How to invest in FIIs in the second half of 2022? Analyst points out two funds to keep on the radar

After a semester marked by monetary tightening by the Central Bank, inflationary pressure and a series of controversies involving important FIIs in the market, such as Maxi Renda (MXRF11), what to expect from real estate funds in the second half of 2022?

The theme was featured in this Tuesday’s edition (28) of League of FIIswhich has a presentation by Maria Fernanda Violatti, analyst at XP, Thiago Otuki, economist at Clube FII, and Wellington Carvalho, reporter at InfoMoney.

In the program, experts took stock of the last few months in the real estate fund market and projected what could become an opportunity in the second half of the year. In addition, Maria Fernanda indicated two funds to stay on the investor’s radar: XP Crédito Imobiliário (XPCI11) and RBR Rendimento High Grade (RBRR11).

“These funds have characteristics that favor them in the face of the current scenario of inflationary pressure and high interest rates, which should still guide the market in the second half”, evaluates the analyst.

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.

Inflation, high interest rates – and controversies

Defender of the semi-annual revaluation of the portfolio of real estate funds, Otuki says that the best opportunities for the second half of the year should remain in “paper” FIIs, which invest in fixed income securities linked to inflation indices and the CDI rate (certified interbank deposit).

Until then, recalls Otuki, there was a discussion about the opportunities for capital gain with “brick” funds, which currently trade at a great discount on the stock exchange. But, given the projection for interest and inflation in the next two years, the economist says that the strategy should be revised.

“Possibly, there will be a longer delay than expected to bring inflation to the center of the government’s target, which should only occur in April 2024”, he estimates. “The forecast would oblige the Central Bank to keep the economy’s interest rate (Selic) at high levels for longer”.

Shielded from rising inflation and rising interest rates, “paper” FIIs would benefit from the scenario projected by Otuki, as has been the case in recent months. In 2022, this class of real estate fund registers, on average, an increase of 1%, against a decrease of 3% for “brick” FIIs.

In addition, the election period will add an additional volatility factor to the financial market, points out Otuki, not forgetting that the first semester was already more difficult than expected.

Apart from inflation and the increase in the Selic rate to 13.25% per year, the highest level since December 2016, the real estate fund market also experienced a half-year of controversy.

In January, the Securities and Exchange Commission (CVM) questioned the dividend distribution of Maxi Renda (MXRF11), which cast doubt on the way in which most real estate funds calculate their income. The entire segment could be affected – but, to the relief of the market, after four months of impasse, the autarchy backed off and kept the calculation as it always was.

Later, in April, the discussion about a possible conflict of interest in the operations of Hectare (HCTR11) dropped its quotas. Digital influencers hypothesized that the fund would be investing in CRIs whose debt would belong to its own partners. The FII retreated 16% in four sessions, and took along with it other portfolios known as high yield, at higher risk. Hectare denied wrongdoing and, weeks later, recovered part of the losses incurred in the episode.

Another fund that caught the market’s attention in the first half of 2021 was BTG Pactual Terras Agrícolas (BTRA11), which communicated the judicial recovery of the lessee of one of its farms. In the week of the news, the portfolio closed down 15%, in part because it announced that the situation would lead to a reduction in dividends paid to investors from R$0.94 to R$0.70 per share.

Featured “paper” FIIs

In the view of Maria Fernanda, from XP, the most recommended real estate funds for the second half of the year are also the “paper” ones. During the League of FIIsshe highlighted two options for investors.

One of them is the RBR Rendimento High Grade fund (RBRR11). With assets of just over R$ 1.04 billion, the FII has a portfolio composed predominantly of certificates of real estate receivables (CRI).

According to the fund’s latest management report, 55% of CRIs are indexed to the Broad Consumer Price Index (IPCA). The portfolio also has bonds linked to the CDI (24%) and the IGP-M (18%).

On the 17th, RBR Rendimento High Grade deposited BRL 1.20 per share, equivalent to a gain in the period of 1.19%. In 12 months, the portfolio’s rate of return with dividends is 12.05%.

The second indication is XP Crédito Imobiliário (XPCI11), also focused on investment in CRIs. The fund has 69% of its portfolio indexed to the IPCA. The other portion of the portfolio – 31% – is linked to the CDI rate, which follows the rise in the Selic rate.

In the last distribution in June, the fund transferred R$1.22 per share to shareholders, equivalent to a monthly return of 1.28%. In 12 months, the fund’s dividend return reaches 13.25%. Currently, the share of XP Credit trades at a discount of 4% in relation to its book value, another attraction of the fund, according to Maria Fernanda.

Check out more analysis and tips about the two funds in yesterday’s edition of League of FIIs. produced by InfoMoneythe program airs every Tuesday at 7 pm on the InfoMoney on Youtube. You can also review all past edits.

Discover the step-by-step guide to living on income with FIIs and receiving your first rent in your account in the next few weeks, without having to own a property, in a free class.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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