Those who invested part of the FGTS (Fund for the Guarantee of Length of Service) in Eletrobras during the privatization of the company can now migrate the resources to other funds, diversifying the investment.
Investors had to wait six months after privatization to reallocate the applications, made via the FMP (Mutual Fund for Privatization). Called “monoation”, FMPs only allow investment in shares of a single company. With the end of the term, interested parties can migrate to free portfolio funds, which buy any type of share.
“One has an active management (free portfolio) and the other a passive management. This brings a difference in the management rate of these funds. Those with a free portfolio can reach 2% per year, while those with passive management, of a single share, have a lower rate, around 0.4% pa”, says investment advisor Laís Freire Nunes.
“At the same time, this active management can be a risk, because of the selection of stocks, the diversification of the fund”, says Laís, who recommends analyzing risks and exposure. “But it is a dilution to leave a single asset, a single risk”, he assesses.
The specialist says that for investors with a more conservative profile, migrating resources tends to be more interesting, since free portfolios can have exposure of up to 49% in government bonds, fixed income, which brings a reduction in volatility and dilution of risks.
For more daring investors, who are comfortable taking risks for more profitability, it is recommended to look for free portfolio funds with more exposure to variable income and other assets.
Investment analyst Alexandre Milen also defends migration to dilute risks. “If the equity is small, you can leave it there at Eletrobras. But imagine if the same thing happened to Americanas? That’s why diversification is always healthy”, says Alexandre Milen.
For the CEO of Harami Research, the advantage of continuing to invest only in Eletrobras would perhaps be the lower cost of administration. “It’s still high, considering that it’s just managing one asset. In theory, it could be cheaper than 0.40%”, he says.
What are the application options?
According to CVM (Securities and Exchange Commission) data, there are currently nine free portfolio FMPs available to investors.
Last week, BTG Pactual launched two FMPs that can receive funds from other FMPs, resulting from the privatization processes of Eletrobras, Petrobras and Vale.
The initial investment in the FMP FGTS Reference Absoluto Carteira Livre and FMP Reference Absoluto Moderado Carteira Livre products is R$ 200, with an administration fee of up to 2% per year.
The FMP FGTS Reference Absoluto Carteira Livre portfolio is made up of 95% of shares in companies from different segments and 5% of public securities. The FMP Reference Absoluto Moderado Carteira Livre has a rate of 1.5% per year and includes 60% of the strategy in variable income and 40% in public bonds.
XP also launched two free portfolio products, that is, for investment in any stock listed on B3.
THE XP Investor Carteira Livre FMP has, on average, 15 to 20 shares of companies from different sectors. The XP Balanced Carteira Livre FMP, according to the institution, is for investors looking for less volatility. This fund has 51% exposure to equities and 49% to fixed income sovereign bonds.
Bradesco highlights two FMP-FGTS funds that can receive resources from Eletrobras’ FMP. Bradesco FMP-FGTS Carteira Livre is an Ibovespa passive fund, with a management fee of 0.90% per annum. Bradesco Multiportfolio FMP-FGTS Carteira Livre follows the flagship dividend with a rate of 1.50%.
The bank states that the portability must be done where the investor has his FMP. “And each institution has a specific flow to deal with said portability”, says Bradesco.
Caixa has an FMP Carteira Livre: the Caixa Carteira Livre RF49 FMP FGTS, able to receive migrations from shareholders of other privatization mutual funds.
The Caixa product management fee is 1.90% pa, and its investment policy allows for allocation to shares and up to 49% of the portfolio to public securities.
The migration of resources from one FMP to another is allowed after six months from the investment in the original FMP.
“It is also important to consider that this transfer is not considered a rescue, so there is no Income Tax charge”, says Laís Nunes.
After the minimum period of 12 months, the investor can request that his capital be returned to the FGTS account. The money will be in the guarantee fund account five days after the request.
Only investors with resources allocated in FMPs can request the change. It is not possible now to use the FGTS to buy Eletrobras shares.
According to Caixa, manager of the FGTS, the worker may request the withdrawal of the FGTS during the grace period in the five cases allowed by law for withdrawing the guarantee fund.
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