37 1.55 FI
0.67 1.73 FI
0.44 1.04 FI
3.18 3.47 FI
1.41 1.15 FI
3.15 1.38 FI
0.75 1.68 FI
0.44 1.01 FI
0.26 0.33 FI
0.03 0.35 FI
0.36 1.05 FI
0.88
1.40
1.16
1.33
1.22
1.02
1.10
1.08
1.05
1.43
1.12
1.37
0.84
1.19
1.19
1.04
1.16
1.14
0.95
1.08
1.14
0.87
0.89
1.13
1.30
1.08
0.87
0.94
1.29
0.97
1.62 2.47
0.78 1.32
0.81 1.27
0.71 2.17
0.69 1.10
0.78 1.50
0.96 Not av.
0.74 1.45
4.12 3.30
0.66 1.22
0.92 Not av.
0.83 1.66
0.53 0.82
0.73 1.54
0.60 0.85
0.92 1.76
0.83 1.56
0.63 0.75
1.80 2.87
0.48 1.51
0.87 1.69
0.51 0.94
2.87 4.02
1.73 3.46
4.89 3.43
1.03 1.59
0.48 0.93
0.25 0.34
1.33 0.13
0.50 1.00
4.82
4.82
4.79
4.76
4.73
4.72
4.72
4.71
4.69
4.68
4.68
4.68
4.67
4.66
4.63
4.63
4.62
4.60
4.60
4.59
4.57
4.57
4.56
4.55
4.53
4.53
4.50
4.50
4.47
4.46
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
0.91
1.35
1.27
1.32
1.17
1.10
1.27
1.25
3.77
1.13
1.27
1.10
1.49
1.25
1.30
1.24
1.20
1.35
1.76
1.30
1.23
1.40
3.41
1.11
3.06
1.04
1.41
1.26
1.22
1.18
1.17
0.59
0.67
0.60
0.45
0.56
0.72
0.58
4.18
0.47
0.69
0.64
0.50
0.62
0.52
0.65
0.59
0.64
1.50
0.51
0.67
0.52
3.53
1.20
3.68
0.75
0.50
0.40
0.69
0.40
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.70 0.00
62.03 1.60 0.00
Not apl. 1.40 0.00
51.48 1.25 0.00
Not apl. 0.90 0.00
55.22 1.50 0.00
49.28 1.50 0.00
61.11 1.60 0.00
75.24 0.40 0.00
48.35 1.35 0.00
51.71 1.50 0.00
53.28 1.50 0.00
Not apl. 1.00 0.00
61.50 1.50 0.00
Not apl. 1.00 0.00
Not apl. 1.75 0.00
61.02 1.50 0.00
Not apl. 1.00 0.00
Not apl. 1.25 0.00
49.96 1.25 0.00
59.30 1.90 0.00
58.25 1.15 0.00
Not apl. 2.25 0.00
69.27 2.00 0.00
61.40 2.00 0.00
46.84 1.50 0.00
58.15 1.30 0.00
Not apl. 1.50 0.00
Not apl. 1.00 0.00
Not apl. 1.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
Min.
Front end
0.00
0.00
2.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
1.50
0.00
3.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.00
0.10
0.10
0.15
0.20
0.20
0.15
0.10
0.05
0.15
0.15
0.25
0.10
0.40
0.05
0.10
0.40
0.05
0.15
0.35
0.11
0.20
0.00
0.00
0.00
0.40
0.20
0.07
0.00
0.10
Custody
215
216
Q2
Q3
Q4
1998
0.63
0.60
0.45
0.56
0.32
0.50
0.41
0.26
0.32
0.56
3.36
0.38
0.45
0.32
0.92
0.32
0.51
0.60
0.60
2.74
0.30
0.33
0.52
0.56
0.43
0.39
0.17
0.34
0.76
0.48
1.73
1.39
1.11
1.89
0.81
1.34
0.20
0.53
0.32
0.81
1.71
1.29
1.25
0.80
0.60
0.86
1.23
1.18
1.44
0.70
0.83
0.55
1.57
1.15
1.29
1.03
0.49
0.85
2.11
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
0.81
0.57
0.78
0.73
0.72
0.65
1.21
0.97
0.82
0.83
-0.67
0.68
0.64
0.68
0.73
0.60
0.77
0.81
0.74
0.76
0.71
0.72
0.50
0.63
0.61
1.05
1.02
0.70
0.34
1.08
0.43 1.17
0.50 Not av.
0.34 1.29
0.32 0.87
0.21 1.07
0.37 1.61
0.35 0.20
0.19 0.46
0.92 1.36
0.60 1.78
2.57
0.27 0.57
0.41 1.55
0.24 1.26
0.59 2.21
0.78 0.87
0.44 1.12
0.62 1.29
0.18 1.39
0.25 0.69
0.26 1.22
0.28 1.22
0.54 1.84
0.76 1.13
0.32 1.38
0.50 0.82
0.44 0.31
0.26 1.11
0.49 2.02
0.37
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
1.31
1.56
1.34
1.35
1.52
1.61
0.56
1.16
1.39
1.14
-0.46
1.17
1.39
1.38
1.17
1.49
1.35
1.29
1.36
1.11
1.43
1.48
1.60
0.86
1.36
1.22
0.90
1.33
1.56
1.31
0.42 0.98
0.69 Not av.
0.37 1.18
0.49 1.26
0.47 0.89
0.54 1.41
0.30 0.16
0.18 0.34
0.82 1.45
0.13 1.66
3.33 1.81
1.01 1.21
0.46 1.43
0.43 1.27
0.40 1.18
0.29 1.07
0.42 1.41
0.49 1.59
0.57 1.28
0.18 0.67
0.43 1.16
0.49 1.10
1.13 1.75
0.73 1.24
0.45 1.31
0.71 0.76
0.20 0.30
0.41 0.87
0.59 1.91
0.54 0.50
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.85
1.01
1.00
1.00
1.14
0.97
0.99
1.08
1.42
0.99
2.86
1.43
1.09
1.25
1.02
1.03
1.02
1.06
1.04
1.19
1.11
1.09
1.47
1.47
1.15
0.78
1.15
1.08
0.98
0.91
0.47 0.89
0.91 Not av.
0.60 1.07
0.44 1.27
0.66 1.20
0.68 1.46
0.42 0.01
0.49 0.50
0.88 1.38
0.32 1.40
3.20 1.86
0.81 1.01
0.78 1.56
0.61 1.04
0.49 0.57
0.41 1.07
0.61 1.41
0.53 1.16
0.60 1.19
0.36 0.74
0.64 1.09
0.72 1.24
1.53 3.01
1.02 1.20
0.57 1.31
0.21 0.35
0.39 0.37
0.69 1.12
0.76 1.72
0.32 0.07
4.46
4.46
4.45
4.44
4.44
4.41
4.41
4.41
4.40
4.39
4.38
4.37
4.37
4.36
4.35
4.35
4.34
4.34
4.33
4.32
4.28
4.28
4.26
4.25
4.25
4.24
4.22
4.22
4.20
4.18
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
1.41
1.25
1.26
1.30
0.99
1.11
1.58
1.13
0.70
1.36
2.63
1.03
1.18
0.98
1.36
1.16
1.14
1.12
1.12
1.19
0.97
0.92
0.63
1.24
1.06
1.12
1.08
1.05
1.27
0.82
0.49
0.70
0.46
0.46
0.45
0.54
0.38
0.31
0.78
0.44
3.15
0.69
0.55
0.43
0.63
0.49
0.50
0.57
0.52
1.38
0.44
0.49
1.03
0.79
0.45
0.49
0.32
0.46
0.66
0.44
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
57.89 1.30 0.00
48.66 1.50 0.00
Not apl. 1.30 0.00
Not apl. 1.50 0.00
51.34 1.40 0.00
Not apl. 1.65 0.00
63.02 1.50 0.00
Not apl. 0.50 0.00
52.69 1.50 0.00
70.09 0.50 0.00
Not apl. 2.00 0.00
45.64 1.50 0.00
Not apl. 1.50 0.00
47.71 1.50 0.00
Not apl. 1.25 0.00
44.87 2.00 0.00
54.15 1.50 0.00
57.61 1.50 0.00
61.46 1.50 0.00
Not apl. 0.50 0.00
48.69 1.60 0.00
Not apl. 1.40 0.00
Not apl. 1.50 0.00
62.29 1.60 0.00
54.42 1.50 0.00
Not apl. 1.10 0.00
Not apl. 0.30 2.50
47.65 1.45 0.00
62.69 1.25 0.00
Not apl. 0.60 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.20
0.40
0.20
0.40
0.09
0.35
0.15
0.03
0.10
0.02
0.40
0.18
0.40
0.09
0.15
0.10
0.00
0.26
0.10
0.15
0.09
0.35
0.00
0.05
0.25
0.10
0.10
0.20
0.40
0.15
Custody
Q2
Q3
Q4
1998
0.26
0.32
0.64
5.79
0.29
0.65
0.53
0.11
0.24
0.30
0.61
0.59
0.23
0.06
0.14
0.13
0.30
0.35
0.04
0.09
0.39
0.04
0.20
0.13
0.02
0.33
0.05
0.06
0.87
0.23
1.24 FI
0.89 FI
FI
5.16 FI
0.82 FI
1.62 FI
0.13 FI
0.29 FI
0.60 FI
0.90 FI
1.11 FI
1.54 FI
0.31 FI
0.32 FI
0.30 FI
0.11 FI
0.85 FI
0.97 FI
0.14 FI
0.64 FI
1.23 FI
0.22 FI
0.20 FI
0.51 FI
0.08 FI
0.73 FI
0.07 FI
0.21 FI
MFI
0.54 FI
0.70
0.66
0.50
-0.16
0.67
0.63
0.89
0.78
0.92
0.68
0.65
0.53
0.98
0.92
0.83
0.94
0.64
0.73
1.00
0.88
0.72
0.92
0.96
0.87
0.94
0.85
0.91
0.96
0.56
0.64
0.20
0.26
1.09
4.67
0.24
0.55
0.56
0.15
0.22
0.27
0.49
0.45
0.42
0.02
0.23
0.07
0.21
0.25
0.10
0.03
0.34
0.03
0.21
0.08
0.04
0.26
0.03
0.04
1.63
0.19
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
MFI
0.85 FI
1.34
1.14
1.35
5.47
1.14
1.86
0.04
0.21
0.94
1.18
1.19
1.67
0.51
0.36
0.44
0.52
1.07
0.97
0.10
0.46
1.24
0.33
0.27
0.41
0.11
0.54
0.30
0.12
1.09
1.39
0.61
-0.59
1.31
1.59
0.41
0.86
1.03
1.25
1.30
1.31
0.78
1.03
1.20
1.07
1.25
1.08
0.99
1.01
0.94
0.93
0.93
1.05
0.93
0.87
0.98
0.95
-1.21
1.29
0.36
0.45
1.16
4.79
0.40
0.55
1.14
0.30
0.20
0.40
0.44
0.54
0.74
0.12
0.28
0.19
0.42
0.26
0.09
0.12
0.26
0.29
0.15
0.13
0.03
0.04
0.04
0.04
3.31
0.45
1.73 FI
1.01 FI
FI
5.39 FI
1.04 FI
1.59 FI
0.02 MFI
0.56 FI
0.84 FI
1.10 FI
1.17 FI
1.69 FI
0.35 FI
0.24 FI
0.73 FI
0.55 FI
0.92 FI
0.71 FI
0.21 FI
0.32 FI
MFI
0.25 FI
0.23 FI
0.44 FI
1.57 FI
0.32 FI
0.20 FI
0.06 FI
MFI
0.99 FI
1.49
1.10
1.04
0.72
1.11
0.68
1.45
1.65
0.83
1.06
1.02
0.97
1.03
0.98
0.95
0.92
1.09
0.99
0.87
0.95
1.10
0.97
0.93
0.89
0.96
1.04
0.96
0.85
2.30
1.08
0.61
0.75
0.58
4.59
0.66
1.00
0.42
0.77
0.11
0.67
0.52
1.00
0.89
0.17
0.29
0.21
0.67
0.47
0.10
0.20
0.50
0.13
0.52
0.17
0.13
0.55
0.14
0.12
2.27
0.65
1.06
0.32
0.11
0.36
1.58
0.09
0.17
0.25
0.81
0.29
0.97
1.12
1.72
0.33
0.36
0.67
0.36
1.01
0.38
0.13
0.35
2.21
1.17
0.60
5.30
1.04
1.34
4.15
4.15
4.14
4.14
4.11
4.10
4.09
4.08
4.07
4.06
4.05
4.05
4.04
4.02
4.00
3.99
3.98
3.97
3.95
3.93
3.93
3.92
3.91
3.91
3.91
3.91
3.90
3.90
3.90
3.89
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
0.82
0.94
1.93
4.18
0.96
1.14
1.28
0.74
1.23
1.00
1.03
1.18
1.18
1.04
0.96
1.00
0.95
1.13
1.03
1.04
1.12
1.04
1.03
1.04
1.02
1.10
1.00
1.08
2.24
0.82
0.40
0.49
0.92
5.00
0.43
0.72
0.72
0.43
0.20
0.44
0.52
0.68
0.63
0.11
0.24
0.16
0.44
0.35
0.09
0.12
0.38
0.16
0.31
0.13
0.07
0.35
0.08
0.07
2.23
0.43
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.40 0.00
45.18 1.75 0.00
54.16 1.00 0.00
79.50 2.00 0.00
48.10 1.75 0.00
Not apl. 1.75 0.00
Not apl. 1.00 10.00
50.44 1.50 0.00
Not apl. 0.50 0.00
47.84 1.50 0.00
57.58 1.50 0.00
52.73 2.50 0.00
Not apl. 0.30 0.00
Not apl. 0.45 0.00
Not apl. 1.00 0.00
Not apl. 0.40 0.00
Not apl. 1.50 0.00
Not apl. 1.10 0.00
Not apl. 0.45 0.00
Not apl. 0.45 0.00
55.39 1.20 0.00
Not apl. 0.20 0.00
39.67 0.35 0.00
Not apl. 0.65 0.00
Not apl. 0.40 0.00
Not apl. 0.50 0.00
Not apl. 0.50 0.00
Not apl. 0.50 0.00
Not apl. 1.50 0.00
44.34 1.50 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.10
0.15
0.20
0.20
0.15
0.25
0.00
0.20
0.00
0.40
0.25
0.20
0.10
0.05
0.10
0.15
0.40
0.00
0.05
0.05
0.40
0.30
0.18
0.06
0.10
0.05
0.06
0.00
0.25
0.40
Custody
217
218
Q2
Q3
Q4
1998
0.04
0.05
0.74
4.24
0.07
0.27
0.62
4.89
0.59
0.48
0.60
0.61
0.61
0.22
0.09
0.81
0.26
0.03
0.03
0.50
0.04
0.56
0.01
0.21
0.27
0.04
0.28
0.13
0.21
0.23
0.30
0.69
0.37
0.01
0.09
0.64
1.17
4.63
1.62
1.73
1.39
1.76
1.39
0.04
0.08
1.09
0.78
0.07
0.06
1.47
0.27
1.32
0.20
0.41
0.72
0.18
0.94
0.21
0.33
1.30
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.90
0.99
0.82
-0.28
0.98
0.78
0.79
-0.76
0.80
0.69
0.44
0.54
0.44
0.95
0.89
0.45
0.70
0.93
0.88
0.59
0.89
0.67
0.90
0.80
0.81
0.89
0.65
0.82
0.77
0.69
0.09 0.38 FI
0.01 0.33 FI
0.32 0.77 FI
5.99 6.36 FI
0.05 0.23 FI
0.20 0.74 FI
0.62 1.82 FI
4.58 3.45 FI
0.51 1.48 FI
0.29 1.23 FI
0.49 Not av. FI
0.53 1.93 FI
0.49 Not av. FI
0.05 0.41 FI
0.03 0.26 FI
1.00 2.74 FI
0.13 0.57 FI
0.08 0.08 FI
0.05 0.10 FI
0.35 1.29 FI
0.03 0.18 FI
0.28 1.30 FI
0.03 0.24 FI
0.18 0.46 FI
0.19 0.66 FI
0.05 0.16 FI
0.63 0.86 FI
0.06 0.53 FI
0.18 0.51 FI
0.11 1.12 FI
0.99
1.02
0.95
0.38
0.96
1.08
0.42
-0.09
0.87
1.05
1.41
1.51
1.41
0.96
0.97
0.97
0.75
0.97
0.96
1.24
0.92
0.90
0.90
0.89
0.92
0.92
0.92
0.88
0.91
0.74
0.07 0.42 FI
0.22 0.08 FI
0.22 0.62 FI
5.74 6.66 FI
0.05 0.66 FI
0.30 0.57 FI
0.75 1.45 FI
5.07 4.46 FI
0.59 1.54 FI
0.30 0.93 FI
0.68 Not av. FI
0.50 1.83 FI
0.68 Not av. FI
0.08 1.81 FI
0.06 0.23 FI
0.20 2.68 FI
0.04 0.35 FI
0.06 0.12 FI
0.13 0.29 FI
0.39 1.31 FI
0.07 0.18 FI
0.41 1.32 FI
0.00 0.17 FI
0.16 0.46 FI
0.19 0.48 FI
0.04 0.17 FI
0.17 0.63 FI
0.08 0.33 FI
0.14 0.38 FI
0.21 1.08 FI
0.95
0.79
0.80
1.19
0.80
0.89
1.43
0.53
0.82
0.80
0.82
0.58
0.82
0.76
0.87
1.05
1.24
0.79
0.88
0.70
0.78
0.97
0.76
0.90
0.78
0.78
0.87
0.84
0.85
1.08
0.13 0.37
0.05 0.00
0.22 0.35
5.70 5.13
0.10 0.55
0.45 0.68
1.20 1.40
5.65 5.63
0.84 1.52
0.35 0.80
0.84 Not av.
1.00 1.60
0.82 Not av.
0.18 2.01
0.10 0.23
0.54 2.50
0.72 0.12
0.06 0.12
0.11 0.30
0.63 0.78
0.05 0.18
0.44 1.22
0.02 0.09
0.14 0.33
0.23 0.54
0.04 0.20
0.27 0.64
0.12 0.44
0.34 0.33
0.46 0.89
3.88
3.87
3.84
3.83
3.83
3.82
3.82
3.82
3.81
3.81
3.81
3.81
3.79
3.77
3.76
3.75
3.74
3.72
3.71
3.70
3.64
3.64
3.63
3.62
3.61
3.61
3.60
3.58
3.58
3.57
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
0.99
1.02
1.21
2.50
1.05
1.03
1.13
4.15
1.27
1.22
1.08
1.12
1.07
1.04
0.98
1.22
1.00
0.99
0.93
1.12
1.00
1.05
1.02
0.99
1.06
0.97
1.12
1.00
1.00
1.02
0.09
0.12
0.43
5.47
0.08
0.32
0.84
5.08
0.65
0.36
0.67
0.69
0.66
0.15
0.08
0.71
0.39
0.06
0.09
0.48
0.05
0.43
0.03
0.18
0.22
0.04
0.38
0.10
0.23
0.29
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 0.45 0.00
Not apl. 0.10 0.00
Not apl. 0.90 0.00
Not apl. 1.25 0.00
Not apl. 0.45 0.00
49.51 1.50 0.00
Not apl. 1.60 0.00
Not apl. 2.00 0.00
47.02 1.55 0.00
58.12 1.50 0.00
45.09 2.00 0.00
57.94 1.50 0.00
45.43 2.00 0.00
Not apl. 0.50 0.00
Not apl. 0.50 0.00
67.19 1.25 0.00
Not apl. 1.00 0.00
Not apl. 0.50 0.00
Not apl. 0.65 0.00
47.24 1.50 0.00
Not apl. 0.55 0.00
53.40 1.25 0.00
Not apl. 0.50 0.00
Not apl. 0.75 0.00
Not apl. 1.00 0.00
Not apl. 0.55 0.00
56.49 1.17 0.00
Not apl. 0.45 0.00
47.63 0.75 0.00
Not apl. 1.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.05
0.05
0.10
0.15
0.05
0.00
0.20
0.25
0.15
0.10
0.40
0.15
0.40
0.10
0.10
0.02
0.05
0.10
0.10
0.40
0.05
0.15
0.10
0.15
0.00
0.05
0.22
0.40
0.18
0.06
Custody
Q2
Q3
Q4
1998
0.01
0.26
0.23
0.23
0.15
0.23
0.24
0.50
0.38
0.13
0.02
0.19
0.16
0.34
0.38
0.03
0.01
0.60
0.30
0.61
0.60
0.08
3.49
0.01
1.13
0.08
0.65
0.19
1.98
0.03
0.03
0.72
1.30
1.30
0.44
1.31
1.31
1.42
0.89
0.68
0.06
0.69
0.20
0.83
0.96
0.12
0.03
1.35
1.13
1.37
1.39
0.39
1.82
0.04
1.10
0.16
0.02
0.75
2.97
0.01
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.93
0.66
0.69
0.68
0.64
0.67
0.67
0.52
0.80
0.76
0.88
0.68
0.83
0.54
0.55
0.86
0.83
0.31
0.60
0.32
0.30
0.77
0.03
0.84
1.72
0.79
0.75
0.67
0.16
0.81
0.01 0.03 FI
0.14 0.75 FI
0.09 1.11 FI
0.09 1.11 FI
0.11 0.63 FI
0.09 1.13 FI
0.09 1.15 FI
0.68 1.22 FI
0.10 0.69 FI
0.11 0.37 FI
0.02 0.01 FI
0.19 0.69 FI
0.12 0.21 FI
0.23 0.74 FI
1.60 0.94 FI
0.03 0.05 FI
0.05 0.03 FI
0.47 Not av. FI
0.26 1.18 FI
0.49 Not av. FI
0.47 Not av. FI
0.16 0.26 FI
2.51 2.14 FI
0.00 0.03 FI
3.48 1.40 FI
0.04 0.14 FI
0.01 0.01 FI
0.16 0.64 FI
1.53 2.86 FI
0.03 0.02 FI
0.91
1.01
0.74
0.73
0.97
0.73
0.72
0.77
0.75
0.79
0.90
0.94
0.85
0.97
0.82
0.85
0.86
1.27
0.99
1.26
1.26
0.73
-1.42
0.82
-0.38
0.84
0.73
0.82
0.30
0.80
0.01 0.04 FI
0.25 0.91 FI
0.16 0.92 FI
0.17 0.93 FI
0.23 0.63 FI
0.17 0.95 FI
0.17 0.93 FI
0.47 0.88 FI
0.04 0.43 FI
0.12 0.36 FI
0.02 0.01 FI
0.18 0.70 FI
0.13 0.17 FI
0.19 0.54 FI
0.29 0.60 FI
0.01 0.05 FI
0.01 0.01 FI
0.66 Not av. FI
0.23 1.13 FI
0.68 Not av. FI
0.67 Not av. FI
0.37 0.41 FI
3.58 2.03 FI
0.00 0.04 FI
1.44 1.16 FI
0.04 0.11 FI
0.01 0.01 FI
0.14 0.41 FI
1.69 1.97 FI
0.01 0.00 FI
0.72
0.87
1.07
1.06
0.95
1.07
1.05
0.82
0.78
0.90
0.67
0.82
0.70
0.82
0.77
0.65
0.66
0.74
0.76
0.72
0.71
0.80
1.54
0.70
0.42
0.64
0.53
0.62
0.50
0.59
0.03 0.02
0.28 0.76
0.46 0.73
0.46 0.77
0.20 0.70
0.46 0.75
0.46 0.76
0.26 0.62
0.03 0.23
0.29 0.28
0.03 0.01
0.29 0.48
0.14 0.14
0.30 0.62
0.15 0.55
0.05 0.28
0.08 0.01
0.78 Not av.
0.39 1.02
0.82 Not av.
0.82 Not av.
0.19 0.31
4.18 2.50
0.01 0.06
1.33 1.17
0.06 0.14
0.03 0.01
0.03 0.28
2.22 1.94
0.04 0.00
3.57
3.54
3.53
3.52
3.52
3.52
3.49
3.49
3.47
3.47
3.42
3.38
3.34
3.34
3.33
3.33
3.31
3.30
3.28
3.27
3.27
3.25
3.24
3.22
3.20
3.18
3.17
3.15
3.15
3.14
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
0.96
0.95
0.99
1.01
0.92
1.00
1.00
1.33
1.10
0.98
0.93
0.90
0.92
0.98
1.15
0.94
0.92
0.93
0.90
0.94
0.95
0.91
3.10
0.83
1.42
0.88
1.12
1.01
2.17
0.91
0.03
0.24
0.27
0.28
0.18
0.28
0.28
0.51
0.20
0.18
0.03
0.22
0.14
0.27
0.84
0.04
0.05
0.64
0.30
0.67
0.66
0.23
3.51
0.01
2.08
0.06
0.33
0.15
1.88
0.04
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 0.50 0.00
Not apl. 1.35 0.00
Not apl. 1.00 0.00
42.49 1.00 0.00
44.24 1.00 0.00
42.63 1.00 0.00
43.51 1.00 0.00
Not apl. 0.90 0.00
Not apl. 1.05 0.00
Not apl. 0.78 0.00
Not apl. 0.50 0.00
Not apl. 1.25 0.00
Not apl. 0.90 0.00
51.40 1.25 0.00
51.08 1.00 0.00
Not apl. 0.75 0.00
Not apl. 0.80 0.00
40.10 2.10 0.00
43.63 1.80 0.00
41.09 2.10 0.00
40.68 2.10 0.00
Not apl. 1.30 0.00
Not apl. 0.95 0.00
Not apl. 1.50 0.00
61.11 1.50 0.00
Not apl. 0.80 0.00
Not apl. 1.10 0.00
45.16 0.90 0.00
Not apl. 1.00 0.00
Not apl. 0.80 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
1.00
1.00
1.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.00
0.25
0.06
0.15
0.25
0.06
0.20
0.10
0.10
0.20
0.09
0.40
0.10
0.15
0.20
0.10
0.00
0.40
0.20
0.40
0.40
0.10
0.25
0.00
0.10
0.10
0.10
0.22
0.40
0.18
Custody
219
220
Q2
Q3
Q4
1998
0.15
0.81
0.16
0.13
0.01
0.08
0.22
0.21
0.67
0.01
0.05
0.03
0.24
0.28
0.04
0.13
0.19
0.07
0.66
0.22
0.17
0.10
0.03
0.01
4.73
0.19
0.53
0.10
4.44
5.69
0.19
0.35
0.63
0.21
1.43
0.68
0.21
0.11
0.12
0.03
3.03
0.74
0.61
0.10
0.05
0.79
0.57
0.23
0.63
0.30
0.03
0.35
1.29
0.83
1.49
0.11
0.13
0.17
0.94
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.63
0.79
0.58
0.80
0.79
0.68
0.54
0.57
0.72
0.72
0.71
0.69
0.60
0.27
0.63
0.44
0.55
0.55
0.72
0.47
0.63
0.59
0.60
0.62
-0.39
0.38
0.64
0.59
-1.03
-0.72
0.20
0.35
0.20
0.13
0.01
0.09
0.09
0.19
0.65
0.01
0.03
0.01
0.16
0.59
0.02
0.09
0.05
0.03
0.67
0.22
0.15
0.04
0.02
0.01
4.05
0.15
0.21
0.01
2.73
4.08
0.58
2.93
0.56
0.20
0.05
0.56
1.15
0.86
1.27
0.09
0.14
0.15
0.71
1.56
0.33
0.56
1.10
0.19
1.30
0.65
0.66
0.11
0.06
0.06
2.78
0.57
0.47
0.08
0.02
2.47
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.89
0.87
0.79
0.88
0.78
0.84
0.59
0.50
0.52
0.70
0.71
0.67
0.64
0.97
0.66
0.81
0.68
0.23
0.51
0.75
0.65
0.78
0.57
0.62
-0.20
0.68
0.54
0.57
-0.40
-1.09
0.26
0.43
0.15
0.06
0.01
0.31
0.16
0.58
0.77
0.01
0.01
0.01
0.06
0.89
0.06
0.21
0.10
0.25
0.80
0.15
0.12
0.11
0.02
0.01
5.55
0.22
0.06
0.01
2.97
6.88
1.21
0.09
0.09
0.13
0.44
1.41
0.05
0.55
0.61
0.16
1.24
0.59
0.20
0.19
0.10
0.02
2.84
0.64
0.33
0.02
0.05
2.82
0.57
4.27
0.54
0.18
0.02
0.51
0.93
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
0.66
0.54
0.86
0.47
0.56
0.61
0.92
0.83
0.88
0.59
0.56
0.66
0.55
1.02
0.73
0.81
0.62
1.10
0.60
0.58
0.52
0.54
0.49
0.42
-0.13
0.56
0.40
0.36
0.55
0.54
0.39
1.61
0.26
0.33
0.03
0.21
0.45
0.33
0.87
0.07
0.03
0.11
0.07
0.89
0.17
0.20
0.14
0.20
1.53
0.25
0.12
0.12
0.10
0.03
5.58
0.28
0.10
0.02
0.04
5.13
0.59
5.50
0.57
0.15
0.02
0.26
0.72
0.85
1.20
0.05
0.06
0.22
0.20
1.39
0.28
0.64
0.45
0.19
1.23
0.53
0.06
0.31
0.06
0.02
3.23
0.69
0.26
0.12
0.01
3.91
3.10
3.09
3.09
3.07
3.00
3.00
2.94
2.93
2.92
2.84
2.82
2.82
2.81
2.79
2.78
2.73
2.68
2.68
2.63
2.61
2.56
2.55
2.35
2.34
2.30
2.30
2.25
2.18
2.12
2.00
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
0.88
0.86
0.83
0.89
0.84
0.84
0.87
1.01
0.77
0.81
0.81
0.77
0.98
0.50
0.74
0.64
0.80
0.76
0.77
0.79
0.74
0.62
0.67
0.67
3.03
0.65
0.66
0.65
3.02
3.32
0.27
0.95
0.20
0.19
0.03
0.20
0.27
0.37
0.75
0.04
0.04
0.06
0.15
0.72
0.09
0.17
0.13
0.18
0.98
0.22
0.14
0.10
0.06
0.03
5.03
0.22
0.29
0.06
3.01
5.55
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.00 10.00
Not apl. 1.50 0.00
48.90 1.70 0.00
43.53 0.80 0.00
42.55 1.00 0.00
Not apl. 1.25 0.00
Not apl. 1.25 0.00
38.42 1.50 0.00
59.68 1.50 0.00
47.00 1.20 0.00
42.80 1.20 0.00
Not apl. 1.35 0.00
Not apl. 1.40 0.00
40.43 2.25 0.00
42.22 1.55 0.00
40.03 1.50 0.00
Not apl. 1.80 0.00
41.23 1.50 0.00
49.77 1.50 0.00
51.54 2.00 0.00
Not apl. 1.50 0.00
39.63 1.75 0.00
40.88 1.60 0.00
44.51 1.50 0.00
42.41 2.00 0.00
Not apl. 2.25 0.00
44.39 2.00 0.00
Not apl. 2.00 0.00
Not apl. 0.70 0.00
Not apl. 1.75 0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
5.00
0.00
0.85
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.50
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.25
0.30
0.05
0.20
0.25
0.15
0.30
0.30
0.13
0.25
0.15
0.15
0.10
0.40
0.10
0.25
0.10
0.15
0.13
0.40
0.10
0.40
0.35
0.20
0.15
0.40
0.00
0.00
0.15
0.25
Custody
Q2
Q3
Q4
1998
2.40
5.80
3.07
0.02
3.83
3.73
6.65
1.08
3.44
3.79
0.37
7.98
8.50
4.15
2.05
8.16
5.87
0.05
8.69
4.95
0.26
0.23
9.61
1.00
3.70
1.84
0.08
1.61
1.75
4.65
0.40
0.86
1.56
0.95
3.12
3.19
1.51
1.65
2.38
1.45
0.00
0.04
0.13
0.01
0.01
0.01
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
FI
MFI
FI
FI
FI
FI
FI
FI
MFI
-0.64
-1.85
-1.04
0.35
-0.02
0.34
-0.91
0.25
-0.50
-0.88
0.62
-1.29
-0.17
-0.84
0.14
-0.94
-0.75
0.10
-1.63
-2.40
-0.34
-1.91
-10.03
0.83
0.94
0.49
0.85
0.49
0.56
Not apl.
1.68 1.01 FI
4.65 3.50 FI
2.58 1.66 FI
0.05 0.07 FI
3.90 1.96 FI
3.97 1.55 FI
7.72 5.66 FI
1.20 0.39 FI
2.72 1.07 FI
3.26 1.72 FI
0.92 1.02 FI
6.56 3.11 FI
8.13 3.11 FI
3.56 1.56 FI
3.20 Not av. FI
6.86
MFI
5.50 Not av. FI
0.06 0.00 FI
6.34 0.35 FI
3.56 0.30 FI
0.14 0.00 FI
1.27 0.01 FI
12.24
MFI
0.19 0.51 FI
0.02 Not av. FI
0.01 0.01 FI
0.01 0.12 FI
0.44 0.00 FI
0.35 0.03 FI
0.66
-1.57
0.77
0.33
-1.05
-2.81
-2.11
-1.57
-1.54
-2.69
-3.93
-3.49
-3.98
-2.84
-2.54
-5.48
-4.64
0.01
-5.67
-2.54
-6.00
-2.03
-0.97
0.91
0.94
0.47
0.83
1.53
1.07
-0.38
3.76 0.97 FI
7.21 3.33 FI
4.85 1.48 FI
0.08 0.01 FI
5.83 1.89 FI
5.00 1.50 FI
6.93 5.21 FI
1.85 0.44 FI
3.34 1.16 FI
4.84 1.55 FI
4.91 0.86 FI
10.74 3.99 FI
10.29 2.68 FI
4.89 1.52 FI
6.16 Not av. FI
10.61
MFI
8.26 Not av. FI
0.41 0.00 FI
10.85 0.53 FI
4.04 0.19 FI
12.97 0.00 FI
0.32 0.02 FI
4.24
FI
0.17 0.35 FI
0.01 Not av. FI
0.00 0.01 FI
0.00 0.08 FI
0.52 1.23 FI
0.31 0.97 FI
4.37 0.00 MFI
1.59
1.48
1.46
1.23
1.22
1.22
1.18
1.11
0.93
0.20
0.16
-0.30
-0.31
-0.34
-0.67
-1.27
-1.28
-1.75
-2.26
-2.50
-8.24
-9.88
-10.81
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question. Duration is only given for funds which commence the period as fixed-income mutual funds.
(3) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
1.36
4.71
1.09
0.44
2.51
3.16
4.03
1.10
2.31
2.90
1.18
4.70
4.38
2.70
1.83
4.28
3.28
0.14
4.17
1.75
0.17
-1.69
5.55
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
2.79
5.93
3.55
0.06
4.87
4.76
7.48
1.43
3.32
4.22
3.02
8.90
9.23
4.36
4.78
8.90
6.61
0.39
9.26
4.00
6.91
2.68
8.68
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility tion (%) tility
Q1
FIXED-INCOME FIM
Yield
accumulated Management
since
1993 of assets of yield
Not apl. 1.45 0.00
61.36 1.50 0.00
Not apl. 1.45 0.00
Not apl. 2.37 0.00
39.29 1.10 5.00
Not apl. 1.80 0.00
51.05 1.65 0.00
54.90 1.00 8.00
Not apl. 1.00 0.00
Not apl. 1.75 0.00
48.76 1.30 5.00
41.60 1.50 0.00
Not apl. 1.55 0.00
Not apl. 1.50 0.00
21.61 1.10 0.00
Not apl. 1.00 0.00
28.81 1.10 0.00
Not apl. 1.00 0.00
Not apl. 1.00 0.00
Not apl. 1.25 0.00
-3.19 2.50 0.00
-10.91 2.00 0.00
Not apl. 1.00 0.00
Not apl. 0.70 0.00
Not apl. 0.45 0.00
Not apl. 2.00 0.00
Not apl. 0.80 0.00
Not apl. 1.30 0.00
Not apl. 1.60 0.00
Not apl. 0.25 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
2.00
2.00
2.00
3.00
0.00
1.00
0.00
0.00
0.00
1.50
0.00
2.00
2.00
0.00
4.00
0.00
4.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.25
0.10
0.25
0.12
0.40
0.10
0.20
0.16
0.15
0.40
0.10
0.10
0.25
0.10
0.40
0.00
0.40
0.10
0.10
0.09
0.25
0.25
0.15
0.15
0.05
0.20
0.00
0.20
0.15
0.05
Custody
221
222
Q2
Q3
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
1.27
0.90
0.76
-14.51
1.94
-13.39
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
0.35 0.81
0.01 0.11
0.01 0.02
20.09 0.00
0.68 Not av.
19.51 0.00
FI
FI
FI
FI
FI
FI
1.05 0.37
0.76 0.02
0.51 0.04
14.92 22.27
1.49 0.89
14.90 22.29
2.37 1.60
0.15 0.09
0.15 0.09
0.15 0.09
0.17 0.26
0.42 0.03
0.42 0.03
0.48 0.04
0.42 0.03
19.47 11.43
2.15 2.36
0.52 9.10
0.57 0.10
Yield
accumuDura- Yield Vola- lated Management
tion (%) tility since of assets of yield
1993
0.59 Not apl.
Not apl. 0.65 0.00
0.08 Not apl.
Not apl. 0.40 0.00
0.02 Not apl.
Not apl. 1.00 0.00
0.14 Not apl.
Not apl. 2.10 0.00
Not av. Not apl.
