O DesmistificandoFII foi criado em dezembro de 2015 e é o Research exclusivo de FIIs mais antigo do mercado. Em 2022 foi lançado também nosso relatório de Ações. Além produzir os cursos mais completos do segmento.
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RCM CONSULTORIA FINANCEIRA - LTDA, CNPJ: 34.961.595/0001-63
Retornos passados não são garantias de retornos futuros e o investimento na bolsa de valores gera riscos de perdas financeiras.
Período
26/09 a 02/10
Divulgação
04/10/2025
Este material destina-se única e exclusivamente aos assinantes do DesmistificandoFII
Research independente de fundos imobiliários mais antigo do Brasil
Analista de Valores Mobiliários
CNPI 6717
Carta aos Leitores
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Esta semana foi divulgado o IGPM de setembro, o qual apresentou variação positiva de 0,42%, ficando abaixo da última expectativa da Anbima, que era de 0,59%. Com esta variação, o índice acumula uma queda em 2025 de - 0,94%, mas uma variação positiva de +2,82% no acumulado dos 12 meses. O resultado impacta os reajustes dos contratos de locação dos FIIs de tijolo, uma vez que podem repassar uma inflação menor; no entanto, pode aumentar um potencial aumento do aluguel quando das revisionais.
Um ponto positivo que vejo deste índice é uma maior estabilidade. No mês passado foi de 0,36%, agora 0,42% e para o próximo mês a Anbima projeta 0,39%. A inflação faz parte da economia, mas um índice que tenha tanta volatilidade, como temos visto com o IGPM, não é bom e mostra uma economia um pouco desalinhada. Se for possível ter resultados mais estáveis, pode mostrar uma economia mais estável. Evidentemente que o dólar impacta consideravelmente o IGPM e, de certa forma, colabora para esta maior volatilidade.
O índice não é grande marcador para queda ou aumento dos juros, mas acaba influenciando a economia como um todo.
Uma curiosidade. Durante a pandemia vimos o IGPM dar um grande salto, enquanto o IPCA não acompanhou. Entre 01/2020 e 12/2022 o IGPM variou 52,94%, enquanto o IPCA variou 21,68%. Os anos foram passando, algumas mudanças na economia foram ocorrendo e este GAP vem fechando. Entre 01/2020 e 08/2025 o IGPM acumula alta de 55,62%, enquanto o IPCA acumula alta de 37,66%.
A primeira grande variação do IGPM teve a colaboração do dólar, que teve forte valorização, alcançando aproximadamente R$ 5,30 no final de 2022, o mesmo patamar que está hoje.
O interessante de olharmos esses dados é aprendermos a ter o cuidado de não investir olhando pelo retrovisor. Ao final de 2022 o que não faltavam eram pessoas explicando que o dólar iria a R$ 7,00 ou R$ 8,00, alguns até arriscavam dizer que ia a R$ 15,00, mas esses eram os alucinados; no entanto, nos 7/8 tinha muita gente que não é normalmente conhecida por ser alucinado. Passaram-se quase 3 anos e o dólar segue quase no mesmo patamar.
Outro ponto também era o receio de o que ocorreria com a inflação e com o IGPM, tendo em vista a rápida elevação, levando muitas pessoas a terem interpretações erradas em suas contas de investimentos.
O objetivo de apresentar esta curiosidade não é dizer para o assinante não investir no exterior, ou não ter capital em dólar. Não, nada disso. Apenas trago um dado para reflexão. Empilhar conhecimento não é apenas ler, é refletir e testar as nossas certezas, simples assim. Tomar decisões sobre o futuro pois algo está ocorrendo neste momento nem sempre é a atitude mais adequada. O que sempre devemos nos perguntar é se é razoável que aquele cenário continue a ocorrer.
Outro ponto a se refletir é o cuidado com as redes sociais para buscar informações sobre como e onde investir. As redes sociais são muito ricas em informações, tanto boas, quanto ruins. Sou um usuário assíduo, muito possivelmente você tenha me conhecido por lá, mas é importante cuidarmos com a forma como elas são usadas. É sempre importante lembrar que medo e euforia engajam mais do que racionalidade, logo, é importante o investidor conseguir colocar esse filtro para não ser mais um no medo ou na euforia.
Pense nisso.
Voltando para os nossos dados econômicos, a nossa NTNB 2040 fechou em patamares elevados, de 7,22%, voltando a subir.
