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‘Brick’ Rally FIIs? Funds accumulated an average of 6% in August indicating a recovery

“Brick” real estate funds – which invest directly in real estate – have been hardest hit in recent years by the restrictions imposed by the Covid-19 pandemic. However, in August, the long-awaited appeal of these industrial investment firms began to show signs, with portfolios posting an average rating of 6%. The RBR Properties Fund alone (RBRP11), which invests in warehouse logistics and corporate panels, is up nearly 27%.

The topic was one of the highlights of this Tuesday (16) issue of FIIs . Universitywhich features a presentation from Maria Fernanda Violati, an analyst at XP, Thiago Otoki, an economist at Clube FII, and Wellington Carvalho, a reporter at Infomoney. Also participating in the program was Felipe Sangalli, Director of Investor Relations at Bresco Logística (BRCO11).

In Maria Fernanda’s assessment, a combination of factors explain the recent estimate of the “brick” FIIs, which spans from the contraction in July to the end of the cycle of rises in the national economy’s base interest rate to Selic.

Last month, the Broad Consumer Price Index (IPCA) was negative 0.68%, while a portion of the market already considers Selic – currently at 13.75% per year – to have reached the top or should have an increase left at the next meeting of the Committee Central Bank Monetary Policy (COBOM), in September.

“Given the scenario, investors’ perception may be that it is time to start focusing more on ‘built-in’ funds, which are heavily discounted,” says Maria Fernanda.

With less movement of people during the pandemic, some fisheries workers – such as those in malls and offices – have cut revenue and have seen their shares lose to the stock exchange. The migration of investors from variable income to fixed income – which is more profitable with the rise in Selic – also helped drag stocks down.

According to a weekly report by Itaú BBA, corporate slate FIIs are trading, on average, for 74% of book value. Shopping malls and office funds also trade between 91% and 93% of fair value, as indicated by the survey’s average P/VPA (price on book value).

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In Otoki’s view, the variable income environment has become friendlier in recent weeks with news of a lull in inflation – even if temporary – and the possibility of an end to interest rate hikes. This combination has stimulated investors, notes the economist.

“Something to buy so as not to miss, investors, who until then had been afraid of the economic scenario, should think,” Otoki suggests. “This final position also explains some of this movement in recent weeks.”

The Ifix – the most traded real estate index on B3 – is accumulating ten consecutive sessions, with a cumulative estimate of 3.6% in August. Only the “brick” FII rose, on average, by 6.3%, according to the Teva Index of Brick Real Estate Funds.

In light of the level of the opponent seen in many chests, Sangalli, of Bresco Logística, remembers that the correction was indeed expected, but not as quickly as it was.

“Those who entered the market in the last month have already done well and Bresco Logística itself is up more than 6% in the last month,” he highlights. “The point is that the market, as always, anticipates itself and the investor who wants to have the possibility of these gains must also anticipate it.”

Of the top ten increases for the month, nine are “mud” funds and no “paper” funds – which invest in fixed-income securities related to the real estate sector. RBR Properties (RBRP11) tops the list of the biggest gains in August, returning about 27%. Check out the full list.

ribbon background Piece Yield in August (%)
RBRP11 RBR . properties Logistics / corporate panels 26.97
BTRA11 BTG Pactual Terras Agrícolas agricultural 17.15
BRCR11 BC FUND Corporate/commercial panels 15.16
KFOF11 Kenya QQ foF 14.69
XPIN11 Industrial XP customs 14.45
GTWR11 Green Towers corporate panels 13.13
HGRE11 CSHG . real estate corporate panels 12.61
RCRB11 Rio Bravo Inc corporate panels 12.55
VIG11 Vinci Logistics logistics 12.02
HSLG11 HSI Logistics logistics 11.05

Source: InfoMoney

In the Tuesday edition of FIIs . UniversitySangalli also spoke about the fundamentals of Bresco Logística, the fund that analysts have recommended for the past 12 months. produced by InfomoneyThe program is broadcast every Tuesday at 7 pm on Infomoney on youtube. You can also review all previous edits.

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