Is VRTA11 still worth it?

vvseoclaubbd360

It aims to invest in real estate financial assets, such as: CRIs, LCIs, FII shares, among others. It is managed by Fator Gestão de Recursos, from Banco Fator, with more than 20 years of experience in the market and, currently, the 38th largest real estate fund manager in the market, according to ANBIMA. The FII has a broad base of shareholders (more than 123 thousand investors) and has very good daily liquidity, trading an average of R$2 million per day since the beginning of 2020. Its cost for the shareholder is low, as the fund only has an administration fee of 1.0% per year on its market value. Despite not having a performance fee, which takes away some of the alignment between management and shareholders, Fator Verità has a target profitability of IGP-M + 6% per year. Based on its investment profile in middle yield credits, the Fund delivered an accumulated profitability much higher than that of IFIX and that of the Gross CDI accumulated since its creation.

Remembering that this measure always considers the reinvestment of earnings. Accumulated return. Accumulated return. Source: Economatica At the beginning of 2019, the fund underwent important changes in the management team, when part of the team responsible for structuring and Brother cell phone list monitoring the portfolio left the manager to found Iridium Gestão de Recursos. But once the uncertainties arising from the change have passed, the fund remains in good hands. The current management team is highly qualified and has extensive experience in structuring real estate loans. Portfolio The good diversification of its portfolio draws attention to Verità. Currently, the fund has a portfolio made up of 62 CRIs, very well distributed among debtors, with none of them representing more than 7% of the fund's net worth. When it comes to receivables funds, good portfolio diversification is essential, as it helps to dilute the risks of specific credits to which the FII is exposed.




The segment associated with CRI debtors is predominantly civil construction (22.4%), which was already expected, although VRTA11 also has some exposure to operations involving other sectors recognized for their resistance, such as: food (15 %), logistics (7%) state-owned (5.4%), among others. Debtor sector Source: Fator Verità Another relevant characteristic of the fund is its notable diversification in terms of securitization of operations. Although it is a secondary diversification when compared to that of debtors, it is also important, as it provides the fund with lower risk specific to certain structurings associated with a single securitization company. Securitization Source: Fator Verità Another positive point we see in Verità's portfolio is the greater exposure to CRIs linked to inflation (83% of its assets). Remembering that the fund passes on the inflation distributed by the CRIs in the proceeds distributed to its shareholders, requiring the investor to reinvest part of the dividends received.