What are the new mutual funds that seek to fight lower rates like?

What are the new mutual funds that seek to fight lower rates like?
What are the new mutual funds that seek to fight lower rates like?

After the resounding lowering of rates by the Central Bank, which affected the returns not only of fixed terms but also of extremely liquid mutual funds (FCI), Savers and companies were left with almost no instruments to defend their pesos from still high inflation.

FCI industry relaunched “tailor-made” funds for this new situation: they offer a daily performance and can be redeemed on the day, but at a rate that can be 10 percentage points superior to that given these days by the so-called money market.

The move by Luis Caputo and Santiago Bausili to transfer the pesos from the banks to Treasury debt securities positioned the Lecap with a monthly rate of 4.2%well above the monthly profit that a fixed term in a bank promises and the returns that different funds can give money market.

In the main entities, The annual return on time deposits ranges between 28% and 32%. Meanwhile, the FCIs in which you can invest via virtual wallets pay lower real returns, although they do not yet reflect them in the apps.

In this context, several Alyc (Settlement and Compensation Agents) took the opportunity to relaunch different versions of fotwo called t+0that settled on the day, but they invest in the Treasury Lecap. The first is Balanzwhich presented its Performance Fund II, which combines an investment mainly in Short-term Lecap with other immediate liquidity instruments. In theory, it offers a average annual rate that reaches 44%

can be invested from $1,000. Although it offers the possibility of redeeming on the day, that is why it is in the universe of T+0 funds, liquidity is not instantaneous, but the investor can make his money at market close. This type of background appears as a intermediate option between those with extreme liquidity and those that offer one-day redemptions (T+1).

“The Balanz Performance II fund offers an excellent opportunity for individuals and companies seeking to maximize their returns in pesos with an investment option that remains conservative and short-term. Thanks to its composition of Lecaps and its liquidity policy, investors will be able to access their funds quickly and efficiently, collecting on the day, after the market closes,” indicated Gabriela Friedlander, Asset Management Director of Balanz.

The search for savers arises at a time when the dollar, despite last week’s rise, remains virtually flat. The reading of the fund administrators is that it is convenient for both people and those who manage the companies’ cash. slightly increase your risk exposure, and invest in Treasury debt, but gain from the rate differential.

The fund manager Max Capital It also presented its T+0 fund that invests in Lecap. Nicolas Guaia, CFO of Max, explained: “It is a T+0 fixed income fund, which invests 80% in Lecap and the rest in extremely liquid instruments such as sureties, fixed terms and repos. It is a strategy that It remains conservative, although it prioritizes liquidity. “It can be an efficient option for the treasury of a company that knows it has to leave the money invested for, say, a week or more.”

Guaia explained that “the opportunity” for the appearance of this type of funds is given by different factors: “On the one hand, the Treasury’s strategy of raising rates above those paid by the Central Bank. On the other, due to the recent decision by CNV and the Central to unify the settlement terms to T+1, which means that there is more liquidity in this type of term. This fund exposes the investor to greater volatility, but the fact that there are Lecap tenders every time. 15 days as the Treasury recently announced, provides a horizon of predictability“, said.

 
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