National Association

Periodical of the Comrcio09 of May of 2005O scene of high interests, volatileness of the stock market and exchange in fall leads to the conservadorismo. ' ' With the interests in this level it does not have much game. To keep the profit of 19% to the year is good excessively. So that to risk? ' ' , the partner-director of the RiskOffice*, Fernando Lovisotto asks. It recommends deep with more neutral managements, where the risks are lesser. Between these they are long shorts, that if specialize in the purchase and sales of action. The modality has shown in such a way a performance as a captation positive. The profits are above of the CDIs and in general of the fixed income.

The multimarkets, deep where the manager obtains to decide position in diverse types of asset, are showing to an erratic performance this year. While some present a positive performance very, others show profits of the CDI on this side. Therefore it is important to look at for the past of deep and the position of the manager. ' ' The discrepancy is enorme' ' , it standes out. According to Lovisotto in general, the captation of the deep ones does not come being positive and worse it is for most aggressive.

' ' When the interests to fall come back the resources. Moreover, with the stock market in fall it does not have very what fazer' ' , it justifies. The director of the RiskOffice classifies 2005 as the year of the conservadorismo and remembers that only valley the penalty to leave of being conservative from the moment where the interests to present fall. This movement is not waited for short term. The economists only wait the reversion of the current platform of the Selic in the end of the year. In accordance with the data of the National Association of the Banks of Investment (Anbid), the liquid captation in the year of the multimarkets is negative in R$ 26,58 billion. The grand total, they had entered R$ 13,35 billion. The data have for base day two of May. How much to the yield, the multimarkets without changeable income register yield of 14,36% in twelve months. With changeable income the accumulated profits are of 17,6%. In the same period, the referenciado DI got 16.74%. Already in this year, the average performance of the multimarkets in all the classifications of the Anbid is below of DI: 5.76%. In thirty days, the biggest yield comes of the multimarket without changeable income and with leverage. The profit is of 2,76% against 1,41% of the DI.* the Risk Office has as one of its partners Marcelo Rabbat, who also are managing of the Consultoria de Investimento PR& , Specialized at risk of Market and Risk of Credit.