The latest CPI of 0.8% is quite telling. Liquidity continues to rise amid the vote on a fourth withdrawal (according to the Superintendency of Pensions, they already total almost US$50 billion), rising inflation is beginning to take center stage (the latest IPOM projection forecasts inflation of 5.7% at the end of the year), long-term rates are rising after the latest MPR of 1.5% (+75 bp), credit is becoming more expensive, and so is long-term investment.

Given these scenarios, investment opportunities arise in assets that investors tend to call "safe havens" in turbulent times. We see a lot of this in private debt, particularly private loans, which have remained resilient, providing a major positive boost to alternative asset portfolios in the local market, especially when it comes to instruments with real estate underlyings.

Therefore, we believe that now is a good time to invest in UF, in the short term and with good liquidity; you will find all this in the FYNSA Real Estate Debt Fund. This fund seeks opportunities in the market for real estate companies that are struggling to meet the additional costs of their operations due to banking constraints, increased construction costs, or extended deadlines due to difficulties with building permits.

We plan to return cash flows to investors starting in month 13, with returns of around UF+7.5% and a secure investment given its guarantees.