BTG Pactual revises Brazil fund and small‑cap stock recommendations

BTG Pactual updated its August recommended portfolio of Brazilian real‑estate investment funds, adding 17 funds that together target a weighted average dividend yield of 12.5% and an average discount of about 9% to net asset value. The bank cut its exposure to KNIP11 by three percentage points and increased the weight of HGLG11, citing a recent asset‑sale transaction that could boost future distributions.

In the equity space, BTG Pactual replaced bus‑maker Marcopolo with OceanPact in its small‑cap stock list, while keeping holdings such as Copasa, Banco Inter, Smart Fit, Sanepar, Orizon, Tenda, Pague Menos and Bemobi. The change reflects expectations of strong second‑quarter results for OceanPact, upcoming legal rulings on the UP Coral vessel, and progress on a merger with CBO. The small‑cap portfolio had fallen 6.6% in July, underperforming the Ibovespa and the Small‑Cap index.