Investment funds in Brazil closed the first half of the year with a net inflow of BRL 8 billion, a performance helped by the fixed income segment, but well below the BRL 272.5 billion a year earlier, according to data from the Brazilian Association of Entities of the Financial and Capital Markets (Anbima).
This move is set against a less friendly environment in the markets, especially in the second quarter, amid monetary tightening in Brazil and other economies, including the United States, with concerns about the potential impact on the pace of global economic activity.
Portfolio diversification also affected the result.
At the multimarkets, redemptions totaled R$61.8 billion, reversing a positive balance of R$89.9 billion. Equity funds, in turn, saw net outflows jump to BRL 49.5 billion, compared to BRL 3.8 billion withdrawals a year earlier. Even fixed income funds, with a net inflow of R$ 88.8 billion, fell by 25%.
“We see a movement of migration from fixed income funds to other products of the same category, especially those that offer income tax exemption, such as LCIs (Immobiliary Letters of Credit) and LCAs (Agribusiness Letters of Credit)”, explained the deputy. -President of Anbima, Pedro Rudge, in a press release this Wednesday.
Source: CNN Brasil
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