{"id":2611,"date":"2025-03-27T20:40:54","date_gmt":"2025-03-27T23:40:54","guid":{"rendered":"https:\/\/crtpublicidade.com.br\/raibanesprev\/?page_id=2611"},"modified":"2026-04-29T20:34:33","modified_gmt":"2026-04-29T23:34:33","slug":"investimentos","status":"publish","type":"page","link":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/investimentos\/","title":{"rendered":"Investimentos"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2611\" class=\"elementor elementor-2611\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-639f0ce0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"639f0ce0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-16e34ec5\" data-id=\"16e34ec5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37ba0f65 elementor-widget elementor-widget-heading\" data-id=\"37ba0f65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Avalia\u00e7\u00e3o de Riscos<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-517d1ecd\" data-id=\"517d1ecd\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12d5e151 elementor-widget elementor-widget-spacer\" data-id=\"12d5e151\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-285f4941 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"285f4941\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78736174\" data-id=\"78736174\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29626664 elementor-widget elementor-widget-text-editor\" data-id=\"29626664\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"45\" data-end=\"271\">A Entidade realiza avalia\u00e7\u00e3o pr\u00e9via dos riscos envolvidos na defini\u00e7\u00e3o da aloca\u00e7\u00e3o estrat\u00e9gica nas diferentes classes de ativos, com o apoio de consultoria de investimentos no momento da defini\u00e7\u00e3o da Pol\u00edtica de Investimentos.<\/p><p data-start=\"45\" data-end=\"271\">\u00a0<\/p><p data-start=\"45\" data-end=\"271\">A avalia\u00e7\u00e3o pr\u00e9via dos riscos envolvidos na aloca\u00e7\u00e3o dos ativos e derivativos \u00e9 de responsabilidade dos gestores dos recursos, devendo seguir as diretrizes definidas na Pol\u00edtica de Investimentos.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25469c0 table_banesprev_pai elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25469c0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bf8ef61\" data-id=\"bf8ef61\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c73414b elementor-widget elementor-widget-heading\" data-id=\"c73414b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gest\u00e3o<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbadc3b elementor-widget elementor-widget-html\" data-id=\"bbadc3b\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<!-- Controle de Riscos -->\n<table class=\"table table_banesprev_maxima\">\n    <tbody>\n        <tr>\n            <td>Controle de Riscos<\/td>\n            <td>Risco de Mercado, Risco de Cr\u00e9dito, Risco de Liquidez, Risco Operacional, Risco Legal e Risco Sist\u00eamico<\/td>\n        <\/tr>\n        <tr>\n            <td>Realiza apre\u00e7amento de Ativos?<\/td>\n            <td>Sim<\/td>\n        <\/tr>\n        <tr>\n            <td>Possui modelo pr\u00f3prio de riscos?<\/td>\n            <td>Sim<\/td>\n        <\/tr>\n    <\/tbody>\n<\/table>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b052837 table_banesprev_pai elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b052837\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6cc2a7c\" data-id=\"6cc2a7c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-93950ab elementor-widget elementor-widget-heading\" data-id=\"93950ab\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gest\u00e3o<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3085d3f elementor-widget elementor-widget-html\" data-id=\"3085d3f\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<!