Suspicious Deal Screens

Four patterns that can obscure financial health, applied mechanically to every fund and series in the warehouse. They are worth looking at because each one is a structure that keeps reported numbers stable while the underlying position deteriorates.

These are signals, not findings. A hit is a fund that matches a threshold, nothing more. Every pattern here has innocent explanations — a concentrated FII may be a legitimate single-asset mandate, a series past maturity may simply be awaiting a filing. Nothing here asserts wrongdoing, and no hit should be published without checking the fund's own reports and CVM filings. Each screen states its thresholds so you can see where the line was drawn, and move it.

Zombie Growth — Delinquency Above 5% with Meaningful Net Assets

FIDCs whose overdue balance exceeds 5% of net assets while they still carry more than R$1mm. The concern is a book where new subscriptions arrive faster than embedded losses are recognised, so the delinquency ratio stays survivable while the absolute loss grows.

The screen is a snapshot at the latest period and says nothing about the direction of travel. Read it against the sector trend and the fund-level delinquency ranking on the FIDC Credit Monitor, and against the subscription flows in the same place — inflows rising into a deteriorating book is the combination that gives the pattern its name.

Evergreen Aging — Credits Stuck in the 1080d+ Bucket

FIDCs where the share of overdue balance sitting in the over-1080-day bucket stays at or above 70% across at least 12 observed months, and barely moves. A receivable more than three years past due that is neither recovered nor written off is being rolled, and the aging table is the only place that shows it.

Long-tail % Min and Max are the range across the observed window: a narrow band is the finding — it means the balance is static, not merely large. The full bucket-by-bucket profile behind this is on the FIDC Credit Monitor.

Overdue Securitisation Series — Still Active Past Maturity

CRI / CRA / OTS series whose maturity date has passed but whose filed situacao is still not vencido or cancelado, with more than R$100k outstanding. Either the series has not been settled or the status has not been updated — both are worth knowing, and the filing does not distinguish them.

A stale status is the mundane explanation and is common. The maturity wall these series fall off the end of is on Securitization, which also counts how many series were filed with no maturity date at all.

Captive Vehicles — Large Net Assets, Almost No Investors

FIIs holding more than R$50mm with fewer than 10 quotaholders across at least 3 observed periods. A publicly registered fund with a handful of holders is functionally a private structure using a public wrapper, which matters because the disclosure regime it files under assumes dispersed investors.

Single-investor mandates are entirely legal and often deliberate. The FI-side equivalent — funds whose largest holder owns most of the net assets — is the concentration screen on FI Industry; the asset-side equivalent, a fund whose net assets are one building, is flagged in the property explorer on FII Market.

An empty table means no fund matched the threshold at the latest period — not that the screen failed to run. If several screens are empty at once, check whether the underlying slices actually landed on Pipeline Ops before concluding the market is clean.