Aplicações de menor risco para um pequeno investidor: uma análise comparando a rentabilidade de títulos do tesouro direto e cotas de fundos de investimento - renda fixa

Abstract

Over the past few years, the Brazilian investment market has gained greater strength and representativeness, with an expansion in the number of investors participating in B3 (Brasil, Bolsa, Balcão) across different investment modalities, whether fixed income or variable income. Therefore, given the diversification of financial applications available to investors, they must make decisions that are consistent with their investment profile, whether more risk-averse or risk-seeking. In this context, this study compares lower-risk investment alternatives that are more attractive to small investors with a conservative profile. For this purpose, two types of investments were considered: Tesouro Direto and fixed income investment funds, with monthly acquisitions of R$200.00 being simulated on the first business day of the month, over a period of 36 months, from July 1, 2022, to June 30, 2025. Subsequently, two redemption scenarios were considered: 24 and 36 months after the first contribution, on June 28, 2024, and June 30, 2025, respectively, in order to compare the profitability obtained from the two selected types of investments. The results obtained demonstrated that the indexed fixed-income investment fund in the sample achieved the highest profitability among the options analyzed on both redemption dates evaluated. Therefore, it was observed that the effects of mark-to-market had a negative impact on the early redemption of the evaluated Tesouro Direto bonds, while favoring the profitability of the investment funds in the sample. Finally, it is important to emphasize the importance of investors balancing their return expectations with the risks to which they will be exposed depending on the investment option chosen.