2013 Towers Watson. All rights reserved. Reviso das
Perspectivas Desafios para o 2 Semestre Cenrio Econmico,
Rentabilidade e Metas atuariais Luiz Mrio Monteiro de Farias Julho,
2013
Slide 2
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towerswatson.com Presentation1 Temas em Pauta Internacional
Estratgia de Sada do Quantitative Easing do Federal Reserve
Estagnao da Unio Europeia Desacelerao da China Riscos Geopolticos
Brasil Esgotamento do Modelo de Crescimento Deteriorao da qualidade
do Supervit Primrio Questionamento do Regime Cambial Sistema de
Metas de Inflao 2
Slide 3
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towerswatson.com Presentation1 Principais Momentos do 1 Semestre
Alinhamento entre Fazenda e Banco Central em Fevereiro Incio do
ciclo de alta da taxa Selic Comunicado do Federal Reserve sinaliza
possibilidade de iniciar retirada dos estmulos COPOM confirma alta
de 50 bps na taxa Selic Agncia de risco altera perspectiva do
rating soberano de estvel para negativa 3 1 2
Slide 4
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towerswatson.com Presentation1 44 Curvas de Juros Nominal (Pr)
Slide 5
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towerswatson.com Presentation1 55 Curvas de Juros Real (IPCA)
Slide 6
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towerswatson.com Presentation1 Taxa de Juros Real 10 anos 6
Slide 7
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Confidential. For Towers Watson and Towers Watson client use only.
towerswatson.com Presentation1 Composio do IMA 7
Slide 8
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Confidential. For Towers Watson and Towers Watson client use only.
towerswatson.com Presentation1 8 Indicadores
Slide 9
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towerswatson.com Presentation1 Indices de Renda Fixa 2013 9
Slide 10
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towerswatson.com Presentation1 10 Indices de Renda Fixa 60
meses
Slide 11
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towerswatson.com Presentation1 11 Indices de Renda Varivel
2013
Slide 12
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towerswatson.com Presentation1 Indices de Renda Varivel 60 meses
12
Slide 13
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towerswatson.com Presentation1 Concluses Cenrio altamente complexo
para investidores Ano desafiador para cumprimento da Meta Atuarial
Oportunidade de diversificao em classes de ativos no tradicionais
13
Slide 14
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Confidential. For Towers Watson and Towers Watson client use only.
towerswatson.com Presentation1 Perguntas? 14