Net asset value as of the end of September 2026.
Cumulative return relative to the CDI since August 2023.
Credit rating cutoff for entering the credit portfolio.
Allocated in overnight repurchase agreements backed by government bonds.
How Did Mapfre Confianza Manage to Return 110% of the CDI?
In an institutional presentation featuring data through September 30, 2026, asset manager Mapfre Investimentos reported that the Mapfre Confianza fund has accumulated a return equivalent to 109.67% of the CDI since its inception on August 1, 2023. The result stands out because it was built on a strict rule: high-grade bank credit, with zero exposure to corporate debentures, real estate receivables certificates (CRIs), or real estate funds.
In a fixed-income market marked by volatility in corporate debt, Mapfre's strategy prioritizes securities issued by top-tier financial institutions. This sectoral shield avoids the corporate debt restructuring episodes common in funds chasing 115% to 120% of the CDI through smaller issuers or subordinated debt.
Returns above the benchmark interest rate are driven by the bank credit spread captured in instruments such as bank certificates of deposit (CDBs), financial bills (LFs), and term deposits, combined with management of the portfolio's average duration, which closed September at approximately 1.47 years, according to the firm's report.
How Does the Fund's Recent Performance Compare to the CDI?
According to data released by Mapfre Investimentos, the fund maintained consistency above the benchmark across different windows observed throughout 2026. In September, the monthly return reached 1.09%, corresponding to 100.78% of the period's CDI.
Over broader timeframes, the relative gain becomes clearly noticeable. In the first nine months of 2026 (through September), the product delivered a gain of 10.85%, outperforming the benchmark index's 10.51% (103.24% of the CDI). Over a 12-month trailing window, the return stood at 14.93%, compared with 14.48% for the CDI.
What Is Inside and Outside the R$ 18 Billion Portfolio?
The structure of Mapfre Confianza — which ended September 2026 with net assets of R$ 18.63 billion — is designed to limit individual exposure per borrower and ensure immediate liquidity for redemptions, even though the vehicle is formally classified as a private credit fund.
According to the institution's promotional materials, the portfolio held 55 distinct issuers in September. To prevent excessive concentration, management enforces a cap of roughly 3.50% of net assets per issuer. In addition, the minimum acceptable credit rating for borrowing institutions is AA-, ensuring that solvency risk remains restricted to the top tier of the national financial system.
- What goes into the portfolio: Top-tier banking assets (AA- rating or higher), distributed across 55 issuers, with a cap of ~3.5% per financial institution.
- Backup liquidity: Approximately 29% of net assets are held in cash, allocated exclusively to overnight repurchase agreements backed by federal government bonds.
- What is entirely excluded: No exposure to corporate debentures, Real Estate Receivables Certificates (CRIs), or Agribusiness Receivables Certificates (CRAs).
- No complex structures: Zero allocation to Credit Rights Investment Funds (FIDCs) or real estate fund units.
This allocation of 29% of net assets in government-backed repurchase agreements acts as a dual cushion. First, it allows the fund to meet unitholder redemption requests without forcing the early sale of banking securities at a discount in the secondary market. Second, it anchors the yield on the liquid portion to the short-term Selic rate.
What Are the Limits and Risks for Investors?
Although the fund delivers performance above the CDI, retail investors must understand the differences between investing directly in bank securities covered by guarantees and allocating capital to an open-ended private credit fund.
The first point is the absence of coverage by Brazil's Credit Guarantee Fund (FGC). Unlike an individual CDB issued by a bank, investment fund units do not feature protection of up to R$ 250,000 per taxpayer ID (CPF). The mitigating factor here is not an external guarantee, but rather diversification across 55 banks with a minimum rating of AA- and a 3.5% cap per issuer.
The second point is tax mechanics: long-term DI-referenced fixed-income funds are subject to the regressive income tax schedule (ranging from 22.5% to 15%) and the semi-annual come-cotas tax collection mechanism (in May and November). Therefore, to beat tax-exempt instruments like LCIs and LCAs, the fund's gross return must be calculated after subtracting the tax impact.
For investors seeking returns above the benchmark Selic rate without taking on corporate credit risk (such as retailer or utility debentures), the Mapfre Confianza portfolio offers a conservative middle ground: it delivers a premium over the CDI rooted entirely in top-tier banking. However, due to the come-cotas tax and product management fees, it directly competes with short-term LCIs and LCAs for investors seeking tax-exempt income.
The Verdict: Is Mapfre Confianza Worth It?
The fund strictly fulfills its policy objectives: delivering roughly 103% to 109% of the CDI backed by a conservative portfolio of AA- banking issuers and ample public liquidity (29% in repurchase agreements). For institutional investors or high-net-worth individuals who have already exhausted FGC protection in individual bank securities, Mapfre's vehicle represents an efficient diversification alternative without toxic debenture risk. For those who still have room in tax-exempt paper up to the FGC limit, the fund's net return must be carefully weighed against the income tax bracket.
