6
Relatório Semanal
Período
23/02 a 01/03
Divulgação
05/02/2023
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
Caro leitor,
Antes de revelar o relatório dessa semana, eu quero trazer aqui um pronunciamento da minha parte, pois o que tem nele é extremamente importante para você.
Nele consta o que estou chamando de O NOSSO MELHOR PROJETO DE 2023.
Ele não ficará no ar por muito tempo, então eu recomendo você tocar no link abaixo e vê-lo antes de seguir com as informações do relatório - será breve.
Importante – Área do assinante
No início dos relatórios passará a constar o reforço sobre a existência da área do assinante no site do desmistificandofii.com. Nessa área os assinantes conseguem acessar com o seu e-mail cadastrado todos os relatórios feitos desde dezembro de 2017, por meio de uma pesquisa chamada de “tag”, onde é possível localizar os relatórios em que um determinado FII foi tratado. Caso você não lembre a sua senha, não há problema, é bem fácil de reiniciar pelo próprio site. Não deixe de usar essa ferramenta para revisar a sua carteira ou antes de comprar um fundo. Uma pesquisa simples pode evitar que você compre fundos como XPCM11, com clara recomendação de venda, ou fundos como BBFI11 ou CXCE11.
Dados econômicos
Esta semana tivemos reunião do Copom e, confirmando as expectativas, os juros foram mantidos em 13,75%. Destaco do comunicado o fato de que as expectativas do Copom para o caso de se manter a Selic constante neste patamar no que ele chama de “todo o horizonte relevante”, que seria até o segundo semestre de 2024, a inflação seria de 5,50% em 2023, ou seja, acima da meta e de 2,80% em 2024, ou seja, abaixo da meta. Por sua vez, se considerar a redução dos juros prevista no boletim Focus, terminando 2023 em 12,50%, então teríamos uma inflação de 5,60% em 2023 e de 3,40% em 2024, ambas acima da meta, sendo que para 2023 estaria acima até do limite superior de tolerância.
A meta de inflação para 2023 é de 3,25% e tem tolerância de 1,50pp, podendo ir até 4,75%.
Dentro deste comunicado do Copom é difícil imaginar em uma redução dos juros neste ano de 2023, o que continuaria pressionando todos os ativos brasileiros, nos quais incluímos os FIIs.
Isso também geraria impactos reais nas empresas, com mais dificuldades de tomarem dívidas, impactos relevantes na construção civil, com dificuldade de financiamento dos imóveis, além do próprio aumento de gastos do Governo com juros.
A leitura do comunicado do Copom é que há pouco espaço para uma redução da taxa de juros, a não ser que tenhamos um movimento de queda de inflação novamente, a qual poderia ser impulsionada por uma queda do dólar ou das commodities.
Neste momento não temos muito como trabalhar com hipóteses de queda das taxas de juros e precisamos acompanhar todos os dados de inflação para avaliar uma possível redução, o que seria pequena.
Um fator que poderia mudar este cenário é a mudança das metas, a qual parece ser discutida pelo atual Governo, mas que há muitas divergências do impacto positivo na economia.
Durante este período, os FIIs devem continuar bem pressionados.
Esta semana também tivemos a divulgação da decisão do FED sobre os juros americanos, subindo em 0,25 pp, passando para o intervalo de 4,50% a 4,75% e, segundo a fala de seu presidente, é possível que ocorram apenas mais duas altas iguais, o que pararia os juros americanos em 5,00%-5,25%. Esse ponto também é importante, pois juros muito elevados nos EUA acabam dificultando reduções no Brasil.
Por enquanto, não temos novidades, os juros continuam altos e vamos precisar seguir acompanhando.
Rendimentos do Mês
Esta semana a maioria dos fundos divulgou os seus rendimentos e vamos ver alguns destaques.
AIEC11 – O fundo divulgou um rendimento de apenas R$ 0,18, bem abaixo do seu recorrente de R$ 0,75. Isso não é motivo de preocupação. O fundo tinha divulgado no seu último relatório gerencial de que o rendimento de R$ 1,32 em dezembro era devido ao adiantamento de aluguel, consequentemente, o mês de janeiro teve este ajuste.
BBRC11 – Conseguiu manter os rendimentos em R$ 0,99, como já vinha prevendo.
