{"id":4631,"date":"2019-01-18T08:54:37","date_gmt":"2019-01-18T10:54:37","guid":{"rendered":"https:\/\/ipmu.com.br\/site\/?p=4631"},"modified":"2019-01-18T09:07:36","modified_gmt":"2019-01-18T11:07:36","slug":"reuniao-comite-de-investimentos-6","status":"publish","type":"post","link":"https:\/\/ipmu.com.br\/site\/reuniao-comite-de-investimentos-6\/","title":{"rendered":"Reuni\u00e3o Comit\u00ea de Investimentos"},"content":{"rendered":"<p>Reuni\u00e3o do Comit\u00ea de Investimentos do Instituto de Previd\u00eancia Municipal de Ubatuba \u2013 IPMU, realizada no dia 17 de Janeiro de 2019, \u00e0s nove horas, na sala de reuni\u00f5es da sede do IPMU, onde compareceram os membros, conforme Portaria IPMU n\u00ba 043\/2018: Fernando Augusto Matsumoto, Flavio Bellard Gomes, Marcelo da Cruz Lima, Silvia Moraes Stefani Lima e Sirleide da Silva.<\/p>\n<p><strong>Pauta:<\/strong><\/p>\n<p>Relat\u00f3rio sobre o <strong>mercado financeiro no fechamento do m\u00eas de dezembro\/2018, conforme processo IPMU\/195\/2018<\/strong>.<\/p>\n<p><strong>Desempenho dos Principais Indicadores Econ\u00f4mico em 2018<\/strong>: CDI (0,49,36% m\u00eas e 6,4214% ano), IRFM 1 (0,5575% m\u00eas \/ 6,9745% ano), IDKA 2 (1,2537% m\u00eas \/ 9,7540% ano),\u00a0 IMA-B 5 (1,3631% m\u00eas \/ 9,8655% ano), IRFM Total (1,5339% m\u00eas \/ 10,7322% ano), IMA Geral ex-C (1,1797% m\u00eas \/ 9,7956% ano), IRFM 1+ (1,9246% m\u00eas \/ 12,2671% ano), IMA-B Total (1,6494% m\u00eas \/ 13,0587% ano), IMA-B 5+ (1,8785% m\u00eas \/ 15,4051% ano), Ibovespa (-1,81% m\u00eas \/ 15,03% ano), IBRX-50 (-2,11% m\u00eas \/ 14,53% ano), Small Caps (2,10% m\u00eas \/ 8,13% ano), Imobili\u00e1rio (6,53% m\u00eas e 6,99% ano) e Dividendos (0,65% m\u00eas e 15,95% ano).<\/p>\n<p><strong>Carteira de Investimentos. <\/strong>O saldo das aplica\u00e7\u00f5es financeiras no encerramento do m\u00eas de dezembro apresentou valoriza\u00e7\u00e3o em rela\u00e7\u00e3o ao fechamento do m\u00eas de novembro, passando de R$ 340.752.043,69 (trezentos e quarenta milh\u00f5es setecentos e cinquenta e dois mil quarenta e tr\u00eas reais e sessenta e nove centavos), para R$ 347.492.604,50 (trezentos e quarenta e sete milh\u00f5es quatrocentos e noventa e dois mil seiscentos e quatro reais e cinquenta centavos)<\/p>\n<p><strong>Meta Atuarial<\/strong>, a Carteira de Investimentos apresentou bom desempenho no consolidado no per\u00edodo: 9,59% meta atuarial e 9,72% patrim\u00f4nio.<\/p>\n<p><strong>Enquadramento. <\/strong>Todos os fundos de investimentos est\u00e3o enquadrados conforme Resolu\u00e7\u00e3o CMN 3.922\/2010, alterada pela Resolu\u00e7\u00e3o CMN 4.604\/2017 e 4.695\/2018, Pol\u00edtica de Investimentos e com ader\u00eancia quanto a rentabilidade e aos riscos.<\/p>\n<p><strong>Duration das Aplica\u00e7\u00f5es<\/strong>: 29,65% das aplica\u00e7\u00f5es financeiras est\u00e3o alocadas em fundos de curto prazo (DI\/Fundos H\u00edbridos), 16,24% das aplica\u00e7\u00f5es financeiras est\u00e3o alocadas em fundos de m\u00e9dio prazo (IMA-B 5) e 54,10% das aplica\u00e7\u00f5es financeiras est\u00e3o alocadas em fundos de longo prazo (IMA-B\/ IMA-Geral\/ Fundo T\u00edtulos 2019\/ T\u00edtulos P\u00fablicos 2021\/ Fundo T\u00edtulos 2022 e T\u00edtulos P\u00fablicos 2021 e 2024).