Not apl. 0.45 0.00
0.12 Not apl.
Not apl. 2.50 0.00
2.97 Not apl.
Not apl. 1.40 0.00
0.00 Not apl.
Not apl. 1.25 10.00
0.00 Not apl.
Not apl. 1.25 10.00
0.00 Not apl.
Not apl. 1.25 10.00
0.00 Not apl.
Not apl. 1.25 0.00
0.02 Not apl.
Not apl. 1.00 10.00
0.02 Not apl.
Not apl. 1.00 10.00
0.02 Not apl.
Not apl. 0.85 10.00
0.02 Not apl.
Not apl. 1.00 10.00
0.00 Not apl.
Not apl. 1.00 0.00
3.08 Not apl.
Not apl. 1.00 0.00
0.89 Not apl.
Not apl. 1.50 0.00
0.00 Not apl.
Not apl. 1.00 0.00
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola- Dura- Fund Yield Vola(%) tility tion type* (%) tility tion type* (%) tility tion type* (%) tility
Q1
FIXED-INCOME FIM
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.50
1.50
1.50
3.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.50
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (3)
(Continue)
0.10
0.10
0.00
0.40
0.05
0.40
0.10
0.35
0.35
0.35
0.25
0.00
0.00
0.00
0.00
0.15
0.40
0.15
0.10
Custody
9.81
3.42
6.85
5.41
4.03
3.97
5.15
3.73
3.87
3.69
7.77
3.15
4.66
8.58
3.27
3.75
4.03
3.67
3.69
2.62
3.41
4.14
3.73
2.87
3.57
2.32
3.06
3.68
2.31
3.88
4.85
3.39
Volatility
FI
MFI
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MFI
MFI
MFI
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MEQ
Fund
type*
2.37
1.54
0.33
0.14
1.20
0.54
1.45
1.06
1.03
0.76
-1.43
0.52
0.49
-0.93
1.60
0.43
0.71
0.93
0.51
1.05
1.20
0.81
1.20
0.38
2.30
1.18
1.11
0.52
1.19
0.05
0.41
0.25
Yield
(%)
11.35
4.06
8.99
7.81
5.56
4.73
5.45
5.33
5.47
4.91
10.69
3.97
7.42
4.10
5.28
7.38
5.20
5.22
5.88
3.03
3.17
5.80
4.86
3.30
3.73
3.24
4.19
5.27
3.28
4.84
6.47
5.48
Volatility
Q2
Yield
(%)
FI
-12.31
MFI
-2.18
MEQ -9.02
MFI
0.27
MFI
-1.35
MEQ -7.55
MEQ -3.67
MEQ -3.14
MFI
-1.56
MFI
-1.90
MEQ -7.40
MFI
-2.70
MEQ -1.84
MFI
0.62
MEQ -3.54
MFI
-0.08
MFI
-3.63
MFI
-3.04
MFI
-3.45
MFI
-1.78
MFI
-3.87
MFI
-3.01
MEQ -4.75
MFI
-1.65
MEQ -3.43
MFI
0.96
MEQ -3.65
MFI
-1.84
MFI
0.91
FI
0.16
MEQ -5.31
MFI
-0.13
Fund
type*
24.75
5.88
15.10
5.24
5.67
7.41
8.55
6.30
5.70
5.54
10.39
6.36
5.94
1.61
6.56
3.32
7.62
6.60
6.66
4.50
7.20
6.96
7.47
4.63
5.89
2.59
5.96
5.27
2.65
2.72
8.97
3.39
Volatility
Q3
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
FI
MFI
MFI
Fund
type*
16.78
6.29
10.34
3.26
6.30
11.50
5.89
6.41
6.10
5.37
7.12
6.42
3.64
0.89
6.39
3.13
6.08
6.26
6.24
5.52
6.98
5.89
6.42
5.85
6.74
3.90
7.05
3.99
3.91
1.95
5.59
2.89
Yield
(%)
Volatility
19.01
5.35
11.55
2.87
5.62
7.62
6.81
5.45
5.65
4.96
7.62
5.43
3.22
4.64
5.71
2.92
5.81
5.71
5.87
5.20
6.46
6.47
6.51
4.86
9.76
3.57
5.69
4.03
3.57
2.68
6.74
2.98
Q4
17.19
15.86
15.60
15.53
14.94
14.50
14.18
13.93
13.73
13.21
12.97
12.56
12.32
12.31
12.08
12.07
11.96
11.94
11.89
11.86
11.86
11.85
11.62
11.48
11.34
11.27
11.25
11.19
11.14
11.08
11.04
11.00
Yield
(%)
17.51
4.88
11.24
5.68
5.33
6.36
6.72
5.38
5.29
4.90
9.40
4.98
5.60
5.42
5.43
4.74
5.90
5.49
5.73
4.05
5.47
6.01
5.94
4.08
6.33
3.00
4.96
4.69
3.02
3.71
7.03
3.98
Volatility
1998
Not apl.
Not apl.
108.82
91.10
Not apl.
87.45
Not apl.
120.29
Not apl.
Not apl.
Not apl.
Not apl.
69.28
Not apl.
114.50
73.23
Not apl.
Not apl.
Not apl.
75.34
Not apl.
Not apl.
Not apl.
Not apl.
104.42
Not apl.
Not apl.
80.10
Not apl.
Not apl.
94.52
Not apl.
Yield
accumulated
since 1993
(1) Desviacin tpica, anualizada y en tanto por cien, de la diferencia de neperianos de los valores liquidativos diarios del fondo de inversin en el perodo considerado.
(2) Comisiones cobradas a 31-12-98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
11.79
9.74
14.78
11.42
8.30
10.47
10.32
9.37
7.78
8.70
15.54
8.15
9.86
11.66
7.49
8.29
8.74
7.65
8.54
6.81
7.49
8.05
8.81
6.68
5.59
4.84
6.67
8.37
4.74
8.73
10.60
7.75
Yield
(%)
Q1
1.00
1.25
2.00
1.50
1.00
0.50
1.50
2.00
1.85
1.25
2.00
1.40
2.00
2.00
1.25
1.50
2.00
2.00
1.50
1.50
1.35
1.45
2.00
1.25
1.25
0.75
1.75
1.75
0.75
1.50
1.90
1.50
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
3.00
2.00
0.00
0.00
0.00
0.00
3.00
4.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
5.00
4.00
0.00
0.00
0.00
0.00
3.00
3.00
1.50
0.00
1.00
3.00
0.00
2.00
0.00
0.00
% Fees (2)
(Continue)
0.00
0.00
0.40
0.25
0.20
0.10
0.10
0.00
0.15
0.12
0.15
0.15
0.20
0.30
0.10
0.15
0.40
0.00
0.25
0.30
0.10
0.15
0.10
0.10
0.10
0.15
0.20
0.40
0.15
0.17
0.20
0.15
Custody
223
224
3.03
4.66
3.13
2.99
3.16
3.48
3.04
3.24
3.85
3.64
5.47
4.77
3.88
2.56
2.52
4.03
3.51
1.86
3.61
3.36
1.70
3.69
2.37
3.06
2.97
4.60
1.62
3.30
2.13
2.87
2.59
Volatility
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MEQ
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
Fund
type*
1.22
0.15
0.89
0.99
2.55
0.82
0.54
0.76
-0.19
0.49
-0.08
0.53
1.02
1.11
0.85
0.21
0.86
0.85
0.46
0.40
1.23
1.43
1.74
0.81
0.75
1.72
0.90
0.51
1.10
0.98
1.40
Yield
(%)
3.83
6.26
4.30
4.09
4.31
4.38
4.58
4.43
7.55
4.89
6.75
6.22
6.21
2.45
3.68
4.87
4.02
2.06
5.59
4.69
1.09
3.23
2.67
5.39
4.26
6.90
2.17
4.73
3.21
3.82
3.85
Volatility
Q2
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
Fund
type*
-1.59
-3.07
-2.96
-1.58
-3.72
-3.17
-4.52
-3.81
-0.14
-2.74
-8.04
-5.45
-3.60
-2.72
-2.88
-3.82
-4.68
0.05
-4.55
-2.63
3.44
1.94
-4.95
-1.54
-4.21
-5.43
0.92
-4.57
-0.39
-3.15
-4.49
Yield
(%)
3.97
6.99
6.64
3.96
7.63
5.18
7.17
8.01
2.71
5.57
11.32
8.01
6.19
5.59
5.33
5.35
7.25
2.41
8.03
5.66
1.44
3.05
7.05
4.59
7.04
9.61
1.98
7.55
2.83
3.55
8.27
Volatility
Q3
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MEQ
MFI
MFI
MFI
MFI
MFI
Fund
type*
4.23
4.18
5.84
4.26
5.49
5.42
7.19
5.98
3.09
4.81
7.38
4.68
4.49
5.50
5.12
5.07
6.15
4.00
5.42
4.50
1.95
2.28
6.57
3.74
5.62
4.56
3.07
5.62
3.14
4.53
5.22
Yield
(%)
Q4
3.07
4.52
5.31
3.07
5.26
4.85
6.71
6.49
2.38
4.53
8.52
5.51
3.68
4.94
4.06
5.21
5.77
2.83
6.41
4.54
1.76
2.94
4.62
3.61
7.16
6.20
1.94
5.93
1.93
3.46
5.39
Volatility
10.98
10.72
10.68
10.66
10.61
10.61
10.33
10.27
10.17
10.14
10.05
10.04
9.94
9.87
9.84
9.82
9.82
9.60
9.59
9.44
9.38
9.32
9.30
9.27
9.23
9.21
9.07
8.94
8.81
8.79
8.76
Yield
(%)
3.56
5.79
5.09
3.62
5.42
4.60
5.73
5.92
4.64
4.78
8.47
6.37
5.21
4.20
4.10
4.99
5.45
2.35
6.22
4.71
1.53
3.24
4.69
4.30
5.74
7.15
1.96
5.69
2.61
3.53
5.54
Volatility
1998
81.55
56.94
74.56
Not apl.
82.32
68.97
84.07
Not apl.
54.17
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
96.10
99.48
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
97.54
Not apl.
78.85
89.24
Not apl.
74.49
Not apl.
50.82
67.48
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
6.90
9.48
6.81
6.78
6.20
7.49
7.23
7.35
7.22
7.52
11.53
10.60
8.04
5.89
6.69
8.44
7.61
4.45
8.41
7.13
2.46
3.37
6.06
6.11
7.16
8.58
3.93
7.54
4.76
6.43
6.72
Yield
(%)
Q1
1.50
2.00
1.00
1.75
1.50
0.90
1.50
1.10
1.25
1.10
1.75
1.25
1.50
1.25
0.45
2.00
1.00
1.25
1.00
0.80
0.50
0.75
0.85
2.00
0.90
0.80
1.00
1.20
2.50
1.25
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
2.00
1.00
0.20
0.00
2.00
0.00
1.00
0.00
0.00
0.00
0.00
1.00
0.00
2.00
1.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
5.00
% Fees (2)
(Continue)
0.10
0.40
0.20
0.10
0.12
0.10
0.20
0.15
0.15
0.20
0.30
0.10
0.00
0.10
0.08
0.10
0.00
0.00
0.10
0.20
0.00
0.00
0.20
0.25
0.10
0.20
0.40
0.10
0.10
0.09
0.25
Custody
2.32
1.84
1.84
3.69
5.39
5.23
1.18
4.24
0.75
2.11
5.01
2.00
4.08
1.81
1.69
0.78
1.89
0.95
1.12
2.65
0.81
0.81
2.35
2.34
2.54
2.04
3.24
1.96
1.70
3.63
1.45
Volatility
MFI
FI
MFI
MEQ
MFI
MFI
MFI
MEQ
MFI
MFI
MEQ
MFI
MEQ
FI
MFI
MFI
MFI
FI
FI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
Fund
type*
-0.16
0.84
0.41
0.02
0.64
-0.82
1.35
0.43
1.92
0.55
-0.07
0.95
0.21
0.63
1.03
1.41
0.11
0.94
1.01
0.35
1.51
1.02
1.08
0.65
-0.32
0.65
2.22
1.64
0.55
-1.23
0.75
Yield
(%)
3.56
1.34
1.63
4.39
8.40
3.76
0.88
5.21
1.94
3.71
4.17
3.02
5.37
1.08
1.61
0.73
3.71
0.80
0.94
3.19
1.68
0.77
2.29
2.72
1.66
2.91
4.58
2.04
2.79
5.36
2.84
Volatility
Q2
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
FI
MFI
MFI
MFI
FI
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
Fund
type*
1.53
3.21
0.37
-3.57
-6.78
-5.12
2.82
-3.29
-1.74
-2.09
-5.87
-0.53
-3.23
1.09
-1.42
1.95
-2.66
2.26
0.10
-1.78
-3.58
1.61
-1.72
0.27
-2.52
-3.52
-4.88
-1.60
-2.33
-4.46
-2.18
Yield
(%)
3.48
1.92
1.85
5.75
11.38
7.52
1.08
4.98
4.10
4.69
7.44
2.76
4.73
2.61
3.57
0.66
7.18
1.05
2.35
3.79
7.31
0.96
3.60
2.12
5.08
5.85
5.86
4.00
3.03
8.11
4.32
Volatility
Q3
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
Fund
type*
2.48
1.92
4.13
4.02
5.19
9.28
1.47
2.26
4.94
4.45
5.51
2.92
2.45
3.49
3.71
1.73
5.80
2.21
4.02
3.42
7.41
2.25
4.35
0.62
4.98
5.10
4.02
1.96
4.25
8.70
3.71
Yield
(%)
Q4
4.51
2.83
3.30
4.31
5.79
7.53
1.79
2.23
3.53
4.15
7.03
1.97
2.90
2.75
3.08
1.18
6.65
1.38
3.25
3.20
6.58
1.43
5.82
0.99
5.01
4.76
5.08
2.84
2.83
7.64
4.23
Volatility
8.61
8.47
8.45
8.43
8.39
8.32
8.16
8.08
8.02
7.99
7.97
7.97
7.88
7.76
7.61
7.46
7.45
7.35
7.19
7.15
7.08
7.00
6.99
6.87
6.82
6.65
6.51
6.32
6.31
6.25
6.24
Yield
(%)
3.58
2.06
2.29
4.69
8.21
6.33
1.29
4.42
2.95
3.84
6.19
2.51
4.46
2.18
2.68
0.87
5.38
1.07
2.16
3.28
5.09
1.03
3.84
2.18
3.95
4.24
4.86
2.87
2.70
6.54
3.47
Volatility
1998
69.96
77.44
77.63
87.50
75.95
80.85
81.35
65.27
Not apl.
Not apl.
Not apl.
51.90
Not apl.
79.82
Not apl.
84.68
Not apl.
74.72
78.81
73.89
53.78
Not apl.
Not apl.
52.30
Not apl.
Not apl.
Not apl.
Not apl.
70.85
Not apl.
63.18
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
4.55
2.26
3.33
8.08
9.84
5.33
2.29
8.83
2.77
5.01
8.78
4.47
8.60
2.36
4.17
2.16
4.22
1.74
1.92
5.10
1.86
1.95
3.21
5.24
4.71
4.50
5.32
4.27
3.84
3.59
3.94
Yield
(%)
Q1
1.75
1.15
1.50
2.35
0.90
1.50
0.75
1.50
2.00
2.00
1.50
2.50
1.90
1.10
1.15
0.25
1.50
1.25
0.61
1.90
1.50
0.60
0.40
1.50
0.75
1.00
2.00
1.50
2.25
1.50
1.50
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
2.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
1.50
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.15
0.10
0.40
0.11
0.05
0.18
0.15
0.10
0.20
0.40
0.10
0.10
0.10
0.30
0.10
0.01
0.14
0.10
0.24
0.10
0.20
0.05
0.09
0.22
0.10
0.10
0.40
0.00
0.40
0.23
0.40
Custody
225
226
1.14
1.67
0.78
1.96
1.58
0.78
1.37
1.25
0.65
7.59
0.75
0.93
0.94
2.82
1.78
1.05
0.76
2.21
3.94
2.16
0.34
0.93
2.04
0.52
0.34
1.90
1.31
1.25
0.39
0.79
6.13
Volatility
FI
MFI
FI
MFI
MFI
FI
MFI
FI
MFI
MEQ
FI
MFI
MFI
MFI
MFI
FI
FI
MFI
MEQ
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
FI
FI
MFI
MEQ
Fund
type*
0.87
0.83
0.56
0.13
0.45
0.64
0.67
0.73
0.89
0.02
0.59
0.95
0.57
0.28
-0.46
1.18
1.19
0.19
0.43
0.07
0.67
0.02
1.17
0.71
0.70
0.97
-0.01
0.53
0.70
0.57
-0.84
Yield
(%)
0.86
1.68
0.87
2.64
2.49
0.86
1.72
0.87
0.65
9.41
1.21
0.71
1.23
1.88
1.79
1.06
0.70
1.93
5.63
4.79
0.35
1.45
3.66
0.36
0.42
4.73
3.37
0.30
0.33
1.38
7.71
Volatility
Q2
Yield
(%)
FI
1.52
MFI
-0.51
FI
1.79
MFI
-2.08
MFI
-2.49
FI
1.34
MFI
-0.86
FI
1.18
MFI
0.03
MEQ -11.30
FI
1.36
MFI
1.06
MFI
-0.13
MFI
-2.06
MFI
-0.13
FI
-0.72
MFI
0.97
MFI
-1.39
MEQ -7.07
MEQ -3.31
FI
1.54
MFI
1.63
MFI
-4.29
MFI
1.44
MFI
0.68
MFI
-2.01
MFI
-1.19
FI
1.14
FI
0.98
FI
1.37
MEQ -9.21
Fund
type*
1.37
2.14
0.88
3.53
5.40
1.03
2.39
1.44
2.42
13.03
0.73
2.03
1.54
3.45
3.16
2.07
0.93
2.89
7.30
4.31
0.64
0.72
4.55
0.47
0.64
3.65
4.11
0.31
0.53
2.40
16.49
Volatility
Q3
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MEQ
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MFI
FI
MFI
FI
MEQ
Fund
type*
1.42
2.17
1.88
3.22
3.82
2.01
2.46
1.41
2.84
3.62
1.95
1.58
2.02
2.62
2.23
3.33
1.29
2.15
3.36
3.35
1.38
1.27
3.79
1.28
1.78
2.67
3.05
1.07
1.35
0.96
4.91
Yield
(%)
Q4
1.19
2.04
1.51
2.88
3.20
1.56
2.24
1.26
2.46
6.99
1.51
1.27
1.57
2.89
2.81
2.42
1.43
2.43
4.15
2.56
0.75
1.01
3.24
0.78
0.84
3.77
2.16
0.45
0.64
0.86
6.39
Volatility
6.15
6.00
5.93
5.89
5.87
5.82
5.74
5.70
5.66
5.60
5.56
5.46
5.31
5.27
5.20
5.18
5.04
4.91
4.87
4.86
4.83
4.79
4.77
4.75
4.68
4.62
4.56
4.50
4.26
4.23
4.19
Yield
(%)
1.16
1.92
1.06
2.86
3.52
1.11
2.00
1.23
1.80
9.75
1.11
1.34
1.37
2.86
2.49
1.79
1.00
2.43
5.56
3.69
0.56
1.07
3.57
0.56
0.60
3.69
2.97
0.70
0.49
1.51
10.25
Volatility
1998
64.30
Not apl.
56.60
48.02
Not apl.
60.82
65.31
63.32
64.20
Not apl.
57.09
Not apl.
Not apl.
Not apl.
Not apl.
65.71
50.76
Not apl.
Not apl.
57.83
Not apl.
50.80
50.20
57.37
Not apl.
Not apl.
64.52
31.97
47.45
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
2.20
3.41
1.59
4.64
4.11
1.71
3.40
2.26
1.80
14.87
1.55
1.76
2.77
4.44
3.51
1.33
1.50
3.95
8.71
4.87
1.15
1.80
4.25
1.23
1.44
2.99
2.69
1.70
1.16
1.27
10.32
Yield
(%)
Q1
1.00
1.50
1.50
1.00
2.00
1.75
1.75
1.50
1.60
1.25
1.50
0.35
1.35
0.75
1.50
0.75
1.50
0.90
1.75
2.00
1.25
2.00
2.00
1.50
0.35
1.35
0.80
1.75
1.50
0.90
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
7.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.25
0.00
0.00
0.00
0.00
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.00
0.00
1.00
0.00
0.00
2.00
1.00
1.00
0.00
1.25
0.00
0.00
0.00
0.00
0.75
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.15
0.10
0.25
0.30
0.20
0.00
0.15
0.40
0.20
0.00
0.25
0.05
0.15
0.15
0.00
0.17
0.10
0.02
0.15
0.15
0.25
0.25
0.18
0.20
0.04
0.25
0.25
0.00
0.25
0.22
0.10
Custody
2.50
0.47
0.33
0.06
0.47
0.57
0.21
0.38
1.45
3.18
0.24
0.37
3.58
2.20
1.01
0.02
1.09
6.59
2.27
0.18
7.82
5.91
3.24
Volatility
MFI
MFI
FI
MFI
FI
FI
FI
FI
MFI
MFI
FI
FI
MFI
MFI
MFI
FI
FI
MFI
FI
FI
MFI
FI
FI
Fund
type*
0.02
0.67
0.69
0.76
0.69
0.25
0.64
0.37
0.79
0.10
0.62
1.25
0.15
-0.58
0.03
0.41
0.56
0.61
0.27
1.51
-0.62
-3.63
0.17
0.66
0.62
0.53
-0.65
1.46
0.52
1.18
-0.10
Yield
(%)
3.78
0.42
0.31
2.57
0.21
0.76
0.16
0.43
2.11
4.41
0.13
0.78
3.75
2.90
0.95
0.73
0.16
5.95
4.14
1.39
13.78
7.07
4.79
2.54
5.09
4.31
4.93
1.10
3.26
1.73
1.93
Volatility
Q2
Yield
(%)
MFI
-3.72
MFI
1.14
FI
0.95
MFI
-2.12
FI
0.94
FI
1.45
FI
-1.90
FI
1.06
MFI
-1.68
MFI
-4.84
FI
0.70
MFI
-2.20
MFI
-5.63
MFI
-3.03
MFI
-0.35
MFI
0.07
FI
-1.65
FI
-3.31
MFI
-1.65
MFI
-4.97
MFI -12.34
MFI
-1.09
MEQ -9.71
MFI
-2.22
MFI
-5.18
MFI
-4.33
MFI
-7.10
MFI
-0.33
MFI
-2.80
MFI
-1.15
MFI
-2.38
Fund
type*
5.54
0.30
0.56
4.25
0.82
0.45
3.86
0.57
3.07
5.78
0.01
3.75
5.09
4.54
1.91
0.82
2.75
7.78
2.58
7.69
19.42
8.77
14.59
3.64
7.31
6.91
6.79
3.64
7.63
4.10
3.37
Volatility
Q3
MFI
MFI
MFI
MFI
FI
FI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
FI
FI
MFI
MFI
MFI
MFI
FI
MFI
MFI
MEQ
MEQ
MFI
MFI
MFI
MFI
Fund
type*
2.51
1.02
1.20
4.65
1.22
0.79
3.91
1.06
2.81
4.02
0.71
2.62
2.32
3.39
0.54
0.84
0.71
0.76
0.97
2.24
-1.59
2.17
-1.00
3.00
5.35
5.56
5.53
2.84
7.50
5.39
2.49
Yield
(%)
Q4
1.55
0.39
0.66
5.06
0.93
0.38
3.97
0.70
2.73
4.88
0.54
2.84
2.39
4.09
1.22
0.59
1.22
6.37
2.69
4.20
5.90
3.58
7.68
3.14
6.26
7.09
6.03
3.10
6.84
5.08
2.06
Volatility
4.17
4.08
4.05
4.00
3.97
3.80
3.62
3.44
3.41
3.29
3.06
2.87
2.87
2.65
2.31
1.97
1.53
1.49
1.48
-0.53
-0.86
-2.71
-8.65
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
3.74
0.40
0.49
3.59
0.67
0.57
2.81
0.54
2.45
4.73
0.31
2.43
3.93
3.61
1.34
0.63
1.63
6.73
3.02
4.50
13.06
6.62
8.82
Volatility
1998
Not apl.
51.44
46.97
Not apl.
Not apl.
52.04
56.05
40.56
40.11
Not apl.
Not apl.
Not apl.
52.65
Not apl.
40.52
39.41
Not apl.
Not apl.
Not apl.
43.11
Not apl.
Not apl.
36.97
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
5.51
1.18
1.15
0.77
1.07
1.26
1.01
0.92
1.49
4.25
1.00
1.23
6.37
3.00
2.09
0.63
1.93
3.54
1.92
0.85
15.64
-0.10
2.02
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
1.25
1.10
1.50
1.17
1.35
2.00
1.17
2.50
1.75
1.50
1.40
1.25
1.50
1.40
2.00
1.65
1.25
1.50
1.00
1.75
1.50
2.00
2.00
1.50
1.50
1.55
1.50
0.29
1.20
0.80
1.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
1.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
1.00
1.00
0.00
2.00
0.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.15
0.10
0.25
0.22
0.20
0.25
0.20
0.10
0.10
0.20
0.05
0.10
0.15
0.10
0.08
0.12
0.18
0.15
0.20
0.12
0.15
0.00
0.14
0.30
0.30
0.20
0.00
0.30
0.20
0.20
0.07
Custody
227
228
Volatility
Fund
type*
0.98
1.22
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
1.47
8.35
Volatility
Q2
MFI
MEQ
Fund
type*
Volatility
0.00 2.52
-2.42 7.08
-5.35 8.56
-8.02 6.64
-8.05 15.84
-3.26 6.10
0.37 0.16
-0.07 2.46
-3.26 5.66
-2.17 5.92
-2.34 4.50
-5.46 9.04
-1.60 3.42
-6.32 10.69
-6.93 10.69
-1.08 6.02
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q3
MFI
MFI
MEQ
MFI
MFI
MFI
FI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
MFI
Fund
type*
3.19
4.73
8.60
6.66
5.93
4.73
0.03
3.95
4.30
3.84
1.75
5.41
4.98
4.02
-1.78
0.08
4.93
2.09
1.96
0.90
2.88
1.40
1.30
8.15
5.24
8.18
6.02
Yield
(%)
Volatility
2.04
4.99
8.27
7.42
12.89
5.58
0.43
3.85
4.39
4.18
3.83
6.69
3.84
6.90
8.74
5.13
5.37
2.73
1.21
1.05
1.21
0.59
1.86
7.63
6.55
14.05
4.77
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
Mixed fixed-income FIM: Funds invested 75% - 100% in fixed-income at 1998 year-end.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
0.55
0.86
0.75
1.25
2.10
2.00
2.50
1.00
1.25
1.00
1.40
1.80
1.45
1.50
1.50
2.00
1.50
0.30
1.50
1.00
0.40
0.40
1.75
2.00
1.00
1.50
1.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
1.00
3.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
% Fees (2)
(Continue)
0.00
0.07
0.10
0.25
0.40
0.00
0.00
0.15
0.25
0.10
0.06
0.10
0.10
0.00
0.05
0.40
0.00
0.00
0.15
0.15
0.00
0.00
0.15
0.10
0.10
0.15
0.40
Custody
16.94
16.45
15.89
17.36
17.76
18.32
17.04
9.98
15.15
17.52
19.81
14.98
14.99
16.61
15.91
14.25
15.93
15.69
16.12
16.48
12.34
12.75
10.59
13.51
10.97
8.37
7.29
9.30
9.03
10.19
9.07
10.48
Volatility
EQ
EQ
EQ
MEQ
EQ
MFI
MEQ
MEQ
MEQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
Fund
type*
2.65
1.65
-1.28
-0.56
-0.75
-1.07
-0.94
-0.57
-2.93
-1.35
-0.94
-2.88
-3.17
-1.30
-0.87
-0.94
-0.78
-0.69
-1.01
-1.00
-2.44
-2.75
1.34
-0.80
-0.33
1.13
0.41
0.30
0.24
0.24
0.49
0.14
Yield
(%)
18.47
24.36
22.62
25.79
25.98
26.33
25.22
13.55
19.98
24.44
25.27
20.07
19.87
26.42
23.32
12.30
24.87
21.05
25.42
24.34
15.74
15.49
15.40
17.12
9.52
11.24
8.87
8.11
7.50
13.56
11.50
13.05
Volatility
Q2
MEQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
Fund
type*
-16.32
-21.80
-16.84
-23.58
-24.13
-24.18
-22.68
-12.25
-17.96
-23.59
-24.41
-18.10
-18.49
-23.99
-22.45
-8.96
-22.52
-16.82
-22.84
-24.83
-13.40
-4.30
-12.05
-17.61
-6.62
-12.06
-8.95
-4.55
-13.55
-10.71
-14.12
-14.80
Yield
(%)
28.69
37.49
28.60
39.05
42.00
41.65
40.65
17.50
27.26
39.03
39.45
27.97
28.47
41.15
38.53
14.07
38.37
25.92
37.16
39.81
19.94
11.37
19.72
24.17
10.75
21.01
14.43
8.42
22.05
16.45
20.79
20.31
Volatility
Q3
MEQ
EQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
EQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
EQ
MEQ
Fund
type*
21.24
27.04
23.62
29.48
28.90
29.18
27.79
25.69
25.81
27.22
27.43
24.59
24.99
28.84
26.30
10.79
26.36
16.47
23.26
25.14
17.85
9.79
15.77
16.02
8.06
16.62
13.64
6.93
17.64
10.79
15.91
13.71
Yield
(%)
Volatility
23.80
29.43
27.70
31.64
32.96
32.95
32.41
16.39
25.81
32.89
32.06
27.19
27.67
32.44
31.11
15.64
31.59
23.28
26.92
28.94
19.04
17.10
16.75
17.03
11.96
18.16
13.36
9.82
18.82
13.12
16.92
15.19
Q4
47.84
40.92
39.15
37.44
36.09
35.93
34.62
33.70
33.40
32.90
32.55
32.52
32.29
32.22
31.89
30.76
29.95
29.67
28.92
28.35
26.21
25.39
25.29
24.74
24.39
24.08
23.01
22.96
22.87
22.50
22.36
21.05
Yield
(%)
22.87
28.44
24.62
30.03
31.46
31.50
30.56
14.93
22.98
30.08
30.53
23.58
23.84
30.96
28.94
14.40
29.33
22.17
27.88
29.14
17.35
14.52
16.20
18.76
11.06
15.80
11.61
9.12
15.93
13.76
15.58
15.51
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
175.35
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
242.01
Not apl.
163.81
Not apl.
Not apl.
Not apl.
78.11
175.70
Not apl.
126.65
Not apl.
187.52
Not apl.
214.12
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
41.96
39.55
37.11
39.68
40.20
40.28
37.55
21.92
33.14
38.59
38.92
33.72
34.09
36.80
35.84
30.86
33.77
34.78
36.93
37.83
26.76
22.72
21.43
31.55
23.68
19.63
18.40
20.11
20.54
23.55
22.32
24.77
Yield
(%)
Q1
1.15
1.25
2.50
1.60
1.45
0.85
2.50
1.60
0.70
1.90
2.50
2.00
2.00
2.20
1.50
2.50
2.00
2.50
1.90
2.50
1.00
1.75
1.85
1.25
2.50
1.30
1.65
1.50
1.20
2.00
1.30
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.00
4.00
0.00
0.00
0.00
0.00
3.00
2.00
0.00
0.00
2.50
1.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
2.00
1.00
2.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
% Fees (2)
(Continue)
0.10
0.10
0.15
0.20
0.15
0.15
0.40
0.15
0.09
0.10
0.25
0.09
0.25
0.30
0.40
0.14
0.10
0.40
0.20
0.40
0.30
0.15
0.15
0.15
0.14
0.10
0.09
0.14
0.40
0.15
0.10
0.40
Custody
229
230
11.13
10.88
9.40
10.70
8.01
9.02
8.28
10.67
9.44
9.36
10.14
11.42
7.71
5.78
6.94
8.39
5.06
11.31
8.62
10.06
5.13
10.05
14.29
10.16
10.64
6.96
10.12
7.69
7.32
10.76
6.17
Volatility
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
Fund
type*
-0.38
-0.59
-0.60
-0.53
0.21
-0.19
1.17
-0.46
2.09
0.08
0.02
-0.97
0.89
2.72
3.14
1.28
-0.36
2.01
0.01
-0.71
0.62
-0.22
1.06
-0.32
0.14
1.07
-0.58
1.12
0.06
-2.18
1.72
Yield
(%)
17.41
13.76
12.82
17.12
11.68
10.51
10.95
14.22
12.74
12.76
13.64
15.30
9.44
9.01
10.58
11.94
4.36
15.40
10.64
13.33
5.97
13.91
10.85
13.47
14.01
9.96
13.83
9.34
10.36
7.75
9.05
Volatility
Q2
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
Fund
type*
-16.46
-13.50
-14.85
-15.87
-12.44
-8.32
-10.94
-17.74
-16.66
-11.82
-13.49
-16.64
-8.71
-9.64
-12.54
-13.94
-3.75
-16.27
-9.76
-12.35
-3.77
-14.71
-11.38
-16.97
-13.34
-7.61
-13.28
-9.53
-10.79
-10.20
-8.46
Yield
(%)
26.16
20.28
21.34
25.50
19.29
12.71
16.72
23.92
22.46
19.48
19.26
21.67
14.62
15.43
18.48
19.48
5.72
23.50
14.90
18.44
7.12
20.73
16.77
25.61
15.25
13.25
17.81
14.39
16.00
15.79
10.65
Volatility
Q3
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
Fund
type*
16.25
12.41
15.96
17.15
14.03
9.71
12.53
18.29
15.99
13.24
13.19
15.63
10.73
14.86
13.79
14.87
8.64
10.30
10.49
12.80
9.89
13.13
12.10
17.40
11.31
10.50
11.70
10.09
13.59
21.30
11.32
Yield
(%)
Volatility
20.02
15.49
17.94
21.05
15.91
11.18
14.46
20.70
19.49
16.29
14.71
19.82
11.81
14.36
15.72
16.46
7.92
12.02
12.54
15.47
8.21
15.37
16.30
21.46
13.61
10.75
13.19
12.29
15.19
16.88
10.15
Q4
20.73
20.65
20.48
20.45
20.41
20.37
20.16
20.11
19.96
19.91
19.81
19.78
19.76
19.69
19.64
19.41
19.25
18.98
18.85
18.85
18.42
18.34
18.26
18.17
17.93
17.82
17.78
17.76
17.64
17.36
17.16
Yield
(%)
19.75
15.77
16.36
19.67
14.63
11.15
13.24
18.50
17.17
15.20
15.08
17.85
11.40
12.02
13.92
14.97
6.10
16.61
12.12
14.90
6.84
15.79
14.92
19.03
13.76
10.63
14.29
11.43
12.94
13.56
9.35
Volatility
1998
Not apl.
Not apl.
Not apl.
144.78
149.72
124.97
140.47
Not apl.
121.19
Not apl.
169.82
Not apl.
Not apl.
Not apl.
159.62
193.19
Not apl.
113.98
Not apl.
176.69
Not apl.
92.92
Not apl.
Not apl.
184.51
Not apl.
Not apl.
Not apl.
Not apl.
131.68
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
24.79
24.82
22.75
22.86
20.36
19.90
18.51
24.01
21.55
19.98
22.34
25.49
17.43
12.27
16.55
19.28
14.46
26.28
19.19
21.07
11.29
22.92
17.79
21.61
22.08
14.19
22.31
16.92
16.02
10.14
13.03
Yield
(%)
Q1
2.00
2.00
1.75
2.50
2.50
1.50
2.50
2.00
2.37
1.00
2.25
1.55
1.60
1.20
0.40
2.50
1.50
2.00
1.00
2.50
1.50
2.50
1.50
1.75
2.00
1.85
2.25
1.60
1.35
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
1.00
0.00
0.00
1.00
0.00
0.00
0.00
Min.
