In the last three years, “fixed income has never been so variable”, according to Frederico de Souza Lima, manager of Angá Asset. Pandemic, falling interest rates followed by an abrupt resumption and elections are factors that forced investors to review strategies. Although fixed income funds dominated the market in 2021, there were numerous challenges to obtain good returns and stand out among peers.
This was the tone of the live promoted by InfoMoney, this Thursday (27), to reveal which were the winning portfolios of the InfoMoney-Ibmec ranking of Best Funds, 2022 edition, in the Fixed Income Private Credit category.
The best fund was ARX Everest FIC Fixed Income Private Credit, a fund high grade with a conservative profile, which invests in debentures, financial bills from large institutions and some FIDCs (funds of receivables) and CRIs (certificates of real estate receivables).
The second best fund was Icatu Vanguarda Credit Plus FIC Fixed Income Private Credit, also with a high grade, with its portfolio composed of CDBs, debentures and FIDCs, in addition to securities from some privately held companies and bonds (international securities).
In third place, Angá High Yield FI Income Fixed Credit Private, the most daring among the three funds, which invests in FIDCs structured by Angá itself together with its partners.
ARX Everest FIC Fixed Income Private Credit strategy to consolidate itself as the best fund in its category brought together two elements: knowing how to position itself in the different market cycles and a thorough analysis of the credit profile of the issuers that the fund accesses.
Pierre Jadoul, private credit manager at ARX, explained that one of the fund’s priorities was to understand which issuers they were lending funds to, aiming at their ability to pay.
Understand market cycles and levels of spread it was also essential to know when it was necessary to reduce risk, increase liquidity or opt for less liquid assets, but with good payment capacity.
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For Frederico de Souza Lima, manager of Angá Asset, the great differential of Angá High Yield FI Fixed Income Crédito Privado was the ability to choose defensive and resilient assets that allowed them to go through moments of crisis and turmoil.
Although the fund is bolder than its peers, Frederico explains that half of the fund’s equity is in structured credit, while the other portion is conservative, allocated in securities issued by financial institutions.
For Antônio Corrêa, portfolio manager at Icatu Vanguarda, the success of the Icatu Vanguarda Credit Plus FIC Income Fixed Credit Private fund was the result of three factors: strong alignment between investors and the active and passive management of the fund. In addition, they also weighed the companies’ in-depth knowledge to know which theses would best navigate a period of crisis and a robust team of managers to analyze the products.
With the election period approaching, managers believe that the first half of 2022 should be characterized by a huge flow of companies coming to the market to anticipate debts or fundraising. “Everyone will want to anticipate the volatility of the election year”, says Frederico de Souza Lima.
In this scenario of volatility, Angá Asset finds opportunities in new segments facilitated by technology, for example, fintechs that operate in the financing of installation of photovoltaic panel systems – opportunities that were previously little accessed by the capital market.
Icatu, on the other hand, should continue to focus on the strategies that have provided it with good returns in recent years, investing in infrastructure assets that remunerate the IPCA plus 7% per year – or above this level. Antônio Corrêa points out that he also sees opportunities in privately held companies.
Jadoul, from ARX, says that in times of high interest rates – which can reach the level of 12% per year – and rising inflation, there are opportunities in defensive sectors that do not depend on the domestic economy directly. “We accept to invest in more illiquid products, but which offer a better risk and return, as long as they do not represent more than 20% of the position”, he says.
best pension funds
The program of Onde Investir 2022 – an online and free event promoted by InfoMoney, in partnership with XP Investimentos – continues this Friday (28) with the revelation of the champions in the pension category of the InfoMoney-Ibmec ranking of Best Funds, 2022 edition. The live will feature Werner Roger, CIO of Trígono, and Christopher D. Smith, partner and credit manager at Capitânia Investimentos. Access the broadcast link here.
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