<\/p>\n<p><strong>Aplica\u00e7\u00e3o por Institui\u00e7\u00e3o Financeira. <\/strong>Est\u00e3o credenciadas junto ao IPMU cinco institui\u00e7\u00f5es financeiras: Caixa Econ\u00f4mica Federal (R$ 117.990.844,76 \/ 33,95% do PL do IPMU), Banco do Brasil (R$ 73.809.453,00 \/ 21,24% do PL do IPMU), Santander (R$ 57.852.963,99 \/ 16,65% do PL do IPMU), Ita\u00fa \u00a0(R$ 20.637.682,40 \/ 5,94% do PL do IPMU) e Bradesco (R$ 20.290.631,25 \/ 5,84% do PL do IPMU). A Carteira de T\u00edtulos P\u00fablicos encerrou o per\u00edodo com R$ 56.911.029,10, representando 16,38% do PL do IPMU.<\/p>\n<p><strong>Rentabilidade. <\/strong>Retorno dos fundos de investimentos no encerramento de 2018: T\u00edtulos P\u00fablicos 2021 (14,75%), Caixa FI Brasil IMA-B T\u00edtulos P\u00fablicos Renda Fixa (12,837%), T\u00edtulos P\u00fablicos 2024 (12,040%), BB Previdenci\u00e1rio RF TP XI 2022 (10,568%), BB Previdenci\u00e1rio Renda Fixa Aloca\u00e7\u00e3o Ativa (9,904%), Santander FIC IMA-B 5 T\u00edtulos P\u00fablicos Renda Fixa (9,65%), Ita\u00fa Institucional Aloca\u00e7\u00e3o Din\u00e2mica (8,23%), Caixa Brasil Gest\u00e3o Estrat\u00e9gica Renda Fixa (7,815%), Santander Institucional DI (6,35%), Bradesco FI Referenciado DI Premium (6,33%), Bradesco Institucional FI RF T\u00edtulos P\u00fablicos 2019 (6,20%).<\/p>\n<p><strong>Diversifica\u00e7\u00e3o.<\/strong> O IPMU mant\u00e9m 100% dos recursos financeiros aplicados no segmento de renda fixa: Fundos DI e H\u00edbridos (R$ 103.044.794,81 \/ 29,65% do PL), IMA-B 5 (R$ 56.439.335,60 \/ 16,24% do PL), Fundos IMA-B (R$ 51.302.817,33 \/ 14,76% do PL),\u00a0 IMA-Geral (R$ 67.731.632,55 \/ 19,49% PL), T\u00edtulos P\u00fablicos IPCA 2024 (R$ 38.643.016,21 \/ 11,12% do PL), T\u00edtulos P\u00fablicos IGPM 2021 (R$ 18.268.012,89 \/ 5,26% do PL), Fundo T\u00edtulos P\u00fablicos 2019 (R$ 5.985.174,66 \/ 1,72% PL) e Fundo T\u00edtulos P\u00fablicos 2022 (R$ 6.077.820,45 \/ 1,75% PL).<\/p>\n<p><strong>Analise de fundos de investimentos para credenciamento, <\/strong>conforme informa\u00e7\u00f5es da CVM \u2013 Comiss\u00e3o de Valores Mobili\u00e1rios, em atendimento a <strong>Resolu\u00e7\u00e3o CMN n\u00ba 3.922\/2010, alterada pela Resolu\u00e7\u00e3o CMN n\u00ba 4.604\/2017 e Por<\/strong>taria n\u00ba 519\/2011, que disp\u00f5e sobre as aplica\u00e7\u00f5es dos recursos financeiros dos Regimes Pr\u00f3prios de Previd\u00eancia Social.<\/p>\n<p><strong>1)<\/strong> <strong>Processo IPMU\/057\/2018<\/strong>, referente ao fundo de investimentos Bradesco Institucional FIC FI RF IMA-B (CNPJ 08.702.798\/0001-25). Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nos documentos acostados no processo, o fundo est\u00e1 apto a receber recursos financeiros do IPMU.<\/p>\n<p><strong>2)<\/strong> <strong>Processo IPMU\/058\/2018<\/strong>, referente ao fundo de investimentos Bradesco Institucional FIC FI RF IMA-B 5 (CNPJ 20.216.216\/0001-04). Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nos documentos acostados no processo, o fundo n\u00e3o est\u00e1 apto a receber recursos financeiros do Instituto de Previd\u00eancia Municipal de Ubatuba \u2013 IPMU, considerando que o Regulamento do fundo apresenta a permiss\u00e3o para investimento em cr\u00e9ditos securitizados e CRA, ativos estes vedado pela Resolu\u00e7\u00e3o CMN n\u00ba 3.992\/10 com a nova reda\u00e7\u00e3o dada pela Resolu\u00e7\u00e3o CMN n\u00ba 4.604\/17 e a Nota T\u00e9cnica SEI n\u00ba 12\/2017\/CGACI\/SRPPS\/SPREV, do Minist\u00e9rio da Fazenda.<\/p>\n<p><strong>3)<\/strong> <strong>Processo IPMU\/065\/2018,<\/strong> referente ao fundo de investimentos, Caixa FIC Multimercado Renda Vari\u00e1vel 30 longo Prazo (CNPJ 03.737.188\/0001-43). Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nos documentos acostados no processo, o fundo est\u00e1 apto a receber recursos financeiros do IPMU.<\/p>\n<p><strong>4)<\/strong> <strong>Processo IPMU\/079\/2018<\/strong>, referente ao fundo de investimentos BB Previdenci\u00e1rio Multimercado (CNPJ 10.418.362\/0001-50). Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nos documentos acostados no processo, o fundo est\u00e1 apto a receber recursos financeiros do Instituto de Previd\u00eancia Municipal de Ubatuba \u2013 IPMU.<\/p>\n<p><strong>5)<\/strong> <strong>Processo IPMU\/113\/2018<\/strong>, referente ao fundo de investimentos ITA\u00da Institucional A\u00e7\u00f5es Phoenix FIC FI (CNPJ 23.731.629\/0001-07). Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nos documentos acostados no processo, o fundo est\u00e1 apto a receber recursos financeiros do IPMU.<\/p>\n<p><strong>6)<\/strong> <strong>Processo IPMU\/118\/2018<\/strong>, referente ao fundo de investimentos Safra Executiv 2 Fundo de Investimentos Renda Fixa (CNPJ 10.787.647\/0001-69). Conforme Pol\u00edtica de Investimentos do IPMU aprovado para o exerc\u00edcio de 2019, as aplica\u00e7\u00f5es financeiras do IPMU somente poder\u00e3o ser realizadas em fundos de investimentos e\/ou demais ativos financeiros cujos gestores figurem entre os 10 (dez) primeiros classificados no Ranking de Gest\u00e3o de Institui\u00e7\u00f5es Financeiras e Assets por Patrim\u00f4nio sob Gest\u00e3o da ANBIMA (Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiros e de Capitais). A gestora J. Safra Asset Management Ltda., CNPJ n\u00ba 62.180.047\/0001-31 atende aos crit\u00e9rios da Pol\u00edtica de Investimentos do IPMU para o exerc\u00edcio de 2019, ocupando a 6\u00ba coloca\u00e7\u00e3o do rating de gest\u00e3o da ANBIMA, base novembro\/2018. A administradora J. Safra Asset Management Ltda., CNPJ n\u00ba 62.180.047\/0001-31, n\u00e3o atende aos atende aos crit\u00e9rios da Pol\u00edtica de Investimentos do IPMU para o exerc\u00edcio de 2019, ocupando a 11\u00ba coloca\u00e7\u00e3o do rating de gest\u00e3o da ANBIMA, base novembro\/2018. O conservadorismo do IPMU na composi\u00e7\u00e3o dos investimentos tamb\u00e9m se reflete na escola dos gestores e administradores. Atualmente os bancos selecionados para receberem os recursos s\u00e3o os maiores de acordo com o rating da ANBIMA \u2013 Associa\u00e7\u00e3o Brasileira de Entidades dos Mercados Financeiros e de Capital. Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nesse no relat\u00f3rio, podemos concluir que o fundo n\u00e3o est\u00e1 apto a receber recursos financeiros IPMU.