Rodrigo Balassiano, a specialist in structured funds and a seasoned expert in the capital markets, highlights that the segmentation of FIDCs (Receivables Investment Funds) represents a significant advancement in risk management and transparency for investors. By allowing for a clearer and more detailed organization of the receivables portfolio, segmentation enables more accurate asset analysis, supporting more informed and safer investment decisions.
FIDCs are versatile instruments used by companies to turn their receivables into capital, giving investors access to future payment flows. However, these funds often manage portfolios composed of assets with different origins, maturities, and risk profiles. In this context, segmentation acts as an organizational tool, enabling more efficient classification and management of these assets.
Rodrigo Balassiano and the Concept of FIDC Segmentation
According to Rodrigo Balassiano, FIDC segmentation involves structuring the fund into distinct compartments or classes, each with its own receivables portfolio, eligibility rules, remuneration structure, and risk controls. This division not only improves asset organization but also allows investors to choose which profile to allocate their resources to, based on their risk appetite and return horizon.
For example, a single FIDC may contain one class with short-term, performing, low-risk receivables and another with longer-term, non-performing receivables with higher return potential—but also higher risk. This structure prevents risk contamination between different asset types and provides greater predictability regarding each segment’s performance.
Direct Benefits of Segmentation for Risk Analysis
The main advantage of FIDC segmentation for investors is greater clarity about the fund’s composition. Instead of analyzing a mixed and heterogeneous portfolio, investors can focus their analysis on specific compartments, making it easier to assess asset quality, credit policies, and default indicators.
According to Rodrigo Balassiano, this enhanced visibility enables the construction of investment strategies better suited to each investor’s objectives. Furthermore, it reduces the risk of information asymmetry, as the rules, reports, and metrics for each segment are disclosed separately, with greater accuracy and transparency.
Segmentation also makes the job easier for credit rating agencies, allowing them to assign distinct ratings to each class of shares, giving the market a more accurate gauge of the risk associated with each slice of the fund.
More Effective Risk Management with a Segmented Structure
Segmentation supports the implementation of customized risk management policies. Different concentration limits, debtor eligibility criteria, and mitigation mechanisms can be applied to each compartment. This makes the fund structure more resilient to external shocks and operational deviations.
Rodrigo Balassiano notes that, in a constantly evolving market, the ability to isolate and monitor risks at a granular level is a competitive advantage. Moreover, this approach facilitates the adoption of governance practices more closely aligned with CVM principles and international best practices.
Another relevant point is that segmentation reduces the impact of localized defaults on the fund as a whole. If one compartment experiences portfolio deterioration, the others remain protected, safeguarding investors allocated to other classes.
Transparency and Alignment with ICVM 175
ICVM 175, which modernized investment fund regulations in Brazil, brought significant advances toward allowing more flexible and segmented structures, such as multi-class funds. This regulation legalizes and organizes the segmentation already practiced by many funds, reinforcing the need for clear communication, strong governance, and detailed reporting for each class.
As Rodrigo Balassiano explains, ICVM 175 requires each segmented class to have its own evaluation criteria, remuneration structure, and profit allocation rules. This prevents risk dispersion and compels managers to maintain specific controls for each compartment, naturally promoting transparency and predictability for shareholders.
Outlook for Investors in Segmented FIDCs
The segmentation trend is expected to intensify in the coming years, following investor sophistication and asset diversification. Funds specialized by sector (such as healthcare, education, retail, or agribusiness) and by risk type (such as performing vs. non-performing) are likely to gain traction, offering products more aligned with the profiles of different investor classes.
According to Rodrigo Balassiano, this specialization is a natural evolution of the market, moving away from generic structures toward more analytical and data-driven models. Investors seeking predictability and risk control should prioritize segmented FIDCs with well-defined structures and experienced managers.
Conclusion
FIDC segmentation marks a decisive advancement in how these funds are structured, managed, and analyzed. By organizing assets into independent and transparent compartments, managers offer investors a powerful tool for selecting, evaluating, and monitoring investments with greater precision.
Expert analyses like those of Rodrigo Balassiano reinforce that, in an environment of stricter regulation and increasing investor sophistication, segmentation is not just a technical feature—it is a strategy for protection, efficiency, and capital appreciation.
Author: Eura Tymal
