Capitania Securities II

Hybrid portfolio focused on shares of FIIs and CRIs in malls, retailers and corporate stores. Debtors include Sugarloaf Group, Assaí and Grupo Mateus, with bonds in São Paulo (SP), Rio de Janeiro (RJ) and Maringá (PR). The main risk is default by issuers and retail cyclicality, affecting payment capacity. Its differential is to merge the fund strategy with structured credit into real guarantees.