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Período
24/10 a 30/10
Divulgação
01/11/2025
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
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Dados Econômicos
Esta semana o FED fez o segundo corte em sua taxa de juros, uma redução de outros 0,25. Com isso os juros americanos passaram para a faixa de 3,75% a 4% ao ano. Isso faz com que diferença entre os juros reais entre o Brasil e os EUA aumentem, ficando ainda mais distante. Atualmente temos uma diferença de mais de 800 bps, o que é muita coisa.
Esta semana também foi divulgado o IGPM de setembro, o qual fechou em deflação de -0,36%, abaixo da expectativa da Anbima que era de -0,22%. Com isso o índice acumula alta em 12 meses de 0,92%, o que gera forte impacto na correção dos aluguéis. É uma queda muito rápida do índice, o qual acumulava alta em 12 meses de 8,50% agora em maio de 2025.
Impactos diretos nos FIIs? Mínimos.
A decisão do FED não gerou impacto em nossos juros futuros. A NTNB 2040 fechou em 7,25%. Assim, não temos impacto na precificação dos FIIs. Depois, na próxima quarta-feira teremos a decisão do Copom, mas não é esperado nenhum corte de juros. Ou seja, não será que isso a mudar o patamar dos juros futuros e a precificação dos FIIs.
Já o IGPM mais baixo vai impactar os reajustes de aluguéis. Nos setores que observam uma maior demanda, especialmente o logístico, isso apenas atrasa o aumento do aluguel para a revisional. Aluguéis que tiveram revisionais muito recentemente e passam por reajustes neste final de ano vão acabar não tendo um repasse de inflação. Aluguéis com contratos atípicos normalmente seriam os mais afetados em uma situação dessas, pois a revisional demora para ocorrer; no entanto, em geral eles são reajustados pelo IPCA.
Este cenário segue favorecendo a montagem de uma carteira mais diversificada na minha visão.
Consulta Pública CVM
A CVM iniciou um processo que deve levar a modernização da regulamentação dos FIIs. Na página da CVM, destaco o seguinte trecho:
Você que gosta de ser mais ativo na evolução dos FIIs, é possível participar da consulta pública, mandando sugestões e comentários até o dia 30/01/2026 no e-mail: conpublicaSDM0625@cvm.gov.br
Se você tem uma boa ideia, participe, vai que da sua ideia surja uma evolução para esta incrível classe.
Fundos de Recebíveis X Fundos de Tijolo
Quem vai subir mais se os juros caírem? Ou quem vai subir mais rápido? Ou quem vai subir antes?
O texto de hoje será um pouco mais técnico e não me estenderei tanto nos pormenores. Quem investe há pouco tempo, ou não fez o nosso curso avançado, poderá ter dificuldade de entender. A minha recomendação é ler mesmo assim e buscar entender, pois é um tema muito importante.
Em uma queda dos juros e a sua manutenção em patamares mais baixos por mais tempo faz com que os FIIs de recebíveis tenham uma mudança dos juros médios de aquisição, consequentemente, uma redução dos rendimentos. Essa redução dos rendimentos, por sinal, já começa a ocorrer antes da queda, com a redução da inflação e vai se estendo a depender do tamanho da queda e do tempo que os juros ficarem mais baixos. Isso ocorre de forma obrigatória, dada a dinâmica de um FII de recebíveis.
É evidente que tal situação pode gerar um efeito de não permitir a valorização tão expressiva dos FIIs de recebíveis, já que sabemos a relação direta entre dividendos e cotação, ao que pese o contrário não ser verdadeiro.
Por sua vez, os FIIs de tijolo não possuem esta dinâmica de forma obrigatória e, mesmo em uma queda dos juros, os seus rendimentos podem e tendem a continuar subindo, o que deixa as suas cotações mais livres para valorizarem.
No final, de forma bem resumida e didática, poderíamos dizer que os FIIs de recebíveis tendem a se comportar como um título de renda fixa com uma duration curta e os de tijolo como um de duration longa.
Ao dizermos isso, estamos, de certa forma, afirmando que o potencial de valorização de um FII de tijolo será maior que um de recebíeis no caso da queda os juros.
