The latest CPI of 0.8% is quite telling. Liquidity continues to rise in the midst of the vote for a 4th withdrawal (according to the Superintendence of Pensions it is almost US$50 billion), the increase in inflation is beginning to take center stage (the latest IPOM projection projects 5.7% inflation at the end of the year), long-term rates are rising after the latest 1.5% TPM (+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 credit, which has remained resilient, being the big positive driver in local market alternative asset portfolios, mainly when it comes to instruments with real estate underlyings.

Therefore, we believe that it is a good time to be invested in UF, in the short term and with good liquidity; all this you will find in the FYNSA Real Estate Debt Fund. A fund that seeks the opportunities that are generated in the market with respect to real estate companies that have difficulties to face the cost overruns of the operation given the banking rigidities, the increase in building costs, or the extension in the terms due to difficulties with the permits in the works management.

We expect to return cash flows to investors as of month 13, with yields of around UF+7.5% and a safe investment given its guarantees.