Despite the meeting with the BCRA, more than $ 24 billion worth of investment funds left in one day

While the government appears intent on rebuilding the stability of the pesos debt market, mutual fund trustees continued to disarm fixed income positions ahead of Tuesday’s tender, where Martín Guzmán secured funding for 112% of maturities. at the end of the month. In the past 30 days, nearly $ 245 billion has already left this industry.

Despite the fact that on Monday the Central Bank promised the main managers of Common Investment Funds “a liquidity window” to avoid sharp falls in the prices of bonds in pesos, such as those that have occurred in recent weeks, the bailouts of the directors continued that same day, who have abandoned their positions in pesos bonds.

In particular, Pesce has ensured the funds a more schematic intervention within the entire bond curve, which guarantees returns to the big names. However, after the meeting he had with the table of the Argentine Chamber of Mutual Funds (CAFCI) $ 24,374 million left the industry, according to market data.

The funds that have had the largest number of pesos outflows they were those of fixed income, with bailouts approaching $ 25,000 millionfollowed by funds called T + 1, where the investor gets liquidity after 24 hours.

Amid financial volatility, investors prioritize liquidity: Much of those redemptions went to funds called money marketwhich normally invest in banking products such as guarantees or fixed terms and which are immediately available.

“The withdrawals of the CER mutual funds continue and this still puts pressure on some instruments that are overweight in some specific funds. On Monday the Fixed Income Superfund suffered withdrawals of $ 3 trillion, 7% of assets under management (AUM)”, have detailed in Delfo Consulting.

“The Balanz Institutional Fund recorded outflows of over $ 2,200 million, the FIMA Renta Plus fund recorded withdrawals of nearly $ 1,500 million and the Consultatio Renta Pesos fund marked a flow in the same direction of almost $ 1,000 million,” they pointed out. Delphos. This excess of pesos on the street is what is behind the rise in financial dollars: the liquidity count has jumped to almost 19% so far in June.

With the quotations “assisted” by the Central Bank, the stocks in pesos have lengthened the rebound that began on Monday, when there were stocks like the Boncer 2024 that jumped by more than 10%, albeit with more timid rises: the CER securities that mature in 2023 advanced by 0.09% and those ending in 2024 rebounded by 0.25%.