{"id":4878,"date":"2019-02-11T17:08:59","date_gmt":"2019-02-11T19:08:59","guid":{"rendered":"https:\/\/ipmu.com.br\/site\/?p=4878"},"modified":"2019-02-11T17:31:10","modified_gmt":"2019-02-11T19:31:10","slug":"reuniao-comite-de-investimentos-7","status":"publish","type":"post","link":"https:\/\/ipmu.com.br\/site\/reuniao-comite-de-investimentos-7\/","title":{"rendered":"Reuni\u00e3o Comit\u00ea de Investimentos"},"content":{"rendered":"<p>Reuni\u00e3o do <strong>Comit\u00ea de Investimentos<\/strong> do <strong><span style=\"color: #000080;\">Instituto de Previd\u00eancia Municipal de Ubatuba \u2013 IPMU<\/span><\/strong>, realizada aos oito dias do m\u00eas de fevereiro de dois mil e dezenove, \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>Pauta:<\/p>\n<ul>\n<li><strong>Avalia\u00e7\u00e3o Anual da Carteira de Investimentos<\/strong>, processo <strong>IPMU\/001\/2019<\/strong>.<\/li>\n<\/ul>\n<p><strong>Desempenho dos Principais Indicadores Econ\u00f4mico em 2018<\/strong>: CDI (0,49% m\u00eas \/ 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 \/ 6,99% ano) e Dividendos (0,65% m\u00eas \/ 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\/2018 apresentou valoriza\u00e7\u00e3o em rela\u00e7\u00e3o ao fechamento de dezembro\/2017, passando de R$ 317.453.068,61 (trezentos e dezessete milh\u00f5es quatrocentos e cinquenta e tr\u00eas mil sessenta e oito reais e sessenta e um 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> O IPMU segue atenta a Pol\u00edtica de Investimentos. A regula\u00e7\u00e3o tem que ser din\u00e2mica e revista periodicamente. Os retornos verificados no m\u00eas de Outubro foram os maiores dos \u00faltimos anos. Tal fato foi determinante para o cumprimento da meta atuaria no encerramento do exerc\u00edcio. 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, com a 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 05 (cinco) institui\u00e7\u00f5es financeiras. De acordo com a Pol\u00edtica de Investimentos, o IPMU somente poder\u00e1 realizar aplica\u00e7\u00e3o em fundos de investimentos cujos gestores e administradores figurem entre os 10 primeiros classificados no ranking de Gest\u00e3o e Administra\u00e7\u00e3o de Institui\u00e7\u00f5es Financeiras e Asset por Patrim\u00f4nio sob gest\u00e3o da ANBIMA \u2013 Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiros e de Capitais: Caixa Econ\u00f4mica Federal (R$ 117.990.844,76 \/ 33,95% do PL), Banco do Brasil (R$ 73.809.453,00 \/21,24% do PL), Santander (R$ 57.852.963,99 \/ 16,65% do PL), Ita\u00fa\u00a0 (R$ 20.637.682,40 \/ 5,94% do PL) e Bradesco (R$ 20.290.631,25 \/ 5,84% do PL). 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>A Carteira de Investimentos no encerramento de 2018, estava composta por 9 (nove) fundos de investimentos e por uma Carteira de T\u00edtulos P\u00fablicos com vencimento para 2021 e T\u00edtulos com vencimento para 2024. Retorno dos fundos de investimentos no encerramento do per\u00edodo: 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 (7,81%), Santander FIC FI 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 aplicados no segmento de renda fixa: Fundos DI e Hibridos (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<ul>\n<li><strong>Relat\u00f3rio com Fechamento Financeiro de Janeiro\/2019, <\/strong>conforme processo<strong> IPMU\/005\/2019. <\/strong>O saldo das aplica\u00e7\u00f5es financeiras no encerramento do m\u00eas de janeiro apresentou valoriza\u00e7\u00e3o em rela\u00e7\u00e3o ao fechamento de dezembro\/2018, passando de R$ 347.492.604,50 para R$ 353.821.323,06, crescimento de 1,76%\u00a0.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Estrat\u00e9gia de Investimentos.\u00a0<\/strong><\/li>\n<\/ul>\n<p><strong>1) <\/strong>Migrar o valor total da aplica\u00e7\u00e3o no fundo Bradesco FI Renda Fixa Referenciado DI Premium (CNPJ 03.399.41\/0001-92) para o fundo Bradesco Institucional FIC FI Renda Fixa IMA-B (CNPJ 08.702.798\/0001-25), conforme processo IPMU\/057\/2018.<\/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 IMA-B, fundo Caixa FIC Brasil IMA-B T\u00edtulos P\u00fablicos Renda Fixa Longo Prazo (CNPJ 10.740.658\/0001-93).<\/p>\n<p><strong>3-)<\/strong> Para pagamento da folha dos inativos, resgatar os recursos do fundo Santander IMA-B 5 T\u00edtulos P\u00fablicos Renda Fixa (CNPJ 13.455.17\/0001-01), bem como para as despesas com a taxa de administra\u00e7\u00e3o.<\/p>\n<p><strong>4) <\/strong>Migrar R$ 10.000.000,00 (dez milh\u00f5es de reais) do fundo Caixa FIC Gest\u00e3o Estrat\u00e9gica (CNPJ 23.215.097\/0001-55) e aplicar no fundo IMA-B, Caixa FIC Brasil IMA-B T\u00edtulos P\u00fablicos Renda Fixa Longo Prazo (CNPJ 10.740.658\/0001-93), considerando o percentual de 19,39% do PL da Carteira de Investimentos aplicado no fundo.<\/p>\n<p><strong>5-) <\/strong>Aloca\u00e7\u00e3o Renda Vari\u00e1vel. Apesar da previs\u00e3o de aplica\u00e7\u00e3o na Pol\u00edtica de Investimentos, n\u00e3o realiza\u00e7\u00e3o de aportes neste momento. Continuidade de estudos buscando estrat\u00e9gias para diversifica\u00e7\u00e3o da carteira, com o objetivo de uma melhor rela\u00e7\u00e3o risco versus retorno, principalmente com rela\u00e7\u00e3o a meta atuarial no m\u00e9dio e longo prazo.<\/p>\n<p><strong>6)<\/strong> Manuten\u00e7\u00e3o das demais aplica\u00e7\u00f5es.