Funcef, Brazil’s third-biggest pension fund, is looking to buy stakes in petrochemicals, pulp and paper and infrastructure companies to beat a performance target by about 4 percentage points, the fund’s president said.
“We are cautiously increasing our investments in equities, in some sectors that have better prospects and won’t suffer too much with the crisis,” Guilherme Lacerda said in a Bloomberg Television interview in Sao Paulo. Surpassing the target “is not a dream.”
Funcef, the pension fund for workers at state-owned bank Caixa Economica Federal, has a target of at least 5.5 percentage points above the annual inflation rate, which was 5.9 percent in February. The fund, which manages the equivalent of 32 billion reais ($14.2 billion), returned 1.7 percent in 2008, he said.
The average return for Brazilian pension funds last year was down 1.6 percent, according to the Pension Fund Association.
Brazil’s Bovespa index fell 41 percent in 2008 as credit losses and write downs topped $1 trillion in the worst financial crisis since the Great Depression and the U.S., Japan and Europe fell into the first simultaneous recessions since World War II.
The pension fund has 1.5 billion reais to buy stakes in petrochemicals, pulp and paper and infrastructure companies through private equity funds, Lacerda said.
Funcef’s real estate portfolio outperformed last year, allowing the fund to close with a gain, Lacerda said. Funcef has 2.5 billion reais invested in real estate.
“Brazil is suffering with the crisis, but some equities are very attractive, compared to the returns it can give,” Lacerda said.
To contact the reporter on this story: Fabiola Moura in New York at fdemoura@bloomberg.net
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