<\/p>\n<p><strong>7)<\/strong> <strong>Processo IPMU\/197\/2018<\/strong>, referente aos fundos de investimentos\u00a0 SICREDI FI Institucional RF Referenciado IRF-M 1 (CNPJ 19.196.599\/0001-09), SICREDI FIC FI Institucional RF Referenciado IMA-B Longo prazo (CNPJ 11.087.118\/0001-15), SICREDI FIC FI RF Performance Longo Prazo (CNPJ 07.277.931\/0001-80), SICREDI FI Institucional RF Referenciado IRF-M Longo Prazo (CNPJ 13.081.159\/0001-20) e SICREDI FIC A\u00e7\u00f5es Ibovespa (CNPJ 06.051.151\/0001-55). Conforme Pol\u00edtica de Investimentos do IPMU aprovado para o exerc\u00edcio de 2019, as aplica\u00e7\u00f5es financeiras do IPMU somente poder\u00e3o ser realizadas em fundos de investimentos e\/ou demais ativos financeiros cujos gestores figurem entre os 10 (dez) primeiros classificados no Ranking de Gest\u00e3o de Institui\u00e7\u00f5es Financeiras e Assets por Patrim\u00f4nio sob Gest\u00e3o da ANBIMA. A gestora Confedera\u00e7\u00e3o Interestadual das Cooperativas Ligadas ao Sicredi, inscrita no CNPJ sob no 03.795.072\/0001-60, ocupando a 17\u00ba coloca\u00e7\u00e3o do rating de gest\u00e3o da ANBIMA, base novembro\/2018. A gestora Schroder Investment Management Brasil Ltda., CNPJ n\u00ba 92.886.662\/0001-29, ocupando a 36\u00ba coloca\u00e7\u00e3o do rating de gest\u00e3o da Anbima, base novembro\/2018. A administradora Banco Cooperativo Sicredi S.A., CNPJ n\u00ba 01.181.521\/0001-55, ocupando a 16\u00ba coloca\u00e7\u00e3o do rating de gest\u00e3o da ANBIMA, base novembro\/2018. O conservadorismo do IPMU na composi\u00e7\u00e3o dos investimentos tamb\u00e9m se reflete na escola dos gestores e administradores. Atualmente os bancos selecionados para receberem os recursos s\u00e3o os maiores de acordo com o rating da ANBIMA. Conforme an\u00e1lise efetuada e dentro dos limites demonstrados nesse no relat\u00f3rio, podemos concluir que os fundos n\u00e3o est\u00e3o aptos a receberem recursos financeiros do IPMU.<\/p>\n<p><strong>Estrat\u00e9gia de Investimentos. <\/strong>Considerando dados do mercado financeiro no encerramento de dezembro\/2018 e nos primeiros dias do m\u00eas de janeiro\/2019, bem como as perspectivas para o curto prazo, foi aprovado por unanimidade:<\/p>\n<p><strong>1) <\/strong>Acompanhamento das informa\u00e7\u00f5es sobre as adequa\u00e7\u00f5es da Resolu\u00e7\u00e3o CMN 4.695\/18, divulgadas pelos Gestores dos Fundos de Investimentos e pela Consultoria Financeira, para em data oportuna, avaliar os impactos futuros e poss\u00edveis adequa\u00e7\u00f5es da Carteira de Investimentos.<\/p>\n<p><strong>2) <\/strong>Os recursos novos referentes a Contribui\u00e7\u00e3o Previdenci\u00e1ria, Comprev e Parcela da D\u00edvida Previdenci\u00e1ria direcionados para ativos indexados ao CDI, IMA-B 5 ou aos fundos h\u00edbridos pertencentes a carteira de investimentos. A escolha do fundo dever\u00e1 observar a melhor rentabilidade, menor risco e maior liquides. Os recursos continuar\u00e3o sendo utilizados para pagamento dos benef\u00edcios de aposentadoria e pens\u00e3o, bem como para as despesas com a taxa de administra\u00e7\u00e3o.