Foreign Investors Pull US$3 Billion From Brazil’s B3 in August

Brazil · MARKETS

A record outflow figure is real, but the headline hides a series starting only in 2022 and a year still net positive.

Foreign investors pulled a net R$15.63 billion from B3 equities in August, but that figure covers only trading sessions through August 13. It is also the largest outflow in a series that began in January 2022, not a record for all time.

What the B3 outflow figure actually covers

Foreign investors took a net R$15.63 billion out of B3 equities over the trading sessions from August 3 through August 13, 2026, according to a survey by Elos Ayta Consultoria based on B3 data, as reported by InfoMoney on August 17. This is a cumulative net outflow, not an annual rate, and it excludes funds destined for IPOs and follow-on offerings, Elos Ayta’s stated methodology.

The figure does not cover the full month of August. Trading continued after August 13, and the final monthly number will likely differ.

Valor Econômico, citing B3 data on August 17, reported a similar R$15.6 billion net negative balance for the same period, but without mentioning the IPO exclusion, so the two numbers may not be directly comparable.

The ‘largest since January 2022’ claim, per Metropoles on August 17, uses Elos Ayta’s series starting in January 2022. Thus the comparison covers only about four and a half years, not B3’s full history.

It exceeds May 2026, when foreign investors withdrew R$14.91 billion, the previous largest month in that series.

Foreign investors are still net buyers for 2026

Despite August outflow, foreign investors remain net buyers in 2026. As of August 17, year-to-date net foreign flow was positive at R$20.7 billion, per Valor Econômico citing B3 data.

This positive year-to-date balance matches earlier B3 readings. On August 13, Correio Braziliense reported R$24.4 billion positive as of August 11, and Valor Econômico published the same figure.

The monthly pattern shows volatility: net inflows of R$26.31 billion in January, R$15.40 billion in February, R$11.66 billion in March, and R$3.18 billion in April, followed by net outflows of R$14.91 billion in May and R$7.79 billion in June, then a net inflow of R$2.56 billion in July, according to Elos Ayta data reported by O Tempo on August 17.

What is driving the selling

Market participants cite several triggers for foreign selling. On August 11, JPMorgan downgraded Brazilian equities to ‘neutral’ from ‘overweight’, which Infomoney on August 17 said encouraged outflows.

This followed a session on August 11 when foreign investors withdrew a net R$4.7 billion from B3 equities, the largest single-day exit since April 2021, as reported by Correio Braziliense on August 13.

Election risk is another factor. Analysts say foreign investors are accelerating withdrawals to avoid the electoral period, as reported by CNN Brasil on August 14.

Renato Reis, analyst at Blue3 Investimentos, told Exame on August 17 that the principal change is in the perception of political risk.

Domestic factors also weigh. Daniel Gewehr, chief strategist at Itaú BBA, told Valor on August 11 that the Selic rate and earnings revisions are key drivers.

The JPMorgan downgrade, which drove the same session’s R$4.7 billion outflow, is a catalyst, as Valor reported on August 13.

Macro funds see redemptions

The outflow from equities is echoed in the fund industry. Macro multimercado funds, which trade interest rates and currencies, had net redemptions of R$8.8 billion from January to July.

R$5.5 billion of that came in June and July alone.

For the macro subclass specifically, XP estimates, as reported by InfoMoney on August 17, show net redemptions of R$8.8 billion from January through July, with R$5.5 billion concentrated in June and July. These are XP estimates, not final Anbima numbers, which are published at the class level.

The Ibovespa index closed at 166,783.57 points on August 17, down 0.09% on the day, according to B3 data reported by InfoMoney. The real strengthened against the dollar, with the spot rate closing at R$5.2012 per U.S.

dollar on August 17, down 0.36% from the previous close, according to O Povo.

The bottom line for investors

For foreign investors, August outflow signals near-term caution, but year-to-date remains positive. JPMorgan downgrade and election uncertainty may keep flows volatile, but full-month August figure is pending.

The series starts in January 2022, so it cannot reach back to 2020 or earlier. Read it as the worst month in four and a half years, not the worst on record.

Investors should monitor B3’s official monthly flow data, released after month-end, for the full picture. For now, data confirms foreign players reducing August exposure, but not reversing 2026 commitment.

How the data is calculated

Elos Ayta Consultoria calculates net foreign flows using B3’s daily data, excluding IPO and follow-on resources. This methodology reflects secondary market trading only, not new share issuance capital, as InfoMoney explained on August 17.

B3’s investor-flow table, cited by Valor Econômico on August 17, does not state the IPO exclusion, but it is standard. Methodology differences lead to slight variations, but core trend is consistent: significant August outflow.

All figures are in Brazilian reais and are nominal, not adjusted for inflation. The U.S.

dollar conversion rate: R$5.1925 per US$1, spot close on August 13, 2026, as reported by G1 on that date.

Frequently Asked Questions

Sources

• g1.globo.com
• valor.globo.com
• www.metropoles.com
• www.infomoney.com.br
• www.otempo.com.br
• www.cnnbrasil.com.br
• www.infomoney.com.br
• www.opovo.com.br
• www.anbima.com.br
• oglobo.globo.com
• timesbrasil.com.br
• www.spacemoney.com.br

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