-- Respons\u00e1vel \/ Documenta\u00e7\u00e3o -->\n<table class=\"table table_banesprev_maxima\">\n    <tbody>\n        <tr>\n            <td>Tipo de Gest\u00e3o<\/td>\n            <td>Pr\u00f3pria<\/td>\n        <\/tr>\n        <tr>\n            <td>Gestor de Investimentos (Fundos)<\/td>\n            <td>Santander Asset Management \/ Vinci Partners \/ Western Asset \/ Sul Am\u00e9rica \/ RB Capital \/ Rio Bravo<\/td>\n        <\/tr>\n        <tr>\n            <td>Administrador Tecnicamente Qualificado (AETQ)<\/td>\n            <td>Eudes Lins Carneiro<\/td>\n        <\/tr>\n        <tr>\n            <td>EFPC observa os princ\u00edpios de responsabilidade socioambiental<\/td>\n            <td>Sim<\/td>\n        <\/tr>\n        <tr>\n            <td>Avalia\u00e7\u00e3o pr\u00e9via dos riscos envolvidos?<\/td>\n            <td>Sim<\/td>\n        <\/tr>\n        <tr>\n            <td>Exist\u00eancia de sistema de controles internos?<\/td>\n            <td>Sim<\/td>\n        <\/tr>\n    <\/tbody>\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f5c3a6c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f5c3a6c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ce75575\" data-id=\"ce75575\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0e97229 elementor-widget elementor-widget-heading\" data-id=\"0e97229\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Distribui\u00e7\u00e3o dos Investimentos<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cd09232\" data-id=\"cd09232\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11a4789 elementor-widget elementor-widget-spacer\" data-id=\"11a4789\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6958be8 table_banesprev_pai special_tb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6958be8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bdc10b3\" data-id=\"bdc10b3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7a51bd9 elementor-widget elementor-widget-html\" data-id=\"7a51bd9\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table class=\"table table_banesprev_maxima\">\n\n    <thead>\n        <tr>\n            <th rowspan=\"2\">Por segmento<\/th>\n            <th colspan=\"2\">Dezembro\/2025<\/th>\n            <th colspan=\"2\">Dezembro\/2024<\/th>\n        <\/tr>\n        <tr>\n            <th>Valor (R$)<\/th>\n            <th>Percentual<\/th>\n            <th>Valor (R$)<\/th>\n            <th>Percentual<\/th>\n        <\/tr>\n    <\/thead>\n\n    <tbody>\n        <tr>\n            <td>Renda Fixa<\/td>\n            <td>25.848.503.578,67<\/td>\n            <td>98,85%<\/td>\n            <td>26.113.894.646,56<\/td>\n            <td>98,86%<\/td>\n        <\/tr>\n        <tr>\n            <td>Renda Vari\u00e1vel<\/td>\n            <td>0,00<\/td>\n            <td>0,00%<\/td>\n            <td>0,00<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td>Estruturado<\/td>\n            <td>-<\/td>\n            <td>0,00%<\/td>\n            <td>-<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td>Imobili\u00e1rio<\/td>\n            <td>42.256.569,60<\/td>\n            <td>0,16%<\/td>\n            <td>40.176.152,93<\/td>\n            <td>0,15%<\/td>\n        <\/tr>\n        <tr>\n            <td>Opera\u00e7\u00f5es com participantes<\/td>\n            <td>259.282.079,73<\/td>\n            <td>0,99%<\/td>\n            <td>260.938.059,76<\/td>\n            <td>0,99%<\/td>\n        <\/tr>\n        <tr>\n            <td>Exterior<\/td>\n            <td>0,00<\/td>\n            <td>0,00%<\/td>\n            <td>0,00<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td><strong>Total<\/strong><\/td>\n            <td><strong>26.150.042.228,00<\/strong><\/td>\n            <td><strong>100,00%<\/strong><\/td>\n            <td><strong>26.415.008.859,25<\/strong><\/td>\n            <td><strong>100,00%<\/strong><\/td>\n        <\/tr>\n    <\/tbody>\n\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ad28e1 table_banesprev_pai elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ad28e1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a6e0a58\" data-id=\"a6e0a58\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d87eab5 elementor-widget elementor-widget-heading\" data-id=\"d87eab5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gest\u00e3o de Investimentos- Dez\/2024 (em mil)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6934602 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6934602\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-515a19d\" data-id=\"515a19d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f244521 