September 26, 2023
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The report notes that KNIP11, KNHY11 and 18 other FIIs are expected to cut dividends due to the downturn; rise ifix

In a report by Guide Investimentos, Fernando Siqueira and Caio Ventura, brokerage analysts, they listed 20 real estate funds that will feel the effects of a 0.68% deflation calculated by the Consumer Price Index (IPCA) in July.

In the document, experts assert that the drop in inflation last month will reduce the rate of return with dividends (profit return) of “paper” FIIs – those that invest in fixed income securities linked to price indices and a CDI (certificate of deposit between banks).

“This does not mean that profits will be zero or negative,” Siqueira ponders. “In addition, it is possible to see that some funds will suffer more than others,” he wonders.

Among the funds that could suffer the most from deflation in July, the guide’s report notes, the Kinea Price Index (KNIP11) and Kenya High Yield (KNHY11).

Ventura explains that most of the dividends paid by these FIIs are generated by IPCA-indexed securities, making portfolios more sensitive to changes in the index. The relationship between profit return The portfolio and index can reach 90%, as in the case of the Kinea price index and the high Kinea return. Check out the full list:

source: Investment Guide

P/VP – price to book value – the closer to 1, the closer the fund is to fair value. Above the minimum, indicates the stock is trading at a premium, and below, at a discount.

DY 12m – Dividend rate for the last 12 months.

Ventura also notes that the current scenario has no structural risk for “paper” money. Historically, it indicates that dividends paid out by this asset class have been higher than those transferred by brick funds. Reducing inflation should close the income gap.

“We affirm that real estate receivables are money [FIIs de ‘papel’] It should continue to offer a dividend premium in terms of “brick” funds and remain central to portfolio allocations,” notes Ventura.

Anyway, Siqueira bolsters, the moment suggests investors are taking a closer look at “brick” FIIs — which invest directly in real estate in sectors such as corporate boards, offices and malls.

“We believe that brick funds provide a timely acquisition window for capital gains in the medium and long term, particularly given the greater expectations to the contrary in the higher interest rate cycle and the higher level of discounts found in the sectors,” notes Siqueira.

ifix today

In the Wednesday (10) session, the IFIX – The index that collects the most traded real estate funds on B3 – works in the positive field. At 11:40 am, the index registered a gain of 0.18% at 2,830 points. Check out today’s highlights:

Wednesday’s Biggest Highs (10):

ribbon Noun section Variance (%)
KFOF11 Kenya QQ foF 3.49
HGFF11 CSHG FoF foF 2.35
HSLG11 HSI Logistics logistics 2.13
Fino 11 Yenchee offices corporate panels 1.83
KNRI11 Real estate income in Kenya hybrid 1.7

The biggest casualties this Wednesday (10):

ribbon Noun section Variance (%)
HCTR11 Hectare Nicknames and Val. Home furniture -2.29
REC11 REC . receivable Nicknames and Val. Home furniture -1.39
RBRR11 RBR High Quality Yield Nicknames and Val. Home furniture -1.23
DEVA11 Defant Nicknames and Val. Home furniture -1.12
IRDM11 Iridium real estate receivables Nicknames and Val. Home furniture -1.08

Source: B3

Discover step by step Live on income with FIIs and get your first rent in the account in the next few weekswithout the need to own property, in a Free category.

new move by FII Nossa Senhora de Lourdes against Rede D’Or; SPX SYN Multistrategia Appoints a Market Maker

Check the latest information released by real estate funds in the relevant facts:

FII Our Lady of Lourdes (NSLU11) receives R$5.2 million from Rede D’Or, the fund’s tenant

The FII Nossa Senhora de Lourdes Hospital has launched a new lawsuit to collect R$5.2 million from Rede D’Or, the tenant of the fund and director of the hospital with the same name as the portfolio, located in southern São Paulo.

The amount is the result of a previous process in which the court ordered the company to disclose the total hospital bill between August 2016 and May 2017.

Under the contract, the tenant will be required to pay a fixed monthly rent or variable rent, which corresponds to 8% of the total monthly revenue – and possibly higher than the amount the fund has received in recent years.

In a material fact released this Tuesday (9), Nossa Senhora de Lourdes FII explained that the clause in the contract was not to be observed and the fund failed to receive R$5.2 million from Rede D’Or.

The two parties – the trust and the tenant – had had a series of clashes in court in recent years. in one of them, The wallet had to return the 27 million reais extra received from the tenant.

SPX SYN Multistrategia (SPXS11) Appoints Banco Fator as Market Maker

FII SPX SYN Multiestrategia has announced the appointment of Banco Fator to act as a market maker for the Fund’s shares. The term of the contract is up to one year with a term of not less than three months.

A market maker recognized and authorized by B3 aims to stimulate the liquidity of stocks and avoid artificial volatility in securities.

According to the wallet management, the provision of services by Banco Fator will start on Wednesday (10).

Considered a hybrid fund – investing in real estate, real estate related securities and stocks of other fisheries companies – SPX SYN Multiestrategia began trading this Tuesday (9) in B3.

Today’s earnings

Check out the six funds that distribute income on Wednesday (10):

ribbon background performance
FIIB11 Industrial Brazil 3.50 Brazilian Real
VERE11 road 2.11 Brazilian Real
EDFO11B so. Ourinvest 1.68 Brazilian Real
CRFF11 Caixa Rio Bravo FoF II 0.59 Brazilian Real
CXRI11 Caixa Rio Bravo Vov 0.55 Brazilian Real
ELDO11B Eldorado 0.49 Brazilian Real

Source: InfoMoney. Pointers with an ending other than 11 indicate receipts and subscription rights to funds.

Giro Imobiliário: ‘paper’ FIIs: With the IPCA contracting in July, is it time to buy, sell or hold receivables money?

“Paper” real estate funds – which focus on investing in inflation-linked fixed-income securities or CDIs (certificate of deposit between banks) – have been popular with investors in the sector in recent years. However, the passion for these industrial investment firms sparked a reverberation with the announcement of deflation as measured by the IPCA (Extended Consumer Price Index) in July – and the possibility of a turbocharged dividend cut.

“Paper” funds are protected from inflation and interest advances precisely because they buy the securities that go along with the rise in these indices, and “paper” funds boast an average appreciation of 27% in the past two years, according to the Teva Index of Paper Real Estate Funds. . In this period, “Brick” funds – which invest directly in real estate – fell 2.3%. Ifix, the B3’s most traded FIIs index, is down 3.21%.

But it’s the growing profits from “paper” funds that really win over investors. In the list of the top ten payers of this year – Until July – Nine FIIs are investing in securities such as Certificates of Real Estate Receivables (CRI).

Explanation of the gains for these fisheries firms is precisely the rise in the Selic Index – which rose from 2% in January 2021 to 13.75% currently – and the increase in indices such as the IPCA, which accumulated 11.89% in the 12 months that ended in June. . It turns out that the tide has turned. In July, it recorded a contraction of 0.68%, according to data released this Tuesday (9) by the Brazilian Institute of Geography and Statistics (IBGE). It was the lowest result in the entire historical series of the index.

If “paper” funds – or CRI funds, as they are also known – surf as the indices rise, What will happen to them now with lower prices? According to analysts I interviewed InfomoneyThe investor’s decision-making will depend on his strategy and the fund profile he has in his portfolio.

Moreover, they noted that the deflation scenario is a one-off and should not be considered the end of the line for “paper” FIIs.

Discover step by step Live on income with FIIs and get your first rent in the account in the next few weekswithout the need to own property, in a Free category.