Back end
0.00
2.00
0.00
1.00
3.00
0.00
2.50
0.00
3.00
1.00
0.00
1.00
1.00
3.00
1.00
3.00
0.00
3.00
0.00
1.50
1.50
2.00
2.50
1.00
1.00
4.00
5.00
1.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.10
0.40
0.22
0.10
0.00
0.40
0.20
0.40
0.10
0.10
0.20
0.20
0.15
0.15
0.15
0.00
0.13
0.10
0.10
0.25
0.20
0.20
0.25
0.30
0.15
0.15
0.40
0.40
0.15
0.16
0.10
Custody
6.82
3.68
11.24
10.36
9.39
12.12
7.00
4.19
7.70
9.12
9.11
3.80
5.18
6.14
6.86
8.27
5.84
16.47
2.65
4.85
11.23
7.84
6.96
7.12
4.18
4.49
5.80
5.60
10.86
5.74
7.82
Volatility
MEQ
MEQ
MEQ
MEQ
MFI
EQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
Fund
type*
1.69
1.92
-1.34
-0.32
-0.91
-1.61
1.15
0.25
-1.10
-0.95
0.13
1.19
0.30
0.40
-1.21
0.10
0.23
-3.69
2.09
0.62
1.15
-1.30
-1.46
0.87
1.30
1.50
1.28
-0.56
-0.04
0.81
-1.25
Yield
(%)
8.80
4.80
15.24
13.73
15.40
15.93
9.76
5.29
10.66
14.44
11.28
4.69
5.26
8.84
6.79
8.58
8.12
26.98
3.21
7.37
8.93
11.05
7.25
7.24
3.93
6.19
9.09
7.83
9.07
8.26
10.96
Volatility
Q2
MEQ
MEQ
MEQ
MEQ
MFI
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MFI
MEQ
MEQ
MFI
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
Fund
type*
-9.22
-4.98
-14.90
-16.48
-8.76
-19.24
-10.26
-4.01
-10.49
-12.49
-14.10
-3.98
-6.28
-10.60
-5.31
-11.83
-8.51
-28.98
-6.78
-7.52
-10.30
-7.20
-13.53
-7.58
-4.93
-6.42
-12.04
-9.14
-9.84
-11.96
-7.58
Yield
(%)
13.47
8.23
19.57
22.18
16.85
23.75
15.55
5.98
16.92
19.58
18.52
7.59
13.67
15.76
8.56
17.40
12.19
45.14
14.61
10.90
12.12
10.30
23.27
11.26
9.04
15.72
17.44
13.17
15.19
17.34
10.53
Volatility
Q3
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MFI
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MFI
EQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
Fund
type*
9.65
12.16
11.81
13.65
8.29
15.00
9.83
7.68
12.96
14.24
12.74
7.87
10.70
13.48
7.27
12.50
11.32
24.65
12.58
9.31
7.89
7.22
21.99
9.52
8.35
14.13
13.40
10.04
5.95
12.89
7.01
Yield
(%)
Volatility
10.95
8.32
14.84
16.99
9.28
17.15
10.06
5.93
13.81
16.21
14.63
8.50
12.96
12.90
7.43
15.32
10.64
32.50
13.01
8.92
11.16
7.49
24.05
11.22
7.94
14.51
14.86
10.29
8.00
15.47
7.52
Q4
17.06
17.03
16.69
16.57
16.45
16.43
16.41
16.35
16.05
16.02
15.99
15.99
15.88
15.33
15.31
15.05
15.00
14.88
14.62
14.41
14.26
14.24
14.24
14.13
13.82
13.66
13.65
13.61
13.53
13.51
13.48
Yield
(%)
10.50
6.73
15.81
16.72
13.36
18.13
11.25
5.55
12.96
15.54
14.13
6.57
10.26
11.73
7.61
13.26
9.70
32.49
10.14
8.48
11.11
9.47
17.73
9.58
6.78
11.49
12.88
9.85
11.33
12.88
9.51
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
107.39
Not apl.
Not apl.
Not apl.
92.97
Not apl.
Not apl.
230.22
Not apl.
88.21
Not apl.
117.07
107.08
Not apl.
108.57
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
15.65
7.74
24.30
23.19
18.94
27.42
16.76
12.29
16.04
17.17
19.62
10.67
11.36
13.23
14.91
15.87
12.66
34.75
6.99
12.48
16.73
16.34
9.90
11.78
9.09
4.85
12.50
14.27
18.90
13.30
16.19
Yield
(%)
Q1
1.75
1.00
2.50
2.00
1.50
1.70
0.70
0.75
2.50
1.75
2.30
0.50
1.50
0.85
2.00
1.40
0.50
1.75
1.10
1.50
1.15
2.00
1.15
1.50
1.45
2.20
1.60
1.75
0.75
1.60
1.85
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
2.00
3.00
2.00
0.00
0.00
2.25
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
1.50
0.00
2.00
0.00
0.00
2.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
% Fees (2)
(Continue)
0.25
0.20
0.17
0.40
0.40
0.30
0.00
0.12
0.00
0.25
0.10
0.15
0.40
0.15
0.15
0.10
0.21
0.15
0.10
0.40
0.15
0.09
0.05
0.15
0.10
0.00
0.15
0.21
0.10
0.15
0.40
Custody
231
232
5.47
11.45
4.67
7.17
4.92
5.86
6.85
17.28
4.61
3.87
4.95
3.91
6.89
4.26
7.57
9.01
4.82
5.55
3.53
4.15
8.11
13.02
3.28
6.43
7.97
4.33
3.78
10.89
9.52
2.65
3.45
Volatility
MEQ
EQ
MEQ
MEQ
MFI
MEQ
MEQ
EQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
EQ
MFI
MFI
Fund
type*
-0.06
-1.47
-0.13
-0.02
0.43
0.66
-0.95
-6.96
1.01
-0.02
0.00
0.84
0.29
2.74
0.63
-0.73
0.32
0.30
1.39
0.26
-2.30
-4.34
1.59
-0.11
0.46
-0.04
0.81
-4.96
-3.76
0.64
0.07
Yield
(%)
5.66
15.13
5.56
8.97
5.95
8.27
11.97
17.33
6.50
6.54
7.51
5.43
9.29
7.25
8.83
8.47
8.55
7.06
6.51
4.93
11.07
19.85
4.57
8.86
9.52
5.03
6.59
13.67
15.37
4.30
4.77
Volatility
Q2
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
EQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MFI
Fund
type*
-3.92
-11.54
-3.89
-12.90
-5.14
-8.65
-11.83
-26.71
-7.06
-8.58
-7.89
-6.49
-12.57
-5.51
-11.92
-13.87
-8.14
-7.71
-9.02
-4.78
-11.00
-23.84
-4.34
-9.74
-13.72
-11.51
-5.68
-10.68
-12.91
-3.32
-4.16
Yield
(%)
7.59
14.57
7.65
18.06
8.63
12.30
17.62
39.77
10.25
10.34
10.56
8.73
16.78
7.59
14.49
22.64
13.41
10.71
13.95
7.20
18.16
40.03
9.15
12.44
17.74
21.13
9.44
14.37
19.52
7.06
7.60
Volatility
Q3
MFI
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MFI
Fund
type*
7.10
5.28
7.17
12.26
6.63
8.84
12.07
25.80
9.02
10.16
7.90
8.01
10.50
5.58
10.90
12.35
8.61
7.79
12.82
6.52
10.98
24.09
7.26
9.05
17.14
14.69
6.31
7.43
6.94
6.48
6.58
Yield
(%)
Volatility
6.75
6.86
6.76
15.24
7.64
11.39
15.31
31.84
7.74
9.69
8.30
7.12
17.00
9.02
14.68
16.89
8.99
8.42
12.20
6.96
15.81
33.97
9.28
10.60
21.19
19.62
6.64
12.53
12.23
6.84
6.46
Q4
13.45
13.29
13.26
12.84
12.68
12.45
12.33
12.30
12.22
12.15
11.98
11.97
11.97
11.83
11.78
11.72
11.70
11.60
11.12
11.08
11.05
10.95
10.93
10.85
10.85
10.75
10.73
10.69
10.66
10.29
10.23
Yield
(%)
6.53
12.70
6.38
13.38
7.06
9.96
13.77
28.76
7.70
8.23
8.25
6.70
13.49
7.34
12.05
15.66
9.60
8.31
10.15
6.07
14.05
29.20
7.18
10.02
15.38
14.99
7.03
13.18
14.91
5.60
5.89
Volatility
1998
Not apl.
Not apl.
Not apl.
89.74
Not apl.
Not apl.
114.16
129.87
Not apl.
Not apl.
96.80
Not apl.
110.82
84.86
Not apl.
Not apl.
115.75
116.99
Not apl.
Not apl.
85.34
Not apl.
Not apl.
Not apl.
Not apl.
63.22
89.58
104.76
Not apl.
Not apl.
92.97
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
10.33
23.47
10.10
15.43
10.91
12.36
14.76
30.92
9.64
11.38
12.67
9.94
15.57
9.11
13.71
16.29
11.61
11.85
6.77
9.22
15.08
22.72
6.42
12.75
9.17
9.16
9.55
21.37
23.46
6.44
7.84
Yield
(%)
Q1
1.80
1.50
1.70
2.00
1.25
1.75
2.50
1.50
0.90
1.00
1.17
0.70
2.50
1.50
1.25
1.50
1.00
1.25
1.00
1.55
1.00
1.50
1.50
2.50
2.50
1.00
1.50
2.25
1.50
1.50
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
10.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
2.00
1.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
1.00
3.00
1.00
2.00
0.00
0.00
0.00
2.50
4.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.13
0.10
0.15
0.30
0.10
0.15
0.40
0.08
0.00
0.20
0.22
0.12
0.00
0.14
0.20
0.15
0.00
0.15
0.14
0.20
0.15
0.12
0.15
0.15
0.40
0.00
0.40
0.25
0.15
0.20
0.40
Custody
3.68
3.42
3.56
5.32
3.35
10.07
10.37
4.60
4.73
4.61
3.07
5.01
7.61
4.54
3.23
5.72
4.74
3.35
3.19
2.27
7.12
3.38
4.99
7.76
1.99
10.59
3.44
0.21
2.22
2.31
2.03
Volatility
MEQ
MFI
MFI
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MFI
MFI
MEQ
MFI
MEQ
EQ
MFI
MEQ
MFI
FI
MFI
MFI
MFI
Fund
type*
1.00
-0.23
-0.17
0.87
0.28
-1.81
-0.23
0.32
-0.58
-1.54
0.93
1.78
0.05
-0.95
1.32
0.46
-2.11
0.10
-0.12
0.25
0.01
2.07
-1.02
-0.23
1.25
-3.39
1.03
2.17
0.79
0.83
0.87
Yield
(%)
4.27
4.86
4.64
5.40
4.26
15.06
9.79
5.80
4.44
9.49
4.37
6.47
11.23
4.03
4.23
3.76
6.99
2.63
6.13
1.58
11.75
8.27
8.11
10.08
2.18
12.76
3.09
1.48
2.76
2.88
3.58
Volatility
Q2
MFI
MFI
MFI
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
MFI
MFI
MEQ
MEQ
FI
MEQ
MEQ
MEQ
MFI
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
EQ
MFI
MEQ
MFI
MFI
MEQ
Fund
type*
-4.68
-2.01
-4.24
-8.49
-3.56
-19.11
-9.98
-6.44
-2.89
-9.79
-5.71
-7.37
-13.17
-0.05
-4.58
-2.38
-7.81
-5.79
-4.72
-1.27
-10.07
-11.17
-6.98
-20.96
-4.52
-14.82
-3.13
-4.06
-3.95
-4.75
-6.35
Yield
(%)
6.21
4.95
7.66
12.20
6.40
24.94
16.70
8.20
6.42
18.38
8.53
9.09
15.36
0.15
11.22
5.36
14.51
10.63
8.59
6.93
12.35
14.42
10.84
22.94
6.89
24.29
3.87
8.94
6.04
6.60
8.71
Volatility
Q3
MEQ
MFI
MFI
MEQ
MFI
EQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
FI
MEQ
MFI
MEQ
MEQ
MFI
MFI
MEQ
MEQ
MEQ
MEQ
MFI
EQ
MFI
MEQ
MEQ
MFI
MEQ
Fund
type*
5.49
4.24
6.78
9.97
5.13
14.83
12.10
6.18
2.73
12.52
6.74
6.28
6.83
5.31
7.12
4.23
9.78
8.55
5.97
5.11
4.28
11.17
5.66
14.10
5.52
12.19
4.73
7.50
4.19
5.03
6.81
Yield
(%)
Volatility
5.97
3.56
6.73
10.29
5.11
20.50
14.23
6.71
4.44
15.30
8.18
9.19
8.90
5.43
8.44
7.65
11.59
10.12
5.23
4.07
10.27
14.95
8.38
6.01
5.87
17.71
2.56
7.70
3.96
5.70
7.25
Q4
10.07
9.99
9.94
9.85
9.82
9.75
9.71
9.62
9.27
9.14
9.09
9.01
8.27
8.23
8.23
7.94
7.90
7.83
7.35
7.34
7.20
6.80
6.67
6.67
6.57
6.56
6.45
6.37
5.93
5.74
5.66
Yield
(%)
5.26
4.33
5.98
8.99
5.00
18.84
13.23
6.60
5.18
13.24
6.59
7.77
11.42
4.10
7.59
5.83
10.34
7.75
6.19
4.29
10.73
11.48
8.46
13.84
4.85
17.39
3.34
6.03
4.10
4.82
6.14
Volatility
1998
Not apl.
81.13
71.40
Not apl.
Not apl.
Not apl.
72.52
109.67
Not apl.
Not apl.
73.12
Not apl.
114.59
Not apl.
135.78
Not apl.
82.08
Not apl.
Not apl.
77.18
56.42
Not apl.
Not apl.
Not apl.
83.22
Not apl.
55.37
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
8.39
7.93
7.70
8.22
8.02
20.33
8.97
9.99
10.18
9.20
7.39
8.80
16.67
3.82
4.51
5.58
8.91
5.34
6.45
3.17
14.31
5.96
9.65
18.55
4.47
15.42
3.86
0.96
5.03
4.82
4.72
Yield
(%)
Q1
0.90
1.40
2.50
0.70
1.10
2.00
2.00
1.75
1.75
0.90
1.50
1.50
2.25
1.50
1.50
1.25
1.60
1.65
1.00
1.50
2.00
1.75
2.50
0.80
0.70
1.85
1.60
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.00
0.00
0.00
0.00
0.00
1.00
1.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.10
0.16
0.00
0.05
0.07
0.10
0.40
0.40
0.30
0.10
0.25
0.15
0.15
0.20
0.15
0.10
0.20
0.15
0.07
0.22
0.32
0.40
0.40
0.10
0.01
0.15
0.10
0.10
0.10
0.10
0.10
Custody
233
234
3.13
3.31
4.01
2.92
2.76
3.12
3.97
10.16
6.65
0.12
6.71
15.68
7.67
8.15
7.86
3.45
7.30
4.08
3.61
13.87
9.47
14.44
Volatility
MEQ
MFI
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
FI
MFI
MEQ
MEQ
MEQ
EQ
MFI
EQ
MEQ
MEQ
MEQ
MEQ
MEQ
Fund
type*
-0.34
0.26
1.53
-0.02
0.24
-0.10
-0.86
-0.28
0.11
0.25
-1.24
-1.52
-1.04
1.96
-3.77
0.15
-9.48
-3.72
-5.93
-12.55
-17.65
-13.14
-1.79
-6.75
1.76
0.43
0.67
2.61
2.03
-0.37
2.37
Yield
(%)
4.21
3.71
8.87
4.41
3.85
5.34
7.59
15.35
5.21
3.84
5.10
6.39
11.23
10.78
8.17
6.94
8.32
4.27
11.67
14.27
22.61
13.81
6.07
11.34
6.41
8.47
2.62
10.87
2.70
7.12
8.64
Volatility
Q2
MEQ
MFI
EQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MFI
MFI
MEQ
MEQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
MEQ
FI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
Fund
type*
-7.63
-12.34
-14.34
-3.53
-6.79
-11.14
-6.72
-2.78
-5.82
-4.87
-4.50
-15.68
-14.29
4.53
-18.82
-13.03
3.15
-10.87
-17.48
-25.69
-0.81
-20.77
-10.18
-13.96
-4.59
-8.64
-2.49
-8.66
-7.77
-10.52
-7.26
Yield
(%)
11.39
16.26
16.61
6.34
10.36
9.87
12.07
18.03
8.47
7.89
5.98
13.08
15.64
9.60
15.87
14.61
9.79
9.82
15.39
24.53
4.82
29.50
14.88
20.11
7.06
12.32
5.38
11.31
20.92
12.37
13.52
Volatility
Q3
MEQ
MEQ
EQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MFI
MFI
MEQ
MEQ
MEQ
EQ
EQ
MEQ
MEQ
EQ
MEQ
FI
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
Fund
type*
7.65
11.85
15.49
3.78
7.05
10.13
7.17
-5.77
4.72
6.14
2.54
8.51
3.35
-1.41
13.44
6.30
-4.25
-1.61
6.42
14.94
-6.91
5.10
9.87
11.15
4.88
7.81
5.17
7.45
11.74
9.40
7.74
Yield
(%)
Volatility
8.60
14.36
16.27
4.12
7.76
10.23
9.41
11.89
8.29
6.33
7.39
10.46
6.19
6.63
20.33
12.01
10.18
8.08
14.93
21.67
12.78
23.40
14.46
13.70
5.32
8.87
5.07
8.78
16.89
10.48
9.71
Q4
5.55
5.30
5.15
5.14
5.12
3.90
3.61
3.37
2.59
2.06
1.16
0.82
0.77
0.53
-1.24
-1.40
-1.97
-14.13
-15.69
-19.06
-22.33
-25.20
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
7.73
11.33
12.84
4.67
7.00
7.96
8.86
14.28
7.34
5.49
6.40
12.11
11.05
8.95
14.40
10.40
9.11
7.10
12.54
19.53
14.13
21.51
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
51.17
55.54
Not apl.
44.56
Not apl.
Not apl.
Not apl.
73.29
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
6.52
7.11
4.69
5.04
5.09
6.27
4.56
13.15
3.90
0.83
4.60
11.88
14.94
-4.32
11.44
6.50
9.65
1.70
2.06
8.35
2.14
3.41
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
1.00
1.50
1.25
0.40
1.00
1.85
2.50
2.00
2.50
1.50
0.90
0.50
1.30
0.75
1.25
0.75
2.00
1.75
2.00
2.50
1.50
2.25
1.65
1.50
1.25
2.25
1.00
1.50
2.50
1.00
1.75
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.50
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.50
1.50
0.00
0.00
2.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
1.00
1.00
0.00
1.00
0.00
1.00
2.00
0.00
0.00
2.00
1.50
0.00
0.00
% Fees (2)
(Continue)
0.10
0.40
0.35
0.20
0.10
0.15
0.25
0.10
0.20
0.15
0.10
0.10
0.10
0.05
0.25
0.10
0.10
0.13
0.09
0.09
0.15
0.25
0.20
0.00
0.10
0.15
0.10
0.00
0.25
0.10
0.10
Custody
Volatility
Fund
type*
1.35
1.29
0.99
-1.03
2.17
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
6.03
3.00
5.51
12.22
5.79
Volatility
Q2
MEQ
MFI
MEQ
MEQ
MEQ
Fund
type*
-6.08
-6.63
-1.76
-6.77
-7.98
-13.16
-8.64
0.05
-23.77
-5.69
-11.36
-11.25
-4.84
-10.10
-6.78
-9.08
0.64
-7.07
-7.00
-23.96
-9.46
-21.11
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
9.44
8.79
6.01
16.39
10.80
14.76
12.84
0.65
41.63
9.44
16.16
15.00
10.61
15.55
11.86
13.50
2.02
11.26
7.27
41.24
11.45
32.07
Volatility
Q3
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
MEQ
MEQ
MFI
MEQ
MEQ
MEQ
MEQ
EQ
Fund
type*
8.60
6.01
1.37
9.15
7.57
10.04
6.91
4.59
29.24
6.87
13.30
13.33
11.04
11.90
10.33
10.95
10.70
8.00
6.04
20.98
7.91
15.29
7.38
23.44
8.59
10.40
10.43
6.50
4.86
11.82
16.99
Yield
(%)
Volatility
8.17
6.91
1.71
8.83
10.86
15.68
8.52
5.76
32.95
7.53
13.82
12.46
10.62
13.25
11.34
12.32
8.73
9.30
7.36
29.51
9.91
27.24
9.40
27.91
12.60
17.02
15.60
6.47
7.61
14.50
16.29
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
2.00
1.20
0.90
1.75
2.50
1.50
0.90
1.50
0.40
1.50
1.00
1.70
0.90
1.50
1.50
0.90
1.35
1.50
1.30
2.50
2.00
1.00
2.00
1.50
1.00
1.75
2.00
1.50
1.75
1.00
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
3.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
1.00
1.50
0.75
3.00
1.00
0.00
0.00
0.00
3.00
% Fees (2)
(Continue)
0.10
0.10
0.15
0.20
0.00
0.15
0.10
0.25
0.10
0.00
0.00
0.10
0.00
0.40
0.20
0.00
0.20
0.12
0.12
0.00
0.40
0.00
0.09
0.30
0.35
0.25
0.15
0.00
0.20
0.00
0.15
Custody
235
236
Volatility
Fund
type*
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
Q2
Fund
type*
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
Q3
Fund
type*
4.75
1.32
1.79
15.07
2.12
Yield
(%)
Volatility
6.28
1.66
1.87
13.17
2.99
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
2.00
2.50
2.50
1.45
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
3.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
2.00
0.00
% Fees (2)
(Continue)
0.40
0.40
0.40
0.12
0.00
Custody
13.65
14.99
16.19
10.41
12.84
11.59
14.44
17.51
17.86
14.27
15.33
16.44
14.93
18.55
14.72
14.75
14.33
15.56
15.87
16.10
18.34
15.88
14.32
16.25
16.19
16.71
17.61
15.98
12.72
14.21
15.03
16.74
Volatility
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
11.64
5.76
1.61
7.94
4.53
6.76
2.58
-1.07
2.75
0.52
0.37
0.71
-0.03
-0.77
0.80
0.63
0.20
-0.83
0.29
-0.92
-0.44
-0.73
0.23
1.14
1.18
0.26
-1.06
0.37
0.57
-0.47
-0.87
-0.26
Yield
(%)
16.54
19.91
21.71
13.32
20.69
23.84
20.40
21.87
15.12
19.72
21.28
23.13
22.44
25.94
19.36
19.85
21.63
20.66
21.23
21.64
25.39
21.54
19.88
21.80
21.68
23.09
25.87
24.12
16.22
20.69
21.31
21.56
Volatility
Q2
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
-14.73
-20.36
-24.78
-13.88
-19.13
-9.10
-20.99
-18.48
-13.15
-18.81
-21.00
-24.25
-20.24
-23.82
-17.35
-17.69
-20.66
-17.68
-17.82
-19.44
-24.20
-19.52
-19.35
-24.49
-23.35
-24.67
-23.99
-19.18
-17.21
-21.23
-19.27
-19.70
Yield
(%)
26.55
37.50
37.51
24.04
33.02
26.81
34.37
32.07
29.29
32.11
33.32
38.41
39.10
41.44
27.04
28.49
33.40
34.06
29.36
31.78
39.60
31.54
32.16
36.76
34.45
38.29
40.33
35.54
25.83
32.47
32.04
31.34
Volatility
Q3
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
33.19
31.07
33.75
22.60
24.43
19.99
28.85
24.05
35.54
25.77
26.30
30.19
27.89
28.63
21.03
21.20
25.65
24.02
22.82
24.32
28.08
24.31
25.01
26.49
25.19
29.54
27.94
24.93
19.56
24.84
24.29
22.26
Yield
(%)
Volatility
25.49
31.83
29.69
23.93
26.69
21.58
31.34
26.71
25.80
27.35
28.38
31.31
32.44
32.46
23.58
24.01
27.91
27.84
24.44
26.85
33.11
26.70
27.49
30.13
29.63
31.35
32.95
28.56
21.47
27.65
27.04
26.44
Q4
65.48
47.75
43.52
42.93
42.73
42.37
39.20
38.33
38.25
37.63
37.57
37.24
37.20
36.95
36.83
36.71
36.70
36.55
36.29
36.06
35.86
35.37
35.09
34.99
34.73
34.73
34.50
34.37
34.08
34.04
33.88
33.87
Yield
(%)
21.67
27.99
28.04
19.25
24.88
21.90
26.83
25.54
23.05
24.75
25.96
29.05
29.16
31.25
22.07
22.75
25.78
25.89
23.63
25.21
30.67
25.03
24.85
27.89
26.92
29.05
30.85
27.36
20.12
25.20
25.09
25.04
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
189.31
Not apl.
309.80
Not apl.
Not apl.
Not apl.
231.51
Not apl.
Not apl.
Not apl.
365.98
199.35
258.79
204.40
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
223.48
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
30.52
33.83
40.39
25.40
35.67
22.26
33.28
38.25
14.30
34.08
37.36
38.18
34.53
40.85
35.71
36.18
36.85
34.88
34.65
37.11
40.55
36.31
33.69
39.76
38.78
37.70
39.80
32.59
34.70
36.97
34.60
36.71
Yield
(%)
Q1
EQUITY FIM
1.85
1.15
1.25
1.85
1.50
2.00
2.50
2.50
1.65
1.00
0.60
1.25
1.00
1.75
1.75
0.85
2.25
1.20
2.50
2.00
1.75
2.10
2.10
2.37
2.50
2.37
2.50
2.50
2.00
1.50
2.00
2.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
2.00
0.00
2.00
2.00
3.00
1.00
2.00
0.00
2.00
0.00
0.00
2.00
1.00
1.50
1.00
0.50
0.00
0.00
4.00
0.00
2.00
2.00
0.00
3.00
2.50
3.00
0.00
0.00
2.00
2.50
1.00
1.50
% Fees (2)
(Continue)
0.15
0.10
0.10
0.15
0.20
0.00
0.10
0.20
0.10
0.05
0.15
0.25
0.15
0.10
0.40
0.40
0.12
0.10
0.00
0.11
0.25
0.15
0.21
0.10
0.20
0.10
0.20
0.25
0.40
0.40
0.40
0.10
Custody
237
238
16.68
16.16
14.18
14.54
16.02
13.44
14.40
13.18
15.10
16.70
10.98
14.17
13.94
13.07
13.38
15.75
11.17
15.51
13.85
15.39
15.71
15.56
16.40
11.56
13.80
12.19
14.41
17.37
12.82
7.83
15.12
Volatility
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
-0.44
-0.78
-1.58
-0.54
-1.69
-2.21
-0.63
-0.54
-3.11
2.04
6.02
-2.04
-0.25
-0.35
2.25
-1.39
-0.11
-1.97
-1.21
-1.58
-1.06
-0.85
-0.95
-0.49
6.11
0.06
-0.94
-1.18
-0.92
-0.34
-0.28
Yield
(%)
21.37
23.94
16.89
20.64
21.43
15.83
20.23
19.09
20.12
18.21
18.28
20.61
18.59
16.83
20.01
22.32
15.78
20.90
18.35
20.97
21.46
21.68
22.27
6.78
18.94
17.83
19.20
25.02
19.01
6.56
21.68
Volatility
Q2
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
-19.71
-23.99
-17.32
-21.91
-20.34
-19.91
-21.56
-18.72
-18.40
-13.86
-16.36
-18.54
-21.64
-13.74
-22.96
-20.16
-8.81
-20.53
-20.69
-21.89
-22.40
-22.44
-20.08
-8.10
-21.17
-17.84
-16.13
-24.59
-10.93
-7.81
-21.42
Yield
(%)
31.51
40.38
30.51
34.51
31.52
26.02
33.59
28.55
27.83
31.25
18.23
30.86
32.02
22.67
34.56
30.90
22.57
30.54
28.25
31.71
32.23
32.44
32.33
11.32
31.75
27.81
25.66
37.66
23.27
11.11
25.85
Volatility
Q3
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
22.46
29.17
22.13
26.87
23.49
27.34
26.01
22.88
24.60
25.55
17.86
24.98
26.04
16.99
25.65
20.96
20.24
24.81
24.58
24.43
22.80
24.25
22.61
16.41
23.88
21.28
18.63
26.56
18.60
15.44
23.22
Yield
(%)
Volatility
26.73
34.40
27.28
29.97
27.70
20.85
29.10
23.91
26.99
30.75
17.87
26.58
28.91
20.19
30.67
24.41
19.84
26.04
24.72
27.72
26.39
25.31
26.16
13.46
32.14
23.27
20.88
31.25
18.14
13.35
21.06
Q4
33.69
33.26
33.11
32.82
32.61
32.52
32.31
31.66
31.63
31.62
31.40
31.36
31.18
31.06
30.87
30.66
30.40
30.32
30.30
30.28
30.27
30.24
30.17
30.00
29.93
29.85
29.64
29.47
29.19
29.03
29.03
Yield
(%)
25.12
30.66
23.63
26.56
25.32
20.14
25.90
22.34
23.52
25.40
16.97
24.29
24.95
18.86
26.49
24.39
18.07
24.35
22.47
25.21
25.19
24.99
25.37
11.33
25.81
21.48
20.79
29.29
18.92
10.36
21.73
Volatility
1998
244.44
250.56
Not apl.
263.96
292.92
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
260.74
339.69
222.90
238.27
216.34
Not apl.
Not apl.
Not apl.
265.81
267.18
283.39
231.05
Not apl.
Not apl.
216.88
Not apl.
221.49
Not apl.
Not apl.
102.94
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
36.57
36.79
33.94
34.79
37.12
32.87
34.71
32.54
33.62
19.28
25.72
31.72
33.15
30.33
32.23
37.21
19.06
34.02
33.49
36.20
38.16
36.30
34.12
22.12
25.39
30.24
31.54
37.29
23.42
21.66
33.62
Yield
(%)
Q1
EQUITY FIM
2.00
1.75
1.50
2.50
1.45
1.50
2.20
1.00
2.00
1.50
1.85
2.50
2.50
1.50
2.50
2.50
1.50
2.25
1.50
2.50
2.00
2.25
2.50
1.50
2.00
2.25
2.00
2.50
1.50
1.35
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.50
0.00
0.00
1.50
0.00
1.50
0.00
5.00
2.50
1.50
2.00
2.00
1.50
0.00
0.00
0.00
1.50
2.00
0.00
2.00
2.95
0.00
4.00
0.00
0.00
0.00
2.00
0.00
1.00
0.00
0.00
% Fees (2)
(Continue)
0.10
0.40
0.13
0.00
0.15
0.30
0.00
0.25
0.40
0.35
0.15
0.40
0.00
0.20
0.00
0.18
0.30
0.25
0.20
0.15
0.40
0.15
0.00
0.05
0.10
0.12
0.40
0.15
0.25
0.13
0.15
Custody
14.94
15.55
14.05
16.24
14.34
11.77
12.45
11.38
15.07
13.03
10.19
13.85
13.72
19.29
11.13
13.71
14.07
14.51
10.20
13.44
14.51
17.87
16.48
15.55
10.90
15.25
13.47
16.38
11.53
10.39
10.45
Volatility
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
-2.37
5.38
-0.10
-0.60
-2.83
-0.20
-0.87
-0.34
-0.79
0.31
1.41
3.80
1.00
-5.38
1.18
0.33
-1.36
-1.91
1.49
1.26
-2.02
3.13
-1.62
-1.37
-0.81
-2.18
-0.21
3.31
-1.14
-2.22
1.66
Yield
(%)
19.53
17.70
18.68
19.24
20.43
15.94
17.91
14.66
19.51
22.34
15.98
16.74
15.13
15.77
15.19
19.83
27.71
20.40
14.47
20.41
21.27
12.90
22.76
22.14
16.38
21.10
17.82
14.47
16.88
14.78
14.60
Volatility
Q2
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
-21.43
-21.29
-20.51
-24.22
-18.81
-20.05
-18.72
-15.27
-21.37
-18.13
-17.54
-21.20
-21.07
-18.16
-18.85
-23.73
-17.05
-20.99
-14.96
-22.89
-20.64
-12.14
-24.75
-23.21
-16.85
-22.33
-16.86
-16.20
-16.48
-5.75
-17.61
Yield
(%)
30.40
26.07
32.58
32.08
30.24
27.63
28.84
22.75
31.74
26.80
26.39
27.01
27.77
34.82
25.16
32.29
23.99
27.38
22.02
33.43
31.65
24.07
37.76
33.96
24.36
34.32
25.51
36.80
21.52
12.50
26.03
Volatility
Q3
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
22.23
19.15
22.51
23.65
23.67
17.45
23.95
19.94
19.15
20.23
19.01
23.49
22.27
37.80
20.24
23.10
19.98
21.26
16.58
22.48
19.98
18.39
24.42
19.96
19.12
21.91
14.32
25.49
19.96
9.94
20.23
Yield
(%)
Volatility
26.04
31.82
26.38
26.51
25.57
20.62
24.04
22.00
25.30
25.93
20.89
31.13
24.69
31.01
23.10
27.95
20.47
22.49
18.99
26.33
25.35
20.16
30.45
26.92
20.20
28.27
17.31
25.29
20.31
15.27
23.15
Q4
28.77
28.52
28.42
28.26
27.18
26.75
26.70
26.58
26.36
26.19
25.96
25.91
25.87
25.49
25.42
25.35
25.19
24.85
24.53
24.44
24.37
24.26
24.19
23.96
23.91
23.81
23.74
23.71
23.66
23.35
23.09
Yield
(%)
23.96
24.09
24.40
24.84
23.79
20.35
22.09
18.67
24.18
23.02
19.67
23.67
21.63
26.82
19.89
24.99
22.44
22.13
17.33
24.96
24.42
19.36
28.49
26.00
18.98
26.19
19.38
25.12
18.33
13.56
19.93
Volatility
1998
93.43
Not apl.
299.66
328.37
193.72
Not apl.
220.32
Not apl.
Not apl.
191.35
Not apl.
174.97
Not apl.
160.72
251.39
Not apl.
Not apl.
Not apl.
194.62
266.12
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
78.93
Not apl.
Not apl.
Not apl.
178.94
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
37.35
30.04
32.00
37.71
30.36
35.24
26.86
24.99
35.94
27.81
26.58
24.65
29.13
17.61
27.03
33.08
27.52
32.86
23.76
30.13
33.30
15.84
34.82
36.44
26.11
33.67
30.47
13.88
24.83
21.74
22.23
Yield
(%)
Q1
EQUITY FIM
2.15
1.65
2.50
2.50
2.50
1.25
2.50
2.00
0.40
2.50
1.00
2.00
0.45
1.50
2.00
2.15
2.00
2.50
2.50
2.50
2.50
1.85
1.50
0.20
1.60
2.00
1.50
2.00
2.25
2.50
1.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9.00
0.00
10.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
2.00
3.00
5.00
0.00
1.00
2.00
2.00
2.00
0.00
0.00
2.00
0.00
1.00
0.00
2.00
0.00
5.00
0.00
0.00
1.00
2.00
1.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.08
0.10
0.00
0.40
0.10
0.35
0.40
0.20
0.15
0.15
0.00
0.40
0.02
0.15
0.25
0.10
0.20
0.40
0.00
0.25
0.00
0.15
0.07
0.13
0.15
0.10
0.00
0.10
0.15
0.14
0.10
Custody
239
240
10.49
14.26
16.28
11.02
13.68
9.97
7.16
16.99
15.68
13.08
11.61
8.59
11.51
14.29
14.22
12.59
12.78
12.13
8.04
12.97
7.42
14.31
12.18
13.76
7.38
9.73
10.00
15.89
11.60
11.79
10.32
Volatility
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
MEQ
EQ
MEQ
EQ
MEQ
EQ
MEQ
MEQ
MEQ
EQ
EQ
EQ
EQ
Fund
type*
1.72
-4.70
2.68
-1.05
-0.23
0.34
4.63
4.78
-1.78
1.16
-0.31
1.22
-0.99
-0.69
2.23
6.37
-1.27
-0.38
-1.08
1.82
-0.89
2.45
-0.57
2.51
2.60
-0.31
2.38
6.19
2.40
0.81
-2.45
Yield
(%)
14.49
14.13
13.92
14.99
16.14
15.20
12.31
17.78
22.21
19.41
16.21
12.76
17.65
19.94
12.01
19.00
17.92
17.79
13.25
11.37
13.39
14.36
19.77
17.40
10.29
13.08
10.74
18.79
15.86
15.47
10.26
Volatility
Q2
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
MEQ
EQ
MEQ
EQ
EQ
EQ
MEQ
MEQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
-17.41
-21.99
-9.83
-13.39
-14.56
-16.03
-15.83
-28.03
-23.66
-26.76
-15.25
-14.06
-14.98
-23.41
-18.31
-21.40
-15.53
-22.07
-11.37
-15.66
-10.54
-20.94
-21.34
-21.11
-12.79
-16.27
-12.98
-27.05
-21.49
-22.54
-6.81
Yield
(%)
25.82
23.35
23.99
18.68
22.26
24.44
24.86
31.58
33.82
37.24
21.40
23.78
24.36
32.56
25.00
28.84
22.15
32.24
19.67
20.12
18.86
27.22
32.76
28.70
18.60
22.90
18.23
32.95
28.93
29.40
10.92
Volatility
Q3
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
Fund
type*
19.90
20.46
14.78
13.62
15.18
16.70
19.81
30.22
19.21
26.15
13.59
15.40
26.63
20.35
21.11
18.73
11.22
22.89
17.23
17.54
16.28
20.42
19.91
17.30
16.19
17.75
14.70
23.98
21.81
19.64
0.91
Yield
(%)
Volatility
23.15
20.57
21.42
15.89
17.05
19.04
22.53
32.62
26.96
30.38
16.75
22.26
24.91
26.20
21.37
26.70
15.60
26.54
17.46
20.35
16.69
25.34
25.43
27.18
19.83
18.79
17.82
34.06
27.82
23.14
10.54
Q4
22.96
22.87
22.77
22.62
22.61
22.38
21.91
21.63
21.41
21.36
21.25
20.99
20.80
20.75
20.43
20.36
19.48
19.38
19.20
19.13
19.03
18.91
18.67
18.66
18.63
18.60
18.52
18.31
18.27
18.19
17.58
Yield
(%)
19.84
19.10
19.47
15.69
17.85
18.28
18.50
26.33
26.00
27.23
17.16
18.27
20.64
24.67
19.22
23.05
17.77
23.89
15.49
16.98
14.95
21.54
24.14
23.02
15.22
17.22
14.94
27.14
22.71
21.51
10.83
Volatility
1998
191.22
179.95
Not apl.
Not apl.
Not apl.
147.99
Not apl.
Not apl.
297.62
164.54
194.87
Not apl.
165.42
Not apl.
Not apl.
Not apl.