Pois é, parece que o título longo do Governo Federal insiste em ficar na casa dos 7%, não tem jeito e isso vai impactando todo o mercado negociado em bolsa de valores.
Reforma do IR sobre os FIIs
Relendo a MP 1.303 com o auxílio de uma outra profissional do mercado financeiro, observei um ponto que tinha deixado passar. A MP 1.303 revoga o art. 16 da Lei 8.668, o qual prevê a isenção de IR no ganho de capital na venda de imóveis. Por sua vez, o art. 42 e o parágrafo único da MP não recolocam esta isenção, deixando apenas para ganho de capital sobre valores mobiliários e aluguéis de imóveis.
Em princípio acreditamos que tenha sido uma falha na técnica redacional; no entanto, pode ser que não.
Assim, no formato que a MP está, os FIIs perderiam a isenção no giro imobiliário.
Isso é ruim? Evidentemente que é, pode impactar o resultado dos FIIs.
Mas não é o fim dos FIIs. O Gestor não poderá ser displicente na movimentação imobiliária apenas para “destravar” uma valorização do imóvel. Imagine casos que o imóvel é vendido para um fundo, gera ganho de capital, mas tem opção de recompra. Hoje é fácil fazer isso, destravar a valorização e aumentar os rendimentos, mas, com a tributação passaria a ter um custo elevado para esta movimentação e os rendimentos poderiam ser prejudicados. Fundos como KNRI11, ou mesmo HGBS11, que não giram tanto o seu portfólio, praticamente não sentiriam o impacto. Evidentemente que deixaria mais caro fazer isso e é ruim; no entanto, como tenho dito, passa longe de ser o fim dos FIIs.
Depois, como já dito por mim, ainda teremos algumas discussões.
Seguindo, ao longo da semana foi aprovado na Câmara o PL 1087, sobre o imposto de renda. Não é o mesmo PL que analisei na última semana. Aquele era o PL do Senado, mas a Câmara também tinha um e decidiu acelerar tudo e aprovou. Agora o projeto vai para o Senado.
Na parte que nos interessa, a tributação dos investimentos, passamos a ter a tributação da chamada alta renda, ou seja, quem ganha acima de R$ 600 mil por ano. Quem receber mais de R$ 600 mil por ano passará a ter um imposto mínimo que vai elevando até 10% e quem recebe mais de R$ 1,2 milhões pagará 10%. Não é um imposto novo, é um imposto mínimo, ou seja, soma tudo que o investidor recebeu ao longo do ano, soma tudo que pagou de IR e verifica se este imposto representa mais ou menos que o imposto mínimo. Se for menos, precisa complementar, se for igual ou superior, não precisa pagar nada.
Com isso os FIIs serão tributados?
Do jeito que está não, mas se a MP 1303 for alterada e os FIIs passarem a pagar 5% de IR, a situação ficará pior para as altas rendas.
Para se chegar nesses valores acima de R$ 600 mil soma tudo e exclui-se apenas algumas coisas, entre elas, o seguinte:
Art. 16-A, § 3º, inc. IV - os rendimentos de títulos e valores mobiliários isentos ou sujeitos à alíquota zero do imposto sobre a renda, exceto os rendimentos de ações e demais participações societárias. Fonte: PL 1087 da Câmara
Se os FIIs mantiverem a sua isenção, eles vão manter a classificação de rendimentos de títulos e valores mobiliários isentos, logo, não incide a nova alíquota sobre eles, apesar de somar para achar o valor patrimonial.
Agora, se os FIIs forem tributados, ainda que minimamente, como 1%, já não entrariam nesta exceção e passariam a ter a fazer parte da alíquota mínima.
Assim, do jeito que temos hoje, os FIIs mantêm a isenção, mesmo nos casos de alta renda, mantendo a atratividade para esses investidores, que passam a ter um afunilamento dos produtos isentos. Mas, qualquer mínima tributação já os faria serem incluídos no IR mínimo.
Por fim, só um ponto importante. Na forma como o PL foi aprovado, todas as rendas isentas são somadas para verificar se o investidor precisa pagar o imposto mínimo ou não, mas, investimentos isentos saem da base de cálculo. Exemplo, o investidor ganha R$ 500 mil no ano de dividendos de ações e R$ 700 mil de rendimentos de FIIs. Inicialmente o investidor pode pensar “opa, não vou pagar IR”, mas não é bem assim. A soma das rendas dá R$ 1,2 milhão, logo, o investidor está classificado como alta renda e terá de pagar o imposto mínimo, só que, neste caso, a base de cálculo será de R$ 500 mil.
