With the reduction in cases of Covid-19, driven by the advance of vaccination of the population, the flexibility opened space for malls to present a significant operational recovery and offices to return to operating in person. Thus, real estate funds related to corporate slabs began to show positive results.
According to experts consulted by the CNN Brasil Business in May – as in the last two months – funds linked to physical spaces should stand out against receivables or paper FIIs (which invest in real estate fixed income securities).
Caio Ventura, an analyst at Guide Investimentos, believes that there will be greater relief in relation to the perceptions of real asset risks, compared to a few months ago – when the pandemic still showed no signs of cooling off.
On the other hand, Pedro Kluppel, a partner at Guardian Gestora, believes that the decision by the Fed (US central bank) and the Copom (Monetary Policy Committee) to raise interest rates in the US and Brazil, respectively, is a turning point. that investors should watch out for this month.
At the same time that higher interest rates normally put downward pressure on FIIs’ share prices, some fund classes tend to demonstrate greater resilience to these abrupt movements.
Recently, in circumstances similar to this, Kluppel recalls that paper real estate funds behaved more positively in view of the characteristics of assets that have bonds indexed to inflation and to CDI.
He also highlights that, if there is great news about the Brazilian electoral agenda or about Brazil’s fiscal framework in May, the scenario could affect the mood of investors and make them more risk averse.
may portfolio
For the May fund portfolio CNN Brasil Business the nominations of eight brokers and banks were analyzed: XP, Warren, Genial, Ativa, Guide, BTG Pactual, Órama and Terra Investimentos.
The most recommended funds were Capitania Securities II and Bresco LogÃstica, with five nominations. Just below was Kinea Rendimentos Imobiliários, with four recommendations.
Here’s what analysts said about the FIIs with the highest recommendations for May:
Captaincy Securities II
ticker: CPTS11
Comment: Guide
We like the active management strategy that the fund proposes, both for the allocation of resources in CRIs and for the acquisition of assets in the secondary market (shares of FIIs). The fund has dynamic, multidisciplinary management with a long history in the real estate market that offers profitability reasonably above that of its main peers in the receivables sector.
Currently, the fund has 64% of the portfolio allocated in CRIs and 36% in shares of real estate funds. The portfolio’s sectorial exposure is dispersed, however, it has greater exposure to the shopping mall sector (19%) and logistics warehouses (16%).
The risks for the fund are the insolvency of its debtors, delays in payments, renegotiations and prepayments, and the negative performance of the FIIs they have in their portfolio.
Bresco LogÃstica
ticker: BRCO11
Comment: great
It is Bresco’s fund focused on the acquisition and leasing of stabilized logistics assets, the focus is on well located properties with good construction quality and leases to tenants with credit quality at least AA (br). In addition, management has expertise for an eventual expansion of the GLA of the portfolio’s assets.
The fund has 11 assets from Bahia to Rio Grande do Sul, with 71% of its GLA comprising last mile properties. Regarding the leasing of assets, 58% of the contracts are in the atypical modality with tenants such as Grupo Pão Açúcar, Whirlpool, DHL, BRF and Natura.
Our recommendation of the fund is based on the quality and location of the fund’s portfolio, in addition to the revitalization and improvement work that management does on its assets. Thus, we expect an improvement in yields from May 2022, when it is estimated that the improvements will be delivered, in addition to maintaining occupancy at high levels.
Kinea Real Estate Income
ticker: KNCR11
Comment: BTG Pactual
KNCR11 is one of the largest funds in the receivables segment and its strategy is to acquire securities from consolidated companies in their sectors. Therefore, our recommendation for the fund is based on the following pillars: dispersed and quality loan portfolio; excellent liquidity; and specialized management.
The fund’s portfolio is mainly exposed to CRIs indexed to the DI rate variation. In terms of debtors, the fund has exposure to large companies, such as Petrobras, BR Malls, Cyrela, MRV, JHSF, the largest positions being linked to the corporate office, shopping mall and residential segments.
The fund’s main risks are credit, prepayment and market risks. The eventual insolvency of debtors may lead to delays or default. Prepayment risk is when the company buys back the debt securities and takes on new bonds at cheaper rates. And, finally, market risk, with fluctuations in the value of shares.
Source: CNN Brasil
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