113.25
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
155.04
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
22.07
37.21
15.52
25.92
24.90
24.47
15.54
23.87
35.83
29.84
26.34
20.53
13.34
31.91
19.07
21.25
28.81
25.14
15.98
18.02
15.47
21.92
26.52
25.09
14.12
20.67
15.98
23.18
20.78
26.52
28.17
Yield
(%)
Q1
EQUITY FIM
1.50
2.50
2.50
1.50
2.15
1.50
1.00
1.85
2.40
2.00
2.50
1.50
1.00
1.25
2.00
1.85
2.50
0.90
0.60
1.75
0.60
2.00
2.00
1.75
0.50
2.00
2.00
2.37
2.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
1.00
1.00
2.50
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
1.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
1.00
3.00
3.00
2.00
0.00
0.00
% Fees (2)
(Continue)
0.20
0.15
0.20
0.40
0.10
0.40
0.00
0.15
0.22
0.40
0.40
0.20
0.30
0.22
0.40
0.15
0.00
0.00
0.00
0.25
0.00
0.00
0.08
0.25
0.00
0.40
0.00
0.10
0.40
0.25
0.40
Custody
8.96
12.42
22.28
8.81
11.90
12.12
13.68
14.96
7.75
12.75
12.06
12.90
18.94
14.72
9.44
11.30
13.02
11.98
6.57
9.32
12.58
8.02
6.90
14.09
14.13
11.78
12.35
9.13
16.25
4.81
12.69
Volatility
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
Fund
type*
1.32
4.64
0.45
0.02
0.95
12.63
-2.94
4.10
-0.77
2.27
2.38
1.03
-8.65
1.61
-2.64
3.12
4.49
1.71
2.37
-0.16
1.03
3.48
0.02
2.14
-4.51
-4.55
1.71
0.18
-4.21
3.14
0.92
Yield
(%)
10.81
14.79
12.69
17.89
16.65
15.68
17.94
17.26
9.00
11.79
15.10
13.37
29.83
16.91
9.93
15.31
17.24
12.26
10.72
10.08
15.64
10.73
10.19
17.18
20.29
13.42
18.06
12.03
14.39
7.67
17.18
Volatility
Q2
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
Fund
type*
-15.00
-21.01
-14.93
-19.44
-20.13
-18.17
-16.51
-24.33
-6.88
-17.24
-19.32
-15.07
-23.09
-21.10
-15.05
-18.35
-22.37
-17.16
-16.10
-15.06
-24.78
-19.45
-15.38
-20.52
-20.93
-20.57
-22.27
-15.85
-16.52
-13.39
-19.40
Yield
(%)
23.13
25.27
19.46
31.15
27.08
24.91
24.33
33.30
8.63
25.83
27.73
28.80
40.71
27.01
20.01
21.40
28.25
27.83
27.39
18.17
29.25
19.45
21.59
27.24
30.98
20.04
29.37
26.30
24.42
14.88
23.97
Volatility
Q3
EQ
EQ
MEQ
EQ
MEQ
EQ
EQ
EQ
MFI
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
MEQ
Fund
type*
16.90
17.39
14.28
20.67
19.18
11.19
13.57
25.52
7.12
19.90
17.32
19.24
27.14
19.83
15.69
12.42
16.40
19.99
19.27
14.38
23.80
14.01
16.74
16.82
21.89
17.02
20.23
15.00
22.10
10.99
12.82
Yield
(%)
Volatility
19.27
26.70
15.89
24.89
23.25
29.01
21.06
32.86
6.83
20.43
26.84
22.11
31.55
30.17
17.14
18.05
28.60
23.28
24.96
14.25
28.52
18.03
19.44
28.70
25.06
22.32
31.98
19.61
20.17
13.84
20.88
Q4
17.53
17.38
17.15
16.81
16.62
16.54
16.54
16.51
16.45
16.23
15.84
15.48
15.45
15.21
14.75
14.33
14.31
14.25
14.12
14.09
14.06
13.86
13.70
13.35
13.25
12.85
12.79
12.70
11.89
11.81
11.72
Yield
(%)
16.88
21.11
18.15
22.62
20.92
21.78
19.96
26.41
8.30
18.90
21.88
20.62
31.63
23.47
15.16
17.23
23.16
20.33
19.83
13.73
23.20
15.24
16.05
22.99
23.81
17.91
24.65
18.31
19.48
11.37
19.46
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
135.41
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
102.68
56.33
Not apl.
Not apl.
145.74
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
5.26
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
16.74
20.98
19.96
20.14
21.36
13.72
26.62
17.83
17.65
14.53
19.53
12.87
29.25
19.92
19.94
20.79
21.07
13.00
11.41
17.62
21.22
19.83
15.07
19.53
23.06
27.20
18.66
16.25
14.60
12.77
21.73
Yield
(%)
Q1
EQUITY FIM
0.85
1.80
1.50
2.50
2.15
2.30
2.50
2.37
0.50
1.50
1.00
2.40
1.80
2.50
2.50
1.50
1.75
1.80
1.50
1.75
2.50
1.75
2.00
2.50
1.80
2.50
1.50
1.75
1.50
0.25
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
2.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
4.00
0.00
1.00
0.00
1.00
1.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
1.00
0.00
2.00
0.00
0.50
1.50
0.00
0.00
4.00
0.00
0.00
2.50
0.00
1.00
0.00
0.00
% Fees (2)
(Continue)
0.05
0.25
0.15
0.15
0.20
0.10
0.15
0.10
0.10
0.25
0.10
0.10
0.20
0.10
0.35
0.00
0.15
0.40
0.15
0.20
0.10
0.15
0.40
0.15
0.20
0.15
0.25
0.15
0.00
0.05
0.40
Custody
241
242
6.36
11.86
10.50
10.19
7.28
11.73
12.16
11.65
10.48
14.72
9.81
11.49
12.11
7.49
13.53
12.10
5.86
0.07
10.97
0.02
6.28
2.77
3.86
10.01
0.78
6.34
5.29
6.86
6.97
4.69
10.16
Volatility
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MFI
FI
EQ
FI
MEQ
MEQ
MEQ
MEQ
MFI
EQ
MEQ
EQ
EQ
EQ
EQ
Fund
type*
1.25
3.49
1.83
1.55
1.53
2.28
-2.40
2.03
0.55
0.19
-0.96
-5.28
-3.11
0.11
1.67
1.08
-1.51
0.64
0.39
0.37
-2.23
-0.25
-6.23
-3.25
1.95
-1.05
0.05
-1.63
0.02
-0.09
-3.71
Yield
(%)
11.46
13.62
10.78
12.62
15.21
12.96
10.75
14.68
9.63
15.85
16.25
10.08
11.04
7.38
15.06
12.97
3.25
0.01
11.95
0.01
8.66
5.35
15.63
12.04
8.34
7.86
9.91
7.67
13.66
3.09
11.51
Volatility
Q2
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
FI
EQ
FI
MEQ
EQ
MEQ
MEQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
-14.29
-24.32
-18.06
-15.86
-6.14
-19.17
-19.94
-23.57
-10.92
-18.60
-17.33
-12.05
-15.36
-14.29
-21.10
-21.55
-5.32
-7.48
-22.50
0.30
-14.05
-13.76
-14.15
-21.64
-15.33
-15.13
-13.76
-16.70
-20.36
-8.86
-20.98
Yield
(%)
15.49
25.77
23.37
21.35
15.49
22.17
23.47
27.71
18.94
26.17
19.50
24.35
17.79
13.29
26.99
23.63
7.54
19.83
23.02
0.05
15.00
15.35
25.55
22.92
20.40
12.29
23.44
15.97
23.76
7.32
18.93
Volatility
Q3
MFI
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
FI
MEQ
EQ
MEQ
MEQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
10.13
19.44
16.85
14.12
2.44
12.90
21.54
16.73
5.25
20.11
10.62
17.38
15.73
11.99
18.02
19.33
4.82
12.44
16.17
3.81
9.10
15.26
22.08
13.60
16.44
8.31
11.78
11.87
11.27
3.92
11.06
Yield
(%)
Volatility
14.13
21.78
18.70
21.82
15.31
19.52
19.35
28.07
13.08
23.09
17.95
17.47
20.07
13.31
25.61
21.95
8.52
21.58
23.03
6.85
10.68
16.69
16.82
23.16
18.15
10.28
19.84
15.54
19.21
7.13
20.40
Q4
11.56
11.37
11.07
11.04
10.40
10.35
10.18
10.02
10.00
10.00
9.68
8.77
8.40
8.31
8.31
8.19
7.67
5.36
5.20
4.92
4.25
4.00
3.72
3.21
2.25
1.50
1.25
-0.35
-0.61
-0.61
-1.07
Yield
(%)
12.63
19.57
17.04
17.52
13.86
17.47
17.61
22.21
13.71
20.80
16.60
17.04
15.97
11.05
21.48
18.76
6.73
14.79
18.56
3.46
10.91
11.98
17.55
18.45
14.53
9.75
16.53
12.54
17.38
5.96
16.25
Volatility
1998
Not apl.
189.46
112.57
Not apl.
Not apl.
Not apl.
118.12
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
82.10
Not apl.
43.28
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
21.94
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
16.74
19.05
13.93
13.86
13.10
18.22
16.01
20.87
16.68
12.29
21.11
11.23
14.21
12.72
14.40
14.35
10.15
0.64
16.39
0.40
13.72
4.89
5.55
19.84
1.72
11.59
4.98
8.70
12.14
5.03
17.08
Yield
(%)
Q1
EQUITY FIM
2.00
2.00
2.50
2.50
0.80
1.50
1.50
2.25
1.50
1.80
1.50
2.00
2.00
1.75
2.50
2.00
1.50
1.00
1.50
2.00
2.40
1.25
0.75
2.00
1.80
0.60
2.50
1.50
2.10
2.00
1.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
3.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
1.00
0.00
0.00
3.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.00
0.00
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
Min.
Front end
Management
Max.
2.00
1.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.50
0.00
0.00
0.00
1.00
0.00
0.00
2.00
0.00
1.00
Min.
Back end
2.00
1.00
2.00
1.00
0.00
1.50
2.95
0.00
0.00
4.00
0.00
3.00
1.00
0.00
0.00
2.95
0.00
0.00
1.50
4.00
3.00
1.50
0.00
1.00
0.00
1.00
4.00
0.00
2.00
0.00
1.00
% Fees (2)
(Continue)
0.25
0.15
0.40
0.25
0.20
0.35
0.40
0.15
0.12
0.25
0.25
0.00
0.09
0.40
0.15
0.40
0.30
0.40
0.35
0.15
0.10
0.35
0.10
0.09
0.20
0.40
0.30
0.10
0.15
0.30
0.15
Custody
3.78
14.87
21.74
11.49
11.18
12.66
10.77
21.84
7.26
7.60
6.00
10.99
21.20
19.91
18.24
19.92
26.11
Volatility
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
Fund
type*
-2.01
-11.87
-17.04
-5.49
-6.04
-3.69
-6.52
-8.31
-8.58
-15.21
-10.91
-20.91
-22.13
-17.78
-22.33
-17.42
-19.51
-0.89
-5.43
-1.79
10.00
4.64
-2.77
6.35
-14.63
2.80
2.36
-0.84
-4.17
-0.86
4.46
Yield
(%)
13.52
16.34
16.57
6.97
6.84
15.02
14.14
21.42
7.51
10.56
9.39
18.68
18.59
21.43
14.73
24.27
28.21
11.73
45.89
8.27
18.38
15.47
11.04
7.82
16.10
10.89
10.56
20.41
11.68
16.30
17.92
Volatility
Q2
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
MEQ
EQ
EQ
Fund
type*
-18.04
-22.58
-10.66
-20.45
-20.69
-18.70
-13.79
-17.63
-9.65
-24.59
-18.46
-27.74
-23.07
-29.36
-32.39
-33.00
-35.43
-18.19
-38.55
-18.37
-17.76
-19.29
-17.54
-8.09
-23.94
-14.35
-9.71
-21.88
-20.83
-21.64
-25.18
Yield
(%)
28.16
22.61
18.14
16.16
16.04
21.86
17.80
26.49
9.94
21.86
16.84
25.48
31.64
52.49
35.37
40.91
71.75
18.52
68.37
14.79
25.47
23.58
22.37
12.91
37.28
17.30
18.59
33.05
20.77
21.43
31.38
Volatility
Q3
MEQ
MEQ
MEQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
MEQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
EQ
MEQ
EQ
MEQ
MEQ
EQ
EQ
MEQ
EQ
Fund
type*
14.75
22.28
16.48
8.34
8.52
0.40
14.50
18.99
-2.39
12.71
-3.58
9.21
7.99
6.39
9.15
3.32
9.53
15.76
41.14
13.34
17.34
16.65
15.76
14.27
4.94
8.77
8.13
26.91
14.05
20.11
17.09
Yield
(%)
Volatility
19.41
28.61
20.28
14.66
14.02
21.75
20.58
34.50
17.09
19.05
13.71
21.24
20.41
32.63
26.61
30.31
46.65
17.64
44.99
16.09
25.24
25.85
18.13
12.48
28.55
17.28
13.48
27.39
24.57
17.54
28.85
Q4
-1.76
-5.51
-8.24
-9.82
-10.23
-10.76
-10.84
-11.76
-12.20
-17.92
-27.85
-29.30
-32.18
-37.28
-40.35
-43.99
-45.27
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
18.73
21.71
19.48
13.12
12.83
18.48
16.42
26.77
11.31
16.37
12.37
20.27
23.78
34.45
25.44
30.17
47.22
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
3.79
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
-0.25
Not apl.
Not apl.
9.93
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
6.59
13.26
6.29
10.72
11.01
13.52
-3.38
-1.81
8.89
13.89
3.02
13.28
4.83
1.50
4.05
-2.02
-3.86
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
EQUITY FIM
2.50
1.85
2.50
1.85
1.85
1.85
1.75
2.00
1.75
1.50
2.00
1.75
2.50
2.40
2.50
2.50
2.50
1.50
1.50
1.50
2.00
2.25
2.50
1.90
1.50
2.50
1.00
2.00
1.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
10.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
2.00
1.00
1.00
1.00
2.00
0.00
3.00
0.00
2.00
1.00
0.00
5.00
0.00
0.50
0.00
1.50
0.00
1.50
1.50
3.00
0.00
1.00
1.00
0.00
1.50
0.00
3.00
0.00
0.00
0.00
% Fees (2)
(Continue)
0.00
0.15
0.09
0.10
0.10
0.15
0.15
0.00
0.10
0.40
0.09
0.15
0.25
0.20
0.40
0.30
0.10
0.12
0.10
0.10
0.20
0.15
0.35
0.00
0.40
0.25
0.20
0.40
0.15
0.09
0.07
Custody
243
244
Volatility
Fund
type*
Volatility
Fund
type*
Yield
(%)
Yield
(%)
Q2
27.13
27.30
15.07
24.76
40.65
36.22
26.13
9.69
24.29
28.74
15.94
19.00
25.51
9.86
28.62
24.84
29.88
24.22
26.24
22.33
12.24
13.39
15.99
Volatility
Q3
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
FI
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
EQ
EQ
EQ
MEQ
EQ
Fund
type*
24.01
22.13
11.81
17.35
28.87
32.71
14.86
6.79
20.38
7.64
20.45
19.13
17.36
6.65
20.34
21.56
17.71
21.18
21.44
13.42
16.19
14.52
14.28
15.50
31.34
20.44
8.35
9.55
5.80
16.91
31.38
Yield
(%)
Volatility
25.65
25.88
17.13
24.82
35.87
36.03
23.00
8.58
20.91
13.06
30.02
24.35
21.01
10.08
28.26
24.60
25.84
21.76
26.81
24.59
20.10
19.13
18.11
18.87
26.54
17.46
11.19
25.74
8.90
20.28
34.04
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
EQUITY FIM
1.00
2.00
1.85
2.35
2.35
2.35
2.00
2.50
1.90
2.00
2.50
2.50
2.50
0.75
2.50
1.75
1.75
2.00
2.50
0.60
2.50
2.10
1.50
2.00
1.00
2.50
1.25
1.25
1.65
2.37
1.75
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.25
0.25
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.50
0.50
0.00
0.00
0.00
Min.
Back end
0.00
2.95
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
2.00
0.00
0.00
0.00
0.00
1.00
0.00
1.50
1.50
1.50
1.00
0.00
3.00
% Fees (2)
(Continue)
0.40
0.40
0.10
0.15
0.15
0.15
0.10
0.15
0.10
0.15
0.15
0.00
0.00
0.00
0.10
0.10
0.18
0.10
0.40
0.08
0.15
0.15
0.09
0.09
0.14
0.40
0.35
0.35
0.10
0.10
0.25
Custody
Volatility
Fund
type*
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
Q2
Fund
type*
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
Q3
Fund
type*
7.74
16.31
0.49
16.73
20.67
25.89
26.72
17.25
17.94
33.14
15.82
7.39
18.98
16.57
20.53
19.71
27.48
22.11
Yield
(%)
Volatility
22.87
18.96
9.05
19.30
25.44
20.65
28.60
29.73
17.96
23.67
17.62
12.57
10.35
15.73
24.86
31.33
31.52
15.39
Q4
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Volatility
1998
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
Equity FIM: Funds invested less than 30% in fixed-income at 1998 year-end.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98
* Fund types: FI = Fixed-income; MIF = Mixed fixed-income; MEQ = Mixed equity
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
EQUITY FIM
2.25
1.00
1.00
1.50
1.60
1.00
2.00
2.00
2.00
2.37
2.50
1.50
0.50
2.00
1.50
1.50
1.50
2.50
0.00
10.00
10.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.50
0.00
0.00
4.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
1.50
% Fees (2)
(Continue)
0.15
0.00
0.00
0.15
0.15
0.20
0.00
0.00
0.00
0.10
0.15
0.25
0.10
0.15
0.12
0.10
0.10
0.40
Custody
245
246
3.25
3.09
4.32
2.31
2.97
2.73
2.85
3.00
2.65
10.51
2.45
2.50
2.57
6.17
2.34
2.43
2.04
2.02
2.23
2.47
1.94
2.43
2.93
1.64
2.18
2.37
2.88
2.41
1.81
1.72
1.91
1.89
Volatility
1.59
1.45
1.44
1.46
1.53
1.50
1.38
1.42
1.29
-0.04
1.44
1.34
1.37
-1.08
1.32
1.26
0.97
1.11
1.19
1.12
1.06
1.28
1.06
1.64
1.26
1.28
1.06
1.11
1.20
1.07
1.24
1.25
Yield
(%)
Q2
4.30
3.63
3.78
2.12
3.18
2.25
2.96
2.55
2.07
2.77
1.90
1.92
1.88
2.78
1.31
1.61
1.09
1.52
1.61
1.67
1.74
1.89
1.11
0.62
1.70
1.24
1.34
1.21
1.08
1.15
1.16
1.49
Volatility
6.39
6.57
6.57
5.37
5.59
5.21
5.22
4.94
4.71
3.88
4.43
4.42
4.33
4.02
3.89
3.82
3.92
3.80
3.70
3.50
3.78
3.53
3.66
3.60
3.61
3.40
3.41
3.62
3.41
3.47
3.44
3.32
Yield
(%)
Q3
3.07
2.53
3.54
1.90
2.79
2.01
2.53
2.97
1.98
1.51
1.87
1.93
2.26
1.74
2.05
1.97
2.05
1.47
1.71
1.73
1.44
2.10
1.65
1.48
1.91
1.63
1.57
1.97
1.12
1.40
1.16
1.72
Volatility
3.76
3.54
2.52
3.57
3.19
2.69
2.82
2.51
2.54
2.45
2.41
2.54
2.74
3.19
2.39
2.36
2.57
2.40
2.43
2.50
2.36
2.29
2.49
2.41
2.06
2.22
2.34
2.14
2.58
2.19
2.48
1.99
Yield
(%)
Q4
5.67
5.38
5.19
3.78
5.05
4.28
4.72
3.36
4.29
2.19
3.55
4.03
3.92
4.22
2.27
2.93
3.02
2.50
2.81
2.27
2.43
2.33
2.29
1.61
2.38
2.56
1.88
2.04
1.81
2.08
1.94
2.02
Volatility
18.21
17.79
16.63
16.35
15.94
14.51
14.47
13.22
13.17
12.62
12.61
12.60
12.59
11.21
11.09
11.04
10.71
10.71
10.63
10.59
10.48
10.32
10.25
10.23
10.14
10.12
10.01
9.73
9.68
9.63
9.62
9.60
Yield
(%)
4.22
3.83
4.28
2.66
3.63
2.97
3.39
3.00
2.92
5.58
2.55
2.75
2.78
4.09
2.04
2.30
2.17
1.93
2.15
2.07
1.93
2.20
2.11
1.41
2.07
2.03
2.01
1.96
1.51
1.64
1.60
1.80
1.40
1.10
0.45
1.50
0.90
0.90
1.40
0.95
1.40
1.20
0.90
1.00
1.40
1.20
0.70
0.90
1.00
1.10
0.95
1.50
1.40
1.25
1.40
1.85
1.15
0.90
1.25
1.25
1.20
1.40
1.20
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
5.41
5.22
5.23
5.09
4.79
4.43
4.36
3.77
4.05
5.87
3.80
3.77
3.62
4.74
3.06
3.19
2.87
3.02
2.92
3.09
2.91
2.86
2.68
2.22
2.87
2.86
2.86
2.55
2.17
2.59
2.14
2.73
Yield
(%)
Q1
0.00
0.00
0.00
3.00
2.00
0.00
0.00
3.00
0.00
2.00
2.00
0.00
0.00
5.00
2.00
2.00
0.00
0.00
2.00
2.00
0.00
1.00
0.00
2.00
3.50
2.00
2.00
2.00
2.00
0.00
2.00
3.50
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
5.00
2.00
2.00
0.00
0.00
2.00
2.00
0.00
0.00
0.00
0.00
3.50
0.00
2.00
2.00
0.00
0.00
0.00
3.50
Min.
Front end
3.00
3.00
0.00
5.00
3.00
3.00
1.00
0.00
3.00
3.00
3.00
2.00
1.00
0.00
5.00
5.00
2.00
3.00
1.00
1.00
3.00
2.00
3.00
5.00
2.00
2.00
2.00
5.00
3.00
2.00
3.00
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.00
5.00
0.00
0.00
0.00
1.50
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.15
0.20
0.10
0.10
0.10
0.10
0.00
0.10
0.10
0.10
0.25
0.10
0.00
0.40
0.10
0.00
0.15
0.25
0.20
0.10
0.40
0.10
0.10
0.10
0.10
0.25
0.40
0.10
0.10
0.10
0.10
Custody
1.85
1.77
1.79
1.53
2.17
1.57
1.86
1.91
1.96
1.63
1.59
1.21
1.52
1.51
1.72
1.80
2.07
1.73
1.61
1.55
1.43
1.20
2.07
1.23
1.56
2.07
1.55
2.35
1.84
1.29
1.09
Volatility
0.96
1.03
1.09
1.03
1.19
1.00
1.18
0.91
0.96
1.06
1.17
1.04
1.03
0.98
1.28
1.08
-0.06
1.18
1.14
1.06
1.07
1.41
1.20
1.10
1.03
1.25
1.12
1.63
0.96
1.11
1.52
Yield
(%)
Q2
1.41
1.34
1.18
1.12
1.09
1.04
1.27
1.33
1.36
1.52
1.12
1.00
0.99
0.96
1.40
1.51
1.86
1.32
1.00
0.99
0.84
1.03
1.16
0.83
1.04
1.16
1.19
1.19
1.40
0.67
1.11
Volatility
3.47
3.61
3.26
3.40
3.41
3.40
3.16
3.25
3.21
3.60
3.10
2.86
3.21
3.13
3.36
3.24
3.18
3.10
3.04
2.98
3.07
2.63
3.10
3.07
2.99
2.97
3.12
2.55
3.26
2.74
2.95
Yield
(%)
Q3
1.57
1.89
1.56
1.38
1.97
1.45
1.51
1.46
1.41
1.98
1.36
1.31
1.39
1.23
2.06
2.08
2.14
1.67
1.32
1.42
1.39
1.13
0.99
1.59
1.37
0.96
1.55
0.79
1.76
1.18
2.03
Volatility
2.18
2.25
2.21
2.33
2.11
2.19
1.84
1.91
1.79
2.29
2.03
2.94
1.95
2.08
1.65
1.78
2.15
1.94
1.85
2.06
1.96
2.02
2.38
2.11
1.77
2.29
1.61
1.83
1.48
2.09
1.33
Yield
(%)
Q4
2.20
2.21
2.10
2.02
1.71
1.99
2.33
2.11
2.19
2.18
1.74
2.49
1.69
1.67
2.56
2.44
2.26
2.10
1.91
1.69
1.61
1.65
1.64
1.79
1.80
1.58
1.58
1.20
1.81
1.51
2.31
Volatility
9.52
9.52
9.48
9.47
9.42
9.36
9.22
9.20
9.19
9.19
9.16
9.13
8.89
8.83
8.81
8.81
8.80
8.76
8.76
8.67
8.61
8.59
8.58
8.55
8.48
8.41
8.29
8.21
8.19
8.14
8.09
Yield
(%)
1.80
1.84
1.70
1.56
1.79
1.56
1.79
1.74
1.77
1.86
1.48
1.62
1.43
1.38
1.99
2.00
2.11
1.73
1.51
1.44
1.36
1.28
1.53
1.42
1.48
1.51
1.48
1.50
1.72
1.21
1.73
1.45
1.45
1.25
1.40
0.75
1.40
1.20
2.00
2.00
1.50
0.95
1.05
1.55
1.40
1.25
1.50
1.00
0.70
0.90
1.15
1.00
0.90
2.00
1.00
1.10
2.00
0.70
1.20
1.75
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
2.60
2.32
2.61
2.41
2.42
2.47
2.75
2.84
2.94
1.96
2.57
2.00
2.42
2.37
2.26
2.44
3.29
2.28
2.48
2.31
2.25
2.28
1.64
2.03
2.45
1.65
2.20
1.97
2.27
1.97
2.06
Yield
(%)
Q1
2.00
3.00
2.00
0.00
2.00
5.00
0.00
2.00
2.00
3.00
2.00
2.00
2.00
0.00
2.00
3.00
2.50
3.00
2.00
2.00
0.00
5.00
2.00
3.00
2.00
2.00
5.00
2.00
3.00
2.00
0.00
Max.
2.00
3.00
2.00
0.00
2.00
0.00
0.00
0.00
0.00
3.00
2.00
2.00
2.00
0.00
2.00
3.00
2.50
3.00
0.00
2.00
0.00
0.00
0.00
3.00
2.00
0.00
5.00
0.00
3.00
2.00
0.00
Min.
Front end
2.00
0.00
2.00
1.00
3.00
1.00
0.00
5.00
5.00
0.00
2.00
3.00
2.00
3.00
2.00
2.00
5.00
2.00
2.00
2.00
4.00
3.00
5.00
3.00
2.00
5.00
0.00
3.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
0.00
2.00
2.00
2.50
2.00
0.00
0.00
0.00
0.00
0.00
3.00
2.00
0.00
0.00
0.00
0.00
2.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.25
0.00
0.25
0.10
0.40
0.10
0.20
0.10
0.10
0.00
0.25
0.05
0.25
0.10
0.15
0.25
0.10
0.40
0.10
0.25
0.15
0.10
0.10
0.05
0.20
0.10
0.00
0.10
0.00
0.00
0.00
Custody
247
248
1.71
1.70
1.50
1.58
1.02
1.48
1.66
1.37
1.50
1.11
1.33
1.34
1.17
1.35
1.36
1.15
1.23
1.21
1.19
1.36
1.38
1.31
1.18
1.06
1.33
1.14
1.14
1.43
1.27
1.31
1.98
Volatility
1.02
1.25
1.14
0.99
1.17
1.13
0.87
1.13
1.15
1.02
1.05
1.07
1.03
1.16
0.83
1.03
0.95
1.13
0.95
0.99
0.97
1.04
0.97
0.67
0.95
1.02
1.00
0.95
0.82
0.83
0.99
Yield
(%)
Q2
1.00
1.23
1.00
1.19
0.62
0.61
2.74
0.89
0.96
0.86
0.75
0.84
0.75
1.22
0.85
0.93
0.70
0.69
0.77
0.93
0.92
1.20
0.74
0.65
0.86
0.60
0.64
0.78
0.94
0.74
0.75
Volatility
2.92
2.90
2.93
3.05
2.50
2.54
2.22
2.77
2.76
2.62
2.40
2.46
2.60
2.94
2.60
2.59
2.24
2.16
2.55
2.50
2.63
2.80
2.30
2.63
2.55
2.29
2.30
2.37
2.47
2.38
2.14
Yield
(%)
Q3
1.26
2.31
1.26
1.59
0.71
0.73
8.46
1.42
1.02
1.01
0.97
1.00
0.72
1.90
1.16
0.80
1.22
0.88
1.06
1.24
1.43
1.76
0.96
1.59
1.34
0.78
0.82
0.94
1.09
1.03
0.58
Volatility
1.54
1.61
1.56
1.48
1.78
1.77
2.39
1.58
1.52
1.63
2.01
1.65
1.74
1.23
1.72
1.55
2.11
1.61
1.60
1.47
1.46
1.51
1.55
1.75
1.50
1.68
1.65
1.56
1.59
1.52
1.73
Yield
(%)
Q4
2.16
2.45
1.51
1.57
0.86
0.84
1.28
1.43
1.25
1.54
1.22
1.43
0.97
2.24
1.25
1.29
2.21
1.09
1.35
1.18
1.48
3.21
1.29
0.73
1.32
1.07
0.90
0.98
1.15
1.11
0.82
Volatility
8.08
8.08
7.93
7.83
7.80
7.64
7.62
7.61
7.61
7.60
7.57
7.49
7.46
7.44
7.43
7.37
7.37
7.19
7.16
7.07
7.02
6.96
6.92
6.92
6.91
6.91
6.85
6.83
6.83
6.82
6.79
Yield
(%)
1.60
1.99
1.34
1.50
0.82
0.98
4.58
1.30
1.21
1.16
1.09
1.18
0.93
1.74
1.18
1.07
1.45
0.99
1.12
1.19
1.33
2.04
1.07
1.09
1.23
0.93
0.90
1.06
1.13
1.07
1.17
1.55
1.15
0.80
1.20
0.10
0.25
1.00
1.60
0.90
0.90
0.75
1.00
1.05
1.30
1.20
0.90
1.20
1.00
1.10
1.30
2.00
0.50
1.10
1.25
1.80
1.00
1.00
1.25
1.55
1.25
1.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
2.38
2.10
2.08
2.10
2.15
1.99
1.95
1.92
1.98
2.13
1.90
2.12
1.90
1.92
2.09
2.01
1.87
2.10
1.89
1.93
1.79
1.45
1.94
1.70
1.74
1.76
1.74
1.79
1.78
1.92
1.77
Yield
(%)
Q1
1.00
5.00
5.00
5.00
3.00
2.00
3.00
5.00
5.00
2.00
3.00
2.00
2.00
0.00
2.00
0.00
5.00
2.00
3.00
3.50
5.00
0.00
2.00
5.00
5.00
2.50
3.00
0.00
2.00
1.00
2.00
Max.
0.00
5.00
5.00
5.00
3.00
0.00
3.00
5.00
5.00
0.00
3.00
2.00
0.00
0.00
2.00
0.00
5.00
2.00
3.00
3.50
5.00
0.00
2.00
5.00
5.00
2.50
3.00
0.00
2.00
0.00
0.00
Min.
Front end
3.00
5.00
0.00
0.00
2.50
3.00
3.00
3.00
3.00
2.00
1.50
2.00
2.00
0.00
1.00
3.00
5.00
2.00
2.00
1.50
3.00
0.00
2.00
2.50
3.00
3.00
3.00
2.00
2.00
2.00
5.00
0.00
5.00
0.00
0.00
2.50
0.00
3.00
0.00
3.00
0.00
1.50
2.00
0.00
0.00
1.00
0.00
5.00
2.00
2.00
1.50
0.00
0.00
2.00
2.50
0.00
0.00
3.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.13
0.10
0.03
0.00
0.00
0.10
0.15
0.10
0.15
0.10
0.25
0.20
0.10
0.10
0.25
0.10
0.30
0.00
0.20
0.10
0.10
0.15
0.20
0.25
0.10
0.15
0.05
0.10
0.25
0.40
0.10
Custody
1.06
1.16
0.80
0.09
1.93
1.12
1.07
1.81
0.73
1.63
1.19
0.96
1.02
1.00
2.06
1.22
0.79
0.89
0.56
1.14
0.93
0.86
1.57
1.16
0.87
0.91
0.89
0.97
0.97
0.55
1.37
Volatility
1.06
0.85
0.86
0.72
0.99
0.87
0.91
1.00
1.01
0.89
0.96
0.83
0.85
0.93
0.83
0.81
1.00
0.91
1.10
0.82
0.91
0.97
0.91
0.80
0.87
0.93
0.92
0.89
0.82
1.04
1.23
Yield
(%)
Q2
0.61
0.68
0.49
0.01
0.76
0.74
0.60
0.71
0.49
0.70
0.64
0.58
0.66
0.66
0.70
0.64
0.52
0.58
0.56
0.64
0.52
0.62
0.53
0.61
0.49
0.54
0.54
0.55
0.71
0.55
1.07
Volatility
2.19
2.35
2.01
3.00
2.24
2.25
2.19
2.43
2.13
2.19
2.01
2.10
2.20
2.25
1.87
2.05
2.04
1.99
2.07
2.02
1.87
1.94
2.02
1.92
2.02
1.93
1.94
1.95
1.99
1.98
2.01
Yield
(%)
Q3
0.76
0.99
0.69
1.32
0.60
0.92
0.79
0.79
0.66
0.63
1.22
0.71
0.81
0.68
0.68
0.75
0.53
0.56
0.78
0.54
0.52
0.61
0.76
0.54
0.66
0.71
1.02
0.56
0.73
0.77
0.59
Volatility
1.57
1.53
2.17
1.91
1.79
1.50
1.49
1.54
1.53
1.46
1.46
1.54
1.38
1.46
1.03
1.21
1.50
1.33
1.49
1.24
1.23
1.41
1.30
1.19
1.30
1.26
1.25
1.28
1.28
1.41
1.54
Yield
(%)
Q4
1.13
1.03
1.45
1.67
0.85
1.04
1.13
0.97
0.69
0.92
1.99
0.95
1.02
2.78
0.86
0.79
0.66
0.78
0.77
0.80
0.52
0.73
0.83
0.78
0.87
1.04
0.97
0.75
0.88
0.77
0.85
Volatility
6.74
6.72
6.63
6.63
6.60
6.51
6.51
6.49
6.48
6.44
6.32
6.31
6.30
6.30
6.27
6.24
6.21
6.12
6.06
6.06
6.01
6.01
6.00
5.99
5.90
5.86
5.83
5.79
5.78
5.75
5.72
Yield
(%)
0.92
0.98
0.94
1.09
1.16
0.97
0.93
1.16
0.66
1.05
1.35
0.82
0.90
1.56
1.22
0.88
0.64
0.72
0.68
0.81
0.65
0.72
1.00
0.81
0.74
0.83
0.88
0.73
0.84
0.67
1.01
1.35
1.10
0.95
1.40
1.20
1.25
1.35
0.90
0.55
1.20
1.00
1.50
1.50
1.10
0.90
1.50
0.60
0.90
0.55
1.65
1.25
0.55
1.25
1.65
1.00
0.90
1.00
1.10
1.55
0.80
1.65
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
1.76
1.83
1.44
0.86
1.43
1.75
1.77
1.36
1.66
1.75
1.75
1.70
1.73
1.52
2.41
2.05
1.53
1.75
1.27
1.84
1.88
1.57
1.64
1.95
1.60
1.61
1.61
1.55
1.58
1.20
0.83
Yield
(%)
Q1
3.00
1.00
2.00
0.00
2.00
2.00
3.00
0.00
2.00
3.00
2.00
2.00
2.00
0.00
2.00
2.00
2.00
0.00
5.00
2.00
0.00
2.00
5.00
2.00
0.00
2.00
3.00
2.50
2.00
5.00
2.00
Max.
3.00
1.00
2.00
0.00
0.00
2.00
3.00
0.00
2.00
3.00
2.00
2.00
2.00
0.00
2.00
0.00
2.00
0.00
5.00
0.00
0.00
2.00
5.00
0.00
0.00
2.00
3.00
2.50
2.00
5.00
0.00
Min.
