In a scenario of high interest rates, where the tendency is for investors to run to fixed income, variable income showed resilience and maintained the pace of growth. Between July 2021 and June 2022, the entry of 1.25 million new investors made the number of CPFs jump 40%, from 3.15 million to 4.40 million people.
These data are from the latest study by B3, the Brazilian stock exchange, on the evolution of fixed and variable income investors. The survey, related to the second quarter of 2022, brings several analyzes and highlights about the individual.
The research also points out that the investor is looking for portfolio diversification. In Brazil, with the basic interest rate (Selic) of 13.75% per year, the expansion of investments in fixed income continues to be more favored.
However, with a long-term view, the investor maintains positions in variable income. The number of equity investors grew 15% in the last year, from 2.8 million to 3.2 million CPFs.
According to Felipe Paiva, Director of Relationship with Clients and Individuals at B3, these data show that the growth in the number of investors on the stock exchange still maintained the upward trend and suggest that investors did not get rid of their positions in variable income.
“Even in the midst of a phase of greater volatility and a significant increase in interest rates, the stock market remains heated. More informed, they have preferred to maintain a diversified portfolio, combining fixed income and equity assets, with an eye on the long term”, he observes.
B3 data show that most investors enter the equity market in the under 40s range. In the second quarter of 2022 alone, 11% of the stock market’s investors are up to 24 years old and another 50% are between 25 and 39 years old.
When we analyze the regions, North and Northeast are the champions in new investors. Southeast concentrates the largest number of investors, with 2.5 million CPFs.
On the other hand, it is the region that presented the lowest relative growth when comparing 2018 with 2022: an increase of +435%. The highlight for the growth of the regions is in the North, registering a jump of 1,103% of new investors, and the Northeast, with an increase of 806% of new registrations of CPFs.
Real Estate Funds
Still on variable income, real estate funds saw the number of quota holders grow 23%, from 1.4 million to 1.7 million CPFs, while the value in custody increased 12%, to R$ 101 billion, in the last 12 months. . Individuals hold 74% of the volume invested in the product.
BDRs (Brazilian Depositary Receipts, receipts for shares of foreign companies that can be acquired in Brazil) continue to grow, in the wake of investor interest in geographic diversification.
The number of CPFs jumped 422%, with 1.3 million new entrants, totaling almost 1.6 million investors in the product. The value in custody rose 21% in 12 months, to R$6.7 billion, while the median balance dropped from R$1,899 to R$71.
ETFs (Exchange Traded Funds), investment funds whose portfolios reflect the composition of a reference index, registered a 22% increase in the number of investors, which reached 536 thousand CPFs. On the other hand, the value in custody fell by 15%, to R$ 8 billion.
With just over nine months of existence, Fiagro (Investment Fund in Agroindustrial Chains) is drawing a path of growth. The 8 thousand CPFs of October 2021 became 65 thousand in June 2022, a jump of 712.5%.
The median balance of the product, which was R$ 20 thousand in the previous quarter, fell by half, to R$ 10 thousand. But it is still double that registered in FIIs, a product with which it has many similarities, such as the vocation for individuals, who account for 94% of the volume invested.
Crypto ETFs launched in April 2021 saw a 217% increase in the number of CPFs. Individuals accounted for 64% of the volume invested in March 2022 and now hold 68%. The median balance decreased from R$1,300 in the last quarter to R$600.
Also according to the B3 survey, rising interest rates increased the profitability of Treasury Direct, which has been following the growth trend of fixed income. In the last 12 months, there was a 29% increase in the number of investors in the product, which went from 1.6 million to 2 million CPFs.
The value in custody grew 30%, from BRL 68.5 billion to BRL 88.8 billion, while the median balance shrank 3%, to BRL 2,400.
Between December 2021 and June 2022, CDBs had a 21% increase in the number of CPFs (which rose from 7.2 million to 8.7 million people) and a 15% increase in the volume invested, which reached R$ 562.8 billion.
In the same period, LCAs (Letters of Credit for Agribusiness) were the fixed income product that had the greatest expansion: they gained 50% in number of CPFs and 51% in volume invested. Then came the CRIs (Receivables Real Estate Certificates), with a 30% increase in both items.
LCIs (Mortgage Letters of Credit) registered an increase of 21% in number of CPFs and 27% in volume invested. In the same items, debentures rose 20% and 25%, respectively; COEs (Structured Operations Certificates) gained 19% more from investors and 22% from the volume invested; and CRAs (Agribusiness Receivables Certificates) added 19% of CPFs to their investor base and grew 15% in volume.
Equally benefited by the scenario of raising the basic interest rate, LFTs (Treasury Financial Bills, also known as Treasury Selic), indexed to the Selic, had a jump in the 2nd quarter of 2022.
The bond, which had a balance of R$ 1.3 billion in 2013, went on to account for almost R$ 28 billion in June 2022, an increase of 2,053% in almost 9 years. The product accounts for 32% of all allocations in Treasury Direct, the largest share ever recorded by the paper.
Source: CNN Brasil
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