You investment funds with exposure to equity and debt securities (bonds) of the American (AMER3) had a net repayment of R$7.5 billion between January 12 and 18, shortly after the company reported R$20 billion of accounting inconsistencies, according to a survey by the TradeMap.
Most of these funds, totaling 356 portfolios, are in the fixed income category and have suffered losses on investments in US bonds.
The fund that had the largest net repayment in the period was the Special RF Ref DI, managed by Itaú Asset, which recorded a net outflow of R$ 5.4 billion. The amount represents only 5.11% of the portfolio’s net assets, which amount to R$ 105.6 billion.
The fund, which is a master fund and receives investments from other portfolios, has 48 shareholders and has lost only one investor over the period.
Itaú’s portfolio posted a loss of 0.71% over the period, with performance impacted by investments in Americanas bonds, which have been classified as low credit risk by credit rating agencies. By regulation, the portfolio may invest up to 50% in private debt securities.
Last week, Itaú Unibanco informed that it had made a provision for bad debts (PDD) for the investment in Americanas assets in the funds DI referenced special fixed income And Itaú Wealth Master Fixed Income DI referenced.
Most of the loss on Americanas bonds has already been priced in by the market. Today Anbima (Association: Brazilian Association of Financial Entities and Capital Markets) marks an 88% discount to the value of these securities.
already the bottom Nu Instant Booking Master FI RF, managed by Nu Asset, had the second largest volume of withdrawals, with a net outflow of R$ 391.2 million in the period, or 18.6% of the portfolio’s net assets, which amount to R$ 2.1 billion . The open-ended fund investing in this Nubank master fund lost 153,478 shareholders during the period.
The looting has intensified since 16 January. The fund accumulated a negative return of 1.02% over the period, impacted by its investment in Americanas bonds.
Used by investors to build up an emergency financial buffer, the fund had 0.95% of its capital invested in Americanas bonds at the end of September, according to a survey by the TradeMap.
According to the fund rules, the portfolio may invest up to 50% of the portfolio in securities issued by banks and companies.
See below for funds with exposure to Americanas assets that drove the redemptions.
Banestes clears position in US bonds
THE Baneste announced Friday (20) that it has cleared its position, directly or indirectly, in Americanas assets in seven investment funds, including the fixed income fund Banestes Liquidity FI RF Ref aforementioned.
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The portfolio recorded a withdrawal of BRL 135.9 million between January 12 and 18, which represents 4.12% of the net assets of the fund, which has 279 shareholders. During the period, the portfolio lost eight investors.
Eleven Banestes funds had a combined 10.51% exposure to Americanas bonds, including the DI funds, the bank reported last week.
The Moat fund drives drawdowns across equity portfolios
background Fossato Santander Previous FIA Masterwhich is a single-shareholder reserved portfolio managed by Moat Capital, led the draws across equity portfolios, posting a net outflow of R$7.6 million over the period.
The Moat Capital FIA fund, an open portfolio of shares that had a greater exposure to Americanas shares, recorded a net withdrawal of R$ 1.5 million in the period and lost only eight shareholders.
The fund held 13.5% of its equity in Americanas stock in September. The manager announced in a note that the fund reduced its holding in Americanas shares to 8% of the capital on January 11th.
The portfolio recorded a loss of 7.66% between January 12 and 18.
Overall, manager Moat Capital recorded net redemptions of R$14.6 million across five funds with exposure to Americanas assets.
The manager announced last week that it closed all of its funds’ positions in Americanas common stock.
“We emphasize, again, that we will do everything in our power to secure and protect our rights to losses while we were minority shareholders,” Moat said in a statement.
tip of iceberg?
For the manager of Trópico Investimentos, Fernando Camargo Luiz, the increase in withdrawals from fixed income funds with daily liquidity is worrying because it could have a greater impact on the private credit sector, since managers may have to sell the securities in their wallets to pay redemptions, putting downward pressure on the value of these bonds in the secondary market.
“This is just the tip of the mountain, the situation hasn’t started to get worse yet,” Luiz says.
The executive recalls that, in the case of investments in Americanas debt securities, the loss is greater and has forced the managers to lower the credit to PDD (bad debt provision), as these securities must be included in the company’s judicial recovery plan .
BB Gestão de Recursos, which last week made a provision for PDD in the portfolios of Americanas, points out that shareholders who request the repayment of funds while the provision lasts “will not be entitled to the possibility of recovering the loss, in case of its possible cancellation”, highlighted the manager in a material fact to the CVM (Securities and Exchange Commission).
For a manager of a large financial institution, most of the losses on funds have already been priced in by the market. “We should have an impact on fund performance this month, but portfolios will recover their performance later on,” she said.
According to this manager, the number of ransom requests has cooled down, but the volume of withdrawals has not affected, so far, the functioning of the credit sector. “You spreads of stocks rose slightly, but we are not seeing a credit crunch in Brazil,” he says.
Americanas got its judicial recovery request approved on Jan. 19. The company now has 60 days to file a court-supervised recovery plan.
When contacted, executives did not respond to a request for an interview.
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