(Photo: Disclosure)
The market continues to monitor developments in the request for judicial recovery and Agrogalaxy (AGXY3), and especially its effects on the market Fiagros (Investment Funds in Agribusiness Production Chains).
In total, 6 listed funds (AAZQ11, AGRX11, BBGO11, CPTR11, JGPX11 and XPCA11) and another 5 cetips (not listed) have a position in the company (AZQA11, CPAC11, JGPT11, KJNT11 and XPAG11).
No Market Roundup this Tuesday (24), Gabriel Pereira, head of Real Estate Investment Funds (FIIs) and Water True Investmentshighlighted the relevant position of the funds in the companies and that many had no guarantee against the company.
“Initially, we saw a mark-to-market of those assets, with many managers releasing relevant facts about the impacts of the share on the secondary market if a mark-to-zero was made. In other words, the impact on the funds with the non-payment by AgroGalaxy. In many cases, we saw the share below the value marked to zero, for example, in the market. Sometimes the investor is afraid of having some other problem in the portfolio or is apprehensive about the market,” he said.
Is it worth investing in Fiagros?
As for Fiagros, Pereira recalls that the market started with a big boost, with many shares being traded above 10-15% above fair value.
“When we look at credit, the secondary of many Fiagros was very expensive, with unrealistic values. Today, we see that they are being heavily penalized by credit events, such as that of AgroGalaxy, but the investor is heavily penalizing the share of these funds, with very few traded above fair value, and the majority at a discount that can reach 30%”.
Despite investors' insecurity, the head of FIIs at Acqua Vero Investimentos reinforces that there are many healthy Fiagros, which end up being impacted by news like the company's.
“We saw this scenario in CRI (Real Estate Receivables Certificate) funds, when some credit assets of CRI FIIs had problems within the portfolio, which impacted the entire market, which is what is happening now with Fiagros. We have good options within the market that did not have any credit problems, this is because there are different portfolio profiles, as well as other guarantees”, he says.
See the Market Roundup for this Tuesday (24)