BTG removes RBRY11 and reinforces KNHF11, KNCR11 and MCCI11 in FII portfolio for November
According to Money Times, the bank reduces exposure to structured credit and cites the fiscal trajectory and rising future interest rates as reasons for adjusting risk.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 3 MIN
In a scenario that BTG Pactual considers more difficult for domestic assets, the house adjusted its recommended portfolio of real estate funds for November. According to Money Times, the list, prepared by analysts Matheus Oliveira and Caio Araujo, removes RBRY11 and redistributes weights among other securities.
The most visible change is the departure of RBRY11. According to the report, the fund's participation was already smaller, and the withdrawal was due to an adjustment in exposure to structured credit, an asset class with greater sensitivity in the short term. In weights, GZIT11 loses 0.5 percentage points, while KNHF11 and KNCR11 gain 1 point each and MCCI11 advances 0.5 points.
The central reason, according to Money Times, is to adjust risk in the face of a more difficult scenario for domestic assets, with concerns about the fiscal trajectory and rising future interest rates. For the Brazilian investor, these two variables weigh on real estate funds, whose prices usually react to the interest rate.
In the earnings schedule, InfoMoney takes the position of 10/30/2026 as a basis and highlights payments dated 11/16. MXRF11 (Maxi Renda) pays R$0.095 per share, with a DY of 1.07%. KNRI11 (Kinea Renda Imobiliária) distributes R$1.10 per share, with a DY of 0.73%. HGBS11 (Hedge Brasil Shopping) pays R$0.17 per share, with a monthly yield of 0.94% at the close of October. JSAF11 (JS Ativos Financeiros) appears among the highlights, with DY in the range of 0.73% to 1.07%.
In the field of shares, BB Investimentos' November portfolio also changes parts. According to Money Times, BPAC11 (BTG Pactual) and TEND3 leave, and CXSE3 (Caixa Seguridade) and WEGE3 (WEG) enter. The exchange, according to the analysis, seeks to increase the defensive characteristic of the portfolio, as CXSE3 is less sensitive to the capital market than BPAC11.
In the case of WEG, the third quarter balance sheet was read as mixed. Still, analysts see positive dynamics in the long term, which, according to them, do not yet appear in the share price.
What changes for the investor
For those who invest, the clearest message is the combination of caution and defensiveness. The two houses reduce exposure to securities that are more sensitive to the domestic scenario and prefer alternatives less linked to the capital market, at a time when taxes and interest come into play. It is worth monitoring the payment date of 11/16 and the position of 10/30 that serves as the basis for the earnings, in addition to the evolution of future interest, indicated as a backdrop to the changes. This is a reading about possible effects, without buying or selling recommendations and without price projections.
Automatically translated from Portuguese.