elementor-widget elementor-widget-shortcode\" data-id=\"f244521\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">    \n\n\t\t<div class=\"flex flex-wrap items-center bg-white rounded-bl-2xl rounded-br-2xl\">\n\t\t\t<div class=\"w-full lg:w-[45%] flex items-center justify-center\">\n\t\t\t\t<div id=\"grafico-2790\" style=\"width: 100%; height: 360px;\"><\/div>\n\t\t\t\t<div class=\"desc-chart-basis absolute mb-0 mt-0\">\n\t\t\t\t\t<span>Total<\/span>\n\t\t\t\t\t<span>\n\t\t\t\t\t\tR$ 26.149.974\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"w-full lg:w-[55%]\">\n\t\t\t\t<div class=\"forlines-valores\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#184371\">Gest\u00e3o Santander Asset Management <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>97,25%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 25.431.762\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#0273bc\">Gest\u00e3o Propria <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>1,75%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 457.418\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#4ba0d7\">Gest\u00e3o Vinci Partners <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>0,52%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 135.035\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#49be97\">Gest\u00e3o Western Asset <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>0,42%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 108.803\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#2c745c\">Gest\u00e3o Sul America <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>0,03%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 8.804\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#e07903\">Gest\u00e3o RB Capital <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>0,02%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 4.459\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"lineunica-valor\">\n\t\t\t\t\t\t<div class=\"sideone-line\">\n\t\t\t\t\t\t\t<span style=\"background:#2c745c\">Gest\u00e3o Rio Bravo <\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"sidetwo-line\">\n\t\t\t\t\t\t\t<span>0,01%<\/span>\n\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\tR$ 3.693\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n    \n    <script>\n        document.addEventListener(\"DOMContentLoaded\", function() {\n            am4core.ready(function() {\n                var chart = am4core.create(\"grafico-2790\", am4charts.PieChart);\n                chart.data = [{\"nome\":\"Gest\\u00e3o Santander Asset 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<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-235467b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"235467b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-1b2fa82\" data-id=\"1b2fa82\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bda3f81 elementor-widget elementor-widget-heading\" data-id=\"bda3f81\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Rentabilidade<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-094cdf4\" data-id=\"094cdf4\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86eede6 elementor-widget elementor-widget-spacer\" data-id=\"86eede6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8b5e65b table_banesprev_pai elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8b5e65b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cccb524\" data-id=\"cccb524\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dce3c53 elementor-widget elementor-widget-heading\" data-id=\"dce3c53\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Rentabilidade<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8f18d9 elementor-widget elementor-widget-html\" data-id=\"d8f18d9\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table class=\"table table_banesprev_maxima\">\n\n    <thead>\n        <tr>\n            <th>Segmento<\/th>\n            <th>Benchmark por Segmento<\/th>\n            <th>Meta de Retorno<\/th>\n            <th>Rentabilidade<\/th>\n            <th>Meta Atuarial<\/th>\n        <\/tr>\n    <\/thead>\n\n    <tbody>\n        <tr>\n            <td>Renda Fixa<\/td>\n            <td><\/td>\n            <td>9,68%<\/td>\n            <td>7,81%<\/td>\n            <td>9,39%<\/td>\n        <\/tr>\n        <tr>\n            <td>Renda Vari\u00e1vel<\/td>\n            <td><\/td>\n            <td>15,14%<\/td>\n            <td>0,00%<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td>Estruturado<\/td>\n            <td><\/td>\n            <td>0,00%<\/td>\n            <td>0,00%<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td>Imobili\u00e1rio<\/td>\n            <td><\/td>\n            <td>9,68%<\/td>\n            <td>11,88%<\/td>\n            <td>9,39%<\/td>\n        <\/tr>\n        <tr>\n            <td>Opera\u00e7\u00f5es com participantes<\/td>\n            <td><\/td>\n            <td>9,68%<\/td>\n            <td>11,68%<\/td>\n            <td>9,39%<\/td>\n        <\/tr>\n        <tr>\n            <td>Exterior<\/td>\n            <td><\/td>\n            <td>0,00%<\/td>\n            <td>0,00%<\/td>\n            <td>0,00%<\/td>\n        <\/tr>\n        <tr>\n            <td><strong>Consolidado<\/strong><\/td>\n            <td><\/td>\n            <td><strong>9,68%<\/strong><\/td>\n            <td><strong>7,85%<\/strong><\/td>\n            <td><strong>9,39%<\/strong><\/td>\n        <\/tr>\n    <\/tbody>\n\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fb2ee49 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb2ee49\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-47282c3\" data-id=\"47282c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e50d2b elementor-widget elementor-widget-heading\" data-id=\"2e50d2b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Desempenho 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2458a27\" data-id=\"2458a27\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bdbab5e elementor-widget elementor-widget-spacer\" data-id=\"bdbab5e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d756091 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d756091\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7f260b7\" data-id=\"7f260b7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1073c32 elementor-widget elementor-widget-text-editor\" data-id=\"1073c32\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"45\" data-end=\"240\">Em 2025, o cen\u00e1rio econ\u00f4mico brasileiro foi marcado pela consolida\u00e7\u00e3o do ciclo de aperto monet\u00e1rio, com a taxa b\u00e1sica de juros atingindo o patamar de 15% em junho, tendo iniciado o ano em 12,25%.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\">Os t\u00edtulos p\u00fablicos brasileiros apresentaram desempenho positivo em volume de investimentos, impulsionado por taxas atrativas em ambiente de juros elevados, embora o contexto fiscal interno e cen\u00e1rio externo tenham gerado volatilidade. O volume investido em t\u00edtulos p\u00fablicos por pessoas f\u00edsicas cresceu significativamente (cerca de 43% em alguns segmentos), refletindo busca por seguran\u00e7a em renda fixa). Neste contexto destacamos:<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"675\" data-end=\"706\">1. Banco Central do Brasil:<\/strong> O Copom deu continuidade ao ciclo de aperto monet\u00e1rio iniciado em 2024, elevando a taxa Selic ao longo do primeiro semestre para conter as expectativas inflacion\u00e1rias, que se mantiveram desancoradas. A partir do segundo semestre, com sinais de arrefecimento da infla\u00e7\u00e3o e atividade econ\u00f4mica moderada, o BC iniciou uma pausa no ciclo, mantendo os juros em patamar contracionista, o que continuou pressionando o valor de mercado dos t\u00edtulos p\u00fablicos pr\u00e9-fixados.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"1170\" data-end=\"1204\">2. A percep\u00e7\u00e3o de risco fiscal<\/strong> continuou sendo vetor relevante para a precifica\u00e7\u00e3o dos ativos locais. A curva de juros apresentou volatilidade, principalmente nos v\u00e9rtices longos, refletindo incertezas quanto \u00e0 trajet\u00f3ria da d\u00edvida p\u00fablica e ao cumprimento das metas fiscais.