The IFIX closed the month of August with an accumulated drop of 2.63%, returning the gains referring to July (2.51%). The main real estate fund index continues to suffer from the increases in the Selic rate, which should continue to happen in the short term.
Investors also spent the month on hold after Economy Minister Paulo Guedes suggested in the tax reform proposal submitted to Congress that the monthly dividends of the REIFs should be taxed at 15% as of 2022.
With this proposal, it was withdrawn during changes that are taking place in the reform agenda and the modality no longer has its exemption at risk, the market can once again see attractiveness in the financial product.
“From the macro perspective, we maintain the perspective that the reopening of the economy can bring benefits, mainly, to the funds of corporate slabs and shopping malls”, says José Renato R. Navikas, an analyst at Necton.
“Another sector that catches our attention is logistics funds, which may start to readjust the warehouse rents, as we are at a high level of allocation in the sector.”
Thinking about a still volatile scenario that requires care when investing, CNN Brasil Business continues to publish its real estate fund portfolio on a monthly basis, following the example of the already traditional stock portfolio, also disclosed at the beginning of each month.
In the case of FIIs, ten securities are selected every 30 days based on the recommendations of the following brokers/research firms: Ativa Investimentos, Órama, XP Investimentos, BTG Pactual, Necton and Mirae. For September, the index includes VISC11, for shopping centers, RBRP, for brick, and VISC, for receivables. Check out:
“Bresco’s fund has 11 properties with 446,000 m² of gross leasable area and a low vacancy rate (6%). In our view, the portfolio has high-quality and well-located assets (close to major consumer centers, especially the city of São Paulo).
The fund also has a portfolio of clients with low default risk and high exposure to e-commerce such as Mercado Livre, FM Logistics and GPA”, say analysts at XP Investimentos.
“Currently, the portfolio has 0% physical and financial vacancy. Additionally, since the second half of 2020, rents that were postponed at the beginning of the pandemic have been received, normalizing the flow of results from the fund.
An important point about the fund is that the management team seeks to adopt a policy of low variation in intra-semester dividends, in order to bring greater predictability to shareholders”, say Órama’s analysts.
“The BTG Pactual Logística fund has a portfolio with good diversification of assets, in general, focused on logistics, industrial and retail. As the greatest concentration of contract expirations starts in 2025 (76% of Revenue), we believe that there is greater security in relation to the revenue stream to be received”, say XP analysts.
“Like logistics warehouses, food retail has been one of the sectors that suffered the least since the beginning of the crisis. In this sense, we believe in the defensive synergy that the fund’s portfolio presents between the two segments, but also promoting an attractive potential for capital gains due to recent acquisitions and resumption of dividends at levels above the average of the IFIX”, say the analysts from Guide.
“We like the fund’s portfolio, which has good sector diversification. The fund has already been allocating the money from the recent issuance and still has 16% of the money in cash. Furthermore, as the fund has a 36% exposure to CDI, it benefits from the expected increases in the interest rate”, say analysts at Necton.
“As much as the mall segment is undergoing a major short-term test, we believe the sector is very resilient and that it can perform positively over the next few years. We base our investment thesis on the following factors: great geographic diversification of the assets that make up the fund, management aligned with the interests of shareholders and excellent liquidity”, say BTG analysts.
“Devant’s management differentiates itself due to its ability to originate and structure transactions, which allows the quick allocation of funds raised in issues. In August, the fund ended the allocation of the amount arising from the 4th issue of shares, which allows an increase in the fund’s results. It has exposure to inflation, geographic diversification and the ability to quickly allocate the funds raised”, defend analysts from Órama.
“We are seeing a tougher speech from the Central Bank regarding the possibility of an increase in interest rates, which have already risen from 2% to 5.25% in 2021. Expectations are that the BC should accelerate monetary tightening, which could lead to the Selic to 8% still in 2021. Due to the fund’s strong exposure to CRIs indexed to the CDI, and trading close to the fair price (0.96x P/PV) we see an opportunity to capture a rise in dividends”, say Necton analysts.
“We like the active management strategy that the fund proposes, both for the allocation of resources in CRIs and for the acquisition of assets in the secondary market (FII shares). The fund has a dynamic, multidisciplinary management and a long history in the real estate market that offers profitability reasonably above its main peers in the receivables sector”, defend the analysts of Guide.
“The recommendation for the RBRP11 follows the following pillars: diversified portfolio in various real estate assets, allocations that generate value to the shareholder, excellent management, flexibility to invest as opportunities arise and good liquidity”, say the BTG analysts.