41
Relatório Semanal
Período
22/09 a 28/09
Divulgação
02/10/2022
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
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”. A Carteira Recomendada está depois dos comentários sobre os fundos.
Não fizemos alterações esta semana.
Dados econômicos
Esta semana tivemos a divulgação do IGPM de setembro, apontando nova deflação, agora de -0,95%, após já ter caído -0,70% em agosto. A expectativa da Anbima é que em outubro o índice fique negativo novamente, em -0,12% e em novembro fique muito baixo, em +0,28%.
Essa sequência de deflação e inflação baixa, tanto em IGPM, quanto em IPCA, permite um maior controle da inflação, pelo o que venho explicando sobre a inflação inercial e possibilitará uma queda dos juros, caso o cenário de inflação controlada ocorra. Novas quedas dos juros tendem a valorizar os FIIs e nos FIIs de recebíveis não será diferente.
Quanto ao IGPM, é importante ressaltar que BARI11, fundo em nossa carteira, é um dos mais expostos ao IGPM, com 28,08% de sua carteira indexada neste índice e que vai sentir o impacto; no entanto, BARI11 tem como característica um delay médio entre a inflação e o impacto nos seus resultados de 3 meses. Tanto que o resultado de agosto do fundo foi de R$ 1,21, apesar da opção por distribuir R$ 1,05. O fundo atualmente tem uma reserva de R$ 0,96 que conseguiria estabilizar bem o rendimento mesmo com esta sequência de deflação, apesar disso, não descartaria algum nível de redução do rendimento, tendo em vista a sequência elevada de deflação.
Isso não muda em nada a recomendação de manutenção do fundo em carteira, mas a expectativa das quedas nas cotações foi o que me fez alterar o seu status para “manutenção” recentemente.
Ainda sobre inflação, o boletim Focus voltou a reduzir a expectativa de inflação para este ano, a 13ª queda seguida, passando a ter uma expectativa de 5,88%; no entanto, vislumbro a possibilidade de novas quedas nessa expectativa, tendo em vista as novas expectativas para a inflação de setembro e outubro. A Anbima alterou a sua expectativa de deflação para setembro, passando de -0,12% para -0,32%, já para outubro passou de +0,38% para +0,30%. Se a inflação em novembro e dezembro for de +0,50% a.m., teríamos o IPCA fechando o ano em 5,42%, motivo pelo qual prevejo uma queda naquela expectativa do boletim Focus e que poderá levar a novas quedas dos juros futuros.
Ocorre que para este movimento realmente ocorrer e não voltarmos a ter uma inflação muito elevada no final do ano, será necessário o dólar interromper este ciclo de valorização.
Assim, neste momento o que conseguimos ver é que ainda em setembro e outubro a inflação será muito baixa, com deflação ainda e os FIIs de recebíveis vão seguir sentindo impacto em seu lucro líquido, sem exceção, sendo que alguns, como os da Kinea, sentem maior impacto em suas distribuições.
Rendimentos dos FIIs de recebíveis
Como já previsto, os rendimentos dos FIIs de recebíveis divulgados nesta última sexta-feira continuaram reduzindo, tendo os fundos da Kinea confirmado o que escrevi no relatório de 11/9/22 sobre a possível opção da Gestora em não complementar os rendimentos com os lucros acumulados e deixar que eles reflitam a deflação de forma integral.
De todas as quedas, a grande surpresa ficou em VCJR11, pois o fundo ainda tinha reserva para manter o rendimento mais estável e não era da Kinea, apesar da administração Intrag. O fundo optou por também repassar integralmente a deflação e fez uma distribuição de apenas R$ 0,15, sendo que somente com o relatório vamos analisar adequadamente o resultado.
É importante destacar que este mês é o pior mês para os fundos da Intrag (KNIP, KNHY, KNSC e VCJR), pois é o mês que esses fundos refletem a média da inflação de julho e agosto, que foram os dois meses negativos, dando -0,52%. Por isso observamos uma queda tão acentuada nos rendimentos. No próximo mês esses fundos ainda vão refletir a deflação de agosto e a prevista para setembro, a qual, confirmada a expectativa da Anbima, teríamos uma deflação média de aproximadamente -0,36%, mantendo os rendimentos desses fundos em patamares próximos desses distribuídos neste mês. A expectativa seria apenas para o rendimento a ser anunciado em novembro melhorar, mas ainda deverá ter uma inflação média de zero, pois vai ser usado os meses de setembro e outubro.
