SAO PAULO, Nov 10 (Reuters) - Brazilian pension fund manager Previ, the largest in Latin America, wants to diversify its stock portfolio over the next five years, Chief Executive Officer Gueitiro Genso said in a newspaper interview published on Friday.
The plan to exit stakes that are part of the controlling shareholder blocs of several companies would make Previ, which is formally known as Caixa de Previdência dos Funcionários do Banco do Brasil, “an activist minority shareholder,” Genso told O Estado de S. Paulo.
Previ’s media representatives did not immediately reply to a request for comment.
Previ’s most important pension plan has 46.9 percent of assets in stocks, with 12 companies representing 94 percent of an equities portfolio of about 74.9 billion reais ($22.87 billion), Estado reported.
“The good thing is that these are real-economy assets that will not turn into dust,” Genso told the newspaper. “The big challenge is to disperse this portfolio.”
Previ’s top investments include miner Vale SA, Banco do Brasil SA, brewer AmBev and oil company Petroleo Brasileiro SA. It also owns stakes in meatpacker BRF SA, utility CPFL Energia and fuel distributor Ultrapar Particpações SA.
Genso declined to say which assets it will put up for sale next.
$1 = 3.2747 reais Reporting by Ana Mano; Editing by Lisa Von Ahn