The Common investment fund industry (FCI) in pesos It crosses a fort Flow readjustment Amid the extreme volatility of rates that has been extended for more than a month. While these instruments offer high yields, large investors show greater appetite for alternatives with even more attractive returns, such as Stock sacks or the Lecaps.
The countercara is that, with the flows of companies crossed by this instability, Many market actors are forced to operate without clear references, which increases uncertainty in liquidity management. Unlike what happens in pesos, FCI in dollars maintain an expansion paceconsolidating as a refuge in a context of marked financial volatility.
According to the City’s data to which he had access Scope, Net subscriptions in the last 30 registered a fall throughout the FCI universe in pesos of $ 5 billion, and that number, $ 3.7 billion corresponds only to FCI Money Market.
Even if the subscriptions per day are taken into account, in the last four days last week the FCI departure trend deepened: On Tuesday, funds for $ 1.4 billion, on Wednesday, $ 1.1 billion, on Thursday, $ 333 billion, and Friday, $ 404 billion.
The massive rescue of the FCI had a clear destination: stockcats. In this regard, the financial analyst, Gabriel Bagattinifinancial advisor who represents Finance with Gabriel, said in dialogue with Scope that in recent days, A FCI Money Market was paying about 30% TNA and a 24 -hour stock hound, above 50% of TNA. “
In turn, Mauro CognettaManaging Partner of Global Focus Investments, said in dialogue with this medium that “we see that movement and drive it.” As explained, “If you analyze the current variables, how the rates and perspectives are yielding, the rate instruments today pay exorbitant yields. They are positive real, almost demential rates, which allow to contain inflation to the elections and sustain the exchange rate, but with very strong costs about the activity and financing of the companies.”
Within that framework, he assured that companies must change the way they are financed, and at this time, common investment funds Money Market, “They do not yield much, if you compare it to go directly to Lecaps or go to the placing hound.” In that sense, the rates are expected to be re -located up to 40% per year, after the strong fall of this Monday, where the shortest bond closed at 2.1%. “What you don’t have is a certain time, you have to do the rollover and you don’t know what rate you will do it, but Already starting from these values exceed the yields of Money Market“, complete.
These dynamics also happen after the decision of the Central Bank (BCRA) to increase from 20% to 30% the requirement of minimum lace for deposits in pesos in view of common investment funds (FCI) Money Market and Caúlucos. As had anticipated City operators, This measure initially pressed the performance of virtual wallets, which FCI Money Market have behind. However, it will be the next Treasury tenders that define what rate level the government is willing to pay.
“The Government wants to capture pesos so that they do not go to the dollar before the elections, so these types of rates are being given to somehow tempt those investors who today have pesos in circulation”Bagattini expanded. He explained what other instruments also choose the big players: “We have investors who want to ensure and dollarize through private bonds of YPF, next to the payment of the September coupon. Today they are dollarizing around $ 1,300, against $ 1,360 at the beginning of August “.
The FCI Money Market countercase in pesos: funds grow in dollars
According to a report from PPIthat takes up data from July, the FCI Money Market in dollars, They closed the month with records in flows in their favor, and as a consequence, in their administered assets since they captured about $ 960,000 million and raised their AUM in 48% in the month, up to $ 4.5 billion -or about US $ 3.3 million valued to CCL-.
“Like the segment in pesos, these funds are for liquidity in very short term dollars. The flexibility in the exchange rate regime – with the new laundering, the release of the headboard for natural persons and the announced Historical Repair Plan for the Savings of the Argentines – these were gaining attractive among investors and land within the fund industry, “they expanded from the same stockbroker.
When analyzing their tnas, These were located in the 2% area (Levels similar to what offers a traditional fixed period at 30 days), with average durational of 0.02 years but with the advantage of immediate liquidity. “Regarding return, these made advances of 0.2% on average, online to the last months. And although the options are expanding before a greater amount of funds with these strategies, the dispersion between the greatest and worst performance is practically non -existent,” they closed.
Source: Ambito
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