The "reshaping" or extension of the maturities of the letters of the Treasury pushed to the industry of common investment funds (FCI) to a labyrinth of which, having passed a month and a half, still does not finish leaving.Although there were cases in which they could recover more quickly from the coup, only in the first week of October some administrators managed to return to the field. And there are still funds that have not reopened since it was decided to "freezar" the bailouts: that is, nobody could take their money."Today, the biggest problem we have is not if the bonds go down or the stock market falls. They are the funds. They are killing us with the work they generate, when in reality it is not even such a profitable business for us," Ramiro says annoyed Marra, responsible for FondosOnline.com.It is one of the main "supermarkets" of funds in the country, a concept that arose because these platforms offer in their different "gondolas" what is called the whole "family" or product range of several administrators at the same time.Marra indicates that they offer about twenty instruments. "We have between 15 and 20 families. There are all independent managers and Mariva. We were negotiating with Galicia when the crisis exploded. But, in general, banks prefer to sell their products through their own channels," he explains to iProUP.In his vision, "the industry is going to have to rethink everything from scratch and propose other alternatives. I think this is the worst crisis it went through." Not only were there instruments that specifically invested in Letes (dollar bills), but many bond funds, although long-term, included part of Letes, so they were "contaminated."Anyway, the attractiveness of these investment vehicles was falling, as a result of the expiration of these Letes began to fall beyond the elections, adding a share of risk that not many were willing to assume.For worse, the logistic chaos (beyond the credibility blow), was aggravated by the fact that only the companies were affected, which made it necessary to discriminate between the clients of the fund.To all this, the announcement was a Wednesday (August 28), the CNV gave its indications the next day and on Friday the first expiration of one of the reperfiled letters was already falling.The volume, 55% downThe numbers endorse Marra's discouragement over the bestial collapse of heritage managed by the sector: as soon as possible, money flew.Currently, the industry manages about US $ 8.5 billion, which represents a 55% collapse since the Government announced that it would stretch the payment terms of its letters in pesos and dollars for a month and a half. In turn, the fall is almost 80% from the maximum volume recorded in April."The administrators are still working. Some found partial solutions, but when we want to upload the products, we realize that there are obstacles. Each customer is a separate story. The industry is not fully operational yet," says Marra.Martín Roig, director of Portfolio Personal Inversiones (PPI) -which offers 17 FCI families to his clients-, recognizes that some "reperfiled" funds just at the beginning of October could finish adapting to the new rules and join the game again."Net worth has risen 13% since late August," says Roig. "But in dollars it is $ 9,000 million below the level prior to the PASS. As a reference, it is one third of the more than $ 34 billion maximum last year," before the devaluation is accelerated , share with iProUP.The executive adds that, "as is logical, the composition also changed by background category.""Those of Fixed Income or bonds, the most beaten, that in the last year represented up to 55% of the industry, gave their place to those of Money Market (liquidity and minimum risk), which today concentrate 40% (against 25% average of the last year) ", complete.CNV interventionThe day after the announcement of the reperfilamiento, the CNV issued a resolution that clarified that natural persons who have invested in funds that had short-term titles in their composition, would not be reached.The regulator also allowed management companies to "adapt their portfolios by grouping them according to the characteristics of their assets and type of shareholder (human or legal), in order to make the measure operational." In this way, it gave enough space for each to find its solution, preserving - at least - the retail investor.The reprogramming announced was partial and reaches an equivalent of US $ 16,000 million, 74% of the US $ 21,500 million that had to be paid or renewed in the short term (the last tender had been declared void)The first disbursement of this extension of terms was 15% and the date on which it should be paid was respected. The second will be at 90 days for 25% and the remaining 60%, at 180 calendar days.In PPI they are recommending the classic money market, which usually enjoy good liquidity. However, with the current rates they offered a 4% return last month and an annual nominal rate close to 50%, since one of the main assets in their portfolio are fixed terms.While they do not beat a direct bank placement, they give the peace of mind of immediate liquidity. It is one of the great advantages of the funds: money can be available at any time. For those who prefer dollars (and above all to flee from Argentine risk), the alternative is Latin American instruments, which in the year yield between 3% and 4%.Marra agrees that the little that enters the industry today focuses on those products. But he doesn't think they have great appeal at this time. "You can't even talk about risk-free funds today with the Money Market, because you can fit a Bonex Plan for the fixed terms," ââhe conjectures.The last refuge is foreign funds. However, remember that they are affected by the "counted with liqui" (mechanism used to make foreign exchange and turn them out) that imposes a surcharge of 10%, since they subscribe in dollars.The de facto malaiseInvertirOnline offers products from two administrators and is now about to incorporate a third. José Bano, Head of Advice, assures iProUP that the stop "was not so much about the bailouts but the discomfort that caused the funds to cease to be operational.""There is a family that we offer that just this week restored the operation after a month and a half without the client could touch the silver," he completes.According to the expert, all the FCIs that had letters were hooked. Not those of shares, for example, but many of fixed income, with long-term securities, which had a percentage of these letters to handle liquidity and fell into the same bag. "In addition, it indicates that although "the first 15% of the expiration date has already been fulfilled, this did not help calm the spirits." Thus, it refers to the schedule established by the Government for the payment spaced over time."It represented a huge administrative nuisance for companies. That was the great damage. You had some money, you had that money for cash flow and suddenly you didn't have it. Clearly, this had a strong impact on the credibility of the industry." EmphasizeThe House of Common Funds intervened and contacted the National Securities Commission and the Ministry of Finance to send industry inquiries on how to proceed. But there was enough room for maneuver for each "supermarket" to rehearse its formula within certain guidelines."Not all funds are structured in the same way in terms of the percentage of letters, nor do they all have the same investor base. That is why we believe it was the right way," they tell iProUP from the CNV.In addