© Reuters. Treasury Selic, LCAs and more: the best fixed income investments for May, according to Nu invest
Each option of investments available in fixed income must be chosen according to the objective, need and profile of each investor. Aware of this, Nu invest renewed its recommendations for the segment this May.
The strategic output of the portfolio was the Fixed Rate Treasury 2025.
Nu invest claims that, firstly, inflation index measurements such as the IPCA-15 for April have shown a very rapid spread of the fuel hike that may be more persistent than expected.
Secondly, expectations regarding interest rate hikes in the US have changed to the point that the possible effects on fixed-rate rates are more uncertain.
So for now, Nu invest does not recommend new contributions, but for investors who bought at rates above 11.50%. As in the initial recommendation, there is no need to redeem and incur losses, it is enough to hold a portfolio, emphasizes Research analyst Eduardo Perez
And in new investments, the addition of the updated CDB of the NBC, for gains above the CDI, and the LCA of Banco ABC Brasil (SA:), for gains exempt from income tax.
These are Nu invest’s recommendations for fixed income investments in the month of May 2022:
Names Issuers Returns Maturities Liquidity Objectives Treasury Selic Treasury 100% Selic + Discount 03/01/25 D+0* Emergency Reserve RDB Nu Financeira (Nuconta) 100% of CDI – Immediate Emergency Reserve CDB Novo Banco Continental 112.15% of CDI 04/15/25 On Maturity Gain above the CDI Fund Daycoval Classic FIRF CP Daycoval Asset – – D+5 Gain above the CDI Fund ARX Elbrus FI Infraestrutura ARX Investimentos – – D+31 Gain exempt from IR LCA Banco ABC Brasil 95% of CDI 04/18/24 At maturity Gain exempt from IR Treasury IPCA+ Treasury IPCA+5.36% 08/15/26 D+0* Gain above inflation
Note: the backing of private securities may vary according to the availability of the issuer. If there is no security with the same maturity on the platform, the investor can choose products with the closest maturity and rate, maintaining the original issuer.
*If redemption is requested before 1:00 pm on the same business day.
For the emergency reserve
Treasury Selic 2025 Positive points Negative points Issuer: National Treasury Lower credit risk Custody rate of 0.10% per semester when exceeding BRL 10 thousand Maturity: 03/01/25 Treasury Selic with shorter term and lower risk Suffers Mark-to-Market Liquidity: D+0 The Treasury offers daily liquidity Non-immediate credit Profitability: Selic + discount Benefits at times of high Selic May have negative short-term profitability and Selic may remain below inflation
RDB Positive point Negative point Issuer: Nu Financeira FGC coverage of up to R$ 250 thousand per CPF What exceeds R$ 250 thousand cannot be covered by the FGC Maturity: – There is no risk of reinvestment – Liquidity: Immediate Can be redeemed at any day and time – Profitability: 100% of the CDI No mark-to-market and no administration fee In the short term, the CDI can be below inflation
The RDB of Nu’s open-ended account offers a good return for an immediate liquidity application, claims Perez.
Like the Selic Treasury, this type of investment is not intended to seek high returns, but to provide liquidity for emergency situations.
And in this case, the investor does not need to worry about the maturity and finding other securities with similar characteristics and can invest from R$ 0.01.
For gains above CDI
CDB Positive points Negative points Issuer: Novo Banco Continental Issuer with good indicators Anything above R$ 250 thousand cannot be covered by the FGC Maturity: 04/15/25 Excellent ratio between rate and term – Liquidity: at maturity In line with other CDBs It is not possible to guarantee redemption before maturity in emergency cases Profitability: 112.15% of the CDI Benefits from the increase in the Selic rate –
Novo Banco Continental, known as NBC, has a net worth of approximately R$ 194 million, but has excellent operational management with current levels of the Basel index of 13.14%, according to Perez – which far exceeds the 9.5 % minimum required by the BC while the Fixed Assets ratio of 3.20% remains safely below the maximum 50% allowed by the BC.
Other qualities such as increasing earnings and equity help the bank to hold the “AAA (bra)” rating by Fitch Ratings.
