03/13/2003 - Gazeta Mercantil

Portfolios with social responsibilities have a total of R$ 25 million. Of the total assembled by the sector, 44% corresponds to the allocation of Fome Zero ( Zero Hunger) Fund, of the Caixa Econômica Federal (CEF), initiated in February and it ‘repasses’ half of its revenues to the ‘Fome Zero’ program, of the Federal Government.

The oldest fund with a social proposal in the market, the FAC HSBC Social Action, is initiating a campaign. The reduction is part of a campaign among the employees of HSBC so that these motivate their clients to apply in the fund. The porfolio also has reduced the minimum application as a form of increasing its attraction. The holdings nowadays are R$ 5 million. The minimum investment in the fund for high income private clients should reduce from R$ 300 thousand to about R$ 30 thousand. According to the institution, the volume of the capture of funds of the product, launched in October of 2001, was below expected.

Banco Santos launches this week Fundo Social Pro Amem, about one month after assuming the administration of another social porfolio, Fundo Principio de Investimento Financeiro, in association with Banco Bonsucesso.

Of the five funds oriented towards social questions existent in the market, four are fixed funds. The ABN Amro Ethical, of ABN Amro Real fits the American model of Responsible Social Investment, excluding in its porfolio applications in companies such as ones in tobacco and military, and basing their choices on environmental and educational criteria.

Last year the fund registered a high of 1.57%. In 2003, up to the 10th, the porfolio is in negative territory, but the drop of 4.23 is less than the decline of 5.64% registered by the BOVESPA index.