Front end
0.00
1.00
3.00
3.00
5.00
2.00
3.00
2.00
2.00
3.00
2.00
1.00
4.00
0.00
2.00
2.00
2.00
3.00
3.00
5.00
0.00
1.00
3.00
5.00
2.00
1.00
3.00
3.00
1.00
3.00
3.00
0.00
1.00
3.00
0.00
0.00
0.00
1.00
0.00
2.00
3.00
2.00
1.00
0.00
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
3.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.05
0.40
0.05
0.10
0.10
0.25
0.15
0.40
0.20
0.10
0.00
0.25
0.25
0.15
0.05
0.10
0.05
0.10
0.05
0.10
0.00
0.25
0.25
0.10
0.10
0.20
0.20
0.15
0.25
0.05
0.10
Custody
249
250
0.88
0.72
1.55
1.11
0.56
0.73
0.56
1.15
0.68
0.80
1.05
0.79
0.97
0.82
0.87
7.99
0.63
0.63
0.98
1.15
0.40
0.69
3.10
0.66
1.15
4.45
0.38
5.89
0.75
0.79
0.67
Volatility
0.88
0.90
0.83
0.60
0.99
0.96
0.88
0.90
0.93
0.75
0.91
0.91
0.86
0.92
0.79
1.08
0.92
0.91
0.85
0.81
0.91
0.89
0.83
0.82
0.75
0.79
0.89
1.34
0.87
0.76
0.72
Yield
(%)
Q2
0.59
0.46
0.68
0.78
0.55
0.53
0.40
0.46
0.45
0.46
0.63
0.58
0.68
0.57
0.54
0.97
0.40
0.39
0.66
0.46
0.39
0.57
0.36
0.13
0.46
0.65
0.34
1.22
0.55
0.48
0.47
Volatility
1.92
1.73
2.07
2.05
1.94
1.63
1.77
1.77
1.62
1.86
1.61
1.58
1.78
1.62
1.75
1.47
1.52
1.51
1.56
1.69
1.29
1.25
1.36
1.14
1.63
1.42
0.85
1.99
1.35
1.45
1.38
Yield
(%)
Q3
0.58
0.52
0.54
0.90
0.77
0.72
0.59
0.59
0.67
0.63
0.64
0.78
0.92
0.62
0.51
0.99
0.34
0.34
0.66
0.60
0.22
0.77
0.37
0.52
0.60
0.69
0.07
0.48
0.57
0.50
0.37
Volatility
1.25
1.42
1.59
1.31
1.40
1.38
1.31
1.18
1.35
1.21
1.39
1.33
1.12
1.17
1.14
1.00
1.29
1.29
1.25
1.09
1.11
1.24
1.18
1.48
1.04
1.11
1.77
0.71
0.97
1.06
1.14
Yield
(%)
Q4
0.78
0.72
0.89
1.08
0.78
1.00
0.59
0.50
1.03
0.70
1.13
1.01
0.76
0.61
0.64
0.65
0.48
0.48
0.94
0.50
0.23
0.60
0.61
0.84
0.50
1.27
1.50
1.66
0.39
0.66
0.55
Volatility
5.66
5.65
5.60
5.60
5.58
5.51
5.46
5.41
5.40
5.37
5.34
5.34
5.32
5.24
5.22
5.15
5.14
5.11
5.09
5.03
4.93
4.93
4.90
4.84
4.80
4.80
4.79
4.77
4.75
4.72
4.72
Yield
(%)
0.72
0.62
1.00
0.98
0.68
0.77
0.54
0.73
0.74
0.67
0.89
0.81
0.84
0.66
0.66
4.04
0.47
0.47
0.83
0.73
0.32
0.66
1.59
0.60
0.73
2.35
0.80
3.11
0.58
0.62
0.53
1.50
0.90
1.65
1.70
1.05
0.80
1.10
0.70
0.80
1.40
1.10
0.90
1.35
1.18
1.65
1.25
1.30
1.30
1.25
1.35
0.10
1.00
0.65
0.90
1.30
1.15
0.90
0.95
0.95
1.35
1.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
1.50
1.49
1.00
1.53
1.14
1.42
1.40
1.45
1.39
1.46
1.32
1.41
1.46
1.44
1.44
1.50
1.31
1.31
1.34
1.35
1.54
1.46
1.44
1.32
1.30
1.40
1.19
0.66
1.49
1.38
1.40
Yield
(%)
Q1
2.00
2.00
2.00
2.00
5.00
3.00
2.00
3.00
3.00
5.00
0.00
3.00
0.00
5.00
2.00
0.00
2.00
2.00
2.00
3.00
3.00
3.00
0.00
2.00
3.00
2.00
2.00
0.00
0.00
2.00
0.00
Max.
2.00
2.00
0.00
2.00
5.00
3.00
2.00
3.00
3.00
0.00
0.00
3.00
0.00
5.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
3.00
0.00
2.00
3.00
2.00
2.00
0.00
0.00
2.00
0.00
Min.
Front end
1.00
2.00
3.00
2.00
3.00
3.00
1.00
3.00
1.00
1.00
0.00
3.00
2.00
0.00
5.00
0.00
5.00
5.00
2.00
3.00
1.00
3.00
0.00
5.00
3.00
2.00
2.00
3.00
2.00
1.00
2.00
1.00
2.00
0.00
0.00
0.00
0.00
1.00
3.00
0.00
0.00
0.00
3.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
3.00
1.00
3.00
0.00
5.00
3.00
2.00
2.00
3.00
2.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.25
0.10
0.10
0.25
0.05
0.10
0.40
0.40
0.10
0.10
0.15
0.10
0.15
0.03
0.10
0.05
0.10
0.10
0.15
0.10
0.00
0.00
0.10
0.05
0.40
0.15
0.05
0.05
0.15
0.25
0.25
Custody
0.66
0.64
0.00
0.55
0.72
1.10
1.06
0.53
3.31
0.60
0.82
0.72
0.81
0.59
0.72
0.51
0.40
0.49
0.79
0.87
0.86
0.40
0.59
0.88
0.06
0.45
0.38
0.58
0.38
0.40
0.50
Volatility
0.70
0.70
1.12
0.73
0.75
0.67
0.67
0.75
0.68
0.71
0.58
0.72
0.79
0.72
0.56
0.76
0.75
0.70
0.94
0.65
2.59
0.70
0.69
0.56
0.99
0.83
0.82
0.64
0.73
0.70
0.65
Yield
(%)
Q2
0.47
0.48
0.03
0.35
0.29
0.75
0.59
0.39
0.45
0.41
0.68
0.29
1.10
0.36
0.41
0.44
0.31
0.31
0.47
0.70
3.96
0.19
0.41
0.16
0.01
0.14
0.37
0.41
0.28
0.30
0.37
Volatility
1.44
1.45
1.12
1.26
1.34
1.64
1.25
1.26
1.37
1.37
1.33
1.31
1.29
1.26
1.32
1.27
1.28
1.21
0.62
1.36
-0.56
1.12
1.24
1.07
1.03
0.93
1.00
1.18
0.99
1.05
1.01
Yield
(%)
Q3
0.35
0.53
0.01
0.41
0.40
0.74
0.61
0.37
0.46
0.41
0.35
0.39
0.37
0.27
0.37
0.48
0.28
0.24
0.80
0.47
3.94
0.27
0.52
0.22
0.19
0.04
0.13
0.52
0.28
0.27
0.30
Volatility
1.02
1.14
1.16
1.20
1.06
0.94
1.20
1.08
1.07
1.06
1.04
1.04
0.84
1.03
0.95
0.98
1.03
0.90
0.96
1.06
0.76
1.02
0.97
0.99
0.91
0.89
0.83
0.95
0.86
0.82
0.89
Yield
(%)
Q4
0.57
0.54
0.00
0.64
0.44
0.67
1.23
0.38
0.51
0.61
0.49
0.44
0.52
0.38
0.54
0.79
1.20
0.34
0.01
0.51
0.97
0.48
0.67
0.37
0.06
0.01
0.15
0.66
0.34
0.28
0.31
Volatility
4.70
4.65
4.61
4.61
4.58
4.55
4.55
4.55
4.49
4.48
4.48
4.47
4.45
4.44
4.42
4.41
4.36
4.30
4.29
4.26
4.22
4.21
4.17
4.11
4.10
3.99
3.97
3.93
3.86
3.86
3.81
Yield
(%)
0.53
0.55
0.02
0.50
0.49
0.83
0.92
0.43
1.70
0.52
0.62
0.49
0.75
0.42
0.53
0.58
0.67
0.36
0.61
0.66
2.88
0.35
0.56
0.50
0.11
0.24
0.28
0.55
0.33
0.32
0.38
1.25
1.65
1.40
1.25
0.60
2.00
1.50
0.90
1.40
1.45
1.25
0.70
0.80
1.00
1.55
1.15
0.80
0.86
1.00
1.75
1.40
1.00
1.60
1.20
0.10
0.50
0.65
1.85
0.50
1.00
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
1.46
1.28
1.12
1.34
1.35
1.23
1.35
1.38
1.30
1.26
1.46
1.32
1.47
1.37
1.52
1.33
1.23
1.42
1.71
1.13
1.39
1.31
1.20
1.42
1.11
1.27
1.27
1.11
1.23
1.23
1.21
Yield
(%)
Q1
0.00
2.00
5.00
3.00
3.00
3.00
2.00
2.00
0.00
2.00
0.00
3.00
5.00
2.50
2.00
5.00
0.00
0.00
3.00
3.00
5.00
3.00
5.00
2.00
0.00
5.00
5.00
5.00
3.00
3.00
0.00
Max.
0.00
0.00
5.00
3.00
3.00
3.00
2.00
0.00
0.00
2.00
0.00
3.00
5.00
2.50
2.00
5.00
0.00
0.00
3.00
3.00
5.00
3.00
5.00
0.00
0.00
5.00
5.00
5.00
3.00
3.00
0.00
Min.
Front end
3.00
5.00
3.00
0.00
3.00
0.00
4.00
3.00
1.00
1.00
0.00
3.00
0.00
2.50
0.00
5.00
0.50
3.00
2.00
0.00
3.00
2.00
3.00
2.00
0.00
3.00
0.00
3.00
2.00
3.00
3.00
0.00
0.00
2.00
0.00
3.00
0.00
4.00
0.00
0.00
0.00
0.00
3.00
0.00
1.50
0.00
5.00
0.50
1.00
2.00
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.10
0.00
0.10
0.40
0.00
0.00
0.10
0.10
0.25
0.10
0.40
0.03
0.10
0.25
0.10
0.20
0.10
0.00
0.00
0.10
0.00
0.10
0.10
0.05
0.01
0.03
0.10
0.40
0.05
0.25
Custody
251
252
1.03
0.41
0.20
0.55
0.51
2.02
0.04
0.08
0.31
0.23
0.14
0.14
0.30
0.27
0.05
0.29
0.55
0.33
0.18
0.11
0.22
0.22
0.22
0.22
0.33
0.39
0.12
0.01
0.52
0.27
0.14
Volatility
0.50
0.68
0.75
0.62
0.60
0.69
0.84
0.71
0.77
0.63
0.78
0.75
0.64
0.68
0.78
0.62
0.59
0.59
0.70
0.74
0.66
0.70
0.64
0.63
0.59
0.65
0.68
0.72
0.73
0.61
0.63
Yield
(%)
Q2
0.07
0.32
0.06
0.38
0.36
0.40
0.15
0.04
0.15
0.00
0.15
0.05
0.07
0.43
0.10
0.28
0.27
0.21
0.14
0.08
1.14
0.11
0.19
0.20
0.26
0.09
0.16
0.14
0.16
0.11
0.05
Volatility
0.97
1.02
0.69
1.16
1.00
0.77
1.01
1.02
0.74
0.83
0.88
0.99
0.69
0.93
0.95
0.91
0.91
0.90
0.82
0.67
0.76
0.79
0.86
0.85
0.81
0.83
0.84
0.98
0.72
0.65
0.70
Yield
(%)
Q3
0.23
0.26
0.02
0.50
0.31
0.20
0.28
0.30
0.04
0.15
0.04
0.24
0.01
0.11
0.17
0.24
0.24
0.22
0.05
0.11
0.09
0.04
0.14
0.15
0.16
0.06
0.08
0.18
0.74
0.25
0.44
Volatility
0.89
0.83
1.33
0.87
0.88
0.70
1.01
1.06
1.04
1.14
0.83
0.85
1.10
0.70
0.78
0.75
1.23
0.74
0.78
1.09
0.93
0.75
0.69
0.68
0.62
0.67
0.75
0.76
0.74
1.01
0.96
Yield
(%)
Q4
0.30
0.33
1.10
0.62
0.32
0.13
0.48
0.58
0.45
0.67
0.01
0.28
0.59
0.06
0.13
0.23
0.63
0.21
0.02
0.83
0.48
0.05
0.09
0.09
0.13
0.05
0.03
0.09
0.68
0.70
0.48
Volatility
3.81
3.79
3.78
3.77
3.76
3.74
3.68
3.65
3.56
3.55
3.53
3.52
3.51
3.49
3.45
3.39
3.36
3.36
3.36
3.34
3.34
3.34
3.31
3.27
3.26
3.26
3.23
3.20
3.18
3.17
3.16
Yield
(%)
0.55
0.34
0.57
0.52
0.38
1.03
0.29
0.33
0.29
0.37
0.11
0.20
0.34
0.26
0.12
0.26
0.46
0.25
0.12
0.43
0.63
0.13
0.17
0.18
0.24
0.21
0.11
0.13
0.57
0.40
0.34
1.50
1.10
1.25
2.00
1.40
1.15
0.90
0.85
1.30
0.60
0.75
0.90
0.40
0.80
0.70
1.55
0.35
1.55
0.65
1.25
0.70
0.75
1.20
1.20
0.98
1.00
0.70
0.65
1.10
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
1.40
1.21
0.95
1.06
1.22
1.53
0.77
0.81
0.97
0.90
0.99
0.89
1.03
1.14
0.90
1.07
0.59
1.09
1.02
0.80
0.96
1.06
1.09
1.08
1.21
1.07
0.92
0.70
0.96
0.86
0.82
Yield
(%)
Q1
0.00
3.00
3.00
5.00
0.00
2.00
2.00
2.00
0.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.00
2.00
2.00
2.00
2.00
2.00
3.00
2.00
2.00
2.00
2.00
2.00
Max.
0.00
3.00
3.00
5.00
0.00
2.00
2.00
2.00
0.00
2.00
5.00
2.00
2.00
2.00
2.00
0.00
2.00
0.00
2.00
3.00
2.00
2.00
0.00
0.00
0.00
3.00
2.00
2.00
2.00
0.00
0.00
Min.
Front end
0.00
1.00
3.00
3.00
3.00
2.00
1.00
1.00
0.00
1.00
3.00
1.00
1.00
1.00
1.00
5.00
1.00
5.00
1.00
3.00
1.00
1.00
2.00
2.00
2.00
0.00
1.00
1.00
3.00
2.00
2.00
0.00
0.00
3.00
0.00
0.00
2.00
1.00
1.00
0.00
1.00
0.00
1.00
1.00
0.00
1.00
0.00
1.00
0.00
1.00
3.00
1.00
1.00
0.00
0.00
0.00
0.00
1.00
1.00
3.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.10
0.15
0.10
0.10
0.15
0.25
0.25
0.15
0.25
0.01
0.25
0.25
0.25
0.25
0.10
0.25
0.10
0.25
0.25
0.25
0.25
0.10
0.10
0.28
0.10
0.25
0.25
0.00
0.10
0.10
Custody
0.43
0.09
0.27
0.33
0.29
0.02
0.34
0.19
0.19
0.69
Volatility
0.66
0.79
0.62
0.51
0.51
0.88
0.49
0.54
0.55
-1.50
0.61
0.63
0.67
1.54
0.99
1.60
0.81
0.90
0.91
0.94
0.88
1.02
1.25
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
0.02
0.09
0.11
0.20
0.06
0.08
0.28
0.05
0.09
3.57
0.04
0.03
0.55
2.21
1.06
1.44
0.10
0.11
0.10
0.11
1.25
2.27
0.94
Volatility
0.69
0.77
0.72
0.79
0.77
1.03
0.67
0.65
0.64
0.96
0.98
3.20
0.34
4.62
3.12
3.36
0.76
0.85
0.87
0.92
2.22
3.64
1.89
3.85
3.81
0.80
1.49
2.41
Not apl.
Not apl.
Not apl.
Yield
(%)
Q3
0.01
0.08
0.04
0.14
0.12
0.37
0.14
0.04
0.03
0.29
0.43
1.46
4.97
2.41
1.33
1.58
0.02
0.02
0.02
0.03
0.65
2.27
2.33
1.74
1.86
0.04
0.89
1.94
Volatility
0.46
0.64
0.66
0.65
0.59
0.09
0.53
0.59
0.56
0.82
1.08
2.16
0.10
2.53
2.00
2.21
0.77
0.82
0.87
0.87
1.33
2.24
2.39
2.63
2.50
0.79
1.32
1.47
2.51
2.33
2.67
Yield
(%)
Q4
0.04
0.03
0.01
0.20
0.09
0.51
0.54
0.09
0.06
1.16
0.58
1.49
3.39
3.76
1.81
1.77
0.04
0.02
0.03
0.02
1.25
2.60
1.84
2.12
2.57
0.04
0.83
0.93
1.82
2.21
2.53
Volatility
3.15
3.08
3.07
3.01
2.96
2.87
2.82
2.78
2.74
1.86
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
0.23
0.08
0.15
0.23
0.17
0.33
0.36
0.11
0.12
1.93
1.25
1.00
1.15
1.50
1.50
0.00
1.40
1.50
1.50
1.30
1.20
1.20
1.20
0.65
0.80
1.10
1.10
0.77
0.60
0.52
1.00
1.00
1.00
0.70
0.90
0.97
0.85
1.20
0.40
0.20
0.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
Externally-guaranteed fixed-income FIM: Funds which, at the end of 1998, guaranteed a fixed-income through a guarantee provided to investors.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
1.31
0.85
1.03
1.03
1.06
0.85
1.11
0.97
0.96
1.60
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
0.00
5.00
5.00
2.00
0.00
0.00
0.00
2.00
2.00
5.00
2.00
2.00
2.00
2.00
2.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
5.00
2.00
2.00
3.00
2.00
5.00
2.00
2.00
2.00
Max.
0.00
5.00
5.00
2.00
0.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
2.00
2.00
3.00
3.00
3.00
3.00
3.00
0.00
3.00
5.00
2.00
2.00
3.00
2.00
5.00
2.00
2.00
2.00
Min.
Front end
0.00
5.00
5.00
3.00
0.00
0.00
1.00
5.00
5.00
0.00
2.00
3.00
3.00
2.00
2.00
2.00
3.00
3.00
3.00
3.00
3.00
3.00
2.50
2.00
2.00
3.00
2.00
3.00
2.00
2.00
2.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
3.00
3.00
3.00
3.00
0.00
3.00
2.50
0.00
0.00
3.00
2.00
0.00
2.00
2.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.00
0.15
0.15
0.25
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.25
0.25
0.15
0.10
0.10
0.10
0.10
0.25
0.00
0.25
0.25
0.25
0.10
0.10
0.05
0.25
0.25
0.25
Custody
253
254
23.23
18.43
17.71
12.20
14.75
14.34
16.31
13.66
14.74
13.08
12.72
13.08
16.89
13.49
14.56
13.43
11.40
15.74
12.49
14.36
13.69
14.01
12.15
12.84
12.32
12.87
13.09
13.07
12.05
12.21
8.97
15.21
Volatility
-0.85
-1.24
-1.24
10.51
0.69
0.91
-1.67
5.05
1.74
0.52
-1.22
1.47
4.99
0.14
-1.59
-0.55
-0.03
-0.25
0.64
-0.88
0.03
-0.57
-1.26
1.94
-0.02
0.06
-0.50
-0.50
-1.16
-1.18
1.74
-0.52
Yield
(%)
Q2
26.08
21.86
26.08
27.73
18.60
19.51
22.66
18.22
20.14
20.73
22.49
19.37
25.00
15.75
21.58
18.48
19.00
18.71
17.55
21.01
17.29
20.68
21.92
18.01
16.42
15.54
17.22
17.19
22.37
22.36
15.25
23.04
Volatility
-10.86
-16.62
-24.35
-17.43
-13.22
-15.58
-17.14
-13.51
-13.24
-16.08
-15.64
-10.46
-18.15
-10.96
-18.61
-14.11
-8.05
-12.34
-11.31
-16.30
-13.81
-15.48
-15.19
-10.88
-11.98
-11.42
-13.38
-13.54
-15.73
-15.69
-11.00
-12.65
Yield
(%)
Q3
36.73
32.03
41.85
25.08
26.35
25.60
30.52
25.75
25.81
26.42
29.78
27.21
29.33
19.20
29.92
22.99
28.52
26.21
29.26
26.29
22.58
25.53
28.36
20.87
18.89
19.62
22.86
23.09
27.89
27.88
20.46
29.32
Volatility
15.55
19.82
28.59
21.76
17.15
17.09
18.52
16.29
12.93
18.50
19.97
10.83
14.42
11.58
21.14
14.49
10.29
13.36
11.83
18.67
14.41
15.18
19.15
12.67
12.00
11.95
13.90
14.08
17.89
18.03
14.43
14.42
Yield
(%)
Q4
24.01
28.58
32.84
31.24
19.65
20.37
20.05
20.69
23.06
19.74
20.14
19.82
30.77
14.83
23.12
17.80
20.00
18.60
19.63
20.37
19.92
18.58
18.93
18.99
15.01
15.27
17.88
18.07
18.32
18.34
15.06
19.24
Volatility
43.36
37.16
34.53
33.14
32.04
31.89
31.21
31.08
30.69
28.69
28.51
28.12
28.03
27.77
27.60
27.51
27.18
27.11
27.09
26.98
26.97
26.97
26.82
25.65
25.41
25.00
24.98
24.85
24.67
24.60
24.49
24.34
Yield
(%)
28.30
26.15
31.40
25.37
20.55
20.68
23.35
20.30
21.60
20.87
22.45
20.70
26.35
16.22
23.33
18.80
20.83
20.43
20.88
21.26
18.95
20.45
21.46
18.13
16.11
16.26
18.38
18.49
21.27
21.29
15.70
22.53
0.88
1.10
2.00
1.60
1.25
1.20
1.35
1.40
0.95
1.20
1.40
1.15
1.60
1.25
1.35
2.50
1.35
1.00
1.15
2.30
1.30
1.10
1.40
1.05
1.30
1.25
1.30
1.30
1.00
0.90
1.25
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
40.37
39.02
40.03
19.84
28.99
32.22
35.88
24.05
31.11
28.73
28.55
27.23
30.21
28.42
31.51
30.38
25.45
28.25
27.32
28.97
28.71
31.16
27.09
22.76
27.23
25.97
27.33
27.21
26.96
26.71
20.14
25.04
Yield
(%)
Q1
2.50
5.00
0.00
0.00
2.00
5.00
2.00
5.00
5.00
5.00
2.00
3.50
0.00
2.00
2.00
3.00
2.00
5.00
3.00
5.00
0.00
5.00
2.00
4.50
3.00
2.00
0.00
3.00
2.00
5.00
5.00
3.00
Max.
0.00
5.00
0.00
0.00
2.00
5.00
0.00
5.00
5.00
5.00
0.00
3.50
0.00
2.00
2.00
3.00
0.00
5.00
3.00
5.00
0.00
5.00
0.00
0.00
3.00
2.00
0.00
3.00
0.00
5.00
5.00
3.00
Min.
Front end
4.00
5.00
0.00
0.00
3.00
3.00
2.00
5.00
3.00
3.00
2.00
3.50
0.00
3.00
2.00
3.00
4.00
3.00
3.00
5.00
0.00
5.00
2.00
4.50
3.00
3.00
0.00
3.00
2.00
2.00
3.00
3.00
0.00
5.00
0.00
0.00
3.00
3.00
0.00
5.00
3.00
3.00
0.00
3.50
0.00
3.00
2.00
3.00
0.00
3.00
3.00
5.00
0.00
0.00
0.00
0.00
3.00
3.00
0.00
3.00
0.00
2.00
3.00
3.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.29
0.40
0.40
0.16
0.25
0.10
0.00
0.10
0.15
0.10
0.10
0.10
0.15
0.00
0.15
0.00
0.15
0.00
0.10
0.20
0.20
0.15
0.10
0.00
0.20
0.00
0.20
0.20
0.15
0.10
0.00
0.00
Custody
11.21
11.23
11.12
13.41
11.79
11.27
8.01
11.71
10.60
11.92
11.21
10.19
10.41
10.04
11.80
7.66
9.70
9.70
8.32
11.45
11.57
11.22
7.86
7.64
8.19
10.49
5.79
7.41
9.38
10.52
9.52
Volatility
-1.22
0.05
0.00
-0.91
-0.78
-1.26
6.55
6.36
-1.34
-0.39
0.42
-0.97
-1.11
-0.68
-0.66
-2.01
-0.06
0.86
0.08
-0.87
0.95
0.68
-0.17
0.56
0.03
-0.44
0.65
0.09
-0.77
5.67
-0.29
Yield
(%)
Q2
21.07
17.00
16.52
22.30
16.36
21.49
7.74
9.81
20.33
16.07
14.68
16.10
16.81
15.04
17.02
9.65
13.68
13.45
15.04
12.57
12.56
14.61
12.96
12.78
12.10
16.66
9.88
10.61
16.04
11.95
15.21
Volatility
-14.38
-11.33
-11.42
-19.41
-10.07
-14.54
-8.17
-11.17
-13.72
-10.96
-9.09
-11.15
-11.20
-10.83
-13.50
-2.21
-9.94
-8.48
-10.47
-7.18
-7.61
-9.66
-7.83
-8.92
-7.99
-12.71
-5.03
-7.01
-11.13
-11.47
-11.46
Yield
(%)
Q3
26.24
21.09
21.11
29.56
18.93
25.98
13.30
15.47
24.86
19.24
17.09
21.50
21.91
21.02
20.51
5.59
16.55
16.74
18.37
11.45
15.09
13.47
16.56
17.70
15.42
19.43
10.80
13.29
20.11
16.22
16.96
Volatility
17.36
11.92
12.03
20.54
10.93
16.73
11.48
10.34
16.19
9.21
10.38
12.92
12.96
12.70
13.28
9.34
10.67
9.73
12.27
6.17
9.67
7.55
11.33
9.69
10.24
12.77
10.30
9.23
12.56
9.36
12.26
Yield
(%)
Q4
17.27
18.28
18.53
22.55
11.81
16.93
13.26
13.79
16.17
15.46
13.93
13.45
13.94
12.90
15.37
8.27
12.73
14.10
13.81
7.14
10.09
8.76
11.29
11.59
10.55
14.30
9.35
10.70
13.23
13.98
13.09
Volatility
24.18
24.16
24.12
23.96
23.25
23.01
22.55
22.13
22.03
21.83
21.78
21.72
21.55
21.33
21.25
21.23
21.13
20.91
20.73
20.46
20.19
20.11
20.08
19.68
19.55
19.20
18.94
18.56
18.52
18.48
18.47
Yield
(%)
20.00
17.51
17.46
23.05
15.27
19.96
11.07
13.07
19.00
16.13
14.57
16.09
16.55
15.51
16.75
8.07
13.61
13.90
14.56
11.07
12.61
12.44
12.73
13.13
12.04
15.81
9.28
10.88
15.41
13.52
14.20
1.40
1.35
1.35
1.35
1.40
0.90
1.75
1.50
1.40
1.00
1.00
0.50
0.75
0.50
1.10
1.50
1.75
1.40
1.25
1.20
1.10
1.40
1.25
1.40
1.15
1.10
1.75
1.40
1.40
1.40
0.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
25.11
25.05
25.07
28.77
24.52
24.87
12.35
17.16
23.38
25.78
20.85
22.51
22.54
21.55
24.56
15.71
21.60
19.38
20.02
23.31
17.51
22.79
17.22
19.13
17.83
21.63
12.80
16.61
19.41
15.81
19.53
Yield
(%)
Q1
2.00
0.00
0.00
2.00
0.00
2.00
5.00
5.00
2.00
4.00
0.00
5.00
3.00
5.00
3.00
2.00
3.00
0.00
5.00
5.00
3.00
5.00
3.00
3.00
0.00
5.00
5.00
2.00
0.00
5.00
5.00
Max.
2.00
0.00
0.00
2.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
3.00
5.00
3.00
2.00
3.00
0.00
1.00
5.00
3.00
5.00
3.00
0.00
0.00
5.00
5.00
2.00
0.00
5.00
5.00
Min.
Front end
2.00
0.00
0.00
2.00
2.00
2.00
3.00
2.00
2.00
4.00
0.00
5.00
3.00
5.00
3.00
4.00
3.00
0.00
5.00
2.00
3.00
3.00
2.00
2.00
2.00
2.00
3.00
2.00
2.00
5.00
5.00
2.00
0.00
0.00
2.00
0.00
0.00
3.00
0.00
0.00
0.00
0.00
5.00
3.00
5.00
3.00
4.00
3.00
0.00
1.00
2.00
3.00
3.00
0.00
0.00
0.00
2.00
3.00
0.00
0.00
5.00
5.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.15
0.15
0.15
0.10
0.10
0.00
0.15
0.10
0.30
0.15
0.40
0.15
0.40
0.05
0.00
0.00
0.10
0.00
0.05
0.05
0.10
0.15
0.10
0.10
0.00
0.00
0.10
0.10
0.10
0.05
Custody
255
256
6.65
7.57
11.53
8.10
8.50
8.33
11.86
11.66
9.03
7.89
5.88
6.92
6.32
6.39
9.02
7.48
6.30
6.80
7.05
7.03
6.86
8.18
7.18
9.09
5.05
6.30
6.99
6.61
7.46
5.22
4.43
Volatility
-0.13
-0.36
0.32
0.35
8.07
-0.28
2.45
4.28
5.17
-0.16
6.62
1.81
1.30
1.13
-0.16
3.80
-0.07
0.04
-2.43
1.88
-0.36
1.75
0.74
0.39
0.45
3.43
2.34
2.38
-0.12
0.66
-0.38
Yield
(%)
Q2
12.22
12.30
15.14
11.97
9.97
8.28
13.98
13.65
9.41
11.10
3.04
7.20
9.31
9.44
10.94
5.60
9.38
10.56
13.12
8.62
9.34
8.48
10.12
10.94
9.25
7.42
11.02
11.03
12.08
5.26
5.70
Volatility
-7.19
-7.34
-20.57
-9.12
-14.35
-5.56
-13.90
-11.66
-12.09
-7.23
-5.54
-1.41
-7.80
-7.88
-5.45
-4.74
-7.35
-7.81
-7.85
-3.67
-6.23
-6.89
-5.36
-6.76
-3.88
-7.36
-9.95
-9.98
-10.79
-2.77
-3.06
Yield
(%)
Q3
14.63
15.11
19.94
14.68
21.17
12.25
21.65
19.27
14.72
11.04
9.75
11.96
13.18
13.36
9.96
6.62
12.81
12.68
15.09
3.59
10.02
10.95
11.12
15.10
12.42
11.00
15.73
15.78
16.92
5.02
6.96
Volatility
10.60
9.90
19.05
10.78
12.40
8.85
11.67
10.28
8.94
7.97
4.94
9.49
9.22
9.41
4.23
3.02
10.13
8.42
10.76
2.31
5.69
7.41
6.69
9.12
5.33
5.92
7.74
7.73
5.62
3.65
3.89
Yield
(%)
Q4
9.81
11.23
26.66
10.86
17.58
9.35
18.67
14.75
12.83
8.45
12.23
9.14
10.52
10.69
4.98
3.91
10.24
9.39
10.42
2.43
6.87
8.45
8.76
11.18
6.39
8.44
10.99
11.03
8.49
4.63
5.11
Volatility
17.92
17.79
17.69
17.60
17.07
16.61
16.49
16.34
16.23
16.15
15.91
15.77
15.53
15.35
14.77
14.29
14.15
14.02
13.52
13.33
12.60
12.55
12.28
12.21
11.53
11.19
10.00
10.00
9.62
9.24
7.68
Yield
(%)
11.38
12.02
19.56
11.83
15.46
9.82
17.20
15.25
11.95
9.90
8.60
9.08
10.29
10.43
9.16
6.17
10.11
10.24
11.97
6.08
8.54
9.20
9.50
11.88
8.82
8.58
11.75
11.72
12.02
5.10
5.69
1.40
1.25
0.45
0.80
0.95
1.35
1.00
1.60
1.75
0.59
1.40
0.00
1.30
1.30
0.70
1.25
1.15
1.10
1.25
1.15
1.40
1.50
1.25
1.20
1.50
1.15
0.85
1.00
1.10
1.15
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
15.03
16.10
24.04
16.40
12.53
13.75
18.27
14.52
15.40
16.14
9.67
5.34
13.25
13.16
16.63
12.20
11.94
14.02
13.98
12.86
14.04
10.61
10.38
9.86
9.67
9.55
10.79
10.79
16.47
7.68
7.33
Yield
(%)
Q1
3.00
5.00
0.00
2.00
5.00
2.00
0.00
0.00
5.00
5.00
5.00
0.00
2.00
2.00
3.00
5.00
5.00
5.00
2.00
5.00
5.00
5.00
5.00
5.00
2.00
5.00
5.00
3.00
5.00
3.00
2.00
Max.
0.00
5.00
0.00
2.00
5.00
0.00
0.00
0.00
0.00
5.00
5.00
0.00
0.00
0.00
3.00
0.00
5.00
5.00
2.00
5.00
5.00
0.00
5.00
5.00
2.00
0.00
5.00
3.00
5.00
3.00
2.00
Min.
Front end
2.00
2.00
0.00
3.00
5.00
4.00
0.00
0.00
2.00
3.00
5.00
0.00
2.00
2.00
3.00
5.00
5.00
2.00
3.00
5.00
2.00
2.00
5.00
5.00
4.00
2.00
5.00
3.00
5.00
3.00
3.00
0.00
2.00
0.00
3.00
5.00
0.00
0.00
0.00
0.00
3.00
5.00
0.00
0.00
0.00
3.00
0.00
5.00
2.00
3.00
5.00
2.00
0.00
0.00
5.00
4.00
0.00
5.00
3.00
5.00
3.00
3.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.40
0.10
0.05
0.05
0.15
0.12
0.15
0.10
0.01
0.10
0.15
0.10
0.10
0.10
0.30
0.10
0.00
0.00
0.10
0.10
0.10
0.10
0.40
0.00
0.10
0.40
0.25
0.15
0.10
0.25
Custody
5.69
2.24
0.18
0.49
1.20
9.67
0.56
Volatility
0.26
0.91
0.71
2.74
-0.31
-6.25
1.00
0.17
1.48
2.52
4.37
-0.50
-0.15
-0.47
1.08
-1.40
-0.83
-1.23
-0.80
-0.46
0.20
0.89
0.03
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
12.03
0.56
0.06
4.69
5.94
6.27
0.33
6.40
4.90
6.43
8.12
10.16
7.25
13.00
6.66
5.01
16.78
6.03
8.28
9.10
11.10
2.15
2.67
Volatility
-6.80
1.32
0.75
-5.47
-0.62
0.06
-2.32
-1.80
-3.32
-4.72
-8.84
-5.38
-1.51
0.05
-4.13
0.81
-11.06
-2.14
-2.32
-4.21
-4.71
1.90
-3.16
-3.25
-3.03
-2.07
-3.72
-2.27
-2.02
-1.05
-2.17
Yield
(%)
Q3
12.35
0.15
0.00
11.42
5.31
10.15
2.84
7.53
5.01
7.44
9.98
10.29
6.78
3.21
7.32
4.71
19.52
7.93
9.31
8.73
10.97
4.27
8.07
11.45
5.36
3.67
7.99
5.81
6.68
3.72
3.31
Volatility
7.43
1.18
1.88
6.47
2.71
2.12
1.58
5.61
3.18
3.32
7.22
6.02
5.37
3.13
5.09
2.80
12.66
5.16
6.89
5.32
7.36
2.02
4.55
4.72
4.51
3.02
3.93
1.75
5.32
2.84
2.48
Yield
(%)
Q4
8.37
0.15
3.71
7.44
3.69
2.00
1.34
5.96
6.83
7.37
8.54
5.72
5.40
4.10
5.95
2.77
12.59
6.55
7.49
4.69
8.02
2.77
6.32
4.36
3.69
2.57
5.10
4.10
5.45
3.35
3.75
Volatility
7.61
6.83
4.37
4.32
3.09
1.87
1.46
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
10.08
1.17
1.87
7.30
4.45
7.80
1.65
1.30
0.70
0.90
1.35
1.00
0.00
1.00
1.35
1.25
1.25
1.15
1.30
1.40
1.35
1.25
1.39
1.20
1.25
0.85
1.30
1.50
1.00
1.20
1.30
1.30
1.30
1.30
1.35
1.40
1.35
1.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
7.20
3.26
0.97
0.88
1.32
6.34
1.24
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
3.00
0.00
5.00
1.00
5.00
0.00
0.00
2.00
5.00
5.00
5.00
0.00
2.00
5.00
4.50
2.00
0.00
5.00
2.00
2.00
5.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
0.00
5.00
5.00
Max.
3.00
0.00
5.00
0.00
5.00
0.00
0.00
0.00
1.00
1.00
0.00
0.00
0.00
5.00
0.00
2.00
0.00
5.00
2.00
0.00
0.00
5.00
5.00
3.00
5.00
5.00
1.00
1.00
0.00
5.00
5.00
Min.
Front end
3.00
5.00
5.00
2.00
2.00
0.00
5.00
2.00
5.00
5.00
3.00
3.00
3.00
5.00
4.50
4.00
2.00
5.00
3.00
3.00
2.00
5.00
5.00
3.00
5.00
5.00
5.00
5.00
3.00
5.00
5.00
3.00
0.00
0.00
0.00
2.00
0.00
5.00
0.00
1.00
1.00
0.00
0.00
0.00
5.00
0.00
4.00
0.00
5.00
3.00
0.00
0.00
5.00
0.00
3.00
5.00
5.00
1.00
1.00
0.00
5.00
5.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.05
0.00
0.20
0.40
0.00
0.15
0.39
0.15
0.00
0.00
0.05
0.10
0.10
0.15
0.10
0.00
0.15
0.40
0.05
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.00
0.00
0.10
0.15
0.15
Custody
257
258
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
Volatility
-1.87
-4.05
-2.84
-2.84
1.57
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q3
6.64
6.51
7.52
7.55
2.35
Volatility
5.37
4.01
2.39
2.43
2.98
2.11
4.29
5.51
1.95
7.21
Yield
(%)
Q4
5.48
4.69
6.10
5.92
2.21
1.53
5.50
4.85
5.65
8.73
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
1.25
1.25
1.30
1.30
0.90
1.30
1.10
1.35
1.50
1.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
Externally-guaranteed equity FIM: Funds which, at the end of 1998, guaranteed a variable yield through a guarantee provided to investors.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
0.00
5.00
0.00
5.00
5.00
0.00
5.00
4.50
0.00
5.00
Max.
