High interest rates return Treasury IPCA+ to the radar and reignite doubts about exchanging FIIs for fixed income

With high interest rates in Brazil, public bonds once again attracted the attention of those who invest in the stock market and in real estate funds. According to InfoMoney, the topic gained strength after the 2nd round of elections, when fixed income rates opened, a market expression for rising interest rates. The question that circulates among investors is whether it is worth moving part of the FII portfolio to fixed income.

Tesouro Direto, a platform that brings together securities issued by the federal government, appears in the report with remunerations seen as attractive to diversify the portfolio. For those who already have exposure to variable income assets, the discussion is less about choosing a side and more about the weight that each class occupies in the assets.

Gustavo Bertotti, head of Variable Income at Fami Capital, assesses that the current scenario favors new allocations in public bonds, especially those indexed to inflation. According to the report, he believes in directing new contributions to Tesouro Direto at the current time, instead of concentrating new money in other classes.

The emphasis on securities linked to the IPCA shows that the manager's reading is not limited to seeking the highest nominal rate. It takes into account the preservation of purchasing power over the term, a point that tends to weigh more in long-term portfolios than in short-term investments.

The debate also exposes a choice that the investor needs to make clearly: maintain exposure to real estate funds due to the yield and liquidity on the stock exchange, or migrate part of this capital to a security with previously defined rules and returns. Each path brings different risks, and the comparison depends on each person's profile, deadline and income needs.

What changes for the investor

If new contributions start to go more frequently to the Treasury Direct, fixed income tends to gain relative weight in portfolios that are currently dominated by FIIs and other variable income assets. This may reduce purchasing pressure on these funds, but the effect will depend on how much money actually migrates and the behavior of the interest curve. The report does not provide price forecasts, and this analysis is not a recommendation to buy or sell any asset.

Automatically translated from Portuguese.