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"1451\" data-end=\"1491\">3. Estabiliza\u00e7\u00e3o Relativa do C\u00e2mbio:<\/strong> Ap\u00f3s a desvaloriza\u00e7\u00e3o acentuada em 2024, a moeda brasileira apresentou per\u00edodos de maior estabilidade, embora ainda sens\u00edvel ao diferencial de juros entre Brasil e Estados Unidos. A moeda brasileira apresentou recupera\u00e7\u00e3o gradual frente ao d\u00f3lar no segundo semestre de 2025, beneficiado pelo maior fluxo de capitais estrangeiros e pela redu\u00e7\u00e3o da avers\u00e3o ao risco global.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"1865\" data-end=\"1908\">4. O ambiente externo foi relativamente<\/strong> mais favor\u00e1vel aos emergentes, com o Federal Reserve (FED) mantendo uma postura vigilante, mas com expectativa de continuidade do ciclo de cortes de juros em 2026. A Europa seguiu trajet\u00f3ria semelhante. A China apresentou recupera\u00e7\u00e3o moderada, ainda aqu\u00e9m do esperado, mas com incentivos adicionais do governo para sustentar a demanda dom\u00e9stica.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"2256\" data-end=\"2303\">5. Mercados Emergentes e Fluxo de Capitais:<\/strong> Os mercados emergentes apresentaram recupera\u00e7\u00e3o seletiva, favorecidos pelo in\u00edcio do ciclo de queda de juros nas economias centrais. Contudo, o fluxo de capitais permaneceu sens\u00edvel a eventos geopol\u00edticos e \u00e0 din\u00e2mica fiscal dom\u00e9stica.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"2541\" data-end=\"2602\">6. Recupera\u00e7\u00e3o do PIB via Agroneg\u00f3cio e Sustentabilidade:<\/strong> Apesar dos juros altos, setores ligados \u00e0 exporta\u00e7\u00e3o e novos investimentos em infraestrutura sustent\u00e1vel ajudaram a sustentar um crescimento moderado no fechamento do ano.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\"><strong data-start=\"2776\" data-end=\"2824\">7. Gest\u00e3o de Ativos em Recupera\u00e7\u00e3o Judicial:<\/strong> A estrat\u00e9gia de mitiga\u00e7\u00e3o de danos em rela\u00e7\u00e3o a ativos de empresas como Americanas e Light seguiu focada na liquida\u00e7\u00e3o gradual conforme o fim dos per\u00edodos de lock-up, visando reduzir o desenquadramento passivo das carteiras.<\/p><p data-start=\"45\" data-end=\"240\">\u00a0<\/p><p data-start=\"45\" data-end=\"240\">Esses fatores combinados resultaram em excelente desempenho nas carteiras, com t\u00edtulos p\u00fablicos oferecendo prote\u00e7\u00e3o relativa em meio \u00e0 volatilidade. Todos os planos superaram a meta atuarial, em m\u00e9dia, 135% acima do benchmark, com exce\u00e7\u00e3o do plano V, devido sua carteira de ativos indexados ao IGP-M.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ada2626 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ada2626\" data-element_type=\"section\" id=\"expectativas\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7e5cc7f\" data-id=\"7e5cc7f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b6ccee2 elementor-widget elementor-widget-heading\" data-id=\"b6ccee2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Expectativas para 2026<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3bec481\" data-id=\"3bec481\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae0b52a elementor-widget elementor-widget-spacer\" data-id=\"ae0b52a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-70660fac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"70660fac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-45fe0713\" data-id=\"45fe0713\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-65b21180 elementor-widget elementor-widget-text-editor\" data-id=\"65b21180\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"45\" data-end=\"347\">Para 2026, o cen\u00e1rio base considera maior estabilidade macroecon\u00f4mica global, com riscos ainda presentes, por\u00e9m menos concentrados. O ano de 2026 \u00e9 projetado como um per\u00edodo de potencial inflex\u00e3o, onde a sustentabilidade e a inova\u00e7\u00e3o tecnol\u00f3gica se tornam os principais motores da efici\u00eancia econ\u00f4mica.