A foreigner is optimistic about the shot of the bag … place, not much
If Gringo is optimistic IbovespaThe site will be cautious, with the foreign flow index for nominal records.
A feeling research BTG Pactal (From the same test control group) with Buy the side It shows that organizers are still looking for a room to congratulate the scholarship: 43% of them have consulted the project between 140 thousand to 150 thousand points. In April, this number was 36%.
Some (25%) still believe that it exceeds 150,000 points – there is a more doubtful perspective than international housing strategists such as Morgan Stanley, which has reached 190,000 points in twelve months.
But even looking at a place to go up, “Some people are uncomfortable with the speed of recent discharge,” said Leonardo Korea and a team signed.
The bank warns that most respondents are designed with domestic investors, which give the research a good reading of local mood.
The survey shows that 35% of administrators are already expected to reduce exposure – from 12% of this intent in the previous month. 46% of respondents prefer to keep their positions stable, against 37% last month.
Although valuation is still considered attractive, the strong performance of the index during the year has already begun to change awareness.
According to the survey, 35% of the managers seize the market as a price, 26% in April. The number of administrators with a neutral focus on Ibovespa has also increased from 35% to 43%.
“We realize that most customers are looking for correction to increase the risk,” they pointed out.
Elections at the center of concern
For 51% of the managers, the 2026 elections are local theme. However, the anxiety is Moment: In April, this number is 64%. Tax concerns appear in the second place and have grown dramatically, 33% (compared to 20%).
For 54%, the global concerns are related to the US interest scenario, “The study explains that” Trump’s tariffs are the main theme in the previous month. “
According to the study, options for stock purchase shows that cyclical sectors are increasing, which indicates the rotation of the ongoing portfolio.
The most popular portfolio sector is still a traditionally dominant sector in utilities, more defensive and local files. But there is a reduction in the slice.
In May, 27% of the managers were placed in the field, compared to 39% in April. In the second place, it appears Real EstateWith 21%votes, then financial (17%) and retail (14%). These last three fields keep themselves as winners -rate tightening cycle scenario.
In the sold positions, the commodities follow the leadership “less attractive” or “outside fashion”, 29% of the votes (above 28%), followed by oil and gas and education (both with 11% votes).
In the favorite individual positions, they emerge Sabesp .
Ambi (ABEV3), Whale (Whale 3) and Bonco Do Brassil (BBAS3) are found in the most sold already.
Coson (CSAN3), Tent (Tend 3) and Ecorodovius (ECOR3) were shown with out -off -rise bet, high risk, but high returns.
Brazilian outside the bag
While a foreign investor is leading the scholarship rally, the Brazilian investor follows the historic minimum equity allocation amidst large rescue in the industry.
The funds of the stock recorded the liberation of R 9 billion in April and already accumulate R 35 billion exits in the year, which is more than $ 10 billion with withdrawals recorded by 2024.
Multimarket Funds also showed some re -umption start, and again lost resources: Billion 23 billion in April, in accordance with the rescue trend that was observed in the last two years. Overall, the Brazilian background industry saw the R 68 billion net exit and 2025 accumulated R 91 billion in the month.
Allocation in stocks in funds reached a historic minimum of 7.5% in April, with an average of less than 11.5%. In the accounts of JP MorganIf the average return is movement, the possibility of entering the stock market is up to $ 47 billion.
In this sense, the current flow continues depending on foreign humor.
