Last month, the portfolio fell 2.20%, while the Real Estate Investment Fund Index recorded a decline of 2.58%. (Image: Getty Images/ Canva Pro)
A recommended wallet of real estate funds (FIIs) do BTG Pactual underwent “more conservative” changes in composition for the month of October. The bank carried out a strategic rebalancing in receivables FIIs and brick funds.
In light of this strategy, BTG reduced its shareholding Kinea Price Index (KNIP11) e Capitania Securities (CPTS11), which may have impacts on dividends due to the recent IPCA results and the opening of the interest curve; and also reduced the Kinea Real Estate Income (KNCR11), which may fluctuate in the very short term due to the potential approval of its 11th issue of quotas.
Already the RBR Rendimento High Grade (RBRR11) the bank increased exposure from 7.5% to 9.0%, as it trades at a discount in relation to its equity value. Additionally, they increased the participation of RBR Structured Real Estate Credit (RBRY11), a fund that has majority exposure to the CDI and has around 17% of its assets in cash to make new allocations in a very favorable credit scenario as transaction spreads remain high.
Regarding the Brick FIIs strategy, the analyst team reduced exposure to RBR Properties (RBRP11), CSHG Logistics (HGLG11) e VBI Prime Properties (PVBI11) in order to make room for the entry of Kinea Real Estate Income (KNRI11), CSHG Renda Urbana (HGRU11) e Hedge Brasil Shoppings (HGBS11).
“The new funds present very attractive entry points, since both have a long history of activity, positions in atypical contracts and diversified portfolios, offering a risk vs. risk ratio. very favorable return, contributing to portfolio diversification”, explains the bank.
The BTG portfolio
Last month, the portfolio fell 2.20%, while the Real Estate Investment Fund Index (IFIX) recorded a decline of 2.58%.
Year-to-date, the portfolio rose 1.04%, while Ifix fell 0.16%.
Recommended FIIs for October
| Bottom | Ticker | Weight | Dividend Yield (annualized) |
|---|---|---|---|
| BTG Pactual Crédito Imobiliário | BTCI11 | 8,5% | 11% |
| Kinea Price Index | KNIP11 | 7,5% | 9,6% |
| Kinea Income | KNCR11 | 5% | 10,7% |
| Capitânia Securities | CPTS11 | 5,5% | 12,4% |
| Vinci Logistics | VILG11 | 6% | 8,5% |
| Bresco Logistics | BRCO11 | 4,5% | 9,4% |
| RBR Properties | RBRP11 | 0,5% | 12,1% |
| BTG Pactual Corporate Office Fund | BRCR11 | 3,5% | 12,6% |
| XP Malls | XPML11 | 5,5% | 10,3% |
| VBI Prime Properties | PVBI11 | 7,5% | 7,8% |
| BTG Pactual Logística | BTLG11 | 7% | 9,6% |
| Hedge Top FoF II 3 | HFOF11 | 4% | 10,6% |
| CSHG Logistics | HGLG11 | 2% | 8,3% |
| Key Price Index | CLIN11 | 3,5% | 12% |
| RBR Rendimento High Grade | RBRR11 | 9% | 11,5% |
| TRX Real Estate | TRXF11 | 7% | 10,6% |
| RBR Structured Real Estate Credit | RBRY11 | 8% | 11,8% |
| Kinea Renda Imobiliaria | KNRI11 | 1,5% | 8,6% |
| Hedge Brasil Shopping | HGBS11 | 2% | 9,4% |
| Homeland Renda Urbana | HGRU11 | 2% | 8,4% |