Fiagro became the product of the year: 600,000 investors and record issuance
There are 57 funds listed on B3 and R$10.2 billion issued through September. The CPR stock topped R$474 billion.
To save you time4
- How many investors hold Fiagros?
- More than 600,000 individuals on B3, across 57 listed funds.
- How much was issued?
- R$8.3bn in 1H and R$10.2bn through September, up 274.7%, per Anbima data.
- And CPRs?
- The stock of CPRs on B3 topped R$474bn in June, versus R$418bn a year earlier.
- What's the risk?
- A Fiagro is agri credit: with rural defaults rising, check concentration, collateral and unit liquidity.
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While banks close the tap, investors open theirs. The Fiagro: Brazil's exchange-listed agribusiness investment fund, has become the product of the year.
The numbers
- More than 600,000 individual investors on B3.
- 57 funds listed.
- R$8.3 billion issued in 1H and R$10.2 billion through September, up 274.7%.
- The stock of CPRs (rural product notes) on B3 topped R$474 billion in June (from R$418 billion a year earlier).
Why it grew so much
CRAs lost ground after the collateral rule change, and tax-exempt money moved to Fiagros. Add a high Selic, which makes CDI-linked income shine.
The other side
A Fiagro isn't a savings account. It's agri credit, and agri credit is riskier now: Banco do Brasil just showed rural delinquency near 7%.
What I'd watch
Before buying, check three things in the fund report: borrower concentration, collateral type and unit liquidity. In a default cycle, that's what separates yield from losses.