0.00
5.00
0.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
Min.
Front end
0.00
5.00
0.00
5.00
4.00
0.00
5.00
4.50
0.00
5.00
0.00
5.00
0.00
5.00
4.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.25
0.40
0.20
0.20
0.00
0.05
0.00
0.10
0.09
0.05
Custody
0.64
Volatility
0.64
1.10
1.21
0.79
Not apl.
Yield
(%)
Q2
0.29
0.76
0.75
0.02
Volatility
0.75
2.17
2.30
0.76
2.36
Yield
(%)
Q3
0.11
0.89
0.89
0.00
0.82
Volatility
0.53
1.21
1.32
0.75
1.58
Yield
(%)
Q4
0.16
1.67
1.69
0.01
1.01
Volatility
2.85
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
0.36
1.35
1.00
0.50
1.10
0.15
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
Internally-guaranteed fixed-income FIM: Funds which, at the end of 1998, guaranteed a fixed-income through a guarantee provided to the fund.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
0.91
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
1.00
3.00
3.00
5.00
0.00
Max.
0.00
3.00
3.00
5.00
0.00
Min.
Suscription
2.00
3.00
3.00
3.00
0.00
0.00
3.00
3.00
3.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.40
0.10
0.10
0.15
0.10
Custody
259
260
8.07
8.07
18.84
14.81
13.30
11.89
7.22
11.56
7.69
7.76
18.60
10.97
9.03
11.28
6.73
12.22
9.85
7.90
6.79
8.18
6.93
9.66
8.19
9.75
7.30
7.26
7.57
8.76
7.23
8.77
7.64
9.08
Volatility
19.02
19.08
-0.96
-0.14
-0.30
0.67
10.64
4.95
9.10
9.16
3.84
0.49
0.21
-0.31
0.88
0.07
0.24
0.18
7.26
-0.44
0.61
-0.81
-0.64
-0.36
7.28
7.18
0.20
-0.08
7.66
0.52
-0.45
0.02
Yield
(%)
Q2
20.83
20.95
6.14
26.35
18.99
18.83
18.74
17.43
17.57
17.58
9.12
14.61
14.73
15.80
5.55
21.38
13.06
7.61
15.19
13.63
11.81
14.52
13.60
17.24
13.10
12.96
11.16
14.82
11.81
6.42
11.92
2.14
Volatility
-14.56
-14.96
-4.37
-20.55
-14.91
-14.99
-15.39
-15.53
-14.69
-14.80
-9.20
-12.55
-10.18
-9.11
1.98
-14.04
-9.48
-4.25
-11.44
-8.04
-4.84
-15.25
-8.11
-13.34
-8.52
-8.52
-7.93
-9.47
-9.84
-6.75
-7.84
-0.98
Yield
(%)
Q3
24.64
24.92
7.78
32.81
24.21
25.48
24.38
24.89
23.59
23.75
15.87
22.72
18.56
20.37
1.12
25.86
16.44
7.78
18.34
17.37
13.07
23.51
17.26
20.35
13.46
13.50
13.69
16.59
17.25
12.11
14.79
2.63
Volatility
16.53
16.61
3.71
24.02
16.13
16.90
17.71
15.75
16.65
16.40
4.45
13.39
12.98
9.79
7.27
15.12
9.77
10.07
10.87
10.87
8.73
15.80
10.67
15.01
6.88
6.75
9.54
10.99
9.64
9.24
9.24
1.62
Yield
(%)
Q4
18.41
18.60
4.66
25.77
17.92
17.71
17.41
22.00
17.13
17.07
11.79
17.02
14.34
13.39
5.93
17.88
11.09
10.69
11.46
12.73
9.62
18.69
12.70
15.10
8.24
8.16
10.28
10.41
11.20
10.07
10.34
1.58
Volatility
37.02
36.06
34.08
29.95
27.80
27.78
26.20
25.90
25.69
25.52
25.35
23.49
23.45
23.34
22.67
22.04
20.66
20.59
20.06
19.67
19.14
18.98
18.97
18.67
18.49
18.00
17.80
17.62
17.32
17.23
16.69
16.60
Yield
(%)
19.26
19.43
11.24
26.14
19.32
19.40
18.29
19.89
17.69
17.74
14.53
17.13
14.79
15.79
5.36
20.20
13.07
8.72
13.82
13.56
10.73
17.66
13.50
16.32
11.02
10.97
11.07
13.21
12.54
9.72
11.64
5.06
1.20
1.20
1.50
1.35
2.00
1.10
1.20
0.85
1.20
1.20
1.75
1.15
1.50
0.75
2.10
1.00
1.40
0.80
1.20
0.75
1.15
1.10
1.50
1.00
1.20
1.20
1.50
1.00
1.20
1.28
1.40
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
15.63
15.23
36.50
32.07
29.73
27.72
14.53
22.68
15.77
15.93
27.28
23.93
21.39
23.98
11.15
23.23
21.14
14.21
14.00
17.89
14.46
22.21
17.72
19.50
12.97
12.73
16.57
17.15
10.25
14.48
16.44
15.86
Yield
(%)
Q1
5.00
2.00
2.00
2.00
5.00
5.00
3.00
5.00
5.00
2.00
2.00
5.00
5.00
2.00
0.00
5.00
3.00
0.00
2.00
2.00
5.00
5.00
2.00
5.00
2.00
2.00
5.00
3.00
2.00
5.00
3.00
2.00
Max.
0.00
0.00
0.00
2.00
0.00
5.00
0.00
5.00
0.00
0.00
2.00
5.00
0.00
2.00
0.00
5.00
3.00
0.00
0.00
2.00
5.00
5.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
5.00
3.00
2.00
Min.
Suscription
2.00
2.00
2.00
2.00
2.00
2.00
3.00
3.00
2.00
2.00
2.00
3.50
2.00
2.00
0.00
5.00
3.00
0.00
2.00
2.00
3.50
3.00
2.00
5.00
2.00
2.00
2.00
3.00
2.00
5.00
3.00
2.00
0.00
0.00
0.00
2.00
0.00
2.00
0.00
3.00
0.00
0.00
0.00
3.50
0.00
2.00
0.00
5.00
3.00
0.00
0.00
2.00
3.50
3.00
2.00
5.00
0.00
0.00
0.00
0.00
0.00
5.00
3.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.10
0.05
0.15
0.10
0.40
0.10
0.15
0.10
0.10
0.05
0.10
0.10
0.10
0.10
0.10
0.20
0.05
0.10
0.10
0.10
0.15
0.10
0.20
0.10
0.10
0.10
0.40
0.10
0.10
0.10
0.05
Custody
8.92
6.73
8.91
7.16
9.86
6.63
5.91
7.94
8.10
9.62
4.31
8.22
6.66
4.35
2.47
4.23
5.46
3.78
2.19
1.41
3.27
1.42
4.19
9.50
Volatility
0.03
7.68
-1.20
0.04
5.38
3.27
0.63
2.57
5.67
3.41
1.63
4.49
2.10
0.91
0.69
3.56
5.89
1.33
1.11
0.65
0.01
-0.15
-0.56
-9.10
0.70
-1.17
1.03
0.69
0.73
0.08
0.69
Yield
(%)
Q2
14.04
11.80
11.25
11.23
8.72
8.37
10.41
10.23
9.99
11.41
8.48
12.07
7.14
4.25
5.51
12.02
9.56
5.04
1.08
0.10
3.16
7.48
7.27
9.81
0.51
5.60
7.78
3.27
8.35
15.36
1.72
Volatility
-7.91
-10.08
-6.49
-9.60
-5.57
-6.51
-1.03
-8.29
-11.64
-10.26
-5.75
-10.36
-3.00
-2.36
-3.38
-11.75
-7.31
-1.12
-0.80
0.70
-0.05
-2.95
-3.48
-0.50
-2.03
-2.27
-3.73
-3.02
-4.89
-5.91
-0.53
Yield
(%)
Q3
15.77
17.43
13.44
15.26
15.47
11.35
10.77
12.85
13.65
14.89
10.08
14.16
8.69
6.78
8.85
16.35
10.92
6.31
2.62
0.03
3.31
5.16
7.56
5.25
5.11
6.36
10.66
7.13
9.34
10.60
4.56
Volatility
10.73
9.63
8.42
10.82
6.03
8.25
3.53
12.29
8.13
7.56
10.95
7.20
5.24
2.13
6.30
8.80
3.79
-0.31
1.46
0.68
1.28
1.91
1.74
3.39
2.49
4.35
4.65
6.43
6.99
8.29
2.86
Yield
(%)
Q4
12.22
11.29
9.57
12.04
11.30
8.30
4.25
13.04
12.25
15.13
9.19
10.01
8.01
3.45
5.63
11.27
8.24
3.94
2.98
0.02
2.36
2.01
4.34
2.72
2.02
3.53
7.87
5.90
8.30
7.69
3.35
Volatility
16.45
16.19
15.63
15.37
15.28
15.22
15.03
14.26
14.11
12.42
12.18
11.93
11.83
9.27
7.90
7.36
6.36
5.99
5.39
4.40
3.32
0.35
-0.82
-4.38
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
13.12
12.56
11.08
11.97
11.70
8.94
8.39
11.34
11.39
13.12
8.42
11.48
7.71
4.94
6.11
11.96
8.86
4.91
2.35
0.72
3.05
4.73
6.07
7.49
0.96
1.20
1.15
1.35
1.50
1.15
1.30
1.15
1.00
1.65
1.50
1.15
1.25
1.65
0.75
1.20
1.50
1.50
1.25
1.25
1.50
1.20
1.10
1.20
1.20
1.40
1.00
1.00
1.25
1.30
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
14.17
9.46
15.43
15.12
9.26
10.25
11.56
8.18
13.02
12.64
5.56
11.47
7.29
8.60
4.34
7.97
4.41
6.10
3.56
2.30
2.04
1.61
1.57
2.26
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
3.00
2.00
2.00
2.00
0.00
5.00
3.00
5.00
3.00
5.00
3.00
3.00
2.00
3.00
5.00
2.00
0.00
3.00
2.00
2.00
3.00
2.00
5.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
Max.
0.00
0.00
2.00
2.00
0.00
5.00
0.00
5.00
3.00
5.00
3.00
3.00
2.00
0.00
5.00
0.00
0.00
0.00
2.00
2.00
3.00
0.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
Min.
Suscription
3.00
2.00
2.00
3.00
0.00
5.00
3.00
0.00
3.00
5.00
3.00
3.00
3.00
3.00
5.00
3.00
0.00
3.00
2.00
2.00
3.00
2.00
3.00
3.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
0.00
0.00
2.00
3.00
0.00
5.00
0.00
0.00
3.00
5.00
3.00
3.00
3.00
0.00
5.00
0.00
0.00
0.00
0.00
0.00
3.00
0.00
3.00
0.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.40
0.10
0.10
0.25
0.15
0.10
0.40
0.25
0.10
0.10
0.00
0.10
0.25
0.40
0.00
0.10
0.10
0.40
0.05
0.05
0.00
0.10
0.00
0.10
0.10
0.10
0.20
0.20
0.10
0.10
0.10
Custody
261
262
Volatility
0.55
-2.97
-0.01
-2.44
0.30
0.26
3.47
-0.56
2.43
3.47
3.86
0.03
0.53
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
1.35
5.78
13.29
3.97
5.30
4.59
7.09
5.26
5.62
7.10
10.57
4.07
7.45
Volatility
-1.50
-0.38
-8.56
-0.32
-3.47
-0.06
-4.97
-3.25
-5.11
-1.66
-7.29
-1.71
-3.19
-8.76
-4.20
-3.14
-3.16
-5.48
-6.33
-1.43
-1.30
-2.80
-4.15
-4.81
-6.41
-1.60
-5.57
0.93
-5.28
0.70
-4.64
Yield
(%)
Q3
4.12
6.32
14.73
2.05
5.36
4.69
12.56
8.41
8.85
5.68
12.94
4.08
8.42
14.51
11.24
7.80
9.06
9.19
14.49
4.82
4.75
6.16
7.68
8.46
7.71
9.65
9.81
4.07
7.67
0.05
8.32
Volatility
2.71
3.43
12.04
2.07
3.47
5.70
9.95
5.44
7.10
2.69
5.23
2.23
1.52
4.85
5.27
3.81
6.78
4.60
7.57
3.05
3.47
5.60
6.99
7.05
3.97
3.83
6.89
1.92
4.63
12.04
4.78
Yield
(%)
Q4
3.03
5.91
11.33
1.50
3.45
4.58
9.27
5.09
7.58
4.93
7.39
2.91
8.18
7.10
4.91
5.93
5.65
6.11
9.75
3.07
5.51
5.45
6.90
6.74
4.64
9.74
7.17
2.40
7.51
11.98
4.82
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
1.40
1.60
1.35
0.80
1.03
1.50
1.50
1.30
1.50
1.50
1.50
1.34
1.50
1.85
1.30
1.36
1.35
1.55
1.45
1.30
1.40
1.30
1.15
1.25
1.00
1.50
1.35
1.35
1.85
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
5.00
0.00
2.00
5.00
5.00
3.00
5.00
5.00
5.00
0.00
0.00
5.00
3.00
2.00
5.00
5.00
4.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
2.00
2.00
0.00
0.00
5.00
Max.
5.00
0.00
2.00
5.00
5.00
3.00
5.00
5.00
0.00
0.00
0.00
5.00
3.00
0.00
5.00
5.00
0.00
5.00
5.00
0.00
0.00
0.00
5.00
5.00
5.00
0.00
2.00
2.00
0.00
0.00
5.00
Min.
Suscription
5.00
0.00
2.00
5.00
5.00
3.00
5.00
5.00
2.00
0.00
0.00
5.00
3.00
4.00
5.00
5.00
4.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
3.50
0.00
2.00
3.00
4.00
4.00
5.00
5.00
0.00
2.00
0.00
5.00
3.00
5.00
5.00
0.00
0.00
0.00
5.00
3.00
0.00
5.00
5.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
3.50
0.00
2.00
3.00
2.00
4.00
5.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.10
0.15
0.00
0.10
0.00
0.15
0.20
0.10
0.10
0.10
0.10
0.00
0.10
0.20
0.10
0.15
0.10
0.10
0.10
0.10
0.10
0.25
0.25
0.10
0.10
0.15
0.15
0.00
0.10
0.10
Custody
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
Volatility
-1.04
-3.64
-1.58
-1.86
-1.98
-0.39
-3.83
-2.88
-1.37
-3.91
-6.22
-3.57
-3.31
-3.02
-1.53
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q3
4.32
8.93
6.56
4.73
4.10
8.26
6.39
7.02
3.68
8.13
8.94
12.46
6.22
5.80
5.02
Volatility
2.22
2.38
4.44
3.89
4.64
1.62
4.71
5.99
3.48
4.71
2.06
6.79
4.19
4.07
1.27
6.13
5.56
1.76
4.41
4.11
3.39
3.36
3.45
6.77
1.05
7.15
6.32
2.55
3.72
5.20
5.23
Yield
(%)
Q4
2.52
7.18
4.74
7.31
4.09
7.12
4.23
4.80
2.99
6.68
5.70
11.54
4.83
4.73
2.21
9.87
4.21
0.54
3.92
4.40
3.48
2.88
2.98
6.88
5.80
8.74
5.95
8.60
5.31
4.68
4.97
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
1.16
1.10
1.50
1.50
1.50
1.50
1.40
1.50
1.65
1.00
1.50
1.50
1.36
1.38
1.25
2.40
2.20
0.25
1.70
1.30
1.25
1.35
1.15
0.30
1.40
1.00
1.35
1.10
1.50
1.50
1.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
5.00
5.00
2.00
2.00
3.00
3.00
0.00
5.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
3.00
3.00
2.00
2.00
5.00
5.00
0.00
5.00
5.00
5.00
5.00
2.00
0.00
2.00
3.00
0.00
Max.
5.00
5.00
2.00
2.00
3.00
3.00
0.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
2.00
0.00
2.00
3.00
0.00
Min.
Suscription
5.00
4.00
4.00
4.00
3.00
3.00
0.00
3.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
5.00
5.00
0.50
4.00
5.00
5.00
0.00
0.00
0.00
5.00
3.00
2.00
0.00
4.00
3.00
0.00
5.00
4.00
4.00
4.00
3.00
3.00
0.00
0.00
0.00
5.00
0.00
0.00
5.00
5.00
5.00
0.00
0.00
0.00
0.00
5.00
0.00
0.00
0.00
0.00
5.00
3.00
2.00
0.00
4.00
3.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.10
0.10
0.00
0.00
0.00
0.00
0.10
0.10
0.05
0.00
0.10
0.05
0.10
0.10
0.15
0.10
0.10
0.05
0.10
0.20
0.10
0.10
0.25
0.25
0.10
0.10
0.15
0.15
0.00
0.00
0.15
Custody
263
264
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q2
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q3
Volatility
5.15
18.94
9.35
4.21
5.20
5.78
4.85
4.13
Yield
(%)
Q4
7.09
14.19
12.81
5.36
4.53
5.28
9.97
4.40
Volatility
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
1.35
1.25
0.85
1.25
1.50
1.40
1.50
1.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
Internally-guaranteed equity FIM: Fund which, at 1998 year-end, guaranteed a variable yield through a guarantee provided to the fund itself.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Yield
(%)
Q1
5.00
2.00
3.00
5.00
5.00
5.00
0.00
5.00
Max.
5.00
2.00
0.00
5.00
0.00
0.00
0.00
5.00
Min.
Suscription
5.00
2.00
3.00
5.00
3.00
3.00
0.00
5.00
5.00
2.00
0.00
5.00
0.00
0.00
0.00
5.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.15
0.10
0.40
0.20
0.10
0.10
0.10
0.10
Custody
11.66
7.30
9.92
3.63
Volatility
-5.61
0.20
-1.76
-0.96
Yield
(%)
Q2
15.56
11.38
11.08
3.03
Volatility
-15.02
-8.15
-6.04
-1.32
Yield
(%)
Q3
17.12
13.22
9.68
3.75
Volatility
20.83
9.60
5.08
0.88
Yield
(%)
Q4
14.29
9.93
8.87
3.22
Volatility
20.66
16.28
8.25
1.40
Yield
(%)
15.19
10.85
10.01
3.44
1.50
1.55
2.50
2.00
0.00
0.00
0.00
0.00
Management
Volatility of assets of yield
1998
Target yield FIM: Funds without a guarantee but with a specific yield target.
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Fees collected at 31/12/98.
24.50
15.27
11.60
2.85
Yield
(%)
Q1
0.00
3.00
0.00
0.00
Max.
0.00
0.00
0.00
0.00
Min.
Front end
0.00
3.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
Max.
% Fees (2)
(Continue)
0.20
0.20
0.35
0.06
Custody
265
266
8,426,314
580,105
7,855,224
6,799,183
66,593
139,973
3,144,703
79,702
3,094,206
274,006
0
1,056,041
661,967
394,074
0
-9,015
1. Assets ......................................................................................
Amount
31-12-98
-0.11
12.53
7.86
4.68
0.00
80.69
0.79
1.66
37.32
0.95
36.72
3.25
0.00
93.22
6.88
100.00
% of assets
-8,877
163,272
128,628
34,511
133
9,428,172
93,587
167,559
3,979,837
51,999
4,991,614
142,560
1,016
9,591,444
583,178
10,165,745
Amount
31-12-97
-0.09
1.61
1.27
0.34
0.00
92.74
0.92
1.65
39.15
0.51
49.10
1.40
0.01
94.35
5.74
100.00
% of assets
-138
892,769
533,339
359,563
-133
-2,628,989
-26,994
-27,586
-835,134
27,703
-1,897,408
131,446
-1,016
-1,736,220
-3,073
-1,739,431
Amount
Change
1.55
546.80
414.64
1,041.88
-100.00
-27.88
-28.84
-16.46
-20.98
53.28
-38.01
92.20
-
-18.10
-0.53
-17.11
98,408
TOTAL .........................................................................................
0
7,754
0
0
0
9,119
33,667
0
0
0
0
47,868
Amount
31-12-98
1.17
0.00
0.09
0.00
0.00
0.00
0.11
0.40
0.00
0.00
0.00
0.00
0.57
% of assets
327,714
213,329
24,256
0
0
0
0
3,646
1,077
0
0
85,406
0
Amount
3.22
2.10
0.24
0.00
0.00
0.00
0.00
0.04
0.01
0.00
0.00
0.84
0.00
% of assets
88,240
0
363
0
0
0
4,885
78,095
0
0
0
0
4,897
896,217
543,009
565
0
0
800
0
350,000
45
0
0
1,798
0
31-12-97
267
268
-297,066
-385,670
88,604
112,430
5,334
3,594
-117
-30,311
-2,607
-519
2,276
-1,476
Yields .................................................................................................
Interest on fixed-income ...............................................................
Bank interest ................................................................................
Total change in price of fixed-income (whether realized or not) ..
Results from derivatives ................................................................
Management fee expense .............................................................
Custody fee expense ....................................................................
Foreign exchange differences .......................................................
Other gains ..................................................................................
Other losses .................................................................................
Amount
0.87
1.11
0.05
0.04
0.00
-0.30
-0.03
-0.01
0.02
-0.01
% of
average
daily assets
Q1
65,377
102,896
4,193
-8,045
140
-28,441
-2,446
155
-2,115
-960
-754,976
-689,599
Amount
0.69
1.08
0.04
-0.08
0.00
-0.30
-0.03
0.00
-0.02
-0.01
% of
average
daily assets
Q2
69,684
96,897
4,052
-2,130
1,041
-27,229
-2,271
544
44
-1,264
-254,584
-184,900
Amount
1998
0.77
1.07
0.04
-0.02
0.01
-0.30
-0.03
0.01
0.00
-0.01
% of
average
daily assets
Q3
66,155
88,450
4,110
2,970
164
-26,662
-2,192
379
77
-1,141
-634,021
-567,866
Amount
0.74
1.78
0.05
0.03
0.00
-0.30
-0.02
0.00
0.00
-0.01
% of
average
daily assets
Q4
289,820
400,673
17,689
-3,611
1,228
-112,643
-9,516
559
282
-4,841
-2,029,251
-1,739,431
Amount
3.08
4.25
0.19
-0.04
0.01
-1.20
-0.10
0.01
0.00
-0.05
421,560
533,783
25,808
-1,815
817
-121,133
-9,532
-350
90
-6,108
247,747
4.27
5.41
0.26
-0.02
0.01
-1.23
-0.10
0.00
0.00
-0.06
% of
average
daily assets
1997
669,307
Amount
Acumulated
% of
average
daily assets
1998
1.30
1.08
1.10
1.17
0.99
1.18
1.22
0.92
1.05
1.02
0.96
1.03
1.00
1.00
1.07
1.02
1.07
0.99
1.09
1.01
1.07
1.03
0.92
1.03
1.14
0.97
0.97
1.00
0.93
0.99
0.96
0.95
0.95
Duration
0.23
0.00
0.14
0.20
0.31
0.31
0.09
0.31
0.28
0.98
0.18
0.66
0.17
0.56
0.08
0.01
0.05
0.27
0.01
0.07
0.11
0.54
0.04
0.24
0.08
0.32
0.07
0.18
0.19
0.53
0.18
0.43
0.08
0.34
0.08
0.35
0.22
0.73
0.18
0.51
0.21
0.72
0.18
0.00
0.12
0.26
0.29
0.65
0.51
0.98
0.14
0.48
0.22
0.66
0.03
0.25
0.11 Not av.
0.14
0.15
0.20
0.70
0.19
0.54
0.07
0.33
Volatility
0.89
0.95
0.86
1.04
0.82
0.83
1.01
0.87
0.88
0.97
0.78
0.92
0.86
0.90
0.83
0.73
0.87
0.88
0.68
0.77
0.71
0.79
0.93
0.77
0.73
0.81
0.73
0.87
0.79
0.86
0.62
0.62
0.80
Yield
(%)
Duration
0.04
0.49
0.15
0.36
0.23
0.61
0.05
0.24
0.17
0.68
0.12
0.62
0.10
0.66
0.10
0.25
0.08
0.32
0.02
0.05
0.12
0.35
0.04
0.20
0.04
0.43
0.04
0.17
0.05
0.52
0.09
0.65
0.10
0.48
0.05
0.16
0.06
0.76
0.12
0.51
0.03
0.55
0.04
0.38
0.56
0.23
0.15
0.73
0.09
0.74
0.13
0.48
0.16
0.60
0.03
0.23
0.02 Not av.
0.17
0.41
0.17
0.72
0.11
0.72
0.07
0.34
Volatility
Q2
0.96
1.22
1.00
1.00
0.97
0.91
0.84
0.98
1.00
0.95
0.99
0.94
0.97
0.95
0.97
0.95
0.82
0.88
0.91
0.86
0.90
0.85
0.85
0.94
0.84
0.86
0.87
0.89
0.87
0.86
0.92
0.93
0.89
Yield
(%)
Duration
0.07
0.05
0.35
0.25
0.20
0.63
0.07
0.40
0.31
0.47
0.04
0.39
0.71
0.48
0.30
0.49
0.07
0.38
0.00
0.03
0.15
0.45
0.06
0.17
0.07
0.37
0.08
0.25
0.14
0.38
0.15
0.74
0.25
0.43
0.01
0.11
0.11
0.65
0.12
0.49
0.10
0.29
0.08
0.02
0.05
0.32
0.13
0.53
0.03
0.52
0.12
0.46
0.18
0.46
0.03
0.18
0.08 Not av.
0.32
0.28
0.21
0.68
0.18
0.56
0.08
0.49
Volatility
Q3
1.11
0.99
1.18
0.82
1.21
1.05
0.76
1.06
0.87
0.83
1.02
0.82
0.87
0.84
0.83
0.98
0.84
0.85
0.90
0.93
0.88
0.89
0.83
0.79
0.82
0.89
0.93
0.75
0.90
0.80
0.99
0.99
0.84
Yield
(%)
Duration
0.27
0.29
0.39
0.58
0.26
0.50
0.06
0.19
0.43
0.36
0.16
0.13
0.69
0.33
0.30
0.61
0.12
0.31
0.03
0.09
0.31
0.39
0.06
0.22
0.09
0.35
0.10
0.23
0.10
0.36
0.17
0.59
0.17
0.39
0.10
0.11
0.14
0.58
0.15
0.41
0.36
0.27
0.16
0.22
0.20
0.33
0.12
0.40
0.03
0.28
0.11
0.41
0.30
0.55
0.04
0.21
0.19 Not av.
0.22
0.22
0.38
0.72
0.38
0.54
0.14
0.29
Volatility
Q4
4.33
4.31
4.20
4.10
4.05
4.03
3.89
3.88
3.86
3.83
3.80
3.75
3.75
3.75
3.75
3.74
3.66
3.65
3.63
3.62
3.61
3.60
3.58
3.58
3.58
3.57
3.55
3.55
3.54
3.54
3.54
3.54
3.53
Yield
(%)
0.19
6.74
0.26
0.07
0.31
0.14
0.51
0.22
0.09
0.02
0.19
0.05
0.07
0.08
0.13
0.15
0.17
0.07
0.15
0.14
0.22
0.13
0.31
0.19
0.26
0.13
0.22
0.04
0.12
0.22
0.26
0.24
0.09
Volatility
1998
Not apl.
Not apl.
51.25
Not apl.
54.49
53.56
Not apl.
Not apl.
Not apl.
Not apl.
51.73
Not apl.
Not apl.
Not apl.
52.32
50.66
Not apl.
Not apl.
Not apl.
51.45
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
50.51
Not apl.
Not apl.
49.62
Not apl.
Not apl.
47.29
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
BK DINERO 98 FIAMM...................
SG MIBOR FIAMM .........................
INVERCATALANA 3 FIAMM ..........
FONDINERO GALLEGO FIAMM ...
FONDHIPOTECARIO FIAMM ........
SEGURFONDO FIAMM .................
MUTUAFONDO DINERO FIAMM .
CS TR FIAMM ................................
BNP CASH FIAMM ........................
CITICASH FUND FIAMM ...............
BETA DINERO FIAMM ...................
CAVALDINER PLUS FIAMM ..........
FONDO 25 FIAMM .......................
MADRID FOND ORO FIAMM .......
PROFIT DINERO FIAMM ...............
PRIVANZA DINERO FIAMM ..........
BANIF MONETARIO FIAMM .........
CITIDINERO FIAMM ......................
CAJA LAB. AHORRO FIAMM ........
FONDCOMERCIO MT FIAMM ......
ARG. BEX DINER 2 FIAMM ...........
BK DINERO 97 FIAMM ..................
ATLANT. DINERFOND FIAMM .....
MULTIF. 2 PASTOR FIAMM ...........
HERRERO FONDEP. 1 FIAMM (EG)
BBV DINERO FIAMM ....................
EUROVALOR TR FIAMM ...............
CAVALDINER ORO FIAMM ...........
FONCAIXA DINERO 32 FIAMM ....
FIBANC PREMIER FIAMM ..............
FONDPREMIER DR FIAMM ...........
UNIFOND DINERO FIAMM ..........
DB DINERPLUS FIAMM .................
Yield
(%)
Q1
0.35
0.25
0.80
0.15
1.00
0.35
0.15
0.90
0.45
0.40
0.90
0.50
0.75
0.50
0.50
1.00
0.40
0.54
1.10
1.00
1.00
0.85
0.61
0.75
0.70
1.00
1.00
0.70
1.00
0.90
1.25
1.25
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
% Fees (3)
0.15
0.00
0.10
0.10
0.10
0.00
0.03
0.00
0.10
0.10
0.05
0.05
0.00
0.10
0.05
0.00
0.10
0.15
0.15
0.00
0.10
0.15
0.15
0.15
0.10
0.10
0.15
0.05
0.00
0.10
0.15
0.15
0.10
Custody
269
270
0.02
0.03
0.12
0.04
0.01
0.09
0.13
0.09
0.04
0.10
0.09
0.13
0.09
0.01
0.16
0.09
0.10
0.20
0.21
0.08
0.17
0.28
0.15
0.07
0.11
0.11
0.07
0.19
0.10
0.11
0.03
0.18
Volatility
0.17
0.27
0.35
0.11
0.01
0.37
0.30
0.34
0.29
0.17
0.39
0.62
0.46
0.16
0.59
0.29
0.22
0.36
1.11
0.42
0.24
0.67
0.05
0.20
0.30
0.48
0.30
0.45
0.37
0.42
0.25
0.42
Duration
0.87
0.86
0.72
0.86
0.88
0.79
0.85
0.82
0.87
0.78
0.73
0.70
0.74
0.86
1.11
0.80
0.75
0.82
0.64
0.69
0.80
0.62
0.76
0.75
0.82
0.67
0.75
0.76
0.79
0.71
0.82
0.76
Yield
(%)
0.02
0.04
0.05
0.07
0.01
0.02
0.15
0.06
0.05
0.05
0.07
0.03
0.05
0.00
0.51
0.02
0.05
0.15
0.05
0.13
0.16
0.28
0.15
0.04
0.13
0.26
0.06
0.16
0.04
0.05
0.04
0.03
Volatility
Q2
0.18
0.16
0.56
0.08
0.01
0.33
0.33
0.31
0.37
0.53
0.59
0.63
0.53
0.25
0.66
0.30
0.51
0.30
0.92
0.48
0.33
0.55
0.38
0.37
0.28
0.76
0.32
0.43
0.21
0.52
0.18
0.36
Duration
0.85
0.89
0.94
0.89
0.87
0.89
0.73
0.86
0.84
0.86
0.84
0.83
0.87
0.84
0.73
0.89
0.83
0.69
0.80
0.86
0.87
0.95
0.93
0.89
0.72
0.87
0.84
0.80
0.80
0.85
0.83
0.82
Yield
(%)
0.02
0.03
0.09
0.07
0.01
0.12
0.20
0.04
0.02
0.07
0.05
0.07
0.07
0.00
0.02
0.06
0.07
0.21
0.06
0.23
0.11
0.99
0.29
0.07
0.17
0.20
0.07
0.15
0.03
0.06
0.04
0.05
Volatility
Q3
0.21
0.17
0.46
0.20
0.00
0.21
0.23
0.25
0.18
0.10
0.40
0.40
0.52
0.10
0.47
0.22
0.10
0.21
0.68
0.44
0.28
0.44
0.27
0.27
0.22
0.70
0.43
0.32
0.15
0.49
0.24
0.24
Duration
0.79
0.74
0.86
0.78
0.76
0.82
0.90
0.75
0.80
0.85
0.91
0.88
0.84
0.76
0.71
0.74
0.86
0.88
0.77
0.88
0.70
0.75
0.79
0.80
0.85
0.83
0.80
0.82
0.72
0.80
0.70
0.76
Yield
(%)
0.06
0.04
0.19
0.10
0.02
0.14
0.23
0.12
0.05
0.15
0.19
0.22
0.15
0.01
0.21
0.09
0.17
0.26
0.11
0.18
0.10
0.51
0.16
0.16
0.26
0.29
0.13
0.19
0.08
0.16
0.05
0.11
Volatility
Q4
0.19
0.20
0.42
0.19
0.00
0.35
0.28
0.24
0.19
0.28
0.35
0.32
0.43
0.21
0.28
0.29
0.30
0.27
0.43
0.42
0.24
0.43
0.23
0.29
0.27
0.46
0.31
0.36
0.27
0.39
0.23
0.21
Duration
3.51
3.51
3.51
3.51
3.50
3.50
3.50
3.50
3.49
3.49
3.48
3.45
3.44
3.44
3.43
3.42
3.40
3.38
3.38
3.36
3.36
3.36
3.35
3.35
3.34
3.34
3.34
3.34
3.34
3.32
3.32
3.31
Yield
(%)
0.04
0.04
0.12
0.07
0.02
0.10
0.18
0.09
0.04
0.10
0.12
0.14
0.10
0.02
0.29
0.07
0.11
0.21
0.13
0.16
0.14
0.59
0.20
0.10
0.18
0.22
0.09
0.18
0.07
0.11
0.04
0.11
Volatility
1998
Not apl.
Not apl.
49.32
52.55
Not apl.
Not apl.
50.80
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
51.26
Not apl.
50.76
51.78
47.89
Not apl.
48.88
Not apl.
Not apl.
Not apl.
Not apl.
Not apl.
50.70
Not apl.
49.20
Not apl.
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
0.95
0.98
0.94
0.93
0.94
0.95
0.98
1.02
0.94
0.96
0.96
1.00
0.95
0.94
0.84
0.95
0.92
0.96
1.12
0.89
0.94
1.00
0.83
0.88
0.92
0.93
0.91
0.93
0.98
0.92
0.93
0.93
Yield
(%)
Q1
0.65
0.70
1.00
0.75
0.75
0.80
1.00
0.72
0.75
0.85
1.00
1.00
0.75
0.70
0.75
1.00
0.85
1.00
1.00
1.20
1.00
1.00
1.25
1.00
1.10
1.10
1.15
1.00
1.00
1.00
0.90
0.90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (3)
(Continue)
0.10
0.05
0.06
0.15
0.00
0.15
0.00
0.07
0.00
0.15
0.10
0.10
0.15
0.05
0.15
0.00
0.15
0.10
0.10
0.10
0.00
0.10
0.15
0.15
0.00
0.15
0.10
0.15
0.00
0.15
0.05
0.10
Custody
0.20
0.30
0.11
0.04
0.07
3.54
0.05
0.01
0.20
0.10
0.06
0.04
0.07
0.10
0.09
0.08
0.01
0.08
0.00
0.08
0.07
0.03
0.28
0.12
0.02
0.06
0.07
0.00
0.14
0.07
0.08
0.13
Volatility
Yield
(%)
0.45 0.79
0.77 0.11
0.02 0.87
0.27 0.77
0.30 0.76
0.22 -1.04
0.07 0.77
0.02 0.86
0.35 0.80
0.03 0.79
0.25 0.75
0.14 0.84
0.11 0.77
0.42 0.67
0.39 0.75
0.40 0.65
0.23 0.82
0.28 0.70
0.22 0.81
0.37 0.74
0.37 0.73
0.10 0.80
0.79 0.69
0.46 0.69
0.05 0.81
0.35 0.68
0.29 0.58
0.05 0.83
0.59 0.63
0.28 0.70
0.42 0.65
0.13 0.70
Duration
0.18
0.46
0.16
0.20
0.06
3.84
0.03
0.01
0.01
0.05
0.04
0.01
0.06
0.17
0.03
0.07
0.01
0.04
0.01
0.05
0.05
0.02
0.16
0.11
0.01
0.05
0.06
0.00
0.14
0.03
0.07
0.17
Volatility
Q2
0.49
0.74
0.02
0.29
0.32
0.41
0.29
0.14
0.28
0.09
0.34
0.08
0.19
0.48
0.31
0.61
0.20
0.41
0.19
0.29
0.37
0.07
0.63
0.49
0.17
0.48
0.21
0.07
0.59
0.35
0.59
0.41
Duration
0.78
0.24
0.86
0.75
0.82
-3.71
0.80
0.85
0.81
0.86
0.84
0.83
0.83
0.82
0.82
0.76
0.79
0.85
0.78
0.81
0.83
0.80
0.73
0.74
0.83
0.77
0.78
0.81
0.83
0.83
0.77
0.81
Yield
(%)
0.12
0.44
0.16
0.09
0.07
6.46
0.07
0.00
0.01
0.12
0.06
0.01
0.06
0.22
0.05
0.06
0.00
0.07
0.00
0.05
0.09
0.04
0.04
0.13
0.01
0.08
0.03
0.00
0.13
0.06
0.07
0.53
Volatility
Q3
0.52
0.77
0.01
0.23
0.44
0.47
0.01
0.07
0.20
0.25
0.34
0.05
0.33
0.46
0.23
0.41
0.19
0.31
0.20
0.25
0.47
0.11
0.42
0.47
0.10
0.26
0.11
0.07
0.28
0.26
0.37
0.29
Duration
0.83
0.13
0.66
0.94
0.79
6.61
0.80
0.63
0.63
0.78
0.73
0.64
0.82
0.80
0.73
0.90
0.70
0.79
0.69
0.73
0.68
0.69
0.75
0.82
0.65
0.84
0.76
0.63
0.74
0.74
0.82
0.76
Yield
(%)
0.15
0.39
0.09
0.54
0.13
6.78
0.13
0.03
0.08
0.13
0.12
0.04
0.10
0.11
0.11
0.22
0.01
0.18
0.01
0.11
0.04
0.09
0.14
0.11
0.03
0.24
0.07
0.02
0.17
0.14
0.22
0.52
Volatility
Q4
0.41
3.31
0.01
0.22
0.28
0.80
0.23
0.04
0.11
0.29
0.30
0.04
0.35
0.38
0.20
0.40
0.17
0.31
0.14
0.19
0.29
0.16
0.20
0.40
0.07
0.45
0.07
0.03
0.51
0.28
0.31
0.22
Duration
3.31
0.17
3.31
3.30
3.30
3.29
3.29
3.29
3.27
3.26
3.26
3.25
3.24
3.24
3.23
3.23
3.23
3.23
3.21
3.21
3.20
3.19
3.19
3.19
3.19
3.19
3.18
3.17
3.17
3.16
3.15
3.15
Yield
(%)
0.17
50.53
0.14
0.29
0.09
5.43
0.08
0.03
0.11
0.10
0.08
0.03
0.07
0.16
0.08
0.13
0.02
0.11
0.02
0.08
0.07
0.05
0.18
0.12
0.03
0.13
0.07
0.02
0.15
0.09
0.13
0.39
Volatility
1998
Not apl.
