Don't move on a team that is 'losing less'? Empiricus selects FIIs to invest in October – Money Times

Empiricus' FII portfolio recorded a drop of 1.59% in September while Ifix fell 2.58% (Image: Creativa Images/ Canva Pro)

In a time of uncertainty and risk, the Empiricus Research chose not to make changes to the real estate fund portfolio for the month of October. Even though the current composition registered a drop of 1.59% in September, it still performed better than the previous year. Real Estate Fund Index (Ifix), which fell 2.58%.

According to analysts Felipe Miranda and Caio Nabuco de Araújo, the negative performance of the index in the last month has as a backdrop not only the resumption of the cycle of rise in interest rateas well as a seasonality already known in the markets. This is the period in which the budget is discussed, which has been an expensive issue for the Lula government.

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Another point of attention in the month was the international scenario. Signs of slowdown in China and Europe and increased geopolitical tensions in the Middle East also did not help keep the market confident.

As a result, analysts point out that a positive performance was “rare” among real estate funds this month. The highlight was Kinea Securities (KNSC11), appointed by the team in September.

On a positive note this month, however, analysts highlight the beginning of the cycle of interest rate cuts by the Federal Reserve in the United States. Here, despite a discouraging environment, there was a positive surprise with the recent release of the IPCA-15 of 0.13%, well below consensus estimates.

For October, it is still possible to see an aversion to risk, mainly due to the government's lack of fiscal discipline, but the last quarter of the year normally sees a recovery. The average is a return of 4.8%, according to Empiricus analysts.

“Based on the direction indicated in the last monthly portfolios and the decline in quotas this month, I see no reason for sudden movements in the portfolio”, highlights the house in the monthly report.

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