O Itaú BBA continues with the diversification strategy in the recommended portfolio of real estate funds. Assets indicated for February are the same as the previous month. However, the institution made adjustments in the allocation of some FIIs.
BBA’s recommendation portfolio is made up of financial asset funds, logistics warehouses, corporate buildings, shopping malls and urban income. It was exactly in these last two segments that there were exposure adjustments.
Adjustment in the allocation of real estate funds
The institution raised the allocation from 5% to 10% in the fund CSHG Urban Income (HGRU11), while reduced from 10% to 5% in HSI Malls (HSML11).
Analysts Larissa Nappo and Marcelo Potenza point out that HGRU11 is currently the largest urban income fund on the market, with hybrid exposure in properties retail and education, in addition to great predictability of results, “given the typical nature of their contracts and their maturity”, they comment.
Regarding the HSML11 fund, analysts point out that the inflation increase and the cycle of monetary tightening with high interest rates may impact the consumption of the population, generating direct consequences for shopping mall revenues.
In addition, they see the risk of an increase in the physical vacancy of the projects and a high leverage ratio, which demands greater attention from the fund.
Impact of Americanas
The whole mess of Americans (AMER3) in real estate funds affected the Itaú BBA portfolio. While the sector’s reference index (ifix) registered a drop of 1.6% in January, the portfolio of the analysis house had a slightly worse performance, closing the month with a drop of 2.02%.
Analysts point out that the pressures on the yield curve continued to be present and impacted FII prices. However, the Americanas case brought a bit of risk to the domestic market.
“Our recommended portfolio did not manage to escape and some of the funds that we recommend have part of their revenues exposed to Americanas credit risk”, note Itaú BBA listing the VBI Log (LVBI11), with 7% of real estate revenue, the VBI Prime Properties (PVBI11) and the Bresco Logística (BRCO11), both with 4% of real estate revenue.
See the selection of 8 real estate funds for February
| Bottom | ticker | Segment | Weight | return with dividends |
|---|---|---|---|---|
| HSI Malls | HSML11 | Shopping center | 5.00% | 10.5% |
| CSHG Urban Income | HGRU11 | Mixed | 10.00% | 8.3% |
| vinci logistics | VILG11 | logistics | 10.00% | 8.6% |
| Bresco Logística | BRCO11 | logistics | 10.00% | 7.7% |
| VBI Log | LVBI11 | Logistics | 10.00% | 9.3% |
| VBI Prime Properties | PVBI11 | corporate slabs | 5.00% | 8.6% |
| RBR Properties | RBRP11 | Mixed | 5.00% | 6.7% |
| Kinea Real Estate Income | KNCR11 | Financial Assets | 11.25% | 14.5% |
| CSHG Real Estate Receivables | HGCR11 | Financial Assets | 11.25% | 14.1% |
| Kinea High Yield | KNHY11 | Financial Assets | 11.25% | 16.6% |
| Kinea Price Index | KNIP11 | Financial Assets | 11.25% | 13.3% |
Source: Moneytimes
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