0.85
48.89
Not apl.
48.60
Not apl.
50.40
50.61
Not apl.
Not apl.
49.43
Not apl.
51.25
46.38
Not apl.
47.19
Not apl.
46.57
Not apl.
Not apl.
49.50
50.32
47.49
46.91
47.53
Not apl.
Not apl.
Not apl.
48.94
Not apl.
Not apl.
44.68
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
0.88
0.15
0.88
0.81
0.88
1.67
0.89
0.91
1.00
0.80
0.90
0.89
0.79
0.91
0.90
0.89
0.89
0.86
0.89
0.89
0.91
0.86
0.98
0.90
0.86
0.86
1.01
0.87
0.92
0.85
0.87
0.85
Yield
(%)
Q1
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.85
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.25
0.00
1.00
1.15
1.25
0.85
0.75
0.90
1.00
1.00
0.90
0.85
1.20
1.00
1.25
0.00
1.25
0.90
1.00
1.00
1.15
1.00
1.25
1.00
1.25
0.70
0.90
1.15
1.15
1.25
1.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (3)
(Continue)
0.06
0.07
0.10
0.15
0.15
0.10
0.02
0.10
0.15
0.10
0.15
0.10
0.15
0.15
0.10
0.05
0.10
0.15
0.06
0.00
0.10
0.15
0.05
0.15
0.10
0.10
0.15
0.15
0.15
0.15
0.10
Custody
271
272
Duration
0.13
0.30
0.01
0.19
0.03
0.33
0.08
0.29
0.04
0.15
0.29
0.91
0.03
0.22
0.43
0.69
0.07
0.25
0.08
0.24
0.16
0.54
0.08
0.37
0.06
0.15
0.09
0.36
0.09
0.35
0.08
0.29
0.11
0.18
0.05
0.27
0.08
0.29
0.18
0.06
0.11
0.31
0.18
0.64
0.07
0.25
0.06
0.33
0.09
0.32
0.23
0.80
0.08
0.36
0.27
0.49
0.02
0.12
0.04
0.16
0.03
0.19
0.11 Not av.
Volatility
0.76
0.79
0.72
0.67
0.76
0.57
0.76
0.64
0.67
0.67
0.65
0.69
0.69
0.69
0.64
0.62
0.70
0.68
0.63
0.62
0.73
0.53
0.68
0.72
0.62
0.67
0.68
0.63
0.76
0.70
0.74
0.65
Yield
(%)
Duration
0.10
0.30
0.02
0.08
0.04
0.36
0.04
0.45
0.03
0.26
0.07
0.89
0.03
0.15
0.14
0.70
0.05
0.43
0.04
0.43
0.20
0.44
0.05
0.33
0.05
0.13
0.02
0.36
0.05
0.46
0.05
0.46
0.07
0.27
0.02
0.21
0.05
0.44
0.14
0.03
0.10
0.41
0.11
0.83
0.03
0.35
0.03
0.26
0.05
0.48
0.01
0.57
0.03
0.35
0.20
0.57
0.02
0.13
0.03
0.22
0.06
0.15
0.03 Not av.
Volatility
Q2
0.80
0.76
0.78
0.83
0.81
0.82
0.75
0.80
0.82
0.83
0.71
0.82
0.81
0.78
0.81
0.80
0.78
0.73
0.80
0.95
0.75
0.81
0.79
0.76
0.80
0.68
0.74
0.70
0.74
0.80
0.71
0.73
Yield
(%)
Duration
0.09
0.32
0.01
0.13
0.06
0.42
0.07
0.35
0.04
0.34
0.11
0.55
0.04
0.18
0.33
0.57
0.07
0.32
0.07
0.32
0.08
0.45
0.10
0.14
0.10
0.18
0.11
0.23
0.08
0.37
0.08
0.38
0.09
0.27
0.10
0.27
0.08
0.36
0.31
0.01
0.10
0.34
0.13
0.69
0.04
0.26
0.03
0.21
0.08
0.39
0.05
0.48
0.06
0.37
0.08
0.29
0.03
0.12
0.11
0.43
0.02
0.41
0.08 Not av.
Volatility
Q3
0.69
0.72
0.78
0.76
0.67
0.76
0.74
0.68
0.76
0.75
0.76
0.71
0.72
0.71
0.73
0.78
0.65
0.77
0.75
0.62
0.64
0.72
0.67
0.60
0.75
0.69
0.70
0.70
0.63
0.69
0.70
0.79
Yield
(%)
Duration
0.09
0.26
0.09
0.17
0.15
0.36
0.18
0.34
0.03
0.24
0.25
0.52
0.08
0.24
0.10
0.40
0.17
0.32
0.17
0.32
0.21
0.32
0.17
0.27
0.19
0.46
0.14
0.35
0.17
0.36
0.21
0.37
0.14
0.22
0.25
0.30
0.20
0.36
0.07
0.00
0.06
0.21
0.17
0.50
0.11
0.23
0.06
0.22
0.19
0.37
0.15
0.26
0.13
0.34
0.09
0.13
0.02
0.14
0.15
0.28
0.16
0.30
0.23 Not av.
Volatility
Q4
3.15
3.14
3.14
3.14
3.13
3.13
3.11
3.11
3.11
3.11
3.09
3.08
3.05
3.05
3.04
3.03
3.03
3.02
3.01
3.01
3.01
3.01
3.00
3.00
3.00
3.00
3.00
3.00
2.99
2.99
2.99
2.99
Yield
(%)
0.10
0.05
0.09
0.11
0.04
0.21
0.05
0.28
0.10
0.10
0.17
0.11
0.11
0.10
0.11
0.12
0.11
0.14
0.12
0.20
0.10
0.15
0.07
0.05
0.12
0.14
0.08
0.18
0.03
0.10
0.09
0.13
Volatility
1998
46.85
Not apl.
Not apl.
44.97
Not apl.
Not apl.
Not apl.
49.37
Not apl.
Not apl.
47.33
Not apl.
45.51
47.11
Not apl.
44.92
46.16
46.93
44.47
Not apl.
Not apl.
45.19
Not apl.
47.74
44.64
48.19
46.90
Not apl.
47.16
46.57
46.76
46.27
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
0.86
0.84
0.82
0.84
0.87
0.94
0.83
0.96
0.82
0.83
0.93
0.81
0.79
0.84
0.83
0.80
0.86
0.81
0.80
0.78
0.85
0.91
0.83
0.89
0.81
0.92
0.85
0.94
0.83
0.78
0.81
0.79
Yield
(%)
Q1
1.05
0.90
1.18
1.25
1.00
1.50
1.10
1.25
1.25
1.25
1.50
1.20
1.35
1.25
1.35
1.50
1.30
1.50
1.50
0.90
1.20
1.50
1.25
1.25
1.50
1.25
1.30
1.35
1.10
1.50
1.25
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (3)
(Continue)
0.15
0.10
0.07
0.15
0.15
0.15
0.15
0.15
0.10
0.15
0.00
0.15
0.15
0.15
0.15
0.05
0.06
0.00
0.05
0.15
0.05
0.15
0.15
0.10
0.05
0.10
0.10
0.10
0.15
0.00
0.10
0.10
Custody
Duration
0.13
0.49
0.16
0.34
0.11
0.18
0.09
0.17
0.07
0.18
0.23
0.04
0.13
0.31
0.12
0.69
0.01
0.03
0.07
0.23
0.11
0.57
0.19
0.13
0.01
0.10
0.08
0.30
0.11 Not av.
0.05
0.29
0.11
0.26
0.01
0.16
0.02
0.08
0.18
0.64
0.00
0.05
0.11
0.34
0.14
0.58
0.12
0.56
0.09
0.32
0.01
0.20
0.01
0.19
0.09
0.21
0.10
0.36
0.06
0.19
0.05
0.12
0.01
0.22
Volatility
0.66
0.63
0.80
0.79
0.73
0.85
0.70
0.63
0.79
0.60
0.62
0.75
0.83
0.66
0.63
0.70
0.67
0.73
0.77
0.69
0.75
0.64
0.62
0.63
0.69
0.74
0.71
0.73
0.59
0.59
0.73
0.71
Yield
(%)
Duration
0.05
0.52
0.11
0.41
0.05
0.17
0.05
0.14
0.05
0.17
0.38
0.30
0.14
0.30
0.09
0.67
0.01
0.01
0.05
0.42
0.08
0.68
0.16
0.25
0.33
0.07
0.05
0.41
0.03 Not av.
0.05
0.20
0.69
0.24
0.00
0.26
0.01
0.05
0.07
0.51
0.00
0.05
0.07
0.23
0.03
0.53
0.05
0.48
0.04
0.28
0.01
0.22
0.01
0.25
0.13
0.25
0.10
0.47
0.05
0.34
0.04
0.05
0.01
0.20
Volatility
Q2
0.78
0.75
0.77
0.78
0.75
0.61
0.61
0.70
0.77
0.78
0.74
0.68
0.68
0.74
0.71
0.72
0.75
0.72
0.74
0.67
0.74
0.66
0.70
0.73
0.74
0.72
0.66
0.70
0.75
0.76
0.72
0.67
Yield
(%)
Duration
0.07
0.31
0.11
0.41
0.07
0.21
0.07
0.21
0.06
0.22
0.36
0.17
0.18
0.21
0.11
0.55
0.00
0.01
0.09
0.38
0.11
0.53
0.12
0.36
0.06
0.21
0.06
0.37
0.07 Not av.
0.03
0.19
0.04
0.28
0.00
0.11
0.01
0.05
0.04
0.35
0.00
0.02
0.04
0.14
0.05
0.44
0.01
0.20
0.05
0.24
0.00
0.19
0.00
0.19
0.13
0.21
0.11
0.46
0.07
0.34
0.00
0.12
0.00
0.19
Volatility
Q3
0.65
0.75
0.55
0.56
0.67
0.67
0.75
0.72
0.52
0.75
0.74
0.64
0.59
0.66
0.76
0.59
0.58
0.63
0.54
0.57
0.55
0.77
0.67
0.66
0.53
0.62
0.62
0.56
0.69
0.70
0.55
0.60
Yield
(%)
Duration
0.10
0.27
0.22
0.46
0.24
0.12
0.25
0.12
0.16
0.38
0.06
0.14
0.33
0.25
0.19
0.38
0.04
0.00
0.22
0.39
0.18
0.38
0.17
0.30
0.06
0.29
0.08
0.30
0.20 Not av.
0.05
0.17
0.08
0.16
0.01
0.18
0.03
0.04
0.05
0.29
0.02
0.03
0.32
0.18
0.11
0.30
0.09
0.18
0.02
0.17
0.01
0.17
0.03
0.25
0.07
0.21
0.24
0.48
0.21
0.33
0.02
0.02
0.01
0.18
Volatility
Q4
2.98
2.98
2.98
2.98
2.97
2.95
2.94
2.94
2.93
2.93
2.93
2.93
2.92
2.91
2.90
2.90
2.89
2.89
2.87
2.87
2.86
2.86
2.86
2.85
2.83
2.83
2.82
2.82
2.82
2.82
2.81
2.81
Yield
(%)
0.09
0.16
0.14
0.14
0.10
0.29
0.21
0.14
0.03
0.13
0.13
0.16
0.17
0.07
0.12
0.05
0.35
0.01
0.03
0.10
0.02
0.17
0.10
0.08
0.06
0.01
0.02
0.11
0.15
0.12
0.04
0.02
Volatility
1998
Not apl.
47.22
44.02
44.01
44.12
Not apl.
Not apl.
46.32
Not apl.
Not apl.
46.39
44.42
Not apl.
46.51
Not apl.
Not apl.
42.36
Not apl.
46.52
44.69
Not apl.
Not apl.
44.63
Not apl.
Not apl.
44.18
44.01
Not apl.
44.34
Not apl.
Not apl.
45.72
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
0.87
0.81
0.82
0.82
0.79
0.78
0.85
0.85
0.83
0.77
0.81
0.82
0.79
0.82
0.77
0.85
0.86
0.78
0.79
0.90
0.79
0.76
0.84
0.80
0.84
0.73
0.80
0.79
0.76
0.74
0.79
0.80
Yield
(%)
Q1
1.30
1.50
1.25
1.25
1.50
0.90
1.35
1.50
1.00
1.50
1.50
1.50
1.25
1.50
1.50
1.25
1.30
1.10
1.15
1.35
1.20
1.50
1.50
1.25
1.25
1.10
1.25
1.18
1.50
1.50
1.10
1.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (3)
(Continue)
0.15
0.15
0.05
0.05
0.15
0.10
0.15
0.10
0.11
0.15
0.10
0.15
0.10
0.07
0.15
0.15
0.00
0.15
0.10
0.15
0.10
0.15
0.10
0.00
0.10
0.15
0.15
0.10
0.15
0.15
0.15
0.15
Custody
273
274
0.05
0.05
0.10
0.03
0.09
0.01
0.12
0.09
0.05
0.09
0.10
0.05
0.06
0.15
0.12
0.03
0.04
0.08
0.25
0.08
0.04
0.14
0.12
0.04
0.04
0.07
0.01
0.04
0.11
0.02
0.03
0.04
Volatility
0.15
0.01
0.47
0.05
0.34
0.12
0.15
0.31
0.31
0.33
0.39
0.25
0.29
0.28
0.11
0.25
0.13
0.37
0.81
0.18
0.10
0.48
0.12
0.12
0.11
0.21
0.08
0.15
0.53
0.28
0.29
0.22
Duration
0.69
0.76
0.71
0.66
0.65
0.71
0.66
0.64
0.66
0.67
0.58
0.68
0.65
0.75
0.64
0.66
0.64
0.61
0.59
0.63
0.61
0.62
0.67
0.60
0.60
0.74
0.67
0.67
0.51
0.65
0.65
0.64
Yield
(%)
0.02
0.01
0.06
0.04
0.02
0.00
0.10
0.02
0.03
0.04
0.15
0.04
0.04
0.27
0.12
0.03
0.08
0.05
0.01
0.03
0.04
0.20
0.03
0.03
0.03
0.03
0.00
0.02
0.07
0.03
0.02
0.04
Volatility
Q2
0.12
0.00
0.31
0.12
0.29
0.11
0.21
0.32
0.27
0.27
0.59
0.14
0.21
0.24
0.46
0.18
0.13
0.29
0.63
0.25
0.26
0.41
0.57
0.28
0.26
0.29
0.23
0.10
0.56
0.21
0.26
0.20
Duration
0.70
0.74
0.70
0.74
0.72
0.69
0.72
0.70
0.69
0.71
0.70
0.66
0.65
0.60
0.63
0.64
0.49
0.70
0.61
0.68
0.64
0.64
0.64
0.65
0.63
0.49
0.64
0.67
0.66
0.66
0.60
0.66
Yield
(%)
0.01
0.01
0.06
0.14
0.05
0.01
0.07
0.04
0.08
0.04
0.06
0.01
0.03
0.14
0.28
0.01
0.01
0.06
0.06
0.04
0.03
0.18
0.03
0.07
0.06
0.03
0.00
0.01
0.07
0.03
0.02
0.03
Volatility
Q3
0.08
0.00
0.47
0.24
0.21
0.13
0.19
0.24
0.19
0.22
0.45
0.09
0.22
0.23
0.30
0.19
0.06
0.25
0.49
0.25
0.00
0.32
0.37
0.01
0.01
0.23
0.16
0.09
0.47
0.22
0.25
0.20
Duration
0.60
0.48
0.52
0.64
0.58
0.59
0.54
0.58
0.55
0.52
0.65
0.60
0.62
0.56
0.61
0.59
0.82
0.60
0.60
0.56
0.66
0.57
0.57
0.64
0.66
0.56
0.56
0.50
0.68
0.51
0.55
0.51
Yield
(%)
0.02
0.04
0.09
0.13
0.08
0.03
0.09
0.07
0.06
0.02
0.12
0.07
0.07
0.10
0.14
0.03
0.06
0.11
0.12
0.06
0.13
0.12
0.08
0.12
0.09
0.04
0.04
0.03
0.28
0.03
0.01
0.03
Volatility
Q4
0.04
0.00
0.21
0.26
0.29
0.17
0.17
0.30
0.20
0.14
0.27
0.13
0.22
0.23
0.19
0.18
0.04
0.19
0.29
0.18
0.25
0.24
0.20
0.20
0.19
0.14
0.14
0.06
0.37
0.17
0.21
0.17
Duration
2.80
2.79
2.78
2.78
2.78
2.78
2.77
2.77
2.76
2.75
2.75
2.74
2.71
2.70
2.70
2.70
2.70
2.70
2.69
2.68
2.66
2.66
2.65
2.65
2.64
2.62
2.62
2.61
2.61
2.61
2.60
2.60
Yield
(%)
0.03
0.04
0.08
0.10
0.07
0.02
0.10
0.07
0.06
0.06
0.12
0.05
0.06
0.18
0.18
0.03
0.06
0.08
0.14
0.06
0.07
0.16
0.07
0.08
0.06
0.05
0.02
0.03
0.16
0.03
0.03
0.04
Volatility
1998
45.57
Not apl.
45.67
45.24
Not apl.
43.90
44.55
45.73
45.36
Not apl.
Not apl.
44.46
44.95
44.84
43.00
44.71
44.17
43.41
40.26
44.45
44.77
Not apl.
Not apl.
44.41
44.45
Not apl.
43.52
44.11
39.88
43.59
43.84
Not apl.
Yield
accumulated
since 1993
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
0.77
0.77
0.83
0.71
0.80
0.76
0.81
0.81
0.83
0.82
0.80
0.77
0.77
0.77
0.79
0.78
0.73
0.76
0.86
0.78
0.72
0.80
0.74
0.73
0.72
0.80
0.72
0.75
0.73
0.76
0.77
0.76
Yield
(%)
Q1
0.80
1.20
1.50
1.50
1.50
1.35
1.50
1.50
1.50
1.30
1.50
1.50
1.50
1.49
1.50
1.50
0.80
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
0.00
% Fees (3)
(Continue)
0.10
0.10
0.10
0.15
0.15
0.10
0.00
0.15
0.10
0.15
0.09
0.15
0.15
0.15
0.15
0.13
0.15
0.15
0.10
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
Custody
Yield
(%)
Duration
0.65
0.65
0.65
0.68
0.67
0.57
0.67
0.56
0.16
0.89
Not apl.
Not apl.
Yield
(%)
Duration
0.02
0.26
0.15
0.25
0.01
0.21
0.00 Not av.
0.00
0.13
0.03
0.36
0.00
0.05
0.06
0.23
0.07
0.00
0.03
0.15
Volatility
Q2
0.60
0.68
0.62
0.64
0.64
0.64
0.65
0.65
-0.15
0.89
0.89
Not apl.
Yield
(%)
Duration
Yield
(%)
0.02
0.25 0.55
0.14
0.24 0.51
0.02
0.24 0.54
0.00 Not av. 0.55
0.00
0.11 0.51
0.02
0.26 0.55
0.00
0.05 0.47
0.06
0.26 0.62
0.46
0.00 -2.37
0.03
0.18 0.89
0.05
0.33 0.73
1.94
Volatility
Q3
Duration
Yield
(%)
0.03
0.14
0.02
0.00
0.02
0.04
0.02
0.07
0.92
Volatility
1998
0.01
0.21 2.60
0.11
0.07 2.59
0.01
0.19 2.59
0.00 Not av. 2.59
0.02
0.09 2.56
0.03
0.22 2.54
0.02
0.04 2.52
0.08
0.29 2.49
0.92
0.00 -2.85
0.09
0.24 Not apl.
0.07
0.18 Not apl.
3.93
0.00 Not apl.
Volatility
Q4
43.96
43.83
43.80
2.59
44.79
43.85
Not apl.
45.37
Not apl.
Not apl.
Not apl.
Not apl.
Yield
accumulated
since 1993
In each period, the yields and volatilities are calculated for the funds registered at the beginning of that period.
(GE): FIAMM with external guarantee.
Not av.: Not available
Not apl.: Not applicable
(1) Standard deviation, annualized, expressed as a percentage, of the difference in natural logarithms of the mutual funds daily liquidation value in the period in question.
(2) Modified duration at the beginning of the period in question.
(3) Fees collected at 31/12/98
(4) FIAMMwhich pays dividends.
(5) FIAMM in the process of dissolution.
0.03
0.27
0.14
0.08
0.01
0.19
0.00 Not av.
0.01
0.11
0.04
0.36
0.00
0.05
0.07
0.18
1.46
0.00
Volatility
Q1
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
0.90
0.55
0.65
0.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Front end
Management
Max.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Min.
Back end
1.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Fees (3)
(Continue)
0.15
0.08
0.15
0.10
0.15
0.15
0.15
0.15
0.10
0.15
0.10
0.10
Custody
275
276
8,055,006
422,557
7,663,934
7,113,665
9,089
0
1,016,443
4,657,951
370,749
169,343
816,930
2,265
70,895
550,269
0
0
288,451
40,439
221,379
-31,485
1. Assets ......................................................................................
Amount
31-12-98
-0.39
6.83
0.00
0.00
3.58
0.50
2.75
88.31
0.11
0.00
12.62
57.83
4.60
2.10
10.14
0.03
0.88
95.14
5.25
100.00
% of assets
-17,508
244,191
0
0
172,317
16,563
55,311
4,290,230
7,219
0
793,038
2,331,275
284,298
163,580
676,127
708
33,985
4,534,421
255,456
4,772,369
Amount
31-12-97
-0.37
5.12
0.00
0.00
3.61
0.35
1.16
89.90
0.15
0.00
16.62
48.85
5.96
3.43
14.17
0.01
0.71
95.01
5.35
100.00
% of assets
-13,977
306,078
0
0
116,134
23,876
166,068
2,823,435
1,870
0
223,405
2,326,676
86,451
5,763
140,803
1,557
36,910
3,129,513
167,101
3,282,637
Amount
Change
79.83
125.34
67.40
144.15
300.24
65.81
25.90
28.17
99.80
30.41
3.52
20.82
219.92
108.61
69.02
65.41
68.78
6,602,213
TOTAL .........................................................................................
514,137
707,797
2,917,083
5,280
938,502
85,778
1,106,337
0
86,785
5,828
68,642
166,044
Amount
31-12-98
81.96
6.38
8.79
36.21
0.07
11.65
1.06
13.73
0.00
1.08
0.07
0.85
2.07
% of assets
4,929,060
359,316
220,794
121,954
0
3,930,566
0
237,782
11,580
11,000
0
36,068
0
Amount
103.29
7.53
4.63
2.56
0.00
82.36
0.00
4.98
0.24
0.23
0.00
0.76
0.00
% of assets
458,767,093
30,827,298
584,029
244,998,711
2
92,063,449
13,808
82,018,501
0
7,839,632
247
407,603
13,813
31-12-98
330,720,287
25,488,227
13,308
181,815,256
0
99,783,116
0
19,374,163
121
4,007,000
0
239,096
0
31-12-97
277
278
524,315
13,543
510,469
434,475
252,689
2,108
11,362
28,576
5,424
1,776
132,095
416
29
75,994
46,989
6,754
21,552
468
231
303
3. Portfolio investments................................................................
Amount
0.06
14.49
8.96
1.29
4.11
0.09
0.04
82.87
48.19
0.40
2.17
5.45
1.03
0.34
25.19
0.08
0.01
97.36
2.58
100.00
% of company
assets
31-12-98
4,173
55,078
28,498
3,892
21,642
1,003
43
374,564
207,029
2,019
14,013
34,338
9,023
2,800
99,519
5,808
15
429,642
14,521
448,336
Amount
0.93
12.28
6.36
0.87
4.83
0.22
0.01
83.55
46.18
0.45
3.13
7.66
2.01
0.62
22.20
1.30
0.00
95.83
3.24
100.00
% of company
assets
31-12-97
-3,870
20,916
18,491
2,862
-90
-535
188
59,911
45,660
89
-2,651
-5,762
-3,599
-1,024
32,576
-5,392
14
80,827
-978
75,979
Amount
Change
-92.74
37.98
64.89
73.54
-0.42
-53.34
437.21
15.99
22.05
4.41
-18.92
-16.78
-39.89
-36.57
32.73
-92.84
93.33
18.81
-6.74
16.95
2,546
TOTAL .........................................................................................
0
524
122
0
351
91
0
383
735
79
0
261
Amount
31-12-98
5.45
0.15
0.42
0.54
0.03
0.03
0.00
0.03
2.12
1.80
0.29
0.03
0.00
% of assets
4,064
115
310
400
24
25
0
25
1,579
1,342
220
24
0
Amount
2.92
0.00
0.60
0.14
0.00
0.40
0.10
0.00
0.44
0.84
0.09
0.00
0.30
% of assets
160,554
261
0
50
15,510
0
144,542
91
0
18
25
57
31-12-98
115,992
2,500
139
130
50
32,600
9,012
33
70,032
13
1,483
31-12-97
279
280
828,206
36,479
791,065
527,644
243,482
3,386
29,678
40,587
35,767
3,603
169,346
1,480
315
263,421
148,461
13,593
97,767
3,491
109
662
1. Assets ......................................................................................
2. Cash .......................................................................................
Amount
31-12-98
0.08
31.81
17.93
1.64
11.80
0.42
0.01
63.71
29.40
0.41
3.58
4.90
4.32
0.44
20.45
0.18
0.04
95.52
4.40
100.00
% of assets
952
55,441
32,013
3,012
17,387
3,017
12
282,991
135,278
293
17,651
30,708
16,865
2,721
79,221
149
105
338,432
13,754
353,138
Amount
31-12-97
0.27
15.70
9.07
0.85
4.92
0.85
0.00
80.14
38.31
0.08
5.00
8.70
4.78
0.77
22.43
0.04
0.03
95.84
3.89
100.00
% of assets
-290
207,980
116,448
10,581
80,380
474
97
244,653
108,204
3,093
12,027
9,879
18,902
882
90,125
1,331
210
452,633
22,725
475,068
Amount
Change
-30.46
375.14
363.75
351.29
462.30
15.71
808.33
86.45
79.99
1055.63
68.14
32.17
112.08
32.41
113.76
200.00
133.74
165.22
134.53
148,507
TOTAL .........................................................................................
0
5,294
3,144
184
4,927
61,895
0
7,357
950
3,723
0
61,033
Amount
31-12-98
107.77
0.00
3.84
2.28
0.13
3.58
44.92
0.00
5.34
0.69
2.70
0.00
44.29
% of assets
9,144
656
894
0
18
796
0
72
4,277
950
1,481
0
Amount
15.56
1.12
1.52
0.00
0.03
1.35
0.00
0.12
7.28
1.62
2.52
0.00
0.00
% of assets
1,152,286
697
0
502
83,063
38
1,033,224
691
0
693
36
33,342
230,198
2,800
582
90
203
9,858
123
0
12
216,530
31-12-97
281
No. of funds
Assets
No. of investors
4
4
4
5
11,906
14,158
21,942
65,921
1,897
2,174
4,617
14,250
1995
1996
1997
1998
31-12-98
31-12-97
Change
Amount
% of assets
Amount
% of assets
Amount
1. Assets .....................................
2. Cash ......................................
3. Securities ...............................
4. Homes ...................................
5. Other property .......................
6. Other items ............................
65,921
7,430
13,745
28,586
17,104
-944
100.0
11.3
20.9
43.4
25.9
-1.4
21,942
192
5,435
9,932
6,210
173
100.0
0.9
24.8
45.3
28.3
0.8
43,979
7,238
8,310
18,654
10,894
-1,117
200.4
3769.8
152.9
187.8
175.4
-645.7
Pro- memoria:
Leased property .........................
51,748
78.5
17,549
80.0
34,199
194.9
31-12-97
801,149
152,039
Change
Absolute
580,018
152,893
221,131
-854
38.1
-0.6
92,568
24,160
68,332
26,074
24,236
-1,914
35.5
-7.3
116
37
79
110
38
72
6
-1
7
5.5
-2.6
9.7
Home country
Luxembourg ..................................
UK .................................................
Germany .......................................
Ireland ...........................................
France ...........................................
Belgium .........................................
95
4
3
9
3
2
88
8
6
3
3
2
(*) Many of these institutions are structured into subfunds (compartments).Occasionally, it is the sub-funds which are guaranteed.
282
Annex 5
Securities firms and
management companies
Number of branches
Number of agents
31-12-98
31-12-97
31-12-98
31-12-97
31-12-98
31-12-97
Broker-dealers ..................................
47
46
36
34
5,347
4,853
36
11
34
12
27
9
25
9
558
4,789
610
4,243
Brokers .............................................
58
60
12
12
744
842
17
41
17
43
4
8
1
11
239
505
265
577
Total .................................................
105
106
48
46
6,091
5,695
53
52
51
55
31
17
26
20
797
5,294
875
4,820
Number of institutions
Owned by domestic
financial institutions
Total
Owned by foreign
financial institutions
Other
Total
>50%
10-50%
<10%
Total
>50%
10-50%
<10%
Broker-dealers .....................
47
20
18
18
17
36
11
16
4
14
4
2
0
0
0
12
6
11
6
1
0
0
0
8
1
Brokers ................................
58
10
12
36
17
41
0
10
0
9
0
1
0
0
0
12
0
8
0
4
0
0
17
19
Total ....................................
105
30
27
30
25
45
53
52
16
14
14
13
2
1
0
0
12
18
11
14
1
4
0
0
25
20
285
286
197,331
89,812
107,519
1,415,983
409,951
975,668
132,032
843,636
33,391
-3,027
13,940
12,313
-158
0
13,669
50,847
1,705,368
1,443
1. Cash ..............................................................
31/12/98
214,916
53,152
161,764
894,331
203,908
680,797
36,430
644,367
16,241
-6,615
22,153
9,647
101
2
11,774
28,177
1,181,489
388
31/12/97
Total broker-dealers
and dealers
190,839
64,560
126,279
1,117,560
288,823
798,866
81,854
717,013
44,760
-14,889
20,805
11,104
61
5
12,675
45,888
1,399,625
686
1998
Total
142,128
40,787
101,341
1,010,561
181,690
814,990
140,631
674,360
21,484
-7,603
16,802
9,283
307
131
11,211
31,386
1,222,325
515
1997
172,427
53,234
119,193
1,096,172
285,022
781,244
80,681
700,563
44,760
-14,855
17,229
10,414
-65
5
8,206
44,104
1,349,071
579
1998
126,354
30,661
95,694
992,163
178,473
799,787
139,156
660,632
21,484
-7,581
13,504
8,815
215
119
6,785
29,586
1,177,966
425
1997
Broker-dealers
18,412
11,326
7,086
21,389
3,801
17,622
1,173
16,449
0
-34
3,577
690
126
0
4,469
1,784
50,554
107
1998
Brokers
15,774
10,127
5,648
18,398
3,217
15,203
1,475
13,728
0
-22
3,298
467
92
12
4,427
1,800
44,358
90
1997
Millions of pesetas
65,300
1,296,442
441,417
855,025
81,455
80,836
29,128
51,708
619
58
561
4,484
7,276
127,336
1,705,368
5. Subordinated financing
and other debt securities ................................
123,075
66,157
57,054
-136
31/12/98
1,181,489
82,111
13,502
1,990
73,299
72,734
39,694
33,040
565
170
395
859,403
314,192
545,211
43,927
107,257
65,309
42,115
-167
31/12/97
Total broker-dealers
and dealers
1,399,625
114,466
10,458
4,258
71,537
70,634
34,200
36,435
903
324
579
1,005,084
342,935
662,149
54,584
139,237
65,999
73,357
-118
1998
Total
1,222,325
75,986
92,083
9,733
65,926
65,376
39,949
25,427
550
168
382
829,591
244,395
585,196
33,686
115,320
65,721
50,089
-490
1997
1,349,071
105,964
10,439
4,232
58,520
57,651
34,200
23,452
869
324
546
1,002,826
340,677
662,149
49,520
117,569
55,071
62,584
-86
1998
1,177,966
68,316
92,080
9,709
55,670
55,131
39,949
15,182
540
168
372
827,448
242,252
585,196
29,274
95,468
54,440
41,465
-436
1997
Broker-dealers
1. Equity ............................................................
1.1. Share capital .........................................
1.2. Reserves ................................................
1.3. Less own shares and shareholders .........
(Continue)
50,554
8,502
19
26
13,017
12,983
0
12,983
34
0
34
2,258
2,258
0
5,064
21,668
10,928
10,773
-33
1998
Brokers
44,358
7,670
24
10,256
10,246
0
10,246
10
0
10
2,143
2,143
0
4,412
19,851
11,282
8,624
-54
1997
Millions of pesetas
287
288
168,612
69,552
99,060
1,395,652
405,603
959,640
130,877
828,763
33,391
-2,982
10,794
11,408
-259
0
8,970
49,039
1,645,541
1,325
1. Cash ..............................................................
31/12/98
191,896
35,840
156,056
878,106
200,877
667,592
35,227
632,365
16,241
-6,604
18,256
9,132
14
2
7,319
26,472
1,131,459
262
31/12/97
Total
broker-dealers
172,427
53,234
119,193
1,096,172
285,022
781,244
80,681
700,563
44,760
-14,855
17,229
10,414
-65
5
8,206
44,104
1,349,071
579
1998
Total
126,354
30,661
95,694
992,163
178,473
799,787
139,156
660,632
21,484
-7,581
13,504
8,815
215
119
6,785
29,586
1,177,966
425
1997
153,306
49,438
103,868
964,313
259,583
676,588
63,099
613,488
42,789
-14,646
17,002
10,252
-71
5
7,332
39,106
1,191,815
570
1998
112,963
29,011
83,952
885,690
168,296
703,718
116,083
587,635
21,082
-7,406
13,259
8,754
216
16
6,256
25,628
1,053,171
389
1997
9
19,121
3,796
15,325
131,858
25,438
104,657
17,581
87,075
1,972
-208
227
163
6
0
874
4,998
157,256
1998
13,391
1,650
11,742
106,473
10,177
96,070
23,073
72,997
402
-175
245
61
-1
103
529
3,957
124,795
36
1997
Non-members
Millions of pesetas
58,852
1,292,396
437,371
855,025
63,199
62,724
29,128
33,596
475
58
417
4,460
7,273
116,781
1,645,541
5. Subordinated financing
and other debt securities ................................
