SAO PAULO – Optimistic about the global environment amid the recovery of large economies, but with some caution due mainly to the domestic scenario, fund managers of the strategy long biased have taken advantage of the flexibility allowed by the mandate to carry positions in high conviction stocks, but with portfolio protections to act as a buffer in times of heightened stress.
Shares by XP and Intelbras, as well as the theme of the growing search for new sources of renewable energy, are among the preferred investment theses in fund portfolios long biased pointed out by managers at Truxt Investimentos, Miles Capital and Dahlia Capital, respectively, during an Expert XP panel this Wednesday afternoon (25).
On the other hand, as protection for the portfolios, emphasis is placed on long bets (which gain with the rise) on the dollar against the real and taken (which benefit from the rise in premiums) on American interest rates, as well as on derivatives that work as a kind of cushioning mattress in case of Ibovespa fall.
“[Os fundos long biased] they are an opportunity to invest in the Stock Exchange without getting so bought”, said Luciana Seabra, founding partner and CEO of Spiti. According to the expert, the analysis house recommends that investors have, within the portion destined to variable income, about 30% in the strategy long biased, ideally to be maintained for a period of at least five years.
Sara Delfim, founding partner of Dahlia Capital, pointed out that this type of fund manages to generate an adequate balance between the short and the long term, aiming at good stories over a longer period of time, but avoiding the obstacles that always arise along the way. .
The specialist said that the manager’s team has been working in recent times to better understand the potential of new renewable energies and which companies are most engaged in this regard.
Ambipar, Weg and Omega were mentioned by Dahlia’s partner among the shares of companies that, in her view, are well positioned to grow in an environment of constant search for cleaner and more permanent energy.
“These are companies under the climate umbrella that we like and we have studied a lot,” said Sara. She also pointed out a chemical element called Vanadium, which, according to the manager, has high potential for developing the lithium battery business.
“We still like a lot of things on the Brazilian stock exchange,” said the partner at Dahlia, who highlighted the numbers considered positive in the balance sheets for the second quarter of 2021 of local companies.
As protection for the portfolio considering domestic risks, such as the 2022 elections and energy rationing, and global risks, such as the pace of growth of the largest economies, Dahlia has positions that bet on the appreciation of the dollar.
The same strategy of having a bet on the rise of the US currency is adopted by Miles Capital as insurance for other investments, together with positions in the portfolio in derivatives that gain from an eventual fall in the Ibovespa.
The volatility due to the political issue and as the elections approach, tends to remain very present in the local market, pointed out the manager of Miles, Fabiano Custódio, who also placed the water risk on the radar of concerns.
Also attentive to renewable energy sources, Intelbras is currently one of the biggest bets in the portfolio of long biased Miles, amid the exponential growth expected by managers for the solar energy market over the next few years.
According to the specialist’s calculations, Intelbras’ revenue with solar energy products, which is currently close to R$ 400 million, should reach R$ 1 billion next year. And that considering only the expected organic growth for the business, said Custódio, adding that he also sees high potential for the company to grow through mergers and acquisitions.
…and XP at inviting levels
In the case of Truxt, Bruno Garcia, the manager’s CIO, said that today he sees as the best protection for the portfolios positions taken in American interest rates, which benefit from an opening in the rates of US government bonds, as well as in derivatives that gain with the fall of the Ibovespa. “It’s very cheap to buy insurance now,” said the expert.
Garcia sees XP’s papers as one of the great opportunities in the market today. The CIO defended that it is one of the companies that takes the most advantage of the process of increasing penetration of the capital market in the country, which should continue for a long time, and with prices at levels considered quite inviting.
Garcia also pointed out that the forecast for the sale of XP shares by Itaú in the market has placed unjustified pressure on the company’s shares, which, in his assessment, has carried out a “brilliant” job in increasing the offer of banking services to customers of the platform. “When I look at pricing, I find it very cheap,” said Truxt’s CIO.
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