BRCO11 – O rendimento de BRCO11 caiu R$ 0,03, pagando R$ 0,62, exatamente como tinha escrito no relatório de 22/01/2023; no entanto, só com o relatório gerencial para podermos verificar se o fundo não segue complementando o seu lucro para manter a distribuição um pouco mais elevada. A expectativa é que se o fundo distribuir o seu lucro líquido, o rendimento seria menor.
FIIB11 – O fundo divulgou um rendimento de R$ 3,25. A expectativa era uma queda do rendimento para R$ 3,38 e no próximo mês. Será necessário acompanhar o próximo relatório para verificar se o fundo explica o motivo dessa queda, já que ele não costuma fazer linearização de rendimentos.
Fundos da Kinea de recebíveis – Não foi bem uma surpresa, uma vez que já vinha explicando sobre esse aumento nos rendimentos dos fundos da Kinea, tanto que inserimos KCRE11 na carteira. Mas todos eles pagaram excelentes rendimentos. Nesse rol incluímos também VCJR11.
PQDP11 – O fundo pagou um rendimento de apenas R$ 10,38. Será interessante analisarmos o relatório gerencial para entender o motivo de tamanha queda. O fundo normalmente não tem o seu melhor rendimento em dezembro, mas a queda foi acima do normal. Em HPDP11 já vimos problemas no repasse da receita pelo shopping, em razão das mudanças que ocorrem em Aliansce Sonae. Não dá para dizer se foi o mesmo aqui, mas logo será possível confirmar, com o rendimento de janeiro sendo divulgado pelo SHDP11, já que com ele conseguimos adiantar do rendimento de PQDP11.
Lojas Americanas – um caso de aprendizado
Esta semana saiu uma decisão da Justiça do Rio de Janeiro para impedir despejos da empresa por causa de aluguéis anteriores ao deferimento da recuperação judicial.
Destaco da decisão dos seguintes trechos:
A atividade empresarial da recuperanda através de suas lojas físicas é tão imprescindível quanto através do e-commerce, e por este motivo, há de ser obstada a possibilidade de despejo em razão dos aluguéis concursais.
Por todo o exposto, ratifico a decisão liminar concedida cautelarmente e concedo a tutela de urgência incidental, para determinar que todas as concessionárias, principalmente Enel e Light, que já notificaram a recuperanda, abstenham-se de interromper a prestação dos serviços essenciais, em qualquer estabelecimento do Grupo Americanas, para a cobrança de créditos sujeitos à presente recuperação judicial, ou seja, todos aqueles cujo fato gerador tenha ocorrido antes do pedido de recuperação judicial, sob pena de multa diária de R$ 100.000,00 (cem mil reais).
Fonte: Decisão judicial no processo n. 0803087-20.2023.8.19.0001, proferida em 01/02/2023
Observem que a proteção dada pela Juiz da recuperação judicial é apenas referente às dívidas anteriores, exatamente como já expliquei em relatórios anteriores. Ou seja, se a empresa ficar inadimplente com os aluguéis após a recuperação judicial, o despejo é possível.
É certo que nos primeiros 12 meses de recuperação judicial é possível que haja também decisões para impedir o despejo, especialmente com o Juiz considerando os imóveis essenciais para o funcionamento da empresa; no entanto, tal situação é mais difícil. Além disso, os aluguéis após a recuperação judicial são chamados de extraconcursais, ou seja, são pagos antes das dívidas anteriores ao pedido de recuperação judicial.
Veja que interessante este ponto. Na doutrina financeira o investimento em dívida é considerado menos arriscado que o investimento direto em empresa, tendo em vista a possibilidade de recebimento. No caso das Lojas Americanas significa dizer que se você tivesse comprado dívidas das Lojas Americanas, você teria um risco menor do que se tivesse comprado ações das Lojas Americanas. E isso é verdade, pois veja aqui, em uma recuperação judicial ou falência do caso, quem investiu em ações pode nunca receber nada, a empresa simplesmente deixar de existir, mas quem tem as dívidas, apesar de receber menos, alguma coisa pode vir a receber. Isso ocorre pelo fato de que primeiro serão pagos os credores, para só então ver se sobra algo e devolvido aos acionistas (quem comprou as ações).
