Funds have net inflow of R$10.3 billion in May, says Ambima

The fund industry recorded net inflow of R$ 10.3 billion in May, according to data released this Monday (8) by Anbima (Brazilian Association of Financial and Capital Market Entities).

In the year to date, there is a net inflow of R$188.2 billion. The industry's PL (net worth) is approximately R$11 trillion.

The positive result in May was driven by fixed income, which accounted for net inflows of R$10.4 billion. Within the class, the main boost came from low duration sovereign funds, which invest entirely in public bonds, with net funding of R$22.9 billion.

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At the other end, free duration free credit funds, which can maintain more than 20% of their portfolio in medium and high credit risk securities in Brazil or abroad, led the outflows, with net redemptions of R$6 billion - a relevant slowdown in relation to the R$12.7 billion observed in the previous month.

"The fund industry continues to demonstrate resilience, even in an environment of greater risk aversion in local and international markets," said Pedro Rudge, director of Anbima, in a note. "Fixed income funds continue to stand out in this scenario, despite the recent volatility in private credit funds, which are now experiencing an accommodation in flows."

Index funds (ETFs) also contributed to the positive performance of the industry. ETFs had the second largest net inflow among fund classes in May, with R$3.5 billion. In the year to date, the class's funding already totals R$25.8 billion, an amount higher than that recorded in the same period last year, totaling R$3.8 billion.

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Other highlights of the month were FIDCs (investment funds in credit rights), investment in participations (FIPs) and Fiagros (investment in agro-industrial chains), which recorded positive net inflows of, respectively, R$2.5 billion, R$2.2 billion and R$97.8 million.

In the year to date, FIPs lead among these classes, with net inflows of R$24.4 billion, above the R$21.5 billion recorded by FIDCs and the R$4.4 billion achieved by Fiagros.

On the negative side are stock, pension and multimarket funds. Multimarkets led net outflows in May, with redemptions of R$6.4 billion - the fourth consecutive month of negative funding for this class. Even so, in the year to date, the balance remains positive at R$1.4 billion.

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Equity funds, in turn, recorded net outflows of R$149 million in the month, taking accumulated redemptions for the year to R$5.6 billion. Pension funds had withdrawals of R$2 billion in May, accumulating negative net inflows of R$4.7 billion in 2026.

Profitability
In fixed income, all types of funds had positive results in May. The highlight was the external debt funds, which invest at least 80% of their assets in external debt securities of the Union, with a profitability of 1.7%.

Among multimarkets, the leadership went to protected capital funds, which recorded a return of 2.3%. In equity funds, all types showed negative results. Those that suffered least were investment funds abroad, with a loss of 1.5%.

Source: CNN