<\/p><p data-start=\"349\" data-end=\"374\">\u00a0<\/p><p data-start=\"349\" data-end=\"374\"><strong data-start=\"349\" data-end=\"374\">Cen\u00e1rio Internacional<\/strong><\/p><p data-start=\"376\" data-end=\"440\">O crescimento global deve permanecer em torno de 2,5%\u20133,0%, com:<\/p><ul><li data-start=\"442\" data-end=\"755\">\u2022 Estados Unidos em desacelera\u00e7\u00e3o moderada, por\u00e9m sem recess\u00e3o profunda. A economia americana continua apresentando sinais inflacion\u00e1rios difusos, com o Federal Reserve (FED) mantendo vigil\u00e2ncia e taxas em patamar como 3,50%\u20133,75%, com flexibiliza\u00e7\u00e3o monet\u00e1ria gradual, mas sem cortes agressivos no curto prazo;<\/li><li data-start=\"757\" data-end=\"993\">\u2022 Na Europa, a recupera\u00e7\u00e3o permanece modesta, mas consistente, com infla\u00e7\u00e3o sob controle e expans\u00e3o gradual da atividade industrial. O Banco Central Europeu (BCE) mant\u00e9m trajet\u00f3ria de flexibiliza\u00e7\u00e3o, estimulando o cr\u00e9dito e o consumo.<\/li><li data-start=\"995\" data-end=\"1251\">\u2022 A China deve crescer em torno de 4,2% em 2026, impulsionada por novos est\u00edmulos fiscais e monet\u00e1rios, al\u00e9m de uma reestrutura\u00e7\u00e3o gradual do setor imobili\u00e1rio. O com\u00e9rcio global d\u00e1 sinais de recupera\u00e7\u00e3o, aproximando-se da m\u00e9dia hist\u00f3rica da \u00faltima d\u00e9cada.<\/li><li data-start=\"995\" data-end=\"1251\">\u00a0<\/li><\/ul><p data-start=\"1253\" data-end=\"1276\"><strong data-start=\"1253\" data-end=\"1276\">Mercados Emergentes<\/strong><\/p><ul><li data-start=\"1278\" data-end=\"1572\">Espera-se ambiente mais favor\u00e1vel para emergentes, condicionado a:<br data-start=\"1344\" data-end=\"1347\" \/>\u2022 Diferencial de juros ainda atrativo;<br data-start=\"1385\" data-end=\"1388\" \/>\u2022 Reancoragem fiscal dom\u00e9stica;<br data-start=\"1419\" data-end=\"1422\" \/>\u2022 O fluxo de capital, embora o com\u00e9rcio global permane\u00e7a abaixo da m\u00e9dia da \u00faltima d\u00e9cada, tende a ser mais construtivo, beneficiando ativos de risco.<\/li><\/ul><p data-start=\"1574\" data-end=\"2157\">\u00a0<\/p><p data-start=\"1574\" data-end=\"2157\">No Brasil, espera-se que o Banco Central inicie um ciclo moderado de redu\u00e7\u00e3o da taxa Selic a partir do primeiro trimestre, \u00e0 medida que a infla\u00e7\u00e3o se consolida dentro da meta e as expectativas se reancoram (proje\u00e7\u00e3o de IPCA em 3,91% para 2026, dentro do intervalo de toler\u00e2ncia de \u00b11,5%, em torno de 3%), possivelmente chegando a 12\u201312,5% ao final (consenso do mercado via Boletim Focus em torno de 12,13%, com algumas vis\u00f5es mais otimistas para 11%), o que deve impulsionar o mercado de capitais e o consumo interno, apesar do risco fiscal crescente, especialmente em ano eleitoral.<\/p><p data-start=\"2159\" data-end=\"2562\">\u00a0<\/p><p data-start=\"2159\" data-end=\"2562\">O crescimento do PIB dever\u00e1 acelerar para algo entre 2,2% e 2,5%, impulsionado pela retomada do investimento, pelo agroneg\u00f3cio e por uma ind\u00fastria mais aquecida. A agenda fiscal permanece no centro das aten\u00e7\u00f5es. A aprova\u00e7\u00e3o de reformas estruturais e o compromisso com a sustentabilidade das contas p\u00fablicas ser\u00e3o determinantes para a redu\u00e7\u00e3o do risco pa\u00eds e para a atra\u00e7\u00e3o de investimentos estrangeiros.<\/p><p data-start=\"2564\" data-end=\"2724\">\u00a0<\/p><p data-start=\"2564\" data-end=\"2724\">A taxa de c\u00e2mbio deve operar em patamar mais est\u00e1vel, com o real valorizado em rela\u00e7\u00e3o a 2025, favorecido pelo diferencial de juros e pelo ingresso de capitais.<\/p><p data-start=\"2726\" data-end=\"2849\">\u00a0<\/p><p data-start=\"2726\" data-end=\"2849\">O Brasil entra em 2026 com um desafio duplo: manter credibilidade fiscal e aproveitar o ciclo de juros globais mais baixos.<\/p><p data-start=\"2851\" data-end=\"3002\">\u00a0<\/p><p data-start=\"2851\" data-end=\"3002\">O sucesso em 2026 depender\u00e1 da capacidade de adapta\u00e7\u00e3o das carteiras \u00e0s novas tecnologias financeiras e \u00e0 resili\u00eancia diante de volatilidades externas.