Risk assets see good streak end in April
The appreciation of Brazilian risk assets this year was interrupted in April. As the U.S. Federal Reserve signals interest rate hikes amid the perception of unchecked inflation in Brazil, the local benchmark stock index Ibovespa and the real lost steam as the flow of foreign capital slowed down.The Ibovespa is down 8.4% this month to the 28th, and the consumer goods index declined 11.6%. The foreign exchange rate, which put the dollar at the bottom of the ranking of investments until March, was up 3.8% in the month. Among the fixed-income indexes, the IMA-B 5, which represents a basket of government bonds pegged to inflation with maturity under five years, outperformed its peers and is up 1.5%. On the other hand, the IRF-M, of fixed-rate bonds, lost 0.18%.Persistent inflation and rising interest rates make fixed income prevail as a safe haven for investors. As a result, this option has received most funds with products ranging from the simplest ones - certificates of bank deposit (CDBs), financial bills and DI funds - to corporate bonds, said Luciane Effting, executive head of investments at Santander. The recommendation is not to concentrate risk, especially when allocating in debt securities - agribusiness and real estate receivables certificate (CRA and CRI) - or debentures, a group of assets in which the individual has the benefit of income tax exemption.As for variable income, a falling Ibovespa is seen as reflecting the lower confidence in the global economic growth and also in Brazil, the executive said. With the expected acceleration of monetary adjustments by the Federal Reserve, the interest rate differential in relation to Brazil will be lower and part of this translates into a slower flow of foreign capital. "But for any investor who accepts the volatility and is willing to keep the money there for longer, either in the local or international market, [stock] prices are discounted. They can reap good rewards in the long term despite short-term swings."Depending on the investor profile, Santander’s asset allocation model provides for a portion in the stock market, even for retail investors, Ms. Effting said. Santander Corretora, the Spanish bank’s broker in Brazil, estimates that the Ibovespa will end the year at 125,000 points, up 14% from the current level. Although inflation and rising interest rates are a concern for those who invest in stocks, some assets benefit from this environment.Hedge funds, which are seen as having...
Para continuar a ler
PEÇA SUA AVALIAÇÃO