Mas será isso? Ou melhor, será isso a ocorrer?
Obviamente não temos bola de cristal e não temos como dizer o que vai acontecer, mas, podemos olhar o cenário atual e buscar entender quais os potenciais.
Tudo que eu disse acima está correto e, em um mundo ideal, sim, os FIIs de tijolo poderiam valorizar mais; no entanto, o mundo não é ideal e as premissas vão variando.
E a primeira premissa que precisamos considerar é o VP. Os investidores olham muito para VP, o que não é errado, o errado é a supervalorização deste indicador.
Em uma queda dos juros futuros o VP dos FIIs de recebíveis valoriza de forma imediata, enquanto os FIIs de tijolo não. Então, se eu tenho dois FIIs, um de recebíveis e outro de tijolo, ambos negociando em uma relação p/vp de 1, após uma queda de 6 meses seguidas dos juros futuros, apenas o VP dos FIIs de recebíveis alteram imediatamente, enquanto os FIIs de tijolo precisam passar pelo processo de reavaliação para observar isso, a qual é feita apenas anualmente.
Depois, como estamos há muito tempo com os juros futuros elevados, os juros médios de aquisição dos FIIs de recebíveis subiram muito, o que faria o VP ter uma maior valorização, bem como uma eventual redução dos juros médios demorar.
Assim, uma queda dos juros futuros leva a uma alteração mais rápida dos indicadores dos FIIs de recebíveis, o que poderia levar esses a terem uma valorização.
Isso significa que eles vão valorizar mais que os FIIs de tijolo? Com certeza não, mas não seria de descartar que eles teriam uma pequena valorização antes dos FIIs de tijolo.
A segunda premissa que precisamos considerar é o desconto que o fundo negocia em relação ao seu VP. Não tem sido muito fácil achar FIIs de tijolo de qualidade com descontos relevante para o seu VP. Ok, é certo, eu sempre ensino que o VP não reflete tão bem o valor atual e real das propriedades, mas precisamos considerar que os investidores olham bastante para este indicador. Ocorre que em FIIs de recebíveis conseguimos achar alguns descontos, alguns até bem expressivos. Assim, qualquer mudança de juros que faça o VP subir, aumenta este GAP. E, qualquer otimismo que gere um fechamento deste GAP, levaria a uma valorização de curto prazo potencialmente maior para esses com descontos mais elevados. Claro, desde que tenham qualidade, mas isso eu nem precisaria falar.
A terceira premissa é a Selic. A Selic hoje gera um juro real próximo de 10%, enquanto nas NTNBs geram um pouco mais de 7%. Ou seja, a Selic precisa cair bem só para chegar nos juros reais oferecidos pela NTNB. A não ser que haja uma conjunção de queda na Selic com melhora da expectativa econômica/política, ou uma queda rápida na Selic, pode ser que observemos quedas na Selic e pouca alteração nos juros futuros. Se isso acontecer os FIIs de tijolo poderiam levar mais tempo para valorizar. Quanto mais tempo para valorizar eles possam levar e menor seja os seus rendimentos, maior pode ser o diferencial dos FIIs de recebíveis.
Depois, a Selic “gera” o CDI e muitos FIIs de recebíveis possuem títulos atrelados a este índice, consequentemente, o rendimento permanecerá alto por um bom tempo, mesmo com quedas pontuais da Selic, mantendo este carrego elevado, que só seria compensado com a valorização das cotas pela mudança dos juros futuros.
Assim, apenas uma queda rápida da Selic, juntamente com uma mudança de expectativa sobre a economia brasileira para um viés mais otimista, é que poderíamos observar uma maior valorização dos FIIs de tijolo que os FIIs de recebíveis; no entanto, até lá, no curtíssimo prazo, entendo que os FIIs de recebíveis podem gerar ganhos (valorização + rendimentos) superior aos FIIs de tijolo. Como uma corrida em que um atleta sai correndo na frente, em um ritmo louco, ganhando do adversário, enquanto este mantém o seu ritmo constante. Com o passar do tempo o atleta que disparou cansa, reduz bem o ritmo e aquele que seguiu o ritmo vai lhe passar e seguir abrindo distância. Este último atleta seria o FII de tijolo bem gerido.