<\/p><p data-start=\"3004\" data-end=\"3041\">\u00a0<\/p><p data-start=\"3004\" data-end=\"3041\"><strong data-start=\"3004\" data-end=\"3041\">Implica\u00e7\u00f5es para os Investimentos<\/strong><\/p><ul><li data-start=\"3043\" data-end=\"3205\">Para 2026, o posicionamento estrat\u00e9gico poder\u00e1 considerar:<br data-start=\"3101\" data-end=\"3104\" \/>\u2022 Alongamento gradual de duration em ambiente de juros em queda;<br data-start=\"3168\" data-end=\"3171\" \/>\u2022 Seletividade em cr\u00e9dito privado;<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9bec4f0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9bec4f0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4d7d665\" data-id=\"4d7d665\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a5680d elementor-widget elementor-widget-heading\" data-id=\"0a5680d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Indicadores<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a1700cd\" data-id=\"a1700cd\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a667326 elementor-widget elementor-widget-spacer\" data-id=\"a667326\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6dfbf9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6dfbf9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53199f0\" data-id=\"53199f0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d1c129d elementor-widget elementor-widget-text-editor\" data-id=\"d1c129d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"45\" data-end=\"240\">Posi\u00e7\u00e3o de 27\/02\/2026 &#8211; Relat\u00f3rio Focus de 02\/03\/2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cbbfc5a table_banesprev_pai special_tb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cbbfc5a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c8c35fb\" data-id=\"c8c35fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b84a75 elementor-widget elementor-widget-html\" data-id=\"2b84a75\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table class=\"table table_banesprev_maxima\">\n\n    <thead>\n        <tr>\n            <th>Indicadores<\/th>\n            <th>2026<\/th>\n            <th>2027<\/th>\n            <th>2028<\/th>\n            <th>2029<\/th>\n        <\/tr>\n    <\/thead>\n\n    <tbody>\n        <tr>\n            <td><strong>IPCA<\/strong><\/td>\n            <td>3,91%<\/td>\n            <td>3,79%<\/td>\n            <td>3,50%<\/td>\n            <td>3,50%<\/td>\n        <\/tr>\n        <tr>\n            <td><strong>PIB<\/strong><\/td>\n            <td>1,82%<\/td>\n            <td>1,80%<\/td>\n            <td>2,00%<\/td>\n            <td>2,00%<\/td>\n        <\/tr>\n        <tr>\n            <td><strong>C\u00c2MBIO<\/strong><\/td>\n            <td>5,42%<\/td>\n            <td>5,00%<\/td>\n            <td>5,50%<\/td>\n            <td>5,50%<\/td>\n        <\/tr>\n        <tr>\n            <td><strong>SELIC<\/strong><\/td>\n            <td>12,00%<\/td>\n            <td>10,50%<\/td>\n            <td>10,00%<\/td>\n            <td>9,50%<\/td>\n        <\/tr>\n    <\/tbody>\n\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-81d13ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"81d13ad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fdab534\" data-id=\"fdab534\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-efdadb2 elementor-widget elementor-widget-heading\" data-id=\"efdadb2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Despesas diretas e indiretas de investimentos<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e30211d\" data-id=\"e30211d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-deb7eb9 elementor-widget elementor-widget-spacer\" data-id=\"deb7eb9\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f740e81 table_banesprev_pai special_tb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f740e81\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2648447\" data-id=\"2648447\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7071668 elementor-widget elementor-widget-html\" data-id=\"7071668\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<table class=\"table table_banesprev_maxima\">\n\n    <thead>\n        <tr>\n            <th>Despesas de Investimentos<\/th>\n            <th>Total<\/th>\n            <th>% Sobre o Total<\/th>\n            <th>Gest\u00e3o Pr\u00f3pria<\/th>\n            <th>Gest\u00e3o Terceirizada<\/th>\n        <\/tr>\n    <\/thead>\n\n    <tbody>\n        <tr>\n            <td><strong>ADMINISTRA\u00c7\u00c3O DOS PLANOS PREVIDENCIAIS<\/strong><\/td>\n            <td><strong>51.042.031,98<\/strong><\/td>\n            <td><strong>100,00%<\/strong><\/td>\n            <td><strong>528.409,54<\/strong><\/td>\n            <td><strong>50.513.622,44<\/strong><\/td>\n        <\/tr>\n\n        <tr>\n            <td><strong>DIRETAS<\/strong><\/td>\n            <td><strong>33.261.065,36<\/strong><\/td>\n            <td><strong>65,16%<\/strong><\/td>\n            <td><strong>528.409,54<\/strong><\/td>\n            <td><strong>32.732.655,82<\/strong><\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">Despesas CONSOLIDADO<\/td>\n            <td>33.261.065,36<\/td>\n            <td>65,16%<\/td>\n            <td>528.409,54<\/td>\n            <td>32.732.655,82<\/td>\n        <\/tr>\n\n        <tr>\n            <td><strong>INDIRETAS<\/strong><\/td>\n            <td><strong>17.780.966,62<\/strong><\/td>\n            <td><strong>34,84%<\/strong><\/td>\n            <td>-<\/td>\n            <td><strong>17.780.966,62<\/strong><\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">CUST\u00d3DIA<\/td>\n            <td>4.066.439,44<\/td>\n            <td>7,97%<\/td>\n            <td>-<\/td>\n            <td>4.066.439,44<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">CORRETAGENS<\/td>\n            <td>109.904,08<\/td>\n            <td>0,22%<\/td>\n            <td>-<\/td>\n            <td>109.904,08<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">TAXA DE ADMINISTRA\u00c7\u00c3O<\/td>\n            <td>10.440.457,48<\/td>\n            <td>20,45%<\/td>\n            <td>-<\/td>\n            <td>10.440.457,48<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">TAXA DE PERFORMANCE<\/td>\n            <td>-<\/td>\n            <td>0,00%<\/td>\n            <td>-<\/td>\n            <td>-<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">TAXA ANBIMA<\/td>\n            <td>74.642,00<\/td>\n            <td>0,15%<\/td>\n            <td>-<\/td>\n            <td>74.642,00<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">TAXA SELIC<\/td>\n            <td>767.104,34<\/td>\n            <td>1,50%<\/td>\n            <td>-<\/td>\n            <td>767.104,34<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">TAXA CETIP<\/td>\n            <td>1.646.595,19<\/td>\n            <td>3,23%<\/td>\n            <td>-<\/td>\n            <td>1.646.595,19<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">AUDITORIA<\/td>\n            <td>105.136,00<\/td>\n            <td>0,21%<\/td>\n            <td>-<\/td>\n            <td>105.136,00<\/td>\n        <\/tr>\n        <tr>\n            <td class=\"lvl-1\">OUTRAS TAXAS<\/td>\n            <td>570.688,09<\/td>\n            <td>1,12%<\/td>\n            <td>-<\/td>\n            <td>570.688,09<\/td>\n        <\/tr>\n    <\/tbody>\n\n<\/table>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Avalia\u00e7\u00e3o de Riscos A Entidade realiza avalia\u00e7\u00e3o pr\u00e9via dos riscos envolvidos na defini\u00e7\u00e3o da aloca\u00e7\u00e3o estrat\u00e9gica nas diferentes classes de ativos, com o apoio de consultoria de investimentos no momento da defini\u00e7\u00e3o da Pol\u00edtica de Investimentos. \u00a0 A avalia\u00e7\u00e3o pr\u00e9via dos riscos envolvidos na aloca\u00e7\u00e3o dos ativos e derivativos \u00e9 de responsabilidade dos gestores dos [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":57,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2611","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/pages\/2611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/comments?post=2611"}],"version-history":[{"count":116,"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/pages\/2611\/revisions"}],"predecessor-version":[{"id":5833,"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/pages\/2611\/revisions\/5833"}],"wp:attachment":[{"href":"https:\/\/crtpublicidade.com.br\/raibanesprev\/raibanesprev2025\/wp-json\/wp\/v2\/media?parent=2611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}