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
13/02 a 19/02
Divulgação
21/02/2026
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
Ouvir
Esta semana foi divulgada a segunda prévia do IGPM de fevereiro, tendo fechado no campo negativo em -0,70%, o que fez a Anbima rever a sua projeção do IGPM de fevereiro de -0,24% para -0,64%.
O comportamento do IGPM e do IPCA não é obrigatoriamente igual, mas não podemos ignorar que pode haver pequenos “contágios”. A queda do IGPM tem uma ligação na queda do dólar e de preços de commodities. Isso pode gerar impacto inflacionário negativo de longo prazo.
São bons sinais para possíveis quedas dos juros, mas, ainda estamos bem longe, melhor cuidar com o otimismo.
E, por falar em juros, a NTNB 2040 segue em patamares elevados, de 7,20%.
E, sobre juros, acho interessante resgatar uma fala do ex-Presidente do Banco Central, Roberto Campos Neto, sobre os juros neutros do Brasil:
E mais adiante, na reportagem, temos o seguinte:
"Usamos 4,75% para a estimativa de juros neutros. Está entre 4,5% e 5%", afirmou Campos Neto no evento “Cenário econômico do Brasil e desdobramentos para 2025”, promovido pela Aurum Wealth Management & Multi Family Office e Veedha Investimentos, em São Paulo.
"A taxa neutra no Chile é em torno de 1%; no Brasil é 4,75%", comparou.
Isso significa que, para termos um cenário de equilíbrio, quando a inflação está relativamente controlada, os juros reais ficariam em 4,50% e 5%, sendo isso um número elevado. Na prática, juros neutros são a taxa de juros que não estimula nem desacelera a atividade econômica do país. Quando os juros estão acima do nível neutro, a política monetária é considerada contracionista, pois tende a frear consumo, crédito e investimento. Quando estão abaixo, a política é expansionista, estimulando a economia e, potencialmente, a inflação.
Hoje observamos a NTNB 2040 pagando cerca de 7,20% reais, enquanto a Selic entrega um juro real superior a 10%.
O espaço para queda de juros no Brasil é muito grande e se isso acontecer, o potencial de valorização de ativos de risco é muito grande. Difícil de acreditar, pois estamos há mais de 10 anos nessa promessa de “está barato”, pois é, mas isso acontece. É claro, para acontecer algo mais forte precisamos de reformas econômicas, e reformas econômicas só serão feitas se tivermos mudanças políticas, por isso a eleição é um fato tão relevante para o universo dos investimentos.
Em geral o mercado tenta antecipar melhoras. Parece que a alta das ações na bolsa aos poucos vai “contaminando” os FIIs e gerando pequenas valorizações, mas só acredito em uma valorização mais robusta dos FIIs caso ocorra a queda da NTNB e essa parece que só vai cair com sinais mais claros de alguma reforma que controle o gasto fiscal, ou sinais de que a Selic vá cair consideravelmente. A questão é que, mesmo com a Selic caindo para 12%, ela ainda entregaria juros reais superiores aos de uma NTNB. Assim, se o investidor entende que a probabilidade de novas quedas relevantes é limitada, a tendência é permanecer alocado na taxa pós-fixada.
Claro, o universo dos investimentos não é tão carregado de racionalidade assim. Ainda precisamos da massa de investidores pessoas físicas vindo para a bolsa de valores, quando vamos observar uma valorização realmente elevada, mas isso só acontece quando a rentabilidade do “CDB” do banco começar a ficar abaixo de 10% a.a..
Assim, tivemos mais um dado positivo em termos inflacionários, mas a queda dos juros futuros ainda tem tido dificuldade de ocorrer. Aproveitem.
FIIs de tijolo x FIIs de recebíveis
Ao longo deste relatório, o investidor vai observar que em alguns momentos vou escrever sobre determinados FIIs de recebíveis que negociam com um desconto pouco relevante sobre o seu VP e, apesar de serem bons, o investidor deve começar a priorizar os FIIs de tijolo.
Conhecendo os nossos assinantes como eu conheço, já antecipo a pergunta de vocês: não entendo que seja o momento de sair vendendo FIIs de recebíveis de forma genérica e ir para os FIIs de tijolo.
Apenas entendo que possa ter chegado o momento de que FIIs de recebíveis, sem um desconto relevante, possam ficar em um segundo plano, priorizando alguns FIIs de tijolo, FoFs e até alguns FIIs de recebíveis com desconto relevante.
É evidente que isso vai depender de cada carteira. Um investidor que está com uma baixa concentração em FIIs de recebíveis, pode sim comprar um pouco mais desses FIIs, quem sabe até alguns desses citados neste relatório, dada a qualidade; no entanto, quem já tem uma posição adequada, que no meu ver é entre 25% e 30%, deveria priorizar, para novos aportes, os FIIs de tijolo, dado o momento de queda de juros.
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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.
Principais Destaques
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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