“turbocharged” funds become an alternative to LCI and LCA; understand

The new regulation proposed by the National Monetary Council (CMN), at the beginning of February, scrambled the allocation puzzle for investors who saw Agribusiness Letters of Credit (LCAs) and Real Estate (LCIs) as an alternative to invest and redeem in the short term. term.

According to the new text, the maturity period for LCAs and LCIs has now been changed from 90 days, in both, to 9 months and 12 months, respectively. In other words, those who allocate with a focus on redeeming the investment in three months will have to look for alternatives, some of which will not guarantee the same exemption from Income Tax (IR) typical of LCAs and LCIs.

One of the options available on the market is the allocation in simple DI fixed income funds, which hold a portion of the portfolio allocated in private bonds with low credit risk, popularly known as DI Plus or DI Crédito Privado, which tend to offer higher returns than the CDI — a rate that closely follows the Selic.

For most of the experts consulted by the InfoMoney, The alternative can be effective for those looking at investments with lower liquidity, but should not be seen as an option for an emergency reserve — even though some houses offer products with daily liquidity.

“Eventually, it could be a replacement for shorter terms of 90 days”, says Fabrício Voigt, senior analyst at Aware Investments. The expert recalls that the credit portion of these products’ portfolios can be made up of assets such as financial bills (LFs) and Bank Deposit Certificates (CDBs), but that the risks of securities tend to be lower because the portfolio structure is diluted. in heritage.

However, there are some differences that need to be taken into account by the investor. Unlike LCIs and LCAs, DI funds Plus They do not have coverage from the Credit Guarantee Fund (FGC), which represents additional protection for investors who invest in some bank securities. It returns up to R$250,000 per investor and per financial institution, up to a ceiling of R$1 million, in case of problems at the institution, such as an intervention by the Central Bank.

Even without this additional protection, experts believe that the alternative can be an interesting option, as there is professional management behind it. In this case, the ideal is to evaluate the history of the manager and the fund, in addition to understanding whether the securities in the portfolio present lower credit risk.

Anyone who chooses to allocate to a DI Plus fund now, however, will have to prepare to pay Income Tax. The product does not offer the same exemption from IR as with LCIs and LCAs. These types of funds also usually charge an administration fee, for more active management of the portfolio, which usually varies between 0.40% and 0.50%, according to some products analyzed by the InfoMoney.

Take extra care

Despite being considered an alternative for the short term, Voigt argues that DI Plus funds should not be used as an investor’s emergency reserve, because they have private credit in the portfolio, which should increase caution.

Clara Sodré, investment fund analyst at XP, follows the same line and adds that it is necessary to understand the risks involved. “It could be an option as long as he has structured cash capital, with an emergency reserve, in Treasury bonds, for example.”

But there are those who do not recommend allocation to DI Plus funds as an alternative after changes in LCIs and LCAs. In the view of Marília Fontes, founding partner of Nord Investimentos, the ideal is for the investor to opt for a position in the Treasury Selic, if they are focused on the short term and prefer to take risk on the Stock Exchange and not with these types of funds.

The greater care is not for nothing. Events like the Americanas last year ended up negatively affecting the returns and shares of some DI funds that had private credit securities in their portfolio, such as retailer debentures, which makes the investment more risky if the objective is to leave an investment focused on emergency reserve.