With the break of its historic high, the price of Bitcoin (BTC) reinforced its gains in 2021. The price of cryptocurrency has already accumulated an increase of 112% in the year, according to data from the TradingView platform.

The gains are even more expressive in reais, although the cryptocurrency has not surpassed the maximum registered in April. Even so, the BTC accumulates an appreciation of 132% against the real.

This appreciation made BTC the best investment of the year, especially when compared to assets in the traditional market. And when it comes to assets managed by BTC critics, the performance is even more forceful.

For example, while the “bubble” breaks records, fund manager Versa sees its funds record sharp drops in the year. Versa is headed by Luiz Alves Jr, a manager known for his criticisms of the BTC, but whose funds have registered losses since the beginning of the year.

Funds don’t even surpass CDI

Versa has five funds in total: Versa, Fit, Charger, Tracker and Genesis. The funds are divided between multimarket (Versa, Fit and Tracker), stocks (Carger and Genesis). The first three have as a reference index (benchmark) the CDI, while the last two seek to surpass the Ibovespa (IBOV).

The funds are actively managed, that is, they not only follow the indices, but operate to outperform them. For this, they use instruments such as leverage and short positions, in addition to financial derivatives.

However, almost none of them managed to surpass their benchmarks in 2021. On the contrary, the five funds accumulate heavy losses in the year. The “best” performance to date is the Versa Charger BDR Level I FIA fund, whose annual return is negative by 0.4%.

It should be noted that despite the drop, the fund still managed to outperform its benchmark, as the IBOV accumulates a drop of 6.9% in the year. In October, the Charger’s fall is eight times greater than that of the B3 index.

However, the biggest negative performance was with the Versa Tracker FIM, a fund that has the CDI as a benchmark. While the CDI accumulates an increase of 2.8% in 2021, the Tracker registers an expressive drop of 34.2%, the largest among the fund manager.

The disparity between performances led Tracker to carry out a kind of “reverse Bitcoin”, accumulating a negative return of expressive 1,204% of the CDI.

Tracker fund performance in 2021. Source: Versa Fund.

Faria Lima vs Laser Eyes

It seems that managers are struggling to deal with the turmoil inherent in the Brazilian market. Alves himself is a frequent critic of the federal government, especially of President Jair Bolsonaro, and of its recent economic policies.

On the other hand, laser eyes supporters who invested in BTC achieved returns far above expectations. With a passive strategy, based on frequent purchases, anonymous users with anime or laser photos have obtained returns above those of large managers since 2017.

CriptoFácil contacted Luiz Alves regarding the performance of the funds, but has not received a response so far. This article will be updated if there is a return.

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