Resumption of “brick” FIIs rewards those who took advantage of the “irrationality” of the market, points out TRXF11; ifix rises


The apparent resumption of “brick” FIIs – which invest directly in real estate – is just beginning, according to an analysis by the management team of TRX Real Estate, which sees the move as a prize for those who took advantage of what they called “irrationality”. ” on the market in recent years.

The positioning is part of the portfolio’s management report, released this Monday (5), which highlighted the strong performance registered by malls, corporate slabs and logistics funds in August. Some portfolios rose more than 20% in the month.

In recent years, the shares of “brick” funds have suffered a strong devaluation because of the restrictions imposed by the Covid-19 pandemic – which reduced the movement of people and hampered the operations of the portfolios.


The rise in interest rates in the country – which rose from 2% to the current 13.75% per annum in the last 16 months – also influenced the quotations of FIIs. The movement made fixed income investments more profitable, attracting equity investors – including real estate funds.

To give you an idea, even with the strong appreciation in August, this fund class continues to be traded for up to 78% of book value, as is the case of the corporate slabs segment, as indicated by a weekly report by Itaú BBA, which uses the Average P/VPA (price over book value) to indicate the discount level of the shares.

Source: Itaú BBA Weekly Report – 09/05/2022. Average P/VPA: the closer to 1, the closer the shares are to the value considered fair. Above this level, the share is traded at a premium; below at a discount.

“For some time now, we have been aware of the fact that these funds are being traded on the Stock Exchange at values ​​uncorrelated with the prices practiced in the real economy”, says the TRX Real Estate management report. “Now we see the reward of investors who took advantage of the irrationality of the market to buy at a discount”.


In the view of fund managers, the deflation of 0.68% in July and the possible end of the cycle of interest rate hikes were the trigger for the recovery of “brick” FIIs, which is just beginning, according to the team. management of TRX Real Estate.

“In our view, this is a movement that is just beginning, since prices still seem to be quite discounted and the economic and real estate cycle can be in favor of FIIs for a long time”, concludes the document.

Considered an urban income fund, TRX Real Estate invests primarily in commercial real estate, focused on retail companies. The portfolio’s portfolio comprises 51 properties, located in 13 states. On the 15th, the fund deposits R$ 0.85 per share, equivalent to a monthly return with dividends of 0.77%.

ifix today

In this Tuesday’s session (06), the IFIX – index that gathers the most traded real estate funds on B3 – operates in the positive field. At 11:09 am, the indicator registered an increase of 0.12%, at 2,983 points. Check out today’s highlights:

Biggest highs of this Tuesday (6):

tickerNameSectorVariation (%)KFOF11Kinea FoFTítulos e Val. Mob.1,84TRXF11TRX Real EstateOthers1,46HSLG11HSI LogísticaLogística1,36OUJP11Ourinvest JPPTítulos e Val. Mob.1.28GTWR11Green TowersLajes Corporativas1.25

Biggest casualties of this Tuesday (6):

tickerNameSectorVariation (%)BPFF11Brasil Plural AbsolutoTítulos e Val. Mob.-2VTLT11Votorantim LogísticaLogistics-1,9BLMR11Bluemacaw Renda+ FOFTítulos e Val. Mob.-1,52RBRF11RBR AlphaTítulos and Val. Mob.-1.51FIIB11Industrial do BrasilHíbrido-1.02

Source: B3

Discover the step-by-step guide to living on income with FIIs and receiving your first rent in your account in the next few weeks, without having to own a property, in a free class.

Giro Imobiliário: sales in malls rise in July, the most recommended FIIs for September and the “darlings” among the “bricks”

Sales at malls rose 14.1% in July; Midwest pulls high

Sales at malls rose 14.1% in July compared to the same month in 2021 and grew 17% compared to 2019, before the pandemic, according to data released on Monday (5) by the Brazilian Association of Shopping Centers (Abrasce ).


There was growth in all regions in the annual comparison, with an increase of 15.3% in the Midwest, 15% in the South, 14.8% in the Northeast, 13.7% in the Southeast and 9.3% in the North (the only below 2 digits).

The sector also registered an increase of 23.4% in the flow of visitors, and the average spending by consumers in malls was R$ 122.62.

Glauco Humai, president of Abrasce, highlighted in a note the recently released consumer confidence indices and the growing recovery in the flow of visitors after vaccination against Covid-19 has contributed to optimistic perspectives for the ventures.

“The cooling of inflation, improvements in job vacancies and other government measures end up having a favorable impact on consumer purchase intentions,” said Humai in a note.

