The real estate funds (FIIs) XP Malls (XPML11) and BTG Pactual Logística Fundo de Investimento (BTLG11) were the most recommended in November, according to a survey carried out by CNN with financial institutions.
BTG, Santander, XP and EQI incorporated brick funds into their portfolios for the month, aiming to surpass the performance of Ifix, the main index of real estate funds listed on the stock exchange.
In October, Ifix presented a negative performance of 3.06%. Furthermore, during the period, paper funds recorded an average drop of 3.04%, while brick funds recorded an average drop of 2.89%.
Other evaluations considered for the survey were from Empiricus and Genial Investimentos.
The five most recommended FIIs in November were:
- XPML11: 5 nominations
- BTLG11: 5 nominations
- KNSC11: 4 nominations
- RBRR11: 4 nominations
- ALZR11: 3 nominations
In a report, Santander highlights FII BTLG11 as preferred in the logistics segment due to the completion of the acquisition of 13 properties in São Paulo, increasing to 35 logistics warehouses.
The choice of bank by FII XPML11, in the shopping mall sector, is due to fundraising, totaling R$ 2.8 billion in the year.
Performance
In EQI’s assessment, brick FIIs show an improvement in operational performance in all sectors, with occupancy indicators, rental revenue and good opportunities for portfolio recycling, contributing to an increase in net profit.
However, the head of analysis at EQI, Carolina Borges, highlights that this increase was not enough to maintain the market value of the shares, or increase it, due to the opening of interest rates amid the worsening of expectations with the fiscal policy of the federal government.
The expert explains that, although projections indicate that the budget will be met at the lower limit of the target’s tolerance range, the increase in extraordinary spending raises concerns about the trajectory of Brazilian public debt, especially affecting long-term interest rates.
“Given the current macroeconomic scenario, we maintain a cautious view for portfolio allocation, considering the impacts of an environment of high risk aversion on the pricing of real estate assets”, he states.
Looking to the future, Borges assesses that the expectation is that the FII portfolio will continue to benefit from diversification between assets indexed to the IPCA and the CDI, adjusting according to the evolution of the scenario and the movement of long rates.
