18
Relatório Semanal
Período
30/03 a 05/04
Divulgação
09/04/2023
Este material destina-se única e exclusivamente aos assinantes do DesmistificandoFII
Research independente de fundos imobiliários mais antigo do Brasil
Rodrigo Costa Medeiros
Analista de Valores Mobiliários
CNPI 1597
Fundos abordados:
Carta aos Leitores
Ouvir
Dados Econômicos
Esta semana não tivemos dados econômicos relevantes divulgados.
Um dado que foi bastante comentado nos meios de comunicação é sobre o aumento dos aluguéis residenciais em todo o Brasil, indo um pouco na linha do que venho explicando ao longo dos relatórios e do curso sobre o ciclo imobiliário. Com a valorização imobiliária, era esperado que em algum momento isso refletisse nos aluguéis, o mesmo deve ocorrer no futuro com os aluguéis comerciais. É uma equação simples, ou o aluguel se ajusta ao valor das propriedades ou será melhor vender as propriedades, o que poderia gerar desvalorização dos imóveis.
Depois, esta semana chegamos a ter uma queda considerável dos juros futuros, onde vimos o Tesouro IPCA 2035 chegando a negociar com juros de 6,05%, mas rapidamente já retornou para 6,13%.
Os juros futuros estão ensaiando uma queda já tem algumas semanas, na linha da expectativa de corte nos juros. Apesar da queda dos juros futuros nos últimos 30 dias, o IFIX seguiu em queda, especialmente em razão dos FIIs de recebíveis e, aparentemente, uma preocupação com a tributação dos FIIs.
A alteração da composição societária da Bluemacaw, que passou por uma cisão e parte será controlada pela VBI
Esta semana a VBI assumiu a Gestão de 4 FIIs que eram da Bluemacaw, são eles, BLMR11, BLMO11, BLMC11, BLCA11., ficando a gestão da Bluemacaw apenas do fundo de logística, o BLMG11.
O FoF BLMR11 está em nossa carteira pela qualidade da carteira do FoF, pelo desconto sobre o valor patrimonial e pela qualidade que eu observava na Gestão da Bluemacaw. Com a mudança de Gestora, a visão sobre o fundo altera?
Não. Venho comentando como destaco a VBI uma das excelentes gestoras do nosso mercado. O FoF deles, o RVBI11, vem sendo bem gerido, mas dificilmente tem desconto sobre o valor patrimonial e tem uma carteira mais concentrada em recebíveis. Quando inserimos o BLMR11, o objetivo era justamente ter um FoF mais concentrado em tijolo, especialmente logístico.
Não sabemos os planos de futuro da VBI para esses fundos, mas não descarto uma proposta de fusão ou algo do tipo. Apesar disso, não vejo nenhum motivo para alterar a recomendação.
Algumas curiosidades dos demais fundos e eventuais sinergias na VBI. O BLMO11 é proprietário de parte do Torre Oeste do CENU, sendo que o TRNT11 é proprietário da Torre Norte, do mesmo complexo. O TRNT11 tem a possibilidade de ter a Gestão transferida para a VBI. Seria possível fazer um excelente fundo com os dois prédios. O BLMO11 tem 100% de ocupação, diferente do TRNT11. O BLMO11 é um fundo que ficou muito pequeno e tem um custo de existência muito elevado, uma fusão com o TRNT11 seria o caminho.
O BLCA11 é outro fundo de escritórios, mas com uma característica mais semelhante ao PVBI11, já que é proprietário de 6 andares do imponente Pátio Victor Malzoni. O fundo tem uma enorme alavancagem de 56% do ativo total; no entanto, uma alavancagem muito baixa, de 5,90% + IPCA. Seria um case bem interessante para incorporar no PVBI11.
Por fim, o BLMC11, um FII de recebíveis. Tem excelentes CRIs e negocia com desconto de 20% sobre o seu valor patrimonial, mas “negocia” é foça do hábito, nem dá para dizer que o fundo negocia algo, já que a média diária dificilmente passa de R$ 10 mil. Então isso não é negociar. Um fundo muito pequeno em que a sua existência não se justifica mais, a VBI vai precisar incorporar rapidamente para dentro do CVBI11.
Estudo dos FoFs
Esta semana apresento um estudo sobre os FoFs que existiam antes de 30/12/2019.
O estudo acabou ficando longo, em razão da quantidade de dados que foram analisados. É um estudo que já gostaria de fazer há muito tempo e foi possível neste momento. O estudo não conseguiu trazer um resultado objetivo, como uma classificação dos Gestores, mas nos trouxe muitos aprendizados.
