After elections, XP sees FIIs more challenged and maintains structural allocation in the class

Real estate investment funds (FIIs) became more challenging after the elections, according to XP, an analysis house that follows the segment. According to InfoMoney, the evaluation does not mean giving up the class, as the house considers it important to maintain structural allocation in FIIs.

According to XP, the movement is linked to a repricing of domestic assets. The lower expectation of fiscal changes in the coming years appears, in the house's explanation, as one of the reasons for this price review.

Also according to InfoMoney, XP cites two pressures on listed FIIs: the rise in market interest rates and the rise in risk premiums. When evaluating the house, the segments most sensitive to long-term interest rates tend to be the most affected.

The text of the report, however, does not specify which FII segments XP prefers, despite what the title suggests. Therefore, the question about where the house sees the most opportunities within the class remains without a direct answer.

On the positive side, XP points to attractive recurring returns, solid sector fundamentals and high discounts as favorable points for FIIs. It is these arguments that support the defense of maintaining the structural allocation, even in the post-election scenario.

What changes for the investor

For those who invest in FIIs, XP's reading suggests that the price of shares may remain sensitive to interest and risk premiums, which gives weight to the segment-by-segment analysis. As funds more exposed to long-term interest rates tend to feel the effect more, the choice of portfolio gains importance. The maintenance of structural allocation appears, according to the house, as a path defended for the class.

Automatically translated from Portuguese.