Diversification is recommended to reduce risk. In times of stress, it means your investments suffer less, as your money is not just in one place. Hulisses Dias, CNPI analyst and master in finance from the Sorbonne, explains that funds can also adopt, at times, a strategy to protect themselves from an event or even take advantage of an opportunity.
Risk of the fund depends on management. Dias says that whether or not a fund is risky varies depending on the thesis of whoever manages the money. Even among funds that operate mainly with shares, there are those who prefer already established companies and those who choose to bet on companies with the potential to grow in the future.
Even in funds that only operate with shares, there are different strategies. “There are managers who allocate resources following a growth investment thesis, so they will look for companies that are in the expansion phase, and which often don’t even show a profit yet. If there is no profit yet, what’s the point of investing in companies like that? “In this case, the investment is made based on a future expectation, which may or may not be confirmed”, says Dias.
Earned little last year
Performance was close to inflation. The IFHA (Anbima Hedge Funds Index) is used to show the performance of multimarket funds in the country. This index returned 2.70% in the last 12 months, according to consultant Einar Rivero. In 2023, the yield is 3.87%. But, in 60 months, or five years, it was 41.43%, higher than inflation, which was 31.29% in the period. As a comparison, the CDI returned 43.27% in five years.
The low performance in the last year can be explained by a strategic error on the part of managers, experts say. Hulisses remembers that, at the end of 2022 and beginning of 2023, expectations for the stock market were bad. Therefore, many chose to place their money in more defensive and safe assets. “However, between the months of April and June, we had a considerable rise in shares. After this rise, these funds that were more defensive decided to change their strategy and expose themselves more to shares. But in July, the upward trend was reversed “, it says.