The number of investment funds in agro-industrial production chains (Fiagros) more than doubled in 2023 compared to the previous year. This is what a report published this Monday (1) by the Securities and Exchange Commission (CVM) shows. The industry closed December with 97 Fiagros, growth of 106%.
The net worth of these funds increased by 262%, closing last year at R$38 billion. The Fiagros-FII concentrate 45% of this equity. Until December, the category was also the most representative in terms of the number of funds, with 50% of the total.
“Agribusiness continues to grow above average, which demonstrates its strength in the capital market. This growth has been constant and reflects the opportunities in this market”, says David Menegon, Securitization and Agribusiness manager at CVM.
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Despite growth in 2023, the Fiagros listed on the stock exchange face turbulence at the beginning of 2024 and deliver negative profitability to investors in March. Some funds had problems with default, which even contaminated the shares of Fiagros, which did not report challenges in the last quarter.
For experts, the still limited number of investors helped to accentuate the turbulence in these securities in the last month. Until December, 64% of Fiagros had between 2 and 5 thousand shareholders. Only 12 already had more than 15 thousand shareholders.
More than half (55%) of Fiagros’ investments are in CRIs (Real Estate Receivables Certificates) and CRAs (Agribusiness Receivables Certificates), with real estate (16%) and credit rights (15%) next.