O investidor atento deve ter sentido falta do KCRE11, também administrado pela Intrag, no parágrafo anterior. É que o fundo não usa a média dos últimos dois meses, mas dos dois meses pulando um, ou seja, a distribuição deste mês usou a média de julho e junho, ou seja, de uma inflação média de zero e isso fez o fundo distribuir R$ 0,35. No final de outubro o fundo vai anunciar o rendimento e então vai refletir as deflações de julho e agosto, quando vamos ter -0,52% nessa média. Considerando as estratégias apresentadas pela Kinea, possivelmente o fundo deve zerar o rendimento ou chegar muito perto disso. Nunca sabemos o quanto isso pode assustar os investidores, mas há grandes probabilidades de novas quedas.
Agora é importante lembrar que este movimento de deflação é transitório e no final do ano, início de 2023, voltamos ao normal, possivelmente não uma inflação tão alta, mas também não tão baixa, e isso fará os rendimentos dos FIIs de recebíveis voltarem ao normal e possivelmente as suas cotações.
Por isso que este é o momento de começarmos a olhar com atenção para as cotações desses FIIs e aproveitar bons preços.
O que seria um bom preço nesses FIIs? Sabemos que nunca vamos acertar o ponto mais baixo de queda de um ativo, por isso as compras precisam ser feitas aos poucos nesses momentos, quando quedas na cotação gerem desconto sobre o valor patrimonial de 8% ou mais, momento que as quedas começam a ser exagerada, ainda que os próximos rendimentos sejam baixos.
Dito isso, vamos aos destaques de quedas nos rendimentos:
- VCJR11 – R$ 0,15 – queda de 78%
- KCRE11 – R$ 0,35 – queda de 65%
- KNHY11 – R$ 0,37 – queda de 51%
- KNIP11 – R$ 0,35 – queda de 39%
- KNSC11 – R$ 0,50 – queda de 28% - importante lembrar que KNSC11 tem uma boa participação em CDI, por isso a queda é menor
Outros fundos, de outras Gestoras, tiveram pequenas quedas também, mas ainda seguiram pagando próximo 1% de rendimento, por isso não destaquei.
Com essas distribuições de rendimentos os fundos da Kinea e da Vectis deixam claro que não vão usar suas reservas para equalizar os seus rendimentos, mantendo-as para situações de perdas por default. Como sabemos como os investidores são reativos aos rendimentos, a expectativa é que tenhamos quedas nas cotações ao longo dos próximos dias ou até das semanas. Além disso, os rendimentos vão seguir baixos nas distribuições de outubro e de novembro, sendo que para KCRE11, as piores distribuições ainda serão em outubro e novembro.
Assim, sigo mantendo os FIIs de recebíveis como em manutenção na carteira recomendada, mas é importante acompanharmos eventuais quedas exageradas nesses fundos e que fizessem gerar descontos muito elevados, os quais seriam totalmente corrigidos com o retorno dos rendimentos à normalidade, o que não deve ocorrer nos meses de outubro e novembro.
Para facilitar ao assinante, segue uma tabela com os valores patrimoniais desses fundos:
Continuo entendo que KCRE11 seja, entre eles, o mais descontado; no entanto, como possivelmente o fundo vai zerar ou chegar muito perto de zerar o rendimento no próximo mês, seria interessante que o investidor só fizesse aquisições de suas cotas se o desconto sobre o valor patrimonial for mais significativo, como os 10% de desconto que chegou no começo de agosto de 2022.
Depois, alguns outros fundos de recebíveis também começam a ter descontos bem relevantes, como RECR11 e CVBI11, sem que haja uma expectativa de rendimentos igual nos da Kinea e também seja interessante observarmos.
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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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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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.
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