Among the various fixed income options that stand out in the current macroeconomic scenario, with the Selic expected to rise until early 2025, private credit funds prove to be a very profitable opportunity for those who do not want to limit themselves to allocating resources in public funds. bonds. And, within this modality, the funds bonds encouraged They constitute an interesting alternative thanks to a very specific advantage: total exemption from taxation.
Incentive bonds are private debt securities, issued by companies exclusively for financing infrastructure projectsin several areas where Brazil does not yet have investments, such as energy production and transmission, highway construction and maintenance, and the implementation of wastewater treatment systems, among other possibilities.
The adjective “incentivised” refers precisely to the exemption: buyers of bonds The incentives do not pay income tax on the receipt of monthly interest and the remuneration present in the periodic amortizations, and they are not taxed even when they resell the security at a profit on the secondary market, unlike what happens with normal bonds or corporate shares, for example.
This incentive exists precisely so that the securities become more attractive and the issuing companies can sell them more quickly, accelerating the completion of the works they finance.
The problem is that, often, incentive bonds are intended only for purchase by professional or qualified investors, out of reach of the ordinary investor.
And, even when they are accessible, their unit cost is usually around R$ 1,000, which makes access difficult for investors who, even with a relatively small capital, would like to diversify their investments in search of greater security.
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Incentivized bond funds: preservation of benefits and quality in management
It is at this moment that the incentive bond funds appear as an interesting option, since they are accessible at lower prices and their remuneration is generally linked to the CDI, a bank rate that usually fluctuates in parallel with the Selic, and which is not expected to fall again anytime soon.
“In Brazil, the drivers of inflation, especially in economic activity, are proving favorable: the labor market has reduced unemployment, wages are increasing and business investments have started to grow again. We are seeing activity overheated to a level where interest rates are no longer low, suffocating the economy,” analyzes Daiane Gubert, head of investment consultancy at Melver.
Strengthened by an expansion of the scope of companies that can carry out the issuance, the incentive bond market has reached record levels this year, reaching R$88.2 billion in new issues from January to August this year, according to most recent data from the Brazilian Association of Financial Institutions and Capital Markets (Anbima).
One of the main advantages of opting for investment funds bond funds According to experts, the possibility of diversifying the portfolio is encouraged, since the funds have the possibility of acquiring different securities, from different companies and sectors, reducing the risk of volatility and default.
“Risks are usually linked to the specific projects of each incentivized bond, which makes the Fund an excellent investment, with the diversification necessary to obtain an excellent return,” explains Alexandre Pimentel, head of the Credit, Fixed Income and Multimarkets area of Fator Resource Manager.
Another advantage is that credit funds focused on incentive bonds have management teams that are experienced and prepared to make acquisitions, monitoring the financial health and progress of financed works, as well as understanding the moments when secondary market trades can prove strategic. All this more than compensates for management and administration costs, generally considered negative factors for those who prefer to invest on their own.
Good returns, above the CDI
In general, incentive bond funds set a benchmark for exceeding CDI profitability, and this is what is happening with many of the funds available in the market. A report published by XP in September highlighted that CDI-linked bond funds were only behind global funds, which benefit from the dollar’s appreciation, in terms of profitability in 2024.
THE Bond incentive factorfor example, it has accumulated a profitability of 13.14% over the last 12 months, as of the base date of October 25, while the CDI remains at 10.81% over the period. If only profitability for the year 2024 is considered, the fund offers 10.96%, while the CDI for the period is 8.78%.
THE AZ Quest incentive bondsfrom the AZ Questit delivered, as of the base date of October 24, a profitability of 10.66% in 2024 and 15.50% in the last 12 months. Both essentially operate in the trading of incentivized bonds, profiting from the amortization and interest paid by the issuers and distributing this generated value to the shareholders.
Variable income, but with a primary focus on fixed income
There are also two other types of funds that invest mainly in incentivized bonds: they are the Infrastructure Investment Funds, FI-Infra, and the Infrastructure Investment Funds, FIP-IE.
Although they are considered variable income investments, since they do not offer a guarantee of profitability, their allocation takes place mainly in incentivized bonds, and they also transmit the “incentive” to the shareholders, i.e. they are exempt from taxation not only in the distribution of dividends but also in any useful in case of resale with capital gain.
The two types of funds have small differences in performance. FIP-IE, for example, may hold shares and shares in companies in the infrastructure sector. THE AZIN11an AZ Quest fund, has distributed recurring dividends close to 20%, on an annualized basis, always reported on the last business day and paid in the third week of the following month.
Already the SNID11from the Suno Assetsis an FI-Infra, with a mandate to operate exclusively in bond trading. The fund has part of its portfolio invested in traditional bonds, generally with a higher spread, but passes the tax benefit on to shareholders and also pays regular dividends above the Selic rate.
AZIN11 shares have been trading near R$100, while SNID11 was recently listed at around R$10, which gives investors a chance to enter the market bonds encouraged with a small budget and experience the possibilities of good profitability with the certainty of quality management.
Source: Terra
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