Low stock prices have attracted not only foreign investors, but also pension funds. With the exception of Previ, the largest in the sector, which is aiming to reduce its exposure to equities in order to match the limits required by regulations, the remaining foundations are tending to take the opportunity to go shopping. “We bought more shares of Petrobras, of Vale, of electrical power companies and Lupatech”, said Wagner Pinheiro, CEO of Petros, during an event in Rio de Janeiro. At Lupatech, one of Petrobras's suppliers, Petros's stake has reached 5.5%, according to a declaration of material information released to the market.

With a more conservative profile than other foundations, Real Grandeza, which manages the pension fund of Furnas employees, also did not miss the opportunity to take advantage of low prices. Nevertheless, the institution's main plan has not reached its 21% upper limit of allocation to shares, according to their asset liability management (ALM), a study that shows the portfolio's composition by coupling assets and liabilities. “Currently, long-term public bonds are also good choices, given that our main plan is quite mature”, says Sérgio Wilson Fontes, president of the foundation.

In 2009, Real Grandeza intends to continue buying shares. In their defined benefit (BD) plan, whose portfolio adds up to R$ 7 billion, the percentage in shares should fall from the current 21%, but it will still maintain a margin for new acquisitions. In their defined contribution (CD) plan, targeted at employees admitted as of 2002 -- and who will take a long time to withdraw their benefits --, the 24% currently allocated to the equity market should rise to 28% next year.