Rain or shine, the rural producer needs to take care of the plantation to guarantee his harvest. In the financial market, the shareholder of an Investment Fund for the Agribusiness Productive Chains (Fiagro) must also be aware of the climatic risks that may affect their earnings. So far, however, this threat has had no impact on dividend payouts. According to data from the Brazilian Association of Financial and Capital Market Entities (Anbima), the segment reached a net worth of BRL 8.9 billion with 38 funds from 33 managers in 2022. The result is much higher than the amount of BRL 1.23 billion from 2021, when Fiagro was born. For the CEO of Kijani, Bruno Santana, Fiagro has the potential to multiply in size in 2023 and in the coming years. “The stock of receivables exceeds R$ 100 billion, and Fiagro has enormous potential to serve as an instrument for granting credit with attractive interest rates for investors,” he said. “We see a blue ocean in 2023. Growth will happen at greater speed and greater volume.”
Even though he recognizes the positive return and believes in more gains in the future, Santana remains alert in relation to the climate. “Agro had good years, but it is cyclical, it has peaks and valleys,” he said. He says that climate problems are recurrent. “They will happen and affect borrowers.” To minimize these risks, Santana works with a diversified portfolio in different cultures and regions of the country. “The maximum spraying possible, from borrowers from North to South, and from the entire chain of agro, soy, livestock, companies producing biological fertilizers, seeding and fruit”, he said.
“There is Fiagro yielding DI +5% to DI +8% in certain periods, well above fixed income” Guilherme Grahl, associate at Valora Investimentos.
WITHOUT INCOME TAX Almost all of the Fiagros that are listed on B3 buy agribusiness receivables certificates (CRAs) to compose their portfolios and deliver monthly dividends to shareholders. The model is the same as that used by funds that sell certificates of real estate receivables (CRIs). In addition to this advantage for investors who prefer to receive amounts regularly in their account, there is also the benefit of exemption from Income Tax (IR) on earnings. According to Guilherme Grahl, an associate at Valora Investimentos, Fiagros are achieving higher returns than traditional fixed income funds, which yield close to the CDI (the interbank deposit rate, which is 13.65% per year). “There is Fiagro yielding from DI +5% a year to DI +8% in certain periods, well above fixed income”, stated Grahl.
A survey by Órama with data collected by Quantum Axis shows that the 21 Fiagros available on the secondary market (traded on the Exchange) were paying, on average, 133% of the DI in December 2022, equivalent to 1.49% per month. Among the profitability stars in December were, in order, Leste LSAG (1.62% per month), Capitânia CPTR (1.44%), FG/A FGAA (1.43%), Valora VGIA (1.42% ) and OIAG Factor (1.39%).
Valora’s Fiagro (VGIA), according to Grahl, yields DI +5.7% per annum. It serves cooperatives and a portfolio of more than 10,000 rural producers. “It was more concentrated in the South region, in grains. Now, we are entering the Midwest, something with biofuels, sugar cane (plants) in São Paulo and Minas Gerais”, said Grahl.
Like him, the managers of Fiagro AAZQ, from AZ Quest, also adopt a strategy of dispersing risks. “It is a credit Fiagro, with opportunities in the sector of inputs, fertilizers, the whole part of food and beverage processing, wine, fruits, rice and dairy products”, said agro specialist Maria Tereza Romani. For his colleague in the management of Fiagro AAZQ, Idalicio Silva, the only risk that cannot be avoided is the climate. “The producer can harvest less because of a drought or delay the harvest because there is too much rain,” he said.
In equity, the largest Fiagro is Itaú Asset’s Rura, with BRL 673 million in funds. It delivered a dividend yield (return proportional to the value of the share) of 18.12% in 2022 and a return of 1.1% per month in December. Oblivious to the weather, Fiagro has yielded good results for investors.
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