CRAs’ performance maintained growth above the market average
The main investment highlight in the agricultural sector, the Agroindustrial Chain Investment Fund (Fiagro) industry grew 315% between December 2022 and December 2024, with net equity jumping from R$10.5 billion to R$43.7 billion in the period. The data is included in the 9th edition of the Agribusiness Bulletin of the Brazilian Securities and Exchange Commission (CVM), created two years ago.
In relation to the previous quarter, Fiagros grew by 4%. In comparison with 2023, there was an increase of 15%. According to the specialized report, 44% of net equity is in Fiagro-FIIs, which invest in rural real estate properties, such as land or agricultural properties.
The bulletin also shows that, in December 2024, there were 133 operational Fiagros, which represents an increase of 5% compared to the previous quarter and of 39% in the last 12 months. Of these, 47% of the funds are Fiagro-FIDC, that is, associated with investments in Credit Rights.
Another highlight of the bulletin is the performance of Agribusiness Receivables Certificates (CRA), which maintained an evolution above the market average. In December 2024, the accumulated volume of credit rights backing the CRAs totaled R$153.5 billion, an increase of 4.1% compared to the previous quarter and 17.9% compared to December 2023. When compared to the period of the last two years, net equity grew by R$57.98 billion, an expansion of 60%.
According to the bulletin, debentures were the instruments most used as collateral in the structuring of CRAs in December 2024 (36%), representing R$55.7 billion, followed by credit rights (31%), comprising R$47.9 billion of the collateral in stock.
The report shows that, as can be seen in the breakdown of the collateral, 91% of the resources raised are intended for financing agricultural products within the farm gate. Of this total, 49% are related to production activities, especially the grain and livestock segment; 25% to marketing and the remainder divided between processing and industrialization activities.
From 2022 to 2024, the share of the capital market corresponding to agriculture grew by 16%. In comparative terms, while the financial volume of agribusiness grew 36% in the period (from R$397 billion to R$540 billion), the total financial volume of the capital market varied 17% (from R$13.1 trillion to R$15.3 trillion).
“The figures presented reinforce the importance of agribusiness for the development of Brazil’s economy and the evolution of the capital market,” says David Menegon, CVM’s securitization and agribusiness manager, in a note.