SAO PAULO – Mauá Capital informed this Friday (3) that it is restructuring its areas within the manager, in order to focus on those that have been able to deliver better returns to the house and to shareholders. In this scenario, the area of multimarket funds will be reduced.
“The last three years have been very challenging and, despite the effort, we have not been able to generate the consistency in these products in the way that our customers deserve. Therefore, we are reducing and changing the profile of this management to asset allocation within well-defined volatility limits”, writes founding partner Luiz Fernando Figueiredo, in a note.
According to Figueiredo, who is a former director of the Central Bank, the area will be smaller, will maintain the macroeconomic approach and will have a longer-term management led by him, who will return to the role of manager after six years focusing on the manager’s expansion.
The company’s main multimarket fund, Mauá Macro, accumulates losses of 7.7% in 2021, against a 2.06% variation in the CDI. In 12 months, the fund also has a negative performance, in the order of 2.8%, against a variation of 2.7% in the main fixed income benchmark.
In addition to the negative result, the fund lost many shareholders and equity in recent years. On September 1 of this year, the fund had 1,203 shareholders, according to data from the Brazilian Securities Commission (CVM). A year earlier, the base was 2010 investors and in 2019, 3,107 – a decrease of 40.2% and 61.3%, respectively.
The fund’s net equity, which was R$384.97 million at the beginning of September 2019, dropped 67.7% to R$124.5 million in September this year.
Over the past nine years, Mauá has invested heavily in products linked to the real economy. In the area of alternative investments, the house highlights that it has allocated to the real estate market, which already concentrates around 80% of the R$ 5 billion in assets under management.
The manager also remains firm in its equities area, with value strategies, seeking “good companies at reasonable prices to invest”. Figueiredo affirms that Mauá has also acted as an investor in fintechs with great growth potential, such as Pontte and Marvin, both credit companies.
Recently, the manager also took its first step in the infrastructure segment, with a fund focused on the sanitation area.
ESG strategies are also of interest to Mauá. “In addition to completely adapting to sustainability standards internally, we are very advanced in bringing solutions to large companies so that they can help their ecosystem to develop, to evolve in a sustainable way”, writes the founding partner, in a note.
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