Since mid-May the background BTG Pactual Debt Infrastructure (BDIF11) started to be traded below its book value. In other words, those of the fund (already considering the effects of mark-to-market) have a higher market value than investments traded on the secondary market. In other words, it is a good time to enter the fund, according to Odilon Costa, an investment bank analyst.
Costa did not include in the account the dividend of approximately R$ 3.96 per share that the fund will distribute on the 23rd of this month.
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Unlike real estate funds, in which equity quotas are estimated by specialized companies, credit funds’ equity quotas are basically measured by marking debentures to market in the secondary market. This is because the infrastructure funds segment is still in its infancy. BDIF11 is one of the first funds of its kind in the Brazilian market: it was launched just two months ago.
The fund invests in fixed-income assets, more specifically infrastructure debentures and incentivized assets covered by law 12,341. This feature makes it exempt from income tax and capital gains for individuals.
The BDIF11 seeks a return equivalent to the IPCA+ Treasury (NTN-B) of duration equivalent to the portfolio + 2% to 2.5% per year. The application makes semiannual distributions of the income paid on invested assets, in June and December.
The fund’s portfolio currently comprises seven assets: bonds issued by two electricity generators (Echoenergia and Norte Energia), an energy transmitter (Parintins), a telecom (Brisanet), a mobility company (Metro Rio) and two highway concessionaires (Way 306 and Rodovias do BR), with a duration ranging from 4.4 to 11.3 years.
BDIF11 is only available to qualified investors, who have more than 1 million reais to , via . Just get the ticker. Each share of the fund sells for around R$100.
- Access to assets not normally available to retail investors (ICVM issues
- Flexibility to adopt active management as it is a closed-end fund – there are no redemptions, as the shares are traded only on the secondary market
- Redemption term shorter than that of open incentive debenture funds
- Management with experience in
- Credit risk (concentration of the portfolio in few assets)
- Market risk (securities subject to mark-to-market effects)
- Liquidity (the market is still in its infancy and trading is gradually increasing)