The most recommended FIIs to buy in September; “paper” and logistics funds dominate the list

August marked the best month of the year so far for real estate funds. The stock market index for the segment (Ifix) registered a gain of 5.7% in the period, closing very close to 3 thousand points. As a result, the indicator accumulates an appreciation of 6% in the year, against 4.5% for the Ibovespa.

In the September review, the analysis houses accompanied by the InfoMoney replaced nine funds in the recommended portfolios, almost double the previous survey. Despite the changes, the main list of highlights is the same as last month – with Bresco Logística (BRCO11) firmly at the forefront, with eight nominations. It is the 13th consecutive month that the product leads the preference of analysts.

The second isolated position remains with CSHG Receivíveis Imobiliários (HGCR11), present in six portfolios. Then appear BTG Pactual Logística (BTLG11) and Kinea Rendimentos Imobiliários (KNCR11), both with five entries.

The list of funds most cited by specialists is completed with Capitânia Securities II (CPTS11). The product supported the four recommendations received in August and was ahead of competitors in the tiebreaker.


Every month, the InfoMoney presents the five most indicated real estate funds in the portfolios prepared by ten brokers. In the event of a tie, those with the highest average trading volume in the last 12 months are chosen, based on data from the financial information platform Economatica.

Check below the preferred funds for September, the number of notes and the profitability of each security in the last month, in the year and in the last 12 months:

tickerBackgroundSegmentrecommendationsReturn in August (%)Return in 2022 (%) Return in 12 months (%)BRCO11Bresco LogísticaLogística89,7211,2115,39HGCR11CSHG Recebíveis ImobiliáriosRecebíveis61,797,3013,06BTLG11BTG Pactual LogísticaLogística54,553,246,66KNCR11Kinea Rendimentos ImobiliáriosRecebíveis51,679,0319,79CPTS11Capitânia Securities IIRecebíveis42,742,364,15Ifix5,76%6%9,12%

Sources: Economatica and brokers (Ativa Investimentos, BB Investimentos, BTG Pactual, Genial, Guide, Itaú BBA, Mirae Asset, Órama, Santander and Rico).

Note: Profitability takes into account the reinvestment of dividends and the quotation on 08/31/2022.

VINO11, TGAR11, BTLG11 and 9 more “darling” FIIs to take advantage of the recovery in the “brick” segment

In a report entitled “The darlings of the time”, the real estate fund analyst at Santander Corretora Flávio Pires recommends the purchase of 12 “brick” funds, which invest directly in real estate and can surf the recovery of the segment.

In August, these funds – which invest in logistics, offices and shopping centers, among others – rose, on average, 11%, above the 5.76% recorded by Ifix, an index that gathers the most traded FIIs on B3.

In Pires’ assessment, “brick” FIIs were the most affected by the restrictions imposed by the Covid-19 pandemic and by the increase in interest rates in the country. The second factor made fixed income investments more profitable, attracting equity investors – including real estate funds.

“At various times, these funds had their relevance questioned in the face of the uncertain future for the occupation of their spaces, resulting in a strong devaluation of quotas”, explains Pires. However, with the end of the Selic rate hike cycle and an inflation that signals a slowdown, investors are starting to look for FIIs that were being traded below book value, according to the analyst.

Considering the pricing of shares, asset quality, appreciation potential and resilience of properties and tenants, the analyst takes a closer look at three types of funds: hybrids, logistics and office funds. Check the list.

Rent price rises more than 16% in Rio and SP in 12 months, index points out

Unlike Brazil’s official inflation index (the IPCA), which registered deflation in July and is expected to see a further drop in prices in August, rental prices continue to rise strongly in the country’s two largest cities.

The average value per square meter rose 17.94% in Rio de Janeiro and 16.08% in São Paulo in the last 12 months, according to the QuintoAndar rent index (against 9.6% of the IPCA-15, which is a preliminary from the official index).

It is the 12th consecutive monthly increase in both capitals (+1.02% in Rio and +0.90% in SP), which maintains the strong acceleration of prices in 2022 — the variation this year alone is already above double digits. (12.29% and 11.03%, respectively).

With the residential rental market booming, the price per square meter reached the highest level in the QuintoAndar historical series, which began in 2019, in both cities (R$ 34.71 per m² in the capital of Rio de Janeiro and R$ 40.58 m² in São Paulo). ).

Discover the step-by-step guide to living on income with FIIs and receiving your first rent in your account in the next few weeks, without having to own a property, in a free class.

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