Daycoval Classic FIRF CP Fund Positive Points Negative Points Manager: Daycoval Asset Investments from R$ 100 Investment funds are not covered by the FGC Maturity: – The manager renews the portfolio according to opportunities Moments of stress can impact redemptions Liquidity: D+5 Allows a quick exit from private securities Suffers daily mark-to-market Objective: To beat the CDI Long-term objective: to beat the CDI In the short term, there may be fluctuations
The Daycoval Classic FIRF CP fund, a fixed-income private credit fund managed by Daycoval Asset Management, aims to beat the CDI through fixed-income private credit securities such as CDBs, debentures, FIDCs and DPGEs, with a duration total weighted average of the portfolio of twenty-one working days – thus minimizing the effects of mark-to-market on shares, says Perez.
The fund is aimed at the moderate profile investor.
The fund’s current portfolio is more concentrated in debentures, 1-day LFTs and floating rate LFs.
The 12-month result continues to benefit from the rise in the Selic rate, with a 9.05% appreciation of shares against 4.29% of the CDI in the same period, that is, a performance of 141.16% of the CDI.
Since its creation in 2009, the fund has returned 221.21%, compared to 196.41% for the CDI.
The fund has a management fee of 0.35% per year and does not have a performance fee.
For income tax exempt
Fund ARX Elbrus FI Infrastructure Positive point Negative point Manager: ARX Investimentos More accessible option for exempt investments Investment funds are not covered by the FGC Maturity: – The manager renews the portfolio according to opportunities Stressful moments can impact redemptions Liquidity: D+31 Offers liquidity in private credit Settlement in 31 days Objective: To overcome the IMA-B 5 Long-term objective: to overcome inflation In the short term there may be fluctuations
ARX Elbrus, a fixed income fund that invests in assets exempt from IR, seeks to offer a return above the Anbima index of 5-year inflation-linked bonds, the IMA-B 5, in the medium and long term.
With a minimum investment of BRL 500, the fund becomes an option more accessible to debentures for investors than direct investments and offers liquidity in cases of redemptions that have a maturity of D+30, that is, it is not a product recommended for formation of the emergency reserve.
It has a management fee of between 0.7% and 1% per year and is aimed at investors with a moderate profile.
As it is a free duration fund, the investor needs to focus on the medium and long term, as in most investment funds.
The latest management report released highlights the impact of the conflict in Eastern Europe, tax changes to contain inflation and Brazilian monetary policy.
The fund had a performance of 2.60% in March compared to 2.61% of the IMA-B 5, while the accumulated in 12 months was 10.57% compared to 8.72% of the IMA-B 5.
LCA Positive point Negative point Issuer: Banco ABC Brasil Quality indicators and subsidiaries – Maturity: 04/18/24 Take advantage of high Selic/CDI rates for longer – Liquidity: At maturity In line with market LCAs There is no way to guarantee the repurchase in in case of need for redemption Profitability: 95% of the CDI Rate equivalent to 111.76% of the CDI (>720 days) 115.15% of the CDI (Between 361 and 720 days) –
Banco ABC Brasil is currently rated AAA (bra) by Fitch, brAAA by S&P and Ba2 by Moody’s.
With its net worth of R$ 4.67 billion, it has a Basel index of 15.1%, above the minimum 9.5% required by the Central Bank.
The LCA makes sense to take advantage of the rise in the Selic and CDI at high levels for longer and its rate of 95%, equivalent to a fixed income product with taxation on profit, can deliver 111.76% of the CDI if the maturity is above 720 calendar days or 115.15% if the term is between 361 and 720 calendar days.
To see the full report for this title, visit this link.
For earnings above inflation
Treasury IPCA+26 Positive point Negative point Issuer: National Treasury Lower credit risk – Maturity: 08/15/2026 Relatively short maturity for an IPCA+ Mark-to-market exposure Liquidity: D+0 The Treasury offers daily liquidity Requests after 1 pm are settled on the next business day Profitability: IPCA+5.36% pa Guarantees protection from inflation and real interest gains Higher future interest rates can still bring more interesting rates
The bond’s real interest rate rose again, rising from 5.18% to 5.36%. This reflects the scenario of greater global inflation risk and expectations of interest rate hikes in the US.
For the time being, the IPCA+ continues to be attractive if we think about frequent contributions that will now pass at higher rates. So, Perez recommends that investors who want to take the bond to maturity keep their focus on a diversified portfolio aimed at protecting against inflation and real gain of part of the equity at the maturity of the bond and not on short-term price fluctuations. term.
Its credit risk remains the lowest in the Brazilian market and its recommendation is aimed at investors who are more conservative in this issue of issuer risk and who have objectives close to maturity in 2026.