But the “soybean dollar” scheme offered the possibility of liquidation at $200 for only 30 days and the applications of pesos are distributed over a longer period of time, here appearing a clear need for producers to invest these temporary surpluses to maintain their purchasing power until the moment of its application to the business.
This is where the Mutual Funds (FCI) industry has been a necessary tool and this is confirmed by the investment flows.
If we analyze the flows, the producers have channeled almost USD 550 million to the “dollar linked” accounts that the BCRA enabled (chacarero account), the FCI industry received a positive flow in the month of $270,000 million, mostly towards liquidity funds ( MoneyMarket). The rest of the pesos remained in the financial system, even with a sharp increase in sight accounts ($300,000 million in Savings Banks, $552,000 million in Current Accounts) and $740,000 million in Time Deposits. Although part of these funds originate in the FCI industry itself, which invests in remunerated accounts and fixed terms.
To the extent that this liquidity stabilizes, there is the possibility of a migration towards other types of investments with higher returns or coverage, because while a savings account has a very low return, a fixed term for a legal entity yields 5.5% per month, short-term Treasury instruments such as LEDs are at yields of 6.2% per month.
The FCI industry has to offer two differentiating factors to capture those pesos in the coming weeks. The first has to do with the historical difference in liquidity, while the Fixed Term requires waiting 30 days, the FCIs have similar performance options with redemption at 24 hours. But without a doubt the main differentiating factor is given by hedge funds. In a scenario where there is still uncertainty, investment options in FCI hedged against inflation or against the depreciation of the official exchange rate become more attractive.
In our asset allocation process, we are very attentive to the time horizon of the investment, to identify the periods in which we may be seeing a preference for CER assets or a greater need for foreign exchange hedging, considering the supply and demand of foreign currency and the implications of the process. election next year.
General Manager of MegaQM.
Source: Ambito
