SÃO PAULO – Negatively impacted by the increase in interest rates, inflation and by the domestic news, the real estate funds, represented by Ifix, they show a drop of around 6% in the year. Although this movement can highlight market pitfalls, it can also bring opportunities – and it is important that investors know how to separate the wheat from the chaff when investing.
During the panel of FII Talks 2021
, performed by InfoMoney this Wednesday (29), real estate fund managers from Rio Bravo, VBI Real Estate and Credit Suisse shared their views on the class, on the segments with the greatest opportunities at the moment, and also on how to protect the portfolio in the current scenario of high volatility.
In the assessment of Ken Wainer, founder of VBI Real Estate, it is important that investors know the origin of the distribution of the fund before purchasing the shares. It is possible, for example, that it has a high return for having bought assets with leverage, he says. “From a distribution point of view, the dividend rate may be high in relation to the fund’s net worth, but then the bill comes.”
Another point highlighted by Wainer is the impact of inflation. “When we think about the residential segment, we are excited, but we have to think about whether we are going to be able to pass on inflation to rents – and this will depend on location, whether there is a lot of demand and whether costs are under control,” he said.
Something that is often highly regarded by investors, but which can be a trap when investing in FIIs, according to Augusto Martins, from Credit Suisse (CSHG), is the
dividend yield (the return with dividends). This is because the multiple can be the result of a good performance or a situational issue – such as leverage, discount on the management fee, rising inflation or even guaranteed income – which may not last.
He cites as an example a real estate receivables fund with assets linked to inflation measured by the General Price Index – Market (IGP-M), an indicator that has continued to rise sharply in the last year, but that should cool down in the future.
“In brick funds, the performance comes from the appreciation of the property. US of paper, it can come in the short term, in income, and this can make the investor myopic,” he says.
The investor’s risk profile it is also extremely important, according to Martins, and could be a trap. This is because assets that offer higher returns tend to have higher risk activities at their origins, as is the case of the securities “high grade“, which offer higher remuneration, given the high risk. “More than returns, it is necessary to look at whether the risk is within the investor’s appetite.”
Focus on the long term
Although real estate funds have greater liquidity than the traditional real estate market, such as in the purchase and sale of an apartment, for example, this does not mean that FII operations should be focused on the short term, managers emphasize.
“It is important to remember that FIIs are variable income assets, priced based on interest rate, rent perspective, supply and demand relationship – and all of these are long-term assumptions”, stresses Alexandre Rodrigues, partner at Rio Bravo, who also participated in the panel.
For Martins, from CSHG, an investor who has an investment term of three months, for example, it should not go to the REITs market, but stay in fixed income, in post-fixed assets (with return linked to the basic interest rate).
How to build a portfolio of FIIs?
In the face of greater volatility and great uncertainty, it still makes sense to invest in FIIs? And how to build a wallet in this context?
In the evaluation of
InfoMoney guests
, the moment of falling markets contributes to opportunities in the class, as is the case of well-located logistics warehouse funds and corporate slabs.
In the portfolio of the real estate fund (FOF) of the house, which buys and sells shares of other FIIs, Martins, from the CSHG, highlights that he has mounted hedge (protection) within the REIT industry itself, in order to protect itself the scenario of greater risk aversion, through quotas of real estate receivables funds, the so-called paper funds.
“In light of the cycle of post-fixed Certificates of Real Estate Receivables (CRIs), as there is no consensus on how far the Selic can go, which helps protect the portfolio”, he says.
“In our FOF, we allocate a reasonable portion in a post-fixed FII, which was being traded at a 10% discount to the book value, and which has brought a positive return to the portfolio.”
Rodrigues, from Rio Bravo, recommends being careful with yields
very high when building a portfolio, plus an analysis of the risk behind the assets. Assembling a diversified selection in the profile of properties, managers and highly liquid assets is also among the manager’s suggestions.
He says he still likes funds of post-fixed receivables and funds of funds, in order to increase the protection of the portfolio in the current scenario.
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