The collapse of Lojas Americanas shares on the Stock Exchange did not only affect those who invest in the company. The historic drop in the company’s value harmed, by extension, investors in one of Nubank’s most conservative funds, which recorded losses in recent days. Funds from other managers that had funds invested in Americanas and their investors also suffered losses.
With investment from R$ 1, Nu Reserva Imediata had almost 1% of its assets invested in debentures of Lojas Americanas and B2W in September last year, according to the latest available data. The fund has assets of almost BRL 2.6 billion and is sold as a low-risk product within the “little box” tool (a type of savings offered by fintech). Americanas shares, in turn, were also considered low risk by rating agencies.
In all, Nu Reserva Immediata has 18.61% of its equity invested in debentures.
Between Thursday, the 12th, and Friday, the 13th, in the wake of the loss in value of the company’s shares on the Stock Exchange, the value of the fund’s shares fell. It fell from BRL 1.147577 to BRL 1.138968, according to data compiled by the Brazilian Association of Financial and Capital Market Entities (Anbima).
The retreat caused the fund to perform below the CDI, the benchmark pursued. In the last six months, the Nu Reserva Immediata has gained 6.4%, while the CDI has risen by 6.69%. Until the 12th, however, the Nu Reserva gains in six months were 7.39%, while the CDI was 6.63%.
The negative profitability of the product provoked a flood of complaints on social networks, with investors questioning the loss of the fund.
When contacted, Nubank stated that about 10% of the existing “little boxes” have funds in Nu Reserva Imediata, which is one of the fund options, with high liquidity, low risk (investment grade), and which seeks profitability above the CDI by over time. “The impact on profitability in this specific fund, caused by the atypical market event, tends to be mitigated over time by the fund’s management strategy,” he said in a note. He added that, “in the experience offered to the Caixinhas, Nubank offers different investment options to customers, according to their objectives, the questionnaire for adequacy of the customer’s risk profile and acceptance of the adhesion term”.
Nubank’s investment fund manager, Nu Asset Management, in turn, stated that the “fixed income fund ‘Nu Reserva Imediata’ has a strategy designed to be a low-risk and very high liquidity option, and seeks performance above the CDI over time”. He also highlighted that the fund is investment grade, “has a positive nominal return of 2.72% in the last 90 days, and follows a path of long-term profitability, supported by the diversification of investments”.
The manager added that “the small portion of investment in Lojas Americanas debentures, historically rated as Triple A by different rating houses, has already been reviewed”.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
