Íntegra

Equity class keeps capital inflows for ninth month in a row

 

The fund industry ended the first half with net assets of R$5 trillion, 15.4% above the amount in June 2018. In the year to date, net inflows totaled R$130.8 billion, almost the triple compared with the R$45.6 billion from the same period last year. June saw inflow of R$25.9 billion.

The largest inflow of funds in the first half, excluding FIDC*, was into the Equity class, totaling R$23.5 billion. With R$3.5 billion raised in June, the fund industry had its ninth month of net inflow in a row for the first time since 2013. The good momentum mirrors the low interest-rate environment, which reduced opportunity costs for investors to bet on equity assets.

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While the Balanced/Mixed class saw net inflow of R$2.4 billion in June after two months of redemptions, in the year to date this class raised R$17.6 billion, just over half the amount seen in in the same period of 2018 (R$33.8 billion).

The Pension Fund class ended the first half in second, with net inflow of R$15.3 billion, while raising R$3.8 billion in June. In the Fixed-Income class, inflows totaled R$13.4 billion and R$5.4 billion in the first half and in June, respectively.

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Economic agents’ confidence in the passage of the pension reform and investors’ reinforced bets the Selic will fall still this year boosted asset returns, especially in the long-term fixed income and equity assets. The fixed-income types Long Duration Sovereign and Investment Grade, focused on long-term assets, yielded 2.63% and 1.32% in June, respectively. The Long and Short - Directional type showed the highest gain in June within the Balanced/Mixed class, with a 2.13% return. As for Equity, most types showed the best return in recent months, highlighting yields of the Active Index and Free Portfolio types, of 5.83% and 4.54%, respectively.

*The FIDC class raised the highest amount in the first half, of R$54.1 billion, but the transaction was concentrated in a single fund that invests in specific segments of the economy, not reflecting a structural movement of the class.