Os FIIs não vão acabar, mas....
Escrevi no último relatório que a mudança do regime caixa para o regime competência não vai acabar com os FIIs, como muitas pessoas estão dizendo, mas que devemos ter um período de transição um pouco difícil.
Refletindo sobre o que eu escrevi e sobre o que pode acontecer, decidi trazer o tema novamente, para deixar claro aos investidores que sigo acreditando não ser o fim dos FIIs, nem das boas distribuições mensais; no entanto, sigo entendendo que teremos um período de transição complicado.
Repetindo o que escrevi no último relatório: É claro, no começo a regra poderá gerar impactos bem negativos, pois os FIIs ainda não possuem esse colchão.
Se essa mudança passar, acredito que teremos muitos FIIs parando de distribuir renda, alguns reduzindo distribuições, outros precisando rever demonstrações financeiras e tantas outras situações que não conseguimos prever ainda. Neste cenário, muito possivelmente teríamos oscilações consideráveis nas cotações dos fundos, com um efeito manada em todo o setor. Mas, isso é só uma possibilidade.
E o que fazer neste cenário?
Não gosto da ideia de agir agora, sem que nada tenha sido aprovado. Imagina o investidor tomar alguma decisão e a MP não ser aprovada desse jeito e ser mantido o regime caixa? Terá sido uma ação precipitada.
Mas, caso passe, muito possivelmente os investidores vão agir de forma conjunta e possa ser difícil fazer algum nível de antecipação.
Assim, nesse momento, o que eu recomendo fazer é ter cuidado com carteiras que sejam compostas integralmente, ou com uma representação muito grande, por FoFs ou Multiestratégias que se assemelham a FoFs. Muitos investidores partiram para esta estratégia no passado, muitos dos quais ficando 100% FoFs, o que realmente fazia todo sentido e, ainda faz; no entanto, neste caso o investidor precisa analisar as demonstrações financeiras dos seus fundos e verificar se há prejuízos acumulados e como está a precificação do fundo no mercado. Caso haja prejuízo acumulado e não haja um desconto relevante que justifique manter a exposição, recomendo avaliar um giro de carteira e buscar mais FIIs de tijolo e FIIs de recebíveis. A leitura que tenho feito é que os FIIs de tijolo de gestão passiva podem passar, eventualmente, um pouco mais facilmente por uma tempestade, caso esta norma passe.
Mas, vou reforçar, o ideal é antecipar o movimento apenas em casos de grandes concentrações. Carteiras mais diversificadas eu recomendo esperar a tramitação e a decisão de algo.
E, importante, está é uma estratégia individual em que cada investidor precisará fazer a sua própria avaliação, com base nos ativos que compõe a carteira, quem sabe, até repensando eventuais carteiras 100% FIIs, como já escrevi em alguns relatórios.
Na carteira recomendada, como ela está diversificada e como escrevi no relatório passado, entendo não ser o caso de nenhum tipo de antecipação.
E, caso haja a mudança e ocorra uma tempestade perfeita, com quedas nas cotações?
Neste caso os investidores estarão diante de uma grande oportunidade. Ainda que alguns FIIs parem de pagar rendimentos temporariamente, os aluguéis/rendimentos vão continuar entrando no fundo e os Gestores vão seguir investindo aqueles recursos, apenas não poderão distribuir o rendimento. A geração de valor segue existindo, só não poderá ser distribuída por um tempo. Se ocorrerem quedas muito elevadas, teremos uma boa oportunidade. Ou seja, se for aprovada a mudança de regime caixa para competência, será interessante o investidor manter um caixa para oportunidades. Mas, vamos aguardar a tramitação.
Emissões
Uma pequena melhora de mercado já foi suficiente para surgirem algumas emissões. Ainda tímidas, muitas feitas para comprar imóveis com a troca de cotas, mas já ocorre.
Acredito que em uma melhora consistente do mercado, com queda dos juros futuros, teremos uma enxurrada de emissões. Normalmente, nesses cenários, quem sabe operar bem as emissões consegue gerar retornos melhores.
Assim, a minha recomendação é não deixe para aprender sobre isso apenas quando acontecer, mas estudar o que aconteceu no passado será muito importante para se preparar, caso ocorra.
Carteira Recomendada
| Data de Entrada | Fundo | Setor | Cotação | Valor Médio | Peso Atual | Recomendação | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Não há fundos cadastrados | ||||||||||
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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