<\/p>\n<p>Para finalizar a reuni\u00e3o, os membros do Comit\u00ea de Investimentos s\u00e3o informados sobre o Semin\u00e1rio Investimentos nos RPPS que ser\u00e1 realizado no dia 27\/02\/2019, na cidade de S\u00e3o Jos\u00e9 dos Campos, organizado pelo Instituto de Previd\u00eancia do Servidor Municipal de S\u00e3o Jos\u00e9 dos Campos \u2013 IPSM. O Semin\u00e1rio tem o objetivo de trazer conhecimento, experi\u00eancia e proporcionar a intera\u00e7\u00e3o com especialistas. Aberto aos membros do Comit\u00ea de Investimentos.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.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-4882\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190208-WA0004\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0004.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-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\/02\/IMG-20190208-WA0005.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-4883\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190208-WA0005\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0005.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\/02\/IMG-20190208-WA0007.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-4885\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0007.jpg?resize=300%2C175&#038;ssl=1\" alt=\"IMG-20190208-WA0007\" width=\"300\" height=\"175\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0007.jpg?resize=300%2C175&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0007.jpg?resize=1024%2C598&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-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\/02\/IMG-20190208-WA0008.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-4886\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=300%2C225&#038;ssl=1\" alt=\"IMG-20190208-WA0008\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=94%2C70&amp;ssl=1 94w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=600%2C450&amp;ssl=1 600w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.jpg?resize=900%2C675&amp;ssl=1 900w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0008.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\/02\/IMG-20190208-WA0009.jpg?ssl=1\" data-rel=\"gallery-image-4\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4887\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0009.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0009\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0009.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0009.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0009.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0010.jpg?ssl=1\" data-rel=\"gallery-image-5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4888\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0010.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0010\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0010.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0010.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0010.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0011.jpg?ssl=1\" data-rel=\"gallery-image-6\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4889\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0011.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0011\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0011.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0011.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0011.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0012.jpg?ssl=1\" data-rel=\"gallery-image-7\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4890\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0012.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0012\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0012.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0012.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0012.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a> \u00a0<a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0014.jpg?ssl=1\" data-rel=\"gallery-image-8\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4892\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0014.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0014\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0014.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0014.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0014.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a> \u00a0<a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0017.jpg?ssl=1\" data-rel=\"gallery-image-9\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4895\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0017.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0017\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0017.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0017.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0017.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a> <a href=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0019.jpg?ssl=1\" data-rel=\"gallery-image-10\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-4897\" src=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0019.jpg?resize=225%2C300&#038;ssl=1\" alt=\"IMG-20190208-WA0019\" width=\"225\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0019.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0019.jpg?resize=768%2C1024&amp;ssl=1 768w, https:\/\/i0.wp.com\/ipmu.com.br\/site\/wp-content\/uploads\/2019\/02\/IMG-20190208-WA0019.jpg?w=960&amp;ssl=1 960w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/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 aos oito dias do m\u00eas de fevereiro de dois mil e dezenove, \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 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