If we take the numbers today, the Common investment fund industry (FCI) It is placed around $ 62.9 billion, showing a 7% contraction against the previous monththat of staying closing the month would mark its first fall in 2025.
Neither However, in the year, it still has an increase of 11%. In dollars, meanwhile, it is located at US $ 47.2 billion (with a CCL that lost 3% so far this month), and Far from the maximums of US $ 55.7 billion that he had in May of this year.
However, one of the most pronounced changes occurred in the industry configuration, where immediate liquidity in pesos lost ground over the rest of the segments. Specifically, The “Money Market” funds backed down a percentage point, and went on to represent 53% of the industry’s market (Against 54% of the end of July and much further back than 56% they came to represent at the end of last year).
In contrast, Liquidity in dollars, manages to grow in a sustained way and already explains 7% of the industryfollowed by the Hard Dollar funds with 6%. Only to have as a reference, these same segments pondered 1% and 5%, respectively, of the total assets at the end of last year.
Recall that the end of the stocks for natural persons, such as other measures, have driven not only the dollars overturned here, but have increased (and quite) the options offered by the funds.
FCI: What about weights?
Volatility in funds in pesos (mainly) represents, neither more nor less, noise and changes in the framework of current monetary policy. Recall that, in mid -July, the BCRA ordered the end of the Lefi, forcing the system to reorient daily liquidity towards other available instruments (such as caution, repo, among others), causing an arbitration of rates in the market (which currently continues), and in turn, led the government to take different measures to contain that instability.
Among them, the requirement of lace for “Money Market” funds (from 20% to 40% during the beginning of August) and the recent regulations that establish calculating lace on daily basis (previously averages monthly), forcing the different financial entities to take liquidity. And, consequently, carrying the FCIS Money Market to cut their operative schedule – going from taking orders until 5:00 p.m. at 15.30/16.00-and leaving liquidity without the possibility of placement far beyond that time.
A frame that, as we said for some time to observe wheels of a lot of volatility not only in the flows, but also in the rates. At the moment, Just five wheels that end the month, net bailouts are positioned above $ 5 billion – record in nominal terms.
FCI: Flower question
But, liquidity was not the only one to dye red. Specifically, the economic-financial situation (with the increasingly strong political season) influenced the movements of the flows of funds, especially in those short-term.
What do we mean? TO Net rescues that within the short -term fixed income funds above $ 500,000 million -positioning above the previous monthalthough, still below March where the expenses reached $ 734,000 million. For their part, the Fixed Income Funds T+0 (LECAPS) accompany the trend, with net expenses close to $ 100,000 million.
But the outputs are not concentrated solely here, The coverage funds were also losing ground, with the dollar Linked (devaluation) accelerating the march and reporting about $ 200,000 million. While the appetite for CER (inflation) strategies is also fading as the rhythm at which prices grow.
Now, as we previously anticipate -and as in July -, The dollar funds continue to add flow: specifically, the Money Market are positioned first with $ 150,000 million, followed by LATAM with $ 34,000 million – something that could be read as Argentine risk aversion, followed by short -term alternatives with $ 30,000 million and, finally, the Hard Dollar premises with $ 13,000 million.
The risk did not pay
There are even no doubt that not only the flows are the reflection of the feeling of investors and market noise, but also mark the court to the profitability of each strategy.
It is evident that the volatility in the rates moved and increased the pressure along the entire fixed rate curve (especially in the long section). The fixed rate and CER bonds suffered strong falls, an effect that was observed in the behavior of the funds with this type of adjustment. The only options that show positive returns, with logic, are the Money Market with 1.9%; and between funds with market risk, fixed income T+0 (LECAPS) and short -term with 1.5% and 0.8%respectively.
On the coverage side, none of these manages to overcome its benchmark -but rather the opposite -the CER lose 3.5% and the Linked dollar 3.4%. Among others, discretionary decreases of 1.2% and, in the universe of shares, the Variable Income Funds lose 9.2%.
Valentina Heredia, Team Leader of FCIS of PPI
Source: Ambito
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