Evidentemente que se nós acharmos FIIs de tijolo descontados, a equação muda bem; no entanto, cada vez mais está difícil achar esses com descontos elevados. Os descontos estão mais atrelados a própria realidade de NTNB, do que propriamente um desconto da classe.
Em conclusão a este texto, como sempre, tudo dependerá de como os fatores econômicos e políticos vão ocorrer nos próximos meses, como a mudança de expectativa dos investidores possa mudar e, principalmente, os ativos escolhidos para estar na carteira.
Mas, eu não quero deixar o assinante sem respostas para as perguntas iniciais, assim, vou me arriscar a responder um pouco mais objetivamente.
Quem vai subir mais se os juros caírem?
Em um processo de queda dos juros por um bom tempo, os FIIs de tijolo tendem a subir mais.
Ou quem vai subir mais rápido?
No cenário mais provável neste momento, que seria uma queda gradual da Selic, com uma queda tímida dos juros futuros (podem intensificar a depender do cenário político) e com a aquisição de bons FIIs de recebíveis descontados frente ao VP, entendo que esses devem subir mais rapidamente; no entanto, a analogia do corredor vai se aplicar e o FII de tijolo seguirá o seu ritmo, passando o FII de recebíveis. Isso, claro, pensando em uma queda consistente dos juros no longo prazo. E aqui entra o grande problema, ninguém acredita em uma queda consistente e longa dos juros e, caso isso ocorra, pode ser que o FII de tijolo não corra em um pace suficiente para passar aquele que saiu da disparada.
Ou quem vai subir antes?
No mesmo cenário anterior, o FII de recebíveis.
Dito tudo isso, como aproveitar este cenário?
O primeiro ponto é comprar FIIs de qualidade e descontados. Sim, montar uma carteira diversificada, mas estar atento a não pagar preços esticados em alguns FIIs de tijolo. Ficar de fora dos FIIs de recebíveis pode reduzir o potencial de crescimento patrimonial; no entanto, ao ficar muito concentrado em FIIs de recebíveis você pode não ter a agilidade suficiente na movimentação dos recebíveis para os tijolos, se é que alguém terá esta habilidade.
O segundo ponto são os FoFs/Multi. Muitos desses fundos estão com descontos relevantes sobre os VPs e eles possuem FIIs, muitas vezes concentrados em FIIs de recebíveis, com descontos relevantes para o VP. Um Gestor pode conseguir se movimentar mais rápido entre as classes do que você, especialmente por questões emocionais, e isso gerar muito valor.
Veja o caso do BCIA11, um excelente fundo, negocia com 16% de desconto para o VP e tem uma concentração da carteira em FIIs de CRI de 43%. A sua maior posição, PCIP11, com 12% de desconto para o VP, a segunda maior posição, RBRY11, com 4% de desconto para o VP. A terceira maior posição, XPML11, um fundo que não tem um desconto tão elevado, mas dadas as suas características, pode ser um dos que lidere a valorização entre os FIIs de tijolo. Não seguirei com toda a posição do BCIA11, apenas vou replicar o gráfico que está no relatório gerencial:
Fonte: https://fnet.bmfbovespa.com.br/fnet/publico/exibirDocumento?id=1013566&cvm=true
Tirando janeiro que é um ponto fora da curva, ao longo de 2025 o fundo vem negociando com descontos expressivos e dando oportunidades de investimentos.
Dentro deste cenário que eu desenhei, vejo que uma das formas de melhor aproveitar é ter essa classe de fundos, como BCIA11. Depois, é manter a diversificação adequada, não concentrar demais em tijolo, ou recebíveis, bem como estar atento a eventual oportunidade de giro, sem nenhum tipo de viés que lhe impeça, no futuro, de mudar. Mas, caso você tenha dificuldades em movimentações, seja por falta de tempo, seja por receio de fazer o certo, ter a classe FoFs/Multi é essencial.
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.
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