Fixed Income

In Brazil, we invest in tax-exempt securities such as infrastructure debentures, CRIs (Real Estate Receivables Certificates), CRAs (Agribusiness Receivables Certificates), LCIs (Real Estate Letters of Credit), and LCAs (Agribusiness Letters of Credit).

Internationally, we maintain a portfolio of investment-grade bonds and sovereign bonds from developed countries, which serve as our liquidity cushion to increase our allocation in global equity strategies when opportunities arise.