<\/p>\n<p><strong>3)<\/strong> Manuten\u00e7\u00e3o das aplica\u00e7\u00f5es at\u00e9 a pr\u00f3xima reuni\u00e3o onde ser\u00e1 analisado o relat\u00f3rio anual das aplica\u00e7\u00f5es financeiras e posicionamento dos gestores e consultoria financeira. Tendo em vista a queda da rentabilidade os fundos mais conservadores, pode ser necess\u00e1rio adicionar um pouco mais de risco aos investimentos para obten\u00e7\u00e3o de melhores resultados, com a diversifica\u00e7\u00e3o da carteira, buscando alternativas com melhores chances de obter ganhos atrav\u00e9s de produtos que possuem estrat\u00e9gias mais ativas e din\u00e2micas, buscando oportunidades num horizonte de m\u00e9dio e longo prazo. Com a infla\u00e7\u00e3o controlada, taxa Selic em patamares de um d\u00edgito, expectativa de cen\u00e1rio de desenvolvimento da economia do pa\u00eds nos pr\u00f3ximos anos, retomada das discuss\u00f5es sobre as aprova\u00e7\u00f5es das reformas, entre outros indicadores de crescimento, poder\u00e1 ter impacto nos pap\u00e9is de longo prazo, podendo n\u00e3o ser mais interessante permanecer com a carteira posicionada no curto prazo.<\/p>\n<p><strong>Diversos<\/strong><\/p>\n<p><strong>1) 1\u00ba Congresso Brasileiro de Investimentos dos RPPS. <\/strong><\/p>\n<p><strong>2)<\/strong> Pr\u00f3xima reuni\u00e3o 30\/01\/2019 &#8211; 9h<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0003.jpg?ssl=1\" data-rel=\"gallery-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4633\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0003.jpg?resize=256%2C256&#038;ssl=1\" alt=\"IMG-20190117-WA0003\" width=\"256\" height=\"256\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0003.jpg?w=256&amp;ssl=1 256w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0003.jpg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0003.jpg?resize=250%2C250&amp;ssl=1 250w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?ssl=1\" data-rel=\"gallery-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4634\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190117-WA0004\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0004.jpg?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?ssl=1\" data-rel=\"gallery-image-2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4636\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190117-WA0006\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0006.jpg?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?ssl=1\" data-rel=\"gallery-image-3\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4637\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190117-WA0007\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0007.jpg?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0008.jpg?ssl=1\" data-rel=\"gallery-image-4\" data-rl_title=\"\" 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alt=\"IMG-20190117-WA0016\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/01\/IMG-20190117-WA0016.jpg?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuni\u00e3o do Comit\u00ea de Investimentos do Instituto de Previd\u00eancia Municipal de Ubatuba \u2013 IPMU, realizada no dia 17 de Janeiro de 2019, \u00e0s nove horas, na sala de reuni\u00f5es da sede do IPMU, onde compareceram os membros, conforme Portaria IPMU n\u00ba 043\/2018: Fernando Augusto Matsumoto, Flavio Bellard Gomes, Marcelo da Cruz Lima, Silvia Moraes Stefani 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