Apesar de não ser possível fazer uma classificação dos Gestores e dos fundos, foi fazer alguns destaques entre os FoFs analisados (BCIA11, CXRI11, HFOF11, RBRF11, KFOF11, CRFF11, BCFF11, HGFF11, BPFF11, MGFF11, RBFF11, OUFF11 e XPSF11). Os destaques foram RBRF11, HGFF11, HFOF11, CXRI11 e BCFF11.
Um aprendizado muito importante, algo que já sabíamos, é que fazer emissão abaixo do valor patrimonial no FoF é extremamente prejudicial.
Uma surpresa foi observar que tamanho não é documento. Há uma ideia de que FoF muito grande pode ter dificuldade de girar a sua carteira e ficar meio preso ou que FoF muito grande não consegue ter um bom desempenho e só serve para proteção, mas isso não se confirmou. No final o que vai importar é a estratégia do fundo, não importando o seu tamanho.
Um dado interessante do estudo foi demonstrar que, na média, eles possuem resultados melhores que o IFIX, mesmo os FoFs tendo custos que o IFIX obviamente não possui. Já tentaram demonstrar que os FoFs possuem resultados piores que o IFIX, comparando a evolução de suas cotas e os seus rendimentos; no entanto, isso é errado.
O Gestor não controla o valor de sua cota, ele controla apenas o valor patrimonial e os rendimentos e, ao controlar isso, no longo prazo a sua cota também vai refletir um resultado melhor, é evidente. No entanto, se pegarmos uma janela de tempo, especialmente em um momento de crise e tentarmos olhar para as cotações, podemos ter esta sensação de que os FoFs se saem pior que o IFIX, mas na média isso não se mostrou verdadeiro para os FoFs estudados. A capacidade de controlar o valor da cotação de um FoF em geral está ligada a melhor capacidade de marketing do Gestor do que propriamente a sua capacidade de gerar resultados.
Um dos pontos mais importantes do estudo é que, se você tivesse comprado FoF ao final de 2019, pagando o valor patrimonial deste, o qual considerava a grande valorização das cotas dos FIIs, você teria tido, na média, um desempenho acima do IFIX. Na verdade, dos 13 fundos analisados, apenas 5 não tiveram resultados acima do IFIX, sendo que 3 deles o motivo foi a emissão abaixo do valor patrimonial.
Assim, pagando o valor patrimonial de um FoF, no momento que os FIIs estavam mais valorizados, atravessando todo o período desafiador que passamos, esses FoFs conseguiram entregar um resultado, olhando para o valor patrimonial e os rendimentos distribuídos, acima do IFIX na média, comprar esses FoFs com 15%, 20% e até 25% de desconto sobre o valor patrimonial, em um momento que os FIIs estão muito descontados, a tendência é que se consiga ter resultados muito acima do IFIX. Isso pelo fato de que há uma tendência de que o FoF vá conseguir entregar um resultado acima do IFIX olhando para o seu VP+rendimentos e, com o passar das incertezas, ainda teremos o fechamento de gap entre o valor de mercado dos FoFs e do valor patrimonial, gerando um ganho extra.
Confira mais no estudo, que pode ser acessado na Hotmart juntamente com este relatório.
O que comprar na carteira
Com o estudo feito, o grande destaque fica para HGFF11. Além de HGFF11, sigo vendo HGBS11 como a melhor opção no setor de shoppings e com um desconto muito relevante, olhando para a sua capacidade de gerar receita.
Dentro dos FIIs de recebíveis, o desconto de KCRE11 segue muito elevado e não se justifica pelo perfil do fundo.
Setor de escritórios
Neste relatório vamos observar em BRCR, KNRI e RBRP um movimento de melhoria nas locações, o que vai aumentando o otimismo com uma melhora do setor de lajes, especialmente a região da Chucri.
Podemos ver também, em CPFF11, o FoF da Capitânia, um otimismo maior com o setor.
Carteira recomendada
Reforço que a Carteira Recomendada consta em todos os relatórios semanais, com a atualização de se o fundo está com recomendação de “compra” ou “manutenção”. Ela pode ser encontrada ao final do relatório, depois dos comentários sobre os fundos.
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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DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
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Carteira Recomendada
| Data de Entrada | Fundo | Setor | Cotação | Valor Médio | Peso Atual | Recomendação | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Não há fundos cadastrados | ||||||||||
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