During the month of September, fund shareholders followed a sequence of red trading sessions. What will October be like? (Image: Canva Pro)
O macroeconomic scenario it should remain challenging for the month of October, according to experts. The increase in interest rates at the last meeting of the Monetary Policy Committee (Copom) drove investors away from variable income and, consequently, impacted the real estate fund market.
During the month of September, fund shareholders saw a sequence of trading sessions in the red, having the worst performance of the year. THE Real Estate Investment Fund Index (IFIX) has already accumulated, this month alone, a 2.93% drop and managed to reverse the balance that was positive for the year to -0.52%.
“These sectors are more sensitive to the economic slowdown and lower demand for physical spaces, which harms their performance”, explains Atílio Garcia, real estate fund analyst at Trix.
However, there is another type of real estate fund that benefits from this scenario, such as paper funds, in particular, those that invest in CRIs indexed to the interest rate, as they perform better in this interest rate scenario. high.
In Garcia's assessment, funds like Kinea Real Estate Income (KNCR11), Rate RE (VGIR11) e CSHG Real Estate Receivables (HGCR11) are good options at this time, as they have exposure to the CDI, which provides a return that follows the rise in the Selic rate.
“These funds are able to pass on increases in interest rates to their income, becoming a more attractive alternative in this scenario”, assesses the analyst.
Despite a scenario that is not very favorable to brick-and-mortar funds — that is, they invest directly in physical properties and are therefore harmed by a higher rate —, Garcia highlights that funds BTG Pactual Logística (BTLG11) e TRX Real Estate (TRXF11) have a robust portfolio and quality management and are therefore “interesting options” in this scenario. According to him, the funds have resilient assets in their portfolios and a potential for appreciation even in times of monetary tightening.
See the funds chosen by the analyst
| Funds | Segment | Closing Price | VM/VP | DY | DY Annualized | % Month | % YTD |
|---|---|---|---|---|---|---|---|
| TRXF11 | Urban Income | R$ 105,89 | 1,00 | 0,88% | 10,54% | 0,18% | 2,53% |
| BTLG11 | Logistics | R$ 102,50 | 0,98 | 0,76% | 8,90% | -3,46% | 1,40% |
| VGIR11 | CRI | R$ 10,03 | 1,03 | 1,00% | 11,96% | -0,90% | 10,95% |
| KNCR11 | CRI | R$ 105,75 | 1,04 | 0,90% | 10,78% | 1,49% | 11,18% |
| HGCR11 | CRI | R$ 103,15 | 1,03 | 0,92% | 11,05% | -0,41% | 5,12% |