102,580
55,332
47,315
-67
31/12/98
1,131,459
71,932
13,502
1,966
58,522
57,962
39,694
18,268
560
170
390
857,689
312,478
545,211
38,840
89,008
54,255
34,895
-142
31/12/97
Total
broker-dealers
1,349,071
105,964
10,439
4,232
58,520
57,651
34,200
23,452
869
324
546
1,002,826
340,677
662,149
49,520
117,569
55,071
62,584
-86
1998
Total
1,177,966
68,316
92,080
9,709
55,670
55,131
39,949
15,182
540
168
372
827,448
242,252
585,196
29,274
95,468
54,440
41,465
-436
1997
1,191,815
96,969
9,617
4,232
56,668
55,956
33,731
22,225
712
324
389
888,928
315,716
573,212
45,054
90,346
41,696
48,736
-86
1998
1,053,171
62,755
87,879
9,709
54,655
54,126
39,734
14,392
529
168
361
738,490
228,419
510,072
26,699
72,984
40,535
32,858
-409
1997
1. Equity ............................................................
1.1. Share capital .........................................
1.2. Reserves ................................................
1.3. Less own shares and shareholders .........
(Continuacin)
157,256
8,995
822
1,852
1,696
469
1,227
157
0
157
113,898
24,961
88,937
4,466
27,223
13,375
13,848
0
1998
124,795
5,562
4,202
1,015
1,004
215
790
11
0
11
88,958
13,833
75,125
2,575
22,484
13,904
8,607
-27
1997
Non-members
Millions of pesetas
289
290
28,719
20,260
8,459
20,331
4,348
16,028
1,155
14,873
0
-45
3,146
905
101
0
4,699
1,808
59,827
118
1. Cash ..............................................................
31/12/98
Total
brokers
50,030
16,225
3,031
13,205
1,203
12,002
0
-11
3,897
515
87
0
4,455
1,705
23,020
17,312
5,708
126
31/12/97
50,554
21,389
3,801
17,622
1,173
16,449
0
-34
3,577
690
126
0
4,469
1,784
18,412
11,326
7,086
107
1998
Total
90
44,358
18,398
3,217
15,203
1,475
13,728
0
-22
3,298
467
92
12
4,427
1,800
15,774
10,127
5,648
1997
60
19,972
9,261
718
8,550
312
8,238
0
-7
1,703
420
-2
0
564
400
7,566
6,042
1,524
1998
12,922
5,564
473
5,106
274
4,833
0
-15
1,580
301
-1
7
484
292
4,663
3,565
1,098
31
1997
30,581
12,128
3,083
9,072
861
8,212
0
-28
1,874
270
128
0
3,905
1,384
10,845
5,283
5,562
46
1998
31,436
12,833
2,744
10,096
1,201
8,895
0
-7
1,719
166
93
5
3,943
1,508
11,112
6,562
4,550
59
1997
Non-members
Millions of pesetas
6,448
4,046
4,046
0
18,256
18,112
0
18,112
144
0
144
24
3
10,555
59,827
5. Subordinated financing
and other debt securities ................................
20,495
10,825
9,739
-69
31/12/98
Total
brokers
50,030
10,179
24
14,777
14,772
0
14,772
5
0
5
1,714
1,714
0
5,087
18,249
11,054
7,220
-25
31/12/97
50,554
8,502
19
26
13,017
12,983
0
12,983
34
0
34
2,258
2,258
0
5,064
21,668
10,928
10,773
-33
1998
Total
44,358
7,670
24
10,256
10,246
0
10,246
10
0
10
2,143
2,143
0
4,412
19,851
11,282
8,624
-54
1997
19,972
2,134
19
24
10,137
10,133
0
10,133
5
0
5
1,154
1,154
0
1,657
4,847
3,087
1,781
-21
1998
12,922
1,395
24
6,106
6,096
0
6,096
10
0
10
754
754
0
1,028
3,614
2,846
789
-21
1997
Equity ............................................................
1.1. Share capital .........................................
1.2. Reserves ................................................
1.3. Less own shares and shareholders .........
1.
(Continue)
30,581
6,368
2,880
2,851
0
2,851
29
0
29
1,104
1,104
0
3,407
16,821
7,841
8,992
-12
1998
31,436
6,275
4,150
4,150
0
4,150
0
0
0
1,390
1,390
0
3,384
16,238
8,436
7,835
-34
1997
Non-members
Millions of pesetas
291
292
5,392
44,096
38,704
6,993
607,524
600,531
146,111
201,500
131,192
23,056
20,400
3,154
23,698
55,389
158,495
64,874
40,897
23,977
93,621
1,620
3,834
-2,214
2,824
94,825
29,526
65,299
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1998
43,927
18,726
62,653
2,565
3,473
3,772
7,245
67,333
35,967
21,197
57,164
124,497
41,976
143,373
92,844
11,724
14,810
2,362
21,633
101,397
378,037
367,453
10,584
52,810
40,294
12,516
1997
Total
48.7
57.7
51.3
10.1
10.4
-
-77.6
39.0
13.7
13.1
13.5
27.3
32.0
40.5
41.3
96.7
37.7
33.5
9.5
44.1
60.7
63.4
-33.9
-16.5
-3.9
-56.9
Chg. (%)
58,852
26,402
85,254
403
2,924
-2,254
670
85,521
24,947
14,585
39,532
125,053
37,158
150,948
98,642
22,697
14,366
1,992
13,251
113,790
607,085
600,144
6,941
42,933
38,611
4,322
1998
38,840
16,293
55,133
992
2,614
3,399
6,013
60,154
21,323
12,679
34,002
94,156
23,556
95,895
60,851
11,519
11,617
1,551
10,357
72,339
377,865
367,326
10,539
51,449
40,171
11,278
1997
Broker-dealers
51.5
62.0
54.6
-59.4
11.9
-
-88.9
42.2
17.0
15.0
16.3
32.8
57.7
57.4
62.1
97.0
23.7
28.4
27.9
57.3
60.7
63.4
-34.1
-16.6
-3.9
-61.7
Chg. (%)
6,448
3,124
9,572
2,421
910
40
950
8,101
15,950
9,392
25,342
33,443
18,231
50,552
32,550
359
6,034
1,162
10,447
32,321
439
387
52
1,163
93
1,070
1998
5,087
2,433
7,520
1,573
859
373
1,232
7,179
14,644
8,518
23,162
30,341
18,420
47,478
31,993
205
3,193
811
11,276
29,058
172
127
45
1,361
123
1,238
1997
Brokers
26.7
28.4
27.3
53.9
5.9
-89.2
-22.9
12.8
8.9
10.3
9.4
10.2
-1.0
6.5
1.7
75.1
89.0
43.3
-7.4
11.2
155.2
204.6
15.7
-14.6
-24.5
-13.6
Chg. (%)
Millions of pesetas
4,322
42,933
38,611
6,941
607,085
600,144
113,790
150,948
98,642
22,697
14,366
1,992
13,251
37,158
125,053
39,532
24,947
14,585
85,521
670
2,924
-2,254
403
85,254
26,402
58,852
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1998
38,840
16,293
55,133
992
2,614
3,399
6,013
60,154
21,323
12,679
34,002
94,156
95,895
60,851
11,519
11,617
1,551
10,357
23,556
72,339
377,865
367,326
10,539
51,449
40,171
11,278
1997
Total
51.5
62.0
54.6
-59.4
11.9
-
-88.9
42.2
17.0
15.0
16.3
32.8
57.4
62.1
97.0
23.7
28.4
27.9
57.7
57.3
60.7
63.4
-34.1
-16.6
-3.9
-61.7
Chg. (%)
53,893
23,680
77,573
-32
2,202
-2,120
82
77,687
21,159
12,880
34,039
111,726
137,624
93,925
22,443
7,423
1,697
12,136
34,420
103,204
542,793
537,612
5,181
37,581
34,240
3,341
1998
35,145
14,416
49,561
790
1,903
3,372
5,275
54,046
18,519
11,085
29,604
83,650
85,720
58,477
10,705
5,917
1,324
9,297
21,821
63,899
344,525
334,782
9,743
44,616
34,608
10,008
1997
53.3
64.3
56.5
15.7
-
-98.4
43.7
14.3
16.2
15.0
33.6
60.6
60.6
109.6
25.5
28.2
30.5
57.7
61.5
57.5
60.6
-46.8
-15.8
-1.1
-66.6
Chg. (%)
4,959
2,722
7,682
435
722
-134
588
7,834
3,788
1,705
5,493
13,327
13,324
4,717
254
6,943
295
1,115
2,738
10,586
64,292
62,532
1,760
5,352
4,371
981
1998
3,695
1,877
5,572
202
711
27
738
6,108
2,804
1,594
4,398
10,506
10,175
2,374
814
5,700
227
1,060
1,735
8,440
33,340
32,544
796
6,833
5,563
1,270
1997
Non-members
34.2
45.0
37.9
115.4
1.5
-
-20.3
28.3
35.1
7.0
24.9
26.9
31.0
98.7
-68.8
21.8
30.0
5.2
57.8
25.4
92.8
92.1
121.1
-21.7
-21.4
-22.7
Chg. (%)
Millions of pesetas
293
294
1,070
1,163
93
52
439
387
32,321
50,552
32,550
359
6,034
1,162
10,447
18,231
33,443
25,342
15,950
9,392
8,101
950
910
40
2,421
9,572
3,124
6,448
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1998
5,087
2,433
7,520
1,573
859
373
1,232
7,179
14,644
8,518
23,162
30,341
18,420
47,478
31,993
205
3,193
811
11,276
29,058
172
127
45
1,361
123
1,238
1997
Total
26.7
28.4
27.3
53.9
5.9
-89.2
-22.9
12.8
8.9
10.3
9.4
10.2
-1.0
6.5
1.7
75.1
89.0
43.3
-7.4
11.2
155.2
204.6
15.7
-14.6
-24.5
-13.6
Chg. (%)
2,084
786
2,870
70
109
173
282
3,082
2,595
1,555
4,150
7,232
2,260
9,177
7,606
113
408
190
860
6,917
138
269
-131
479
33
446
1998
1,554
597
2,151
-62
108
98
206
2,419
2,116
1,256
3,372
5,791
2,115
7,484
6,318
19
195
144
808
5,369
79
78
459
38
421
1997
34.1
31.7
33.4
0.9
76.6
36.9
27.4
22.6
23.8
23.1
24.9
6.9
22.6
20.4
494.6
109.2
32.0
6.4
28.8
74.6
244.7
4.3
-13.3
5.9
Chg. (%)
4,364
2,338
6,702
2,351
801
-133
668
5,019
13,355
7,837
21,192
26,211
15,971
41,375
24,944
246
5,626
972
9,587
25,404
301
118
183
684
60
624
1998
3,533
1,836
5,369
1,635
751
275
1,026
4,760
12,528
7,262
19,790
24,550
16,305
39,994
25,675
186
2,998
667
10,468
23,689
93
49
44
902
85
817
1997
Non-members
23.5
27.3
24.8
43.8
6.7
-
-34.9
5.4
6.6
7.9
7.1
6.8
-2.0
3.5
-2.8
32.2
87.7
45.7
-8.4
7.2
223.6
140.8
316.0
-24.2
-29.5
-23.6
Chg. (%)
Millions of pesetas
12,516
52,810
40,294
10,584
378,037
367,453
101,397
143,373
92,844
11,724
14,810
2,362
21,633
41,976
124,497
57,164
35,967
21,197
67,333
7,245
3,473
3,772
2,565
62,653
18,726
43,927
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1997
65,299
29,526
94,825
2,824
3,834
-2,214
1,620
93,621
40,897
23,977
64,874
158,495
55,389
201,500
131,192
23,056
20,400
3,154
23,698
146,111
607,524
600,531
6,993
44,096
38,704
5,392
1998
17,588
17,588
634
674
-92
582
17,536
8,559
4,639
13,198
30,734
9,620
33,595
21,859
3,259
3,197
305
4,975
23,975
67,825
64,822
3,003
12,937
9,181
3,756
Q1-97
16,968
16,968
619
698
3,028
3,726
20,075
8,838
5,018
13,856
33,931
10,614
36,394
25,502
2,585
3,668
496
4,143
25,780
138,728
134,080
4,648
13,717
10,214
3,503
Q2-97
12,569
12,569
494
1,111
5,016
6,127
18,202
8,672
5,120
13,792
31,994
9,051
31,770
20,997
1,279
3,939
519
5,036
22,719
146,836
141,286
5,550
14,291
10,566
3,725
Q3-97
-3,198
18,726
15,528
818
990
-4,180
-3,190
11,520
9,898
6,420
16,318
27,838
12,691
41,614
24,486
4,601
4,006
1,042
7,479
28,923
24,648
27,265
-2,617
11,865
10,333
1,532
Q4-97
1,603
Q1-98
28,194
28,194
859
864
3,210
4,074
31,409
9,821
5,278
15,099
46,508
13,098
50,606
35,635
3,631
4,516
719
6,105
37,508
142,952
135,555
7,397
11,330
9,727
Quarter
28,639
28,639
1,107
907
10,768
11,675
39,207
9,969
5,664
15,633
54,840
14,710
51,354
31,451
8,333
4,934
686
5,950
36,644
137,615
121,307
16,308
12,196
10,308
1,888
Q2-98
1,246
Q3-98
21,402
21,402
752
917
2,986
3,903
24,553
9,712
5,457
15,169
39,722
13,734
50,916
32,169
7,368
4,911
424
6,044
37,182
177,663
176,369
1,294
-12,936
29,526
16,590
106
1,146
-19,178
-18,032
-1,548
11,395
7,578
18,973
17,425
13,847
48,624
31,937
3,724
6,039
1,325
5,599
34,777
149,294
167,300
-18,006
10,135
9,480
655
Q4-98
Millions of pesetas
10,435
9,189
295
296
11,278
51,449
40,171
10,539
377,865
367,326
72,339
95,895
60,851
11,519
11,617
1,551
10,357
23,556
94,156
34,002
21,323
12,679
60,154
6,013
2,614
3,399
992
55,133
16,293
38,840
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1997
58,852
26,402
85,254
403
2,924
-2,254
670
85,521
24,947
14,585
39,532
125,053
37,158
150,948
98,642
22,697
14,366
1,992
13,251
113,790
607,085
600,144
6,941
42,933
38,611
4,322
1998
8,604
8,604
204
557
-238
319
8,719
5,654
3,156
8,810
17,529
5,094
20,721
13,372
3,171
2,118
160
1,900
15,627
67,798
65,258
2,540
12,578
13,216
-638
Q1-97
20,061
20,061
368
400
3,167
3,567
23,260
4,615
2,428
7,043
30,303
5,627
24,353
16,741
2,546
3,204
302
1,560
18,726
138,660
133,948
4,712
13,400
6,535
6,865
Q2-97
5,950
5,950
92
959
4,839
5,798
11,656
5,286
2,984
8,270
19,926
5,151
21,213
13,867
1,292
3,044
354
2,656
16,062
146,808
146,343
465
13,995
10,596
3,399
Q3-97
4,225
16,293
20,518
328
698
-4,369
-3,671
16,519
5,768
4,111
9,879
26,398
7,684
29,608
16,871
4,510
3,251
735
4,241
21,924
24,599
21,777
2,822
11,476
9,824
1,652
Q4-97
1,317
Q1-98
25,226
25,226
269
646
3,134
3,780
28,737
5,820
3,076
8,896
37,633
8,147
37,293
26,639
3,599
3,428
503
3,124
29,146
142,677
135,507
7,170
11,023
9,706
Quarter
26,737
26,737
504
684
10,732
11,416
37,649
6,242
3,377
9,619
47,268
10,172
39,556
23,470
8,245
3,900
437
3,504
29,384
137,562
121,231
16,331
11,838
10,284
1,554
Q2-98
19,425
19,425
282
700
2,956
3,656
22,799
5,799
3,311
9,110
31,909
8,892
38,474
23,696
7,304
4,003
170
3,301
29,582
177,614
176,226
1,388
10,103
9,165
938
Q3-98
-12,536
26,402
13,866
-652
894
-19,076
-18,182
-3,664
7,086
4,821
11,907
8,243
9,947
35,625
24,837
3,549
3,035
882
3,322
25,678
149,232
167,180
-17,948
9,969
9,456
513
Q4-98
Millions of pesetas
1,238
1,361
123
45
172
127
29,058
47,478
31,993
205
3,193
811
11,276
18,420
30,341
23,162
14,644
8,518
7,179
1,232
859
373
1,573
7,520
2,433
5,087
Personnel .............................................................
General ................................................................
Depreciation ........................................................
Other charges ......................................................
1997
6,448
3,124
9,572
2,421
910
40
950
8,101
15,950
9,392
25,342
33,443
18,231
50,552
32,550
359
6,034
1,162
10,447
32,321
439
387
52
1,163
93
1,070
1998
2,429
2,429
372
216
6
222
2,279
3,867
2,158
6,025
8,304
4,905
12,874
8,487
88
1,041
145
3,113
7,969
27
23
359
28
331
Q1-97
2,209
2,209
321
211
8
219
2,107
3,489
2,028
5,517
7,624
4,754
12,041
8,761
39
500
194
2,547
7,287
68
17
51
317
31
286
Q2-97
1,378
1,378
416
200
173
373
1,335
3,413
2,139
5,552
6,887
3,931
10,557
7,130
-13
894
165
2,381
6,626
28
35
-7
296
28
268
Q3-97
-929
2,433
1,504
464
232
186
418
1,458
3,875
2,193
6,068
7,526
4,830
12,006
7,615
91
758
307
3,235
7,176
49
52
-3
389
36
353
Q4-97
8,362
275
48
227
307
21
286
Q1-98
2,968
2,968
590
218
76
294
2,672
4,001
2,202
6,203
8,875
4,951
13,313
8,996
32
1,088
216
2,981
Quarter
1,901
1,901
603
223
36
259
1,557
3,727
2,287
6,014
7,571
4,538
11,798
7,981
88
1,034
249
2,446
7,260
53
76
-23
358
24
334
Q2-98
1,978
1,978
470
217
30
247
1,755
3,913
2,146
6,059
7,814
4,842
12,442
8,473
64
908
254
2,743
7,600
49
143
-94
332
24
308
Q3-98
-399
3,124
2,725
758
252
-102
150
2,117
4,309
2,757
7,066
9,183
3,900
12,999
7,100
175
3,004
443
2,277
9,099
62
120
-58
166
24
142
Q4-98
Millions of pesetas
297
Average
ROE (1)
< 15%
15%-30%
31%-45%
46%-60%
61%-75%
76%-100%
> 100%
Broker-dealers ........................
100.3
14
102.0
28.9
8
6
5
1
5
0
3
1
4
0
4
2
7
1
Brokers ...................................
34.0
21
10
68.2
41.2
4
17
2
6
3
7
0
4
0
3
5
0
3
4
Total .......................................
77.1
35
14
15
11
15
100.3
33.6
12
23
7
7
8
7
3
5
4
3
9
2
10
5
Total
margin (1)
Average
Broker-dealers ........................
92,518
<200
<500
<600
<700
<800
>800
1,968
10
30
72,045
20,473
2,001
1,861
1
0
1
0
7
3
1
1
1
1
1
0
24
6
Brokers ...................................
11,117
192
24
16
14
2,315
8,802
136
215
8
16
5
11
4
10
0
2
0
0
0
0
0
2
Total .......................................
103,635
987
25
17
24
32
74,360
29,275
1,403
563
9
16
6
11
11
13
1
3
1
1
1
0
24
8
(1) Surplus computable equity over that required for capital adequacy purposes.
298
1,465.4
TOTAL ......................................................................
295.3
278.2
17.2
1,170.1
32.7
1,137.4
1,465.4
Non-members ...........................................................
Broker-dealers .....................................................
Brokers ...............................................................
TOTAL ......................................................................
991.6
93.8
380.0
Distribution by instrument
1998
1,227.1
950.7
12.2
938.5
276.4
261.9
14.6
1,227.1
840.0
56.6
330.6
1997
Total
19.4
23.1
167.3
21.2
6.8
6.2
17.9
19.4
18.0
65.8
15.0
Chg. (%)
1,342.3
1,166.2
28.8
1,137.3
176.2
159.2
17.0
1,342.3
922.8
81.8
337.8
1998
1,109.4
946.0
7.6
938.4
163.4
148.9
14.5
1,109.4
773.6
48.2
287.6
1997
21.0
23.3
279.6
21.2
7.8
6.9
17.1
21.0
19.3
69.9
17.4
Chg. (%)
123.1
3.9
3.8
0.1
119.2
119.0
0.2
123.1
68.8
12.0
42.3
1998
117.8
4.7
4.6
0.1
113.0
113.0
0.1
117.8
66.4
8.4
43.0
1997
Own account
4.5
-17.9
-17.2
-43.5
5.4
5.3
204.1
4.5
3.6
42.6
-1.7
Chg. (%)
Trillions of pesetas
299
Total
Financial margin
Securities portfolio
1998
1997
1998
1997
1998
1997
7,373
52,361
-41,506
-3,629
14,460
49,513
-44,809
164
5,392
12,516
1,981
52,361
-43,720
-3,629
1,944
49,513
-41,037
164
TOTAL ..............................................
14,599
19,328
5,392
12,516
6,993
10,784
10,642
142
16,703
16,379
324
3,787
3,341
446
10,429
10,008
421
Non-members ...................................
Broker-dealers ..............................
Brokers ........................................
3,815
2,875
940
2,625
2,039
586
1,605
981
624
TOTAL ..............................................
14,599
19,328
5,392
Other provisions*
1998
1997
2,214
-3,772
10,584
2,214
-3,772
5,050
5,181
-131
9,744
9,743
1
1,947
2,120
-173
-3,470
-3,372
-98
2,087
1,270
817
1,943
1,760
183
840
796
44
267
134
133
-302
-27
-275
12,516
6,993
10,584
2,214
-3,772
Distribution by instrument
300
1998
1997
Change (%)
Brokering ....................................................................
131,192
92,844
Distribution by instrument
Money market assets and fixed-income .........
Equities ..........................................................
Derivatives ....................................................
17,236
101,109
12,847
Structure (%)
1998
1997
41.3
65.1
64.8
19,317
60,413
13,114
-10.8
67.4
-2.0
13.1
77.1
9.8
20.8
65.1
14.1
101,531
93,925
7,606
29,661
4,717
24,944
64,795
58,477
6,318
28,049
2,374
25,675
56.7
60.6
20.4
5.7
98.7
-2.8
77.4
71.6
5.8
22.6
3.6
19.0
69.8
63.0
6.8
30.2
2.6
27.7
20,400
23,056
4,372
5,621
16,859
14,810
11,724
6,246
4,312
13,437
37.7
96.7
-30.0
30.4
25.5
10.1
11.4
2.2
2.8
8.4
10.3
8.2
4.4
3.0
9.4
Total ...........................................................................
201,500
143,373
40.5
100.0
100.0
146,801
137,624
9,177
93,204
85,720
7,484
57.5
60.6
22.6
72.9
68.3
4.6
65.0
59.8
5.2
Non-members ............................................................
Broker-dealers ......................................................
Brokers .................................................................
54,699
13,324
41,375
50,169
10,175
39,994
9.0
30.9
3.5
27.1
6.6
20.5
35.0
7.1
27.9
Total ...........................................................................
201,500
143,373
40.5
100.0
100.0
Pro memoria:
Total commission expenses ........................................
55,389
41,976
32.0
301
Groups
Firms
1998
1997
1998
1997
10
18
19
11
19
20
34
140
123
33
125
116
TOTAL ..................................................................................................
47
50
297
274
Concentration
Number of
Number of consolidated firms per group
Groups
Firms
1998
1997
1998
1997
17
30
47
18
32
50
200
97
297
174
100
274
Composition
Type of firm
1998
Number
1997
%
Number
77
43
38
23
22
19
9
10
12
6
2
36
25.9
14.5
12.8
7.7
7.4
6.4
3.0
3.4
4.1
2.0
0.7
12.1
60
45
34
22
23
11
16
13
11
5
1
33
21.9
16.4
12.4
8.0
8.4
4.0
5.8
4.7
4.0
1.8
0.4
12.0
TOTAL ..................................................................................................
297
100
274
100
(*) Pension and retirement plan and insurance marketing, foreign exchange dealers, securities investment companies (SIM), dormant companies and companies in liquidation.
302
1,347
12,818
161
1,450,936
15,875
209,962
1,488
58,876
1,777,477
Cash ...........................................................................
26,014
20,501
5,513
31/12/98
1,237,469
30,682
443
225,609
24,950
918,856
161
12,804
697
23,267
17,779
5,488
31/12/97
1,702,931
46,691
1,443
197,331
13,940
1,413,546
-158
12,313
17,825
13,669
4,156
31/12/98
1,180,483
23,569
388
214,916
22,153
893,325
101
9,647
16,384
11,774
4,610
31/12/97
74,546
12,185
45
12,631
1,935
37,390
319
505
1,347
8,189
6,832
1,357
31.5
33.3
24.6
4.2
20.7
3.0
6.0
12.2
2.6
198.1
3.9
100.0
31/12/98
56,986
7,113
55
10,693
2,797
25,531
60
3,157
697
4.6
23.2
12.4
4.7
11.2
2.8
37.3
24.7
100.0
29.6
33.8
16.0
Millions of pesetas
31/12/97
6,883
6,005
878
Diference (3)
303
304
75,492
6,332
492
4,523
1,304,472
92,143
605
128,920
1,777,477
164,498
74,006
78,781
-14,730
26,441
31/12/98
1,237,469
80,046
570
82,013
876,035
2,021
577
3,147
51,390
141,670
71,369
61,482
-11,001
19,820
31/12/97
1,702,931
110,042
575
95,737
1,303,718
4,484
65,300
123,075
66,157
76,876
-19,958
0
31/12/98
1,180,483
68,517
518
85,369
872,905
1,990
43,927
107,257
65,309
56,162
-14,214
0
31/12/97
74,546
18,878
30
-3,594
754
39
492
6,332
10,192
41,423
7,849
1,905
5,228
26,441
31/12/98
4.2
14.6
5.0
-3.9
0.1
0.9
100.0
100.0
13.5
25.2
10.6
2.4
-35.5
100.0
56,986
11,529
52
-3,356
3,130
31
577
3,147
7,463
4.6
14.4
9.1
0.4
1.5
100.0
100.0
14.5
24.3
8.5
8.7
100.0
Millions of pesetas
31/12/97
34,413
6,060
5,320
3,213
19,820
Difference (3)
Equity .........................................................................
Capital .................................................................
Reserves ...............................................................
Own shares, shareholders and interim dividends .
Reserves at consolidated companies ....................
(Continuacin)
45,901
38,881
8,221
611,419
603,198
183,603
282,814
99,211
198,844
87,631
52,767
34,864
1,548
112,761
35,713
77,048
1,556
75,492
Personnel .............................................................
General expenses, depreciation and other provisions
7,020
31/12/98
51,390
661
52,051
23,264
75,315
1,707
45,564
35,975
81,539
155,147
200,980
70,889
130,091
379,878
368,831
11,047
54,619
40,610
14,009
31/12/97
65,299
65,299
29,526
94,825
2,824
40,897
25,597
66,494
158,496
201,500
55,389
146,111
607,524
600,531
6,993
44,096
38,704
5,392
31/12/98
43,927
43,927
18,726
62,653
2,565
35,967
28,442
64,409
124,497
143,373
41,976
101,397
378,037
367,453
10,584
52,810
40,294
12,516
31/12/97
10,192
1,556
11,748
6,187
17,935
-1,276
11,870
9,267
21,137
40,348
81,314
43,822
37,492
3,895
2,667
1,228
1,805
177
1,628
22.5
26.6
24.1
20.3
28.8
44.2
20.4
0.6
0.4
14.9
3.9
0.5
23.2
13.5
100.0
15.2
17.3
15.9
-82.4
31/12/98
7,463
661
8,124
4,538
12,662
-858
9,597
7,533
17,130
30,650
57,607
28,913
28,694
1,841
1,378
463
1,809
316
14.5
100.0
15.6
19.5
16.8
21.1
20.9
21.0
19.8
28.7
40.8
22.1
0.5
0.4
4.2
3.3
0.8
10.7
Millions of pesetas
31/12/97
1,493
Difference (3)
305
306
100.0
46.6
34.0
7.9
2.0
2.0
0.9
2.7
0.2
0.0
3.8
100.0
83.7
16.3
100.0
282,814
131,692
96,070
22,314
5,654
5,613
2,468
7,537
559
28
10,879
99,211
83,067
16,144
183,603
Structure (%)
20,400
23,056
3,154
2,176
2,467
7,950
0
0
11,105
55,389
43,616
11,773
146,111
201,500
131,192
Amount
10.1
11.4
1.6
1.1
1.2
3.9
0.0
0.0
5.5
100.0
78.7
21.3
100.0
100.0
65.1
Structure (%)
183,460
90,049
2,408
1,276
1,072
1,856
640
0
1,719
334
282,814
64.9
31.8
0.9
0.5
0.4
0.7
0.2
0.0
0.6
0.1
100.0
Structure (%)
(1) Consolidable groups plus independent broker-dealers and brokers. (2) Total broker-dealers and brokers. (3) Difference between (1) and (2).
Amount
Revenues
47,847
50,247
57
38
119
675
228
0
0
0
99,211
Amount
75,670
-742
2,500
3,437
1
-413
559
28
-226
43,822
39,451
4,371
37,492
81,314
500
Amount
48.2
50.6
0.1
0.0
0.1
0.7
0.2
0.0
0.0
0.0
100.0
Structure (%)
Expenses
Amount
Distribution by service
Millions of pesetas
135,613
39,802
2,351
1,238
953
1,181
412
0
1,719
334
183,603
Amount
78.8
-3.3
44.2
61.2
0.0
-5.5
100.0
100.0
-2.1
44.2
47.5
27.1
20.4
28.8
0.4
Contribution (%)
73.9
21.7
1.3
0.7
0.5
0.6
0.2
0.0
0.9
0.2
100.0
Structure (%)
Net commissions
93.1
-0.9
3.1
4.2
0.0
-0.5
0.7
0.0
-0.3
100.0
90.0
10.0
100.0
100.0
0.6
Structure (%)
Diference (3)
Millions of pesetas
A.5.14. SECURITIES FIRMS. CONSOLIDABLE GROUPS. COMMISSION REVENUES AND EXPENSES. 1998
Balance in
consolidation
Structure (%)
35,327
23,941
6,807
4,187
392
27,073
22,586
632
2,280
1,103
436
36
8,254
100.0
67.8
19.3
11.9
1.1
100.0
83.4
2.3
8.4
4.1
1.6
0.1
945,477
282,814
45,901
5,343
611,419
832,716
99,211
38,881
34,864
3,795
52,767
603,198
112,761
SGIIC
Number of companies ......................................
Assets under management or advice
Total
Number of portfolios ........................................
Assets ................................................................
Distribution by portfolio type
IIC
Number ......................................................
Assets ..........................................................
Securities investment funds (FIM)
Number ......................................................
Assets ..........................................................
SIM
Number ......................................................
Assets ..........................................................
SIMCAV
Number ......................................................
Assets ..........................................................
Real estate mutual funds
Number ......................................................
Assets ..........................................................
Other managed portfolios
Number ......................................................
Assets ..........................................................
Advisory service contracts
Number ......................................................
Assets ...........................................................
SGC
31/12/98
31/12/97
Chg. (%)
31/12/98
31/12/97
Chg. (%)
131
133
-1.5
49
58
-15.5
2,390
1,770
34,991,277 27,620,492
35.0
26.7
5,654
976,213
6,475
1,062,593
-12.7
-8.1
2,390
1,770
34,991,277 27,620,492
35.1
26.5
33
61,295
39
89,620
-15.4
-31.6
1,881
1,482
33,905,147 27,029,384
26.9
25.4
182
298,741
163
274,688
11.7
8.8
7
7,193
16
16,016
-56.3
-55.1
322
721,468
121
569,166
166.1
26.8
26
54,102
23
73,604
13.0
-26.5
5
65,921
4
21,942
25.0
200.4
5,425
620,891
6,177
499,581
-12.2
24.3
259
473,392
-24.3
-37.9
196
294,027
307
308
37
6,134
121
290,406
64,458
166,642
136,879
23,550
5,987
929
-703
0
58,710
596
296,698
Amount
97.9
21.7
56.2
46.1
7.9
2.0
0.3
-0.2
0.0
19.8
0.2
0.0
2.1
0.0
100.0
31-12-98
222,889
217,597
43,488
155,386
137,093
13,612
4,015
869
-203
0
18,150
573
63
5,192
37
Amount
97.6
19.5
69.7
61.5
6.1
1.8
0.4
-0.1
0.0
8.1
0.3
0.0
2.3
0.0
100.0
31-12-97
SGIIC
33.1
33.5
48.2
7.2
-0.2
73.0
49.1
6.9
246.3
223.5
4.0
92.1
18.1
0.0
Chg. (%)
9,418
8,146
1,727
5,086
3,505
1,515
49
19
-2
0
1,297
36
1,223
48
Amount
0.5
100.0
86.5
18.3
54.0
37.2
16.1
0.5
0.2
0.0
0.0
13.8
0.4
0.0
13.0
31-12-98
9,254
8,048
1,330
5,603
3,189
2,127
300
15
-28
0
1,059
56
1,071
127
Amount
87.0
14.4
60.5
34.5
23.0
3.2
0.2
-0.3
0.0
11.4
0.6
0.1
11.6
1.4
100.0
31-12-97
SGC
1.8
1.2
29.8
-9.2
9.9
-28.8
-83.7
26.7
-92.9
22.5
-35.7
-87.5
14.2
-62.2
Chg. (%)
Millions of pesetas
A.5.17. COLLECTIVE INVESTMENT INSTITUTION MANAGEMENT COMPANIES (SGIIC) AND PORTFOLIO MANAGEMENT
COMPANIES (SGC). AGGREGATED BALANCE SHEETS
181,227
44,811
78,325
791
103,620
-46,320
0
9,503
1,707
104,261
296,698
1. EQUITY .............................................................................
1.1. CAPITAL STOCK ........................................................
1.2. RESERVES ...................................................................
1.3. PRIOR YEARS INCOME ............................................
1.4. INCOME FOR THE YEAR ...........................................
1.5. INTERIM DIVIDEND ..................................................
Amount
100.0
35.1
0.6
3.2
0.0
61.1
15.1
26.4
0.3
34.9
-15.6
31-12-98
222,889
70,092
549
7,131
145,109
40,595
56,926
1,064
76,079
-29,555
Amount
100.0
31.4
0.2
3.2
0.0
65.1
18.2
25.5
0.5
34.1
-13.3
31-12-97
SGIIC
33.1
48.7
210.9
33.3
-100.0
24.9
10.4
37.6
-25.7
36.2
56.7
Chg. (%)
9,418
1,114
65
317
7,922
5,401
2,426
-302
768
-371
Amount
100.0
11.8
0.7
3.4
0.0
84.1
57.3
25.8
-3.2
8.2
-3.9
31-12-98
9,254
959
485
175
7,635
5,024
2,191
-55
628
-153
Amount
10.4
5.2
1.9
0.0
82.5
54.3
23.7
-0.6
6.8
-1.7
100.0
31-12-97
SGC
1.8
16.2
-86.6
81.1
3.8
7.5
10.7
449.1
22.3
142.5
Chg. (%)
Millions of pesetas
A.5.17. COLLECTIVE INVESTMENT INSTITUTION MANAGEMENT COMPANIES (SGIIC) AND PORTFOLIO MANAGEMENT
COMPANIES (SGC). AGGREGATED BALANCE SHEETS
(Continue)
309
310
7,950
8,024
74
3,085
3,619
534
126,091
335,453
326,722
8,490
180
61
209,362
209,362
137,126
23,938
10,751
13,187
113,188
1,164
956
208
-428
111,596
35,517
76,079
261
402
285,547
285,547
182,986
29,829
12,931
16,898
153,157
1,205
949
256
3,864
155,816
52,196
103,620
1997
7803
8,391
588
1,899
2,524
625
173,284
458,831
443,671
14,497
1998
Year
SGIIC
81
341
76,185
76,185
45,860
5,891
2,180
3,711
39,969
41
-7
48
4,292
44,220
16,679
27,541
-147
367
514
-1,186
-1,095
91
47,193
123,378
116,949
6,007
Absolute
Change
45.0
559.0
36.4
36.4
33.4
24.6
20.3
28.1
35.3
3.5
-0.7
23.1
39.6
47.0
36.2
-1.8
4.6
694.6
-38.4
-30.3
17.0
37.4
36.8
35.8
70.8
%
393
425
32
10
127
117
3,404
3,404
251
1,603
846
757
658
892
3,807
2,692
1,363
1,329
1,115
171
125
46
-6
938
310
628
1,848
897
951
895
648
4,149
2,833
1,541
1,292
1,316
211
134
77
156
1,261
493
768
1997
373
676
303
60
107
47
3,716
3,716
325
1998
Year
SGC
342
141
178
-37
201
40
9
31
162
323
183
140
245
51
194
237
-244
-20
251
271
50
-20
-70
312
312
74
Absolute
Change
9.0
5.2
13.1
-2.8
18.0
23.4
7.2
67.4
34.4
59.0
22.3
15.3
6.0
25.6
36.0
-27.4
-5.1
59.1
846.9
500.0
-15.7
-59.8
9.2
9.2
29.5
Millions of pesetas
A.5.18. COLLECTIVE INVESTMENT INSTITUTION MANAGEMENT COMPANIES (SGIIC) AND PORTFOLIO MANAGEMENT
COMPANIES (SGC). AGGREGATED INCOME STATEMENTS
Annex 6
Composition of the
CNMV Board
1
2
3
4
President:
Juan Fernndez-Armesto
Vice-President:
Commissioners:
Secretary:
Director-General of the Treasury and Finance Policy. Appointed on 26 June 1998 in place of Jaime Caruana Lacorte.
Deputy Governor of the Bank of Spain.
Appointed on 19 March 1998 in place of Jos M Gondra Romero, whose mandate concluded on 3 November 1997.
Appointed on 3 December 1998 in place of Francisco L. de Vera Santana, whose mandate concluded on 3 November
1998.
313
Annex 7
Composition
of the CNMV
Advisory Committee
Secretary:
REGULAR MEMBERS
Issuers:
Investors:
Autonomous Communities:
Valencian Government:
Basque Government:
Catalonian Government:
ALTERNATIVE MEMBERS
Issuers:
Investors:
317
Autonomous Regions:
318
Valencia Government:
Basque Government:
Catalonian Government: