Due to the advance of inflation – which in the 12 months until December reached 10.06% and, in the same period until March, to 11.30% -, the Central Bank started a movement to readjust the interest. Thus, the basic interest rate, the Selic, went from 2% to the current 11.75% per year, between March of last year and the same month of this year.
The scenario of rising interest rates is something that Brazilians know well. Historically, the country lives with interest rates above double digits per year. However, at times like these, it is common for investors to withdraw their invested money to find more profitable options that match that moment in the market.
But experts heard by the UOL they say that withdrawing money before the due date is not always a good idea. Find out why below.
Minimum ideal term is 3 to 5 years
Usually, investors make the decision to invest in a given investment in the medium and long term with great conviction. However, in some cases there is a mindset shift midway after some ups and downs in the market.
When analyzing the performance of multimarket funds in the last five years, analysts Rodrigo Sgavioli, Clara Sodré and Carolina Oliveira, from XP Investimentos, guide the maintenance of investments for a period of at least three to five years.
“As a rule, we understand that investment is a long-term game. However, when many investors decide to make their redemption and allocation decision analyzing very short time windows, excellent fund managers are also penalized to the detriment of very short-term performance, because the rescues end up happening in a generalized way”, says the trio in a report.
The result? The manager is not the only one affected. The investor loses both in exiting the investment at a bad time, selling at a price below what was paid, and in its recovery.
Why is the long term important?
In a year of rising interest rates, funds such as multimarkets become more interesting. This is because its return, based on the CDI, is affected according to the Selic rate.
But, if the investor does not have options linked to the CDI already in the interest rate growth in his portfolio, he may miss the most interesting moment to monetize the asset. The best scenario is to keep a percentage of the portfolio in this type of option.
In the case of premature redemption of fund investments, Sgavioli, Sodré and Oliveira also say that this can mean paying taxes greater than the income in a short period of time.
“Many investors withdraw from hedge funds even when they are showing positive returns in short windows. [menos de 2 anos], but below or very close to the CDI. On these occasions, in case of redemption, there will be an incidence of Income Tax and, the shorter the term invested, the higher the IR rate used”, they declare.
According to the rules of the Federal Revenue, the Income Tax rate can vary between 22.5% and 15%, depending on the length of time that investment is held.
Analysts point out that investments made in the correct classes and in a diversified way can guarantee up to 80% return for the portfolio in the long term – which, in itself, would already be a good return.
Finally, the trio says that each investor should dedicate more time to analyzing what will be the ideal participation of multimarkets in the portfolio. “Spend more time understanding what percentage of multimarkets you should have in your portfolio and also understanding which managers and funds will bring you greater comfort, knowing that they will shake from time to time”, they declared.