Corporate debt funds lose up to 66% of assets in first half
The crisis that shook the corporate debt market this year continues to ease. In June, net fundraising was still negative, but the amount fell by almost half, to R$5 billion from R$8.7 billion in May, data by the JGP asset manager show, after peaking at R$23 billion in March. From January to June, the segment saw a net outflow of R$72.5 billion. The market that is beginning to emerge, however, will have a new shape. Among the 130 funds with more than a thousand shareholders, more than R$100 million, and higher volumes of redemptions in the year, losses reached 66% of net assets, Valor found after an analysis on data from the Securities and Exchange Commission of Brazil (CVM).Those who suffered the most had at least one of the two companies that triggered the crisis, Americanas and Light, in their portfolio. As a result, they very quickly materialized the loss in the form of negative shares. "We had less than 2% of the fund in Americanas debentures and nothing in Light," said Mateus Bartolomeu, a portfolio manager at Órama. "The first day, there was a 25% mark-to-market, the next day another 25%, and the third day another 25%. Soon after that, the redemption requests started to come in."Órama Liquidez, a fund that allows same-day redemptions, ended January with a negative return of 0.8%. In February, it was already in positive territory, but below interbank rate CDI, and continued to fluctuate until May, when it moved above this benchmark. "We are over 100% of CDI for the second month, which gives the shareholder confidence," Mr. Bartolomeu said.Western Asset had the two companies in its Total Credit Advisory fund, which has a one-day redemption. The fund was negative in January and February, and only managed to beat the CDI in May - in June, it stayed at 96%. "Until then, the two securities were considered high-quality assets with frequent access to the capital market," CIO Paulo Clini said. "They were specific problems of the companies, but in the end there was a false perception that it was systemic. Individuals led the process aggressively, and we did not see these investor come back."At Quasar, the picture is similar: the company held Americanas and Light in Advantage, which has a one-day redemption period. The firm saw zero yield in January, negative in February and, in the March-June period, it matched the CDI rate only in April. "The securities of the two companies matured in April and June. We are struggling to receive our debt and...
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