Mas observe, tem alguém que ainda vai receber antes desses dois, o crédito extraconcursal, entre eles o aluguel vencido depois do deferimento da recuperação judicial. O proprietário do imóvel, no caso o FII, não perde o seu patrimônio, que segue intacto, e ainda tem prioridade no recebimento dos valores em caso de falência, recebendo prioritariamente até sobre os tributos devidos antes da recuperação judicial.
Isso nos mostra, de certa forma como investir em imóvel para locação tem um nível de conservadorismo.
Aproveitei esse episódio da Americanas para produzir mais conhecimento para o investidor de FIIs, apesar de ser meio repetitivo sobre o que já escrevi em relatórios anteriores.
O que ler
Sugiro a leitura do tópico de HCTR11. No último relatório escrevi sobre a reestruturação de um CRI de IRDM11, mas faltou uma reflexão e um comentário.
Este CRI renegociado de HCTR11 parece muito com o de IRDM11, não tem como afirmar 100% de certeza que é o mesmo, mas é quase certo que é. Sendo ou não, a reflexão aplica-se aos dois.
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.
O que comprar
Sempre buscamos fazer alguns destaques de FIIs da carteira e até fora da carteira para orientar os assinantes que desejam ter carteiras diferentes e aportar mais recursos. Essa parte do relatório é feita pelo menos duas vezes por mês.
Neste primeiro relatório do mês de fevereiro, não posso deixar de destacar as novas quedas dos FoFs, que voltaram a cair de forma muito substancial. No comparativo de valor de mercado com o último VP, o fundo da CSHG o HGFF11 é um dos mais descontados, o seu desconto já passa de 20%. Se usarmos o VP atualizado, conforme o Gestor disponibiliza em sua página, o desconto continua bem exagerado, de 17%. O outro destaque é BLMR11, que alcançou o desconto de 19% sobre o VP, algo bem difícil de ocorrer, uma vez que o fundo é altamente concentrado em FIIs de tijolo. Este VP de BLMR11 deve reduzir um pouco, como explicado adiante, reduzindo esse desconto, mas ainda entendo ser uma excelente opção.
O destaque de compra é BLMR11, seguido de HGFF11.
Já em recebíveis, dentro da carteira recomendada, o destaque é KCRE11. O valor de R$ 89,00 no relatório com a recomendação de compra não era um preço teto para o fundo, mas um preço teto para ganho de capital naquela oportunidade. Enquanto KCRE11 estiver com mais de 5% de desconto sobre o valor patrimonial, ou seja, R$ 93,00, ainda vejo espaço para se ter um bom ganho de carrego, com os rendimentos, bem como ganho de capital. O ideal é sempre pagar o menor preço possível.
Mas, um novo fundo caiu muito e entrou em nosso radar, é XPCI11. O fundo de recebíveis da XP tem uma carteira muito boa, com um perfil mais HG e sua cotação caiu a ponto de ter um desconto sobre o valor patrimonial de 16,78%, é quase desconto sobre o valor patrimonial de fundos HY e não faz sentido para o seu perfil de carteira. A sua carteira não tem uma rentabilidade alta, dada a qualidade dela. O seu spread médio de juros na marcação a mercado é de 6,61%+IPCA e 2,83%+CDI, sendo que 67% é IPCA e 33% é CDI. Ocorre que com este desconto sobre o valor patrimonial, esse retorno sobe potencialmente. O fundo divulga uma análise de sensibilidade da seguinte forma:
 76,42 |
O fundo acaba linearizando tudo como IPCA ou CDI. Se pegarmos o IPCA, a cotação em R$ 80,00 geraria um spread de 9,05%+IPCA, mas a cotação está em R$ 76,42, o que nos dá aproximadamente um spread de 10%+IPCA em uma carteira prioritariamente HG, em um fundo com uma taxa de administração em linha com o produto (1%) e sem taxa de performance. Não faz sentido esse preço. Avaliei colocar na carteira, mas teríamos que fazer novos giros, vendendo fundos bons e descontados, e sei que nem todos os assinantes gostam desses giros. Assim, neste momento não faremos. Mas o desconto de XPCI11 é muito elevado e a recomendação é de compra.
Sobre os demais setores. Em logística, neste momento, a preferência seria por RBRL11, o qual segue caindo e já li até piadas de que algum imóvel teria pegado fogo, de tanto que a cotação cai. Mas não passa de piada da internet mesmo, sem invalidar a minha preferência por LVBI11 e todas as demais recomendações.
Esses são os destaques desta semana.
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:
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
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