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This report is being updated to add new funds still under construction by financial institutions.
Investors interested in using part of the Separation Compensation Fund (FGTS) to invest in Eletrobras during the company’s privatization process need to make some decisions in the coming days. a The reservation period begins on Friday (3) and continues until the eighth Wednesday of the following week.
One of them is the amount that will be set aside for the investment – which, according to the Eletrobras share offering prospectus, must be at least R$200, up to a maximum of 50% of the available balance in each associated FGTS account.
The other is through which the investment fund will submit the application. Recalling that the purchase of shares using the resources of the FGTS will not be done directly, but through the privatization mutual funds (FMP-FGTS), in a formula similar to that adopted in the 2000s for Vale (VALE3), then Vale do Rio Doce and Petrobras (PETR3;PETR4).
Several banks and brokers have begun structuring portfolios to receive these funds. According to data available from the Securities and Exchange Commission (CVM) and obtained from financial institutions, there are at least 21 funds dedicated to investments in Eletrobras via the FGTS.
Privatization funds are called “monoation”, which means that they invest in the shares of a single company. Regulations for portfolios already registered with CVM indicate that they must invest at least 90% of their equity in Eletrobras securities. The remaining 10% can be allocated to fixed income securities.
Since it is a “one-off business”, experts suggest that investors pay attention to the management fees charged by financial institutions. “The difference in profitability between them will be a result of the management fees. The management makes no difference, only the costs,” says Leticia Camargo, a financial planner.
According to the survey Infomoney Held Monday morning (30th), the administrative fee ranges from zero to 1% per annum. Since Friday (27), when the prospectus for Eletrobras shares was published, financial institutions have been racing to adjust prices on their funds.
For example, Daycoval lowered management fees for its fund on Monday morning (30) — until then, the regulation had mandated a cost of 1.50% annually, the highest among the portfolios already available.
Zero did the same. The fund’s regulations were updated today, lowering the management fee from 1.20% to 0.50% annually.
Check below the list of 21 funds available for FGTS investing in Eletrobras shares, with their respective CNPJs, responsible directors and management fees:
| background | CNPJ | Management | Administrative fees |
| Alfa II – Fund for Mutual Privatization – FGTS Eletrobras – Migration | 40156889/0001-15 | Alpha Investment Bank | 0.45% per year |
| BB Joint Allocation Fund – FGTS Eletrobras | 45,081,538 / 0001-06 | BB DTVM | 0.50% per year |
| BB – FGTS Eletrobras – Migration Privatization Investment Fund | 45,081,560 / 0001-56 | BB DTVM | 0.50% per year |
| BNB Mutual Privatization Fund – FGTS Eletrobras | 42847915 / 0001-87 | BNB | 0.45% per year |
| Bradesco Mutual Privatization Fund – FGTS Eletrobras | 44,360,670 / 0001-94 | Bradesco Asset Management | 0.75% per year |
| Bradesco Migração Mutual Privatization Fund – FGTS Eletrobras | 44,544,074 / 0001-64 | Bradesco Asset Management | 0.75% per year |
| BTG Pactual Reference FGTS Eletrobras Mutual Privatization Fund | 45,560,774 / 0001-05 | BTG Pactual Asset Management | 0.50% per year |
| Joint Fund for Privatization – FGTS for Migration Eletrobras | 45,443,366 / 0001-73 | DTVM box | 0.45% per year |
| Joint Fund for Privatization – FGTS Eletrobras | 45.160.183/0001-40 | DTVM box | 0.45% per year |
| Daycoval Mutual Fund for Privatization of FGTS Eletrobras (FMP-FGTS) | 45.121.022 / 0001-48 | Daycoval Asset Management | zero |
| Large Allocation Joint Fund – FGTS Eletrobras | 45,598,817/0001-41 | Diversity Investments | 0.20% per year |
| Gene Migration Mutual Privatization Fund FGTS Eletrobras | 45938153 / 0001-12 | Diversity Investments | 0.20% per year |
| FGTS Eletrobras Privatization Joint Fund Directive (FMP-FGTS) | 45120936 / 0001-94 | Resource Management Manual | 1% per year |
| Itaú Exchange Privatization Fund – FGTS Eletrobras | 42,520,416/0001-80 | Asset Management Itaú Unibanco | 0.20% per year |
| Itaú Migração Exchange Privatization Fund – FGTS Eletrobras | 42,582,153 / 0001-34 | Asset Management Itaú Unibanco | 0.20% per year |
| Privatization Investment Fund MAM – FGTS Eletrobrás | 43,926,530 / 0001-78 | MAM . Asset Management | 0.80% per year |
| Zero Fund for Mutual Privatization – FGTS Eletrobras | 44,934,934 / 0001-76 | Safara Asset Management | 0.50% per year |
| Santander Fund for Mutual Privatization – FGTS – Eletrobras – Migration | 45322.586 / 0001-49 | Santander Brazil Resource Management | 0.55% per year |
| Santander Cross Allocation Fund – FGTS Eletrobras | 45,322,541 / 0001-74 | Santander Brazil Resource Management | 0.55% per year |
| XP Mutual Privatization Fund – FGTS (Migration) Eletrobrás | 45,088,755/0001-28 | XP Customize Asset Management | 0.55% in the first year 0.50% p.a. from the second year |
| XP Mutual Privatization Fund – FGTS Eletrobrás | 45,088,790 / 0001-47 | XP Customize Asset Management | 0.55% in the first year 0.50% p.a. from the second year |
Source: CVM and financial institutions
What is “emigration” money?
Some chests created to receive FGTS resources have the inscription “Migration” in the name. It will be used by anyone who wants to redeem investments made in the past in Vale and Petrobras FMPs to advance, now, in Eletrobras. In other words, it is an option to exchange an existing investment for another.
In general, in these funds, financial institutions repeat the same terms – management fees, for example – as those created specifically for the Eletrobras offering.
With details: Investors who choose to transfer their funds from other asset management plans will have a shorter period to join the offer. Reservations also begin on Friday (3), but end on Monday (6).
Procedure for accessing FMP-FGTS funds
A worker interested in accessing paperwork should access Caixa Econômica Federal channels, via the app or at bank branches.
The investor must select an FMP-FGTS official to allow the FGTS balance to be consulted and send a Reserve Purchase Request to Caixa.
According to the financial institutions previously consulted InfomoneyFunds created by each bank or brokerage firm can be accessed by workers who are already their clients. If they are not, and they still want to invest, it will be necessary to open an account – a process that, in many cases, is done through the request of the institution.
If you want to dispose of the shares later, the amounts from the sale will go back to the FGTS account, and they can be withdrawn in traditional situations, such as property purchases or separations without good reason.
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