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Investment Funds<br />
AUM Evolution (in BRL billions)<br />
657<br />
11%<br />
Equities<br />
Fixed Income<br />
861 899<br />
10% 11%<br />
1,070<br />
11%<br />
1,301<br />
15%<br />
1,513<br />
22%<br />
1,375<br />
14%<br />
1,703<br />
18%<br />
1,787<br />
18%<br />
1,899<br />
15%<br />
Percent of Equity Fund Assets<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 Nov/11<br />
Worldwide<br />
Brazil<br />
Equity<br />
funds<br />
39%<br />
Equity<br />
funds<br />
15%<br />
Source: ANBIMA and Investment Company Institute – ICI (2Q11).<br />
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