Fiagros rise up to 9% in August; see the most profitable, the biggest dividends and those that can hit the market

The so-called Fiagros, funds that invest in agro-industrial production chains, are gaining more and more followers in the market. The number of investors reached 94,100 in August, according to B3’s Monthly Bulletin, published this Tuesday (13). It is three times more than the 30,700 registered at the beginning of this year.

Of this total, 93,500 are individual investors, a jump of more than 1,000% compared to the 8,000 CPFs that the industry had in October 2021, when the first Fiagros debuts on the Stock Exchange. The funds were regulated by the CVM (Brazilian Securities and Exchange Commission) in July last year.

According to B3, the current investor base of these funds is mostly made up of individuals, who represented 91% of the position in custody in August, followed by institutional investors (7.8%), financial institutions (0.3%), investors non-residents (0.1%) and others (which includes non-financial legal entities) with a participation of 0.7%.

“Cousins” of real estate funds, Fiagros have become popular due to the distribution of dividends, according to experts, since payments are usually recurring – in many cases, monthly – in addition to being exempt from income tax. Until August, 23 Fiagros were traded on the B3 trading floor, according to the bulletin.

Outside the Stock Exchange, traded on the over-the-counter market, there are still 16 Fiagros registered with the CVM and in operation, according to a survey by the Quantum Axis platform.

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• Dividends from “paper” Fiagros increase from 1% per month, but still do not displace FIIs

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The most profitable Fiagros

The total volume traded in Fiagros until August reached R$ 1.220 billion. In August alone, Fiagros moved BRL 285.8 million, almost five times more than the BRL 61.9 million recorded in January. The three most traded Fiagros in the month were BB FI Credito Fiagro (BBGO11), BTG Pactual Credito Agricola Fiagro (BTAG11) and Devant Fiagro (DCRA11).

The most profitable fund was XP Crédito Agrícola (XPCA11), from XP Asset Management, which accumulated a rise of 9.44% in the month. Check below which were the ten Fiagros with the best performance in August:

fiagroPerformance in August 2022
XP Agricultural Credit (XPCA11)9.44%
Vectis Datagro Agribusiness Credit (VCRA11)7.65%
BTG Pactual Crédito Agrícola FDIC (BTAG11)6.21%
Itaú Rural Asset (RURA11)2.93%
Ourinvest Innovation (OIAG11)2.82%
Ecoagro I (EGAF11)2.45%
NCH ​​EQI Agribusiness Receivables (NCRA11)2.27%
Riza Agro (RZAG11)1.08%
FG/Agro (FGAA11)0.89%
Flagship Agro Strategies (CPTR11)0.73%

Source: B3. the vMonthly variation considers the closing price in the period between July 29 and August 31, 2022.

The Fiagros that paid the most dividends

Fiagros have the obligation to distribute 95% of the profit annually, with no defined recurrence. According to Anna Clara Tenan, Fiagros and FIIs analyst at Órama, most managers choose to make monthly payments. “In public offerings, managers indicate how they intend to distribute, whether monthly or quarterly. That is, there is a policy,” she highlights.

Fiagro’s dividends are exempt from income tax and with the Selic high, they had been paying generous dividends. The reason is that the profitability of a large part of the portfolios is linked to the CDI, a reference indicator that follows the movements of the basic interest rate.

Considering the Fiagros that invest in CRAs (Agribusiness Receivables Certificates), known for delivering the highest dividends, 87% of the funds offered a return of CDI plus interest of 5.4% per year until June 2022, while only 13% were linked to inflation indicators, with IPCA profitability plus 8.8% per year. The data were collected by Órama.

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According to Anna Clara, considering the dividends paid by all Fiagros traded on the Stock Exchange in August, the dividend yield (rate of return with dividends) was, on average, 1.26% in the month, equivalent to 126% of the CDI.

The Fiagro that paid the most dividends was CPTR11, from Capitânia Investimentos, with a dividend yield monthly rate of 1.70% in August. Check out the best August dividend payers below:

fiagromanagerSegmentPeriodicity of payment of dividendsDividends paid in August 2022Dividend yield in August 2022
CPTR11CaptaincyCRAsmonthlyBRL 1.751.70%
VGIA11Valora InvestmentsCRAsmonthlyBRL 0.171.67%
FGAA11FG/The ManagerCRAsmonthlyBRL 0.151.46%
LSAG11EastCRAsmonthlyBRL 1.511.45%
XPCA11XP AssetCRAsmonthlyBRL 0.141.36%
NCRA11NCH ​​Capital BrazilCRAsmonthlyBRL 1.311.36%
DCRA11DevantCRAsmonthlyBRL 0.131.32%
RZAG11Riza AssetCRAsmonthlyBRL 0.141.31%
GCRA11Galapagos CapitalCRAsmonthlyBRL 1.251.21%
VCRA11vectisCRAsmonthlyBRL 1.271.15%

Source: Órama Investimentos, with Quantum Axis. Data up to 8/22/22.

