Care must be taken with the vision that the bag is cheap, says André Lion, from Ibiuna

Care must be taken with the view that the Brazilian bag still cheap, even after the accumulated high of more than 10% of the Ibovespa in 2025. The recommendation is by André Lion, partner of Ibiuna Investments and Interviewee of the Program Head of manager of Broadcast.

“The multiples of Brazilian actions, which are a simplified way to see the valuation of companies, they are lower. But it is important to remember that the basic interest rate in Brazil is higher, ”he said.

Lion, who is director of Ibiuna’s variable income area, said it is difficult to say whether the appreciation of Ibovespa, observed so far, will continue. So far, the abroad has favored the Brazilian stock market a lot.

“There was a rotation of wallets globally after the commercial tariff of the United States, and Brazil was one of the benefited markets,” said the director of the variable income area, which has $ 2 billion of the total of $ 14 billion that Ibiuna has under management (AUM).

“If that [a valorização do Ibovespa] It will continue, there is no way to answer now, because it depends on how the negotiation of the United States will walk with all business partners, ”said Lion.” There is a possibility that the stock market rise more because of the external scenario but we must not forget that prices have been a little, “he said.

The Manager’s Long Only Fund, with returns above Ibovespa in the year’s accumulated, is currently with cash near the limit (10%) of the mandate.

The reason, according to Lion, is the mixed of the current pricing and volatility in B3 added to the faster, tactical management style, having as its main vector the valuation of companies on the stock market. According to the latest report, Ibiuna Equities was approximately 8% cash.

Like Long Only, the Long Biased background has bets purchased in various sectors. Among them is the retailone of the activities that usually suffer in times of contractionist monetary policy.