A survey carried out by XP Investimentos revealed a significant increase in interest in mutual funds. variable income, The survey was carried out between July 7 and 8 and showed that 65% of clients plan to increase their allocation to equities, such as real estate and multimarket funds, amid the start of a Selic rate cut cycle by the Central Bank. The survey was conducted between July 7 and 14 and showed that 65% of clients plan to increase their allocation to shares, an increase of 16 percentage points compared to June, reaching the highest level since the survey began.
Highlights
- Increased Allocation in Shares: 65% of clients plan to increase their allocation to shares, the highest level since the survey began.
- Sectors of Interest: The financial, utilities (electricity and sanitation) and commodities sectors are the most sought after.
- Real Estate and Multimarket Funds: Growing interest in real estate and multimarket funds.
- International investments: Increased interest in international investment, although allocation is still low.
- Economic Scenario: Expectations of cuts in the Selic rate and a positive impact on the equities market.
Increase in Share Allocation
The XP Investimentos survey indicated that 65% of clients plan to increase their allocation to equities, an increase of 16 percentage points compared to June. This is the highest level of interest since the survey began in 2020. In addition, 56% of respondents believe that the Ibovespa index will close 2023 between 120 and 130 thousand points, an increase of 9 percentage points over the previous month.
Sectors of Greatest Interest
The sectors in which customers are most interested are:
- Financial sector
- Public Utilities (Electricity and Sanitation)
- Commodities
Real Estate and Multimarket Funds
In addition to shares, clients have shown growing interest in other asset classes:
- Fixed Income: 70% (-3 p.p. month on month)
- Real estate funds: 631TP3Q (+2 p.p. compared to June)
- Multimarket funds: 49% (+5 p.p.)
- Fixed Income Funds 411TP3Q (-17 p.p. compared to June)
- International investments: 41% (+2 p.p. month on month)
- Variable Income Funds: 24% (+6 p.p. month on month)
- Cryptoactive: 9% (+2 p.p. month on month)
- Ouro: 2% (-3 p.p. month on month)
International Investments
Although the allocation to international assets is still low, interest in these investments has increased. The most popular categories are:
- Bonds (50%, +5 p.p. month on month)
- ETFs (40%, +4 p.p. month on month)
- Dollar (37%, +2 p.p. month on month)
- International Equities (36%, +6 p.p. month on month)
- International Funds (35%, +5 p.p. month on month)
Economic Scenario and Projections
Multimarket fund managers, such as Gustavo Menezes of AZ Quest, project a cycle of cuts in the Selic rate in the short term, although the date and magnitude of the cuts are still uncertain. Menezes believes that fixed income will no longer be as attractive an investment as it has been in recent years, making multimarket funds a safer option for diversification.
Andre Kitahara, also from AZ Quest, points out that the reduction in economic and fiscal uncertainty, together with economic interventions in countries like the United States and China, creates a promising scenario for riskier investments.
Growth of the Funds Sector
Despite a challenging first half of the year, with net outflows of R$ 205 billion, the investment fund industry in Brazil gained around 2,000 new funds and 4 million new accounts. The positive profitability of the main types of funds raised the industry's net assets to R$ 7.75 trillion.
According to Anbima, all fixed-income, equity and multimarket funds had positive profitability in the period, indicating a favorable scenario for the sector's continued growth.
Sources
- Interest rate cut increases interest in variable income funds, says XP, Suno - Intelligent Investments.
