Volatilidade e queda da Selic elevam demanda por crédito privado

Por Valor Econômico

Com a taxa básica Selic no patamar mais baixo da história, em 6,50% anuais, os investidores aumentaram a demanda por fundos de crédito privado, levando alguns gestores a lançarem novas carteiras com esse perfil.

Além de oferecer um retorno maior, esses fundos podem ser uma alternativa para os investidores em momento de estresse no mercado, como o atual, uma vez que os preços dos papéis privados tendem a ter uma volatilidade menor que a dos títulos públicos, que são ativos de maior liquidez, ou seja, mais fáceis de vender. Em maio, por exemplo, o índice Ima-Geral, que acompanha o desempenho dos títulos públicos, teve perda de 1,43%, enquanto o Índice de Debêntures Anbima (Ida) acumulou perda de 0,14%.

A captação dessas carteiras neste ano está forte. Levantamento da TAG Investimentos mostra que no acumulado dos últimos 12 meses até abril, os fundos de crédito livre captaram R$ 8,802 bilhões, enquanto os portfólios que investem em títulos públicos ou em papéis com grau de investimento, que oferecem retorno próximo aos dos títulos soberanos, tiveram entrada líquida de R$ 1,540 bilhão.

Com o aumento do interesse dos investidores por crédito privado, os gestores lançaram novos produtos com esse perfil. DLM Invista, AF Invest e JGP lançaram fundos de renda fixa de crédito privado e a Vinci Partners e a CSHG estudam abrir novos portfólios. A DLM Invista, que tem cerca de R$ 1 bilhão em gestão de crédito privado, abriu o fundo DLM Premium 30. A carteira tem carência para resgate de 30 dias e tem como meta uma rentabilidade em torno de 115% do CDI. “Temos observado um aumento da demanda por crédito privado e da tomada de risco como um todo”, diz Marcelo Domingos, sócio e gestor da DLM Invista.

A gestora foca em papéis de crédito privado com rating mínimo de grau de investimento e também tem comprado cotas de fundos de fundos de recebíveis – Fundo de Investimento em Direitos Creditórios (FIDC) – com garantias. A AF Invest também lançou um fundo neste ano com prazo de carência de 30 dias.

A gestora já conta com uma captação líquida de R$ 700 milhões em 2018.

A gestora tem R$ 2,6 bilhões sob gestão em dois fundos de crédito privado distribuídos no mercado e em carteiras exclusivas dos clientes da área de gestão de fortunas. “A queda de juros, aliada à redução da atuação do BNDES, criou um ambiente favorável para as empresas emitirem mais títulos, gerando oportunidade para os fundos de crédito”, diz Pedro Sternick, sócio responsável pela gestão dos investimentos da AF Invest.

Ele pondera, contudo, que a disputa eleitoral pode influenciar o volume de emissões. “O cenário político pode esfriar as emissões se não vier um candidato com um perfil pró-reforma.” O gestor tem preferido investir em crédito de empresas dos setores com maior previsibilidade de fluxo de caixa, como o de energia elétrica e saneamento. “Não gostamos muito de investir em setores cíclicos, como construção civil ou açúcar e álcool, mas analisamos caso a caso”, disse.

Já o gestor de crédito da JGP, Alexandre Muller, vê oportunidade de investimento em papéis de empresas de ciclo de investimento mais longo, como de construção civil, depois dessas companhias terem sofrido na crise. A gestora, que tem R$ 1,3 bilhão sob gestão em crédito privado, lançou uma carteira no fim do ano passado para ser distribuída exclusivamente na plataforma da XP Investimentos. “Tivemos um crescimento de 30% do patrimônio nos fundos dedicados a crédito”, diz Muller.

As novas emissões, no entanto, têm saído com spreads menores dado o aumento da demanda por esses ativos. Com o prêmio menor nas debêntures de empresas de primeira linha, a gestora do BTG Pactual tem buscado outros ativos, como a alocação em FIDCs e papéis de empresas estreantes no mercado, conta Albano Franco, sócio responsável pela área de crédito da BTG Pactual Asset Management. A gestora investiu, por exemplo, no FIDC da Light, cuja demanda por parte dos investidores chegou a R$ 2,6 bilhões, quase o dobro do tamanho da oferta de R$ 1,4 bilhão.

A primeira série do fundo saiu com remuneração de CDI mais 1,20% ao ano e a segunda série, com retorno de 5,75% mais a variação do IPCA. O BTG também sentiu esse aumento de demanda por fundos de crédito privado.

A carteira da gestora que aloca nesses ativos teve captação líquida de R$ 1,3 bilhão neste ano, dobrando o patrimônio, que era de R$ 1 bilhão em dezembro. Segundo Franco, esse portfólio teve boa performance inclusive durante a crise em 2015 e 2016. Desde o início da operação, em 2012, o fundo teve um retorno anualizado de 11,91%, contra variação de 10,60% do CDI.

“O fundo se beneficiou da queda dos spreads dos papéis de crédito em função da redução de juros e da escassez de títulos bancários de emissores financeiros de primeira linha”, diz Franco. Já a Vinci Partners tem focado em fundos com horizonte de investimento de longo prazo. A gestora, por meio da Vinci Crédito, avalia, a partir do segundo semestre, levantar um novo fundo de crédito de longo prazo, caso a conjuntura de mercado permita e os investidores estiverem receptíveis. O produto seria voltado para crédito corporativo de baixo risco, com lastro em garantias reais semelhante ao fundo que a Vinci já gere atualmente, de R$ 500 milhões com carência para resgate de 10 anos, que está em fase de desinvestimento, retornando capital aos seus cotistas.

O novo fundo teria uma meta de retorno equivalente à remuneração das Notas do Tesouro Nacional – série B (NTN-B) – que são títulos públicos atrelados à inflação – mais um spread entre 200 a 300 pontos-base e será voltado para investidores profissionais.

“Enxergamos a captação de um segundo fundo como sendo um caminho bastante natural”, diz Marcello Almeida, sócio da Vinci. A gestora tem um fundo mezanino de infraestrutura de R$ 1,2 bilhão, que compra papéis de dívida, que também está na fase de desinvestimento. A Vinci ainda foi selecionada neste ano pelo Banco Nacional de Desenvolvimento Econômico e Social (BNDES) para gerir o fundo de energia sustentável de R$ 500 milhões que tem o banco como cotista. A carteira tem prazo de investimento de 15 anos e aplicará em debêntures incentivadas de projetos de energia renovável.

“O mercado de crédito é uma das classes com maior potencial de crescimento nos próximos anos se considerarmos o nível de concentração bancária que existe no Brasil”, diz Marcello Almeida, sócio da Vinci Partners.

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