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Fiagros that may debut on the market

There are currently 23 Fiagros registered with the CVM in the pre-operational phase, according to a Quantum Axis survey exclusively for the InfoMoney. These are funds that may debut on the market in the coming months.

Of these, three already have a trading ticker and should be available on B3. The remaining 20 can be future listed or traded OTC only. Check out the full list below:

fiagrotickerTypeTarget Audiencemanager
Canvas Fiagro FIICCFA11REIFGeneral investors (1)Canvas Capital
Santa Fe Terra Mater Fiagro FIIFARM11REIFgeneral investorsSanta Fe Investments
Mav Credit Fiagro FIIMAVC11REIFgeneral investorsRio das Pedras Investments
AGBI III Carbon Fiagro FIPdoes not haveFIPgeneral investorsAGBI Real Assets
Asset Bank Agribusiness Fiagro FIIdoes not haveREIFgeneral investorsOuro Preto Investments
AZ Quest Sole Fiagrodoes not haveREIFgeneral investorsAZ Quest Investimentos
Capitânia Agro Properties Fiagro FII Idoes not haveREIFgeneral investorsFlagship Investments
Daycoval Nest Fiagro FIIdoes not haveREIFgeneral investorsDaycoval Asset Management
Inter Amerra Fiagro FIIdoes not haveREIFgeneral investorsInter Asset
Strivo Logística Grains Fiagro FIIdoes not haveREIFgeneral investorsStrivo Resource Management
AGT Fiagro FIP Multistrategydoes not haveFIPProfessional investors (2)BRL Trust Investimentos
Hedge Agro I Fiagro FIIdoes not haveREIFprofessional investorsHedge Investments
Hedge Agro II Fiagro FIIdoes not haveREIFprofessional investorsHedge Investments
Kepler Weber Fiagro FIDC 1does not haveFIDCprofessional investorsBTG Pactual
KP Guardian Fiagro FIDC 1does not haveFIDCprofessional investorsKP Wealth
Lavoro Agro Fiagro FIDC 1does not haveFIDCprofessional investorskanastra
Planet Agro Terramagna Fiagro FIDC 1does not haveFIDCprofessional investorsavantgarde
Biome Investimentos Fiagro FIDC 1does not haveFIDCQualified investors (3)GFS Investimentos
Cultivation Octante Crédito Agrícola Fiagro Credit Rights 1does not haveFIDCQualified investorsOctant Capital
Riza EOS Fiagro FIIdoes not haveREIFQualified investorsRiza Asset Management
Stonex FAI Livestock I Fiagro FIDC 1does not haveFIDCQualified investorsStoneX
Perfin Angelin Fiagro FIP Multistrategydoes not haveFIPQualified investorsPerfin Investimentos
Agrolend II Fiagro FDIC 1does not haveFIDCExclusive (4)Daycoval Asset Management

Source: Quantum Axis. Data collected on 9/13/22.

(1) All investors, including individuals; (2) Investor with invested equity of R$1 million or more; (3) Investor with invested equity of R$10 million or more; (4) Aimed at a predetermined group of investors.

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How to choose a Fiagro?

Although analyzing dividends is important to understand the history of funds, analysts point out that when choosing a Fiagro to obtain monthly income, other factors count. Currently, most of the Fiagros listed are “paper”, investing in CRAs (Agribusiness Receivables Certificates).

Anna Clara, from Órama, cites the importance of understanding the composition of Fiagros’ portfolios: how many and which CRAs are part of them and whether there is a risk of concentration in a few assets. “The investor can find these data in the monthly management reports. If a report has little information or is not transparent, it is already a point of attention”, highlights the analyst.

The analyst also points out the importance of knowing the experience of managers in the market. She mentions that managers with expertise in the real estate market, with the CRIs (Certificates of Real Estate Receivables), ended up bringing the knowledge of credit analysis to the Fiagros market.

Another highlight, according to the analyst, are the Fiagros of managers that manage to originate their own credit operations, without depending on other market institutions. “Some managers have a policy of reversing this transaction structuring fee and distributing it as income to shareholders. They manage to get the best out of operations,” she comments.

Regarding the risks, Anna Clara states that the guarantees of the Fiagros CRAs must also be observed by the investor – if the asset placed as collateral is well located, easy to sell, or if it is in poor condition.

Likewise, portfolio concentration also counts. As they are a new product on the market, Fiagros usually do not have more than ten CRAs in their portfolio. “The more diversified the Fiagro, the better. If a Fiagro has two assets and one der default, can be a problem”, says Anna Clara.

Regarding dividends, Maria Fernanda Violati, an analyst of real estate funds and listed funds at XP, highlights the importance of investors not only observing the value itself, but also Fiagro’s ability to honor future commitments, the guarantees given, the quality of creditors and their financial capacity, in addition to risks such as climate and liquidity.

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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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