Uncertainties lead to record for investors in Treasury direct

Facing an unpredictable political scene and a volatile market, investors left in the Treasury direct. In July, were 107,000 new entries, the largest entry in a month since the beginning of the program, in 2002-and 27000 above the previous month. People are also applying more: 16000 new active registrations were up from 10000 in June. In total, more than 2.3 million entries in the buying and selling of Government securities, an increase of 55.7% in the last 12 months. "This could be a whole new level," believes Paulo Marques, Manager of Treasury direct. According to him, the uncertainty both abroad and in the internal market tend to lead people to less risky applications – and, of course, they fall in fixed income, in spite of the interest in a historically low level. The twist in the Treasure happens in a scenario that would penalise the majority of investments considered riskier as multi-strategy funds and shares, says the professor of finance from Coppead/UFRJ Carlos Heitor Campani. He recalls that June, the month that preceded the Treasury's record, the accumulated loss of 5%, while the dollar rose 4 percent. "Fear leads people to the opposite extreme." The great demand by the Selic Treasure – 47% of sales – reinforces the thesis of Campani. This title is considered the safest, because it follows the basic interest rate. It allows rescue at any time without risk of loss, because, regardless of the scenario, the investor earns interest. + Invest in brokerage is not always better than on looking for other titles, Marcos Piellusch, professor of finance at the FIA laboratory, points out that there are good returns they call the investor for that application. To give an idea, the treasure IPCA + 2024, is paying a rate of 5.86% more variation in inflation. Another example is the title prefixed with maturing in 2021, with 9.85% rate. In comparison with products with administration fee greater than 0.5% per year (average cost the Treasury more custody rate income tax), these are good yields for low risk, says. + You can get financial independence only with Treasury direct? These titles, however, suffer from the marking to market-active price update. IE: If the investor wants to get rid of titles before the deadline, is subject to a new rate, which can be greater or less than the initial. If it takes until maturity, you will have no surprises and will receive the contracted rate. In addition to the current scenario, Isaias Lund, a Professor of finance at the FGV, points out that financial education is also one of the reasons for the record. She believes that investor profile – which makes low contributions and look for the short term-is not so attentive to the situation, but the alternatives to savings, and the treasure is the gateway. Today, the book is at a disadvantage because it pays 70% of the Selic. The Selic would 2023 Treasure, for example, a net return of 6.38% annually; already the savings, of 5.5%.