2 pitalerhöhungen stehen im Mittelpunkt des Interesses - 500 Beiträge pro Seite

[lvb28]

Zwei Kapitalerhöhungen in Chile finden große Aufmerksamkeit.


Die Kapitalerhöhung einer Filiale / Tochter der

US amerikanischen AES

die ehemals in Chile selbständige und wieder notierte GENER


und wie schon berichtet, die RIPLEY

Sie werden / wurden begleitet von

BANCHILE und CLEFIN CAPITAL

und die letztere ....


von CELFIN CAPITAL und der Deutschen Bank


Die Prosekte stehen in ca 4ß0 Minuten bei mir


An CELFIN kommt keiner mehr vorbei

[lvb28]

Letzte Saetze in "1" bezogen sich batuerlich auf Investments die in Chile realisiert werden


Zur Fondsentwicklung in den letzten Monatne werden jetzt nähere Einzelheitem bekannt.

US$111mn in domestic inflows despite a 1.8% market drop
After a US$211mn divestment in August – led by retail investors, which sold in
light of US events and liquidity concerns – the mutual fund industry allocated
US$111mn in domestic equity during September. The net asset-build was the
highest recorded on a 3-year period. To date, we anticipate fresh flows coming
into the system, as mutual funds continue to restructure/add local equity within
their portfolios. A 3.9% MTD return in the IPSA plays in benefit of stocks.
Buying ENI, SQM, Cencosud;


The largest positions taken by the system during September were Enersis
(underheld + higher generation prices), SQM-B (fertilizer prices + performance of
global counterparts), Cencosud (consolidation), Vapores (freight rates) and
CMPC (higher hardwood prices + underperformance relative to peers)



Adding equity, but also investment funds and bank debt
In September 2007, total assets under management held by the mutual fund
industry rose by 7.2% MoM to US$23.74bn. By segment, foreign assets under
management rose by 5.7% MoM while domestic assets (US$20.17bn) increased
by 7.4%. The latter – aside from the increase in equity – responds to a higher
allotment in investment funds and bank debt (to a lesser extent). The
aforementioned allocation changes in portfolios drove the international exposure
down to 15.0% in September from 15.2% in August; local equity as a percentage
of total assets also fell to 10.0% from 10.2%, respectively.


Earnings growth reaffirmed
Although the market downgraded 2007 GDP forecasts (consensus: +5.5%; ML:
+6.0%), we still anticipate average earnings growth of 17.6% in 2007-08
(consensus: 13.7%). Consumer spending, growing savings (government and
private), and +5% GDP growth set a buffer against market turbulence, which is
one of the attractiveness of buying Chile. With strong savings pressures and
anticyclical policies, downside should be minimal. Risks could stem from rising
nflationary pressures, but we expect those to be contained as a stronger peso
should offset the import impact on energy. On the other hand, an appreciating
currency bodes well for the retailers (import of durable goods).



Table 2: Monthly net investment
Security Net inv. US$mn Net inv. in Shares
ENERSIS 17.1 47,624,248
SQM-B 15.1 941,867
CENCOSUD 12.6 3,115,139
VAPORES 9.3 3,729,301
CMPC 7.1 197,601
FALABELLA 7.0 1,477,701
COLBUN 6.7 29,824,201
ENTEL 5.8 348,783
RIPLEY 5.6 4,437,188
D&S 5.3 10,962,216

Source: SVS, und andere

Table 3: Monthly net divestment
Security Net div. US$mn Net div. in Shares
BSANTANDER (5.4) (114,890,143)
GENER (4.7) (9,338,247)
ANDINA-B (2.9) (927,480)
PROVIDA (2.0) (835,806)
BCI (1.8) (57,525)
SK (1.6) (1,741,123)
SONDA (1.3) (915,829)
SECURITY (1.2) (3,068,281)
QUINENCO (0.6) (290,447)
CEMENTOS (0.6) (204,751)


Source: SVS, und andere












Investors should contact their local representative if they have questions
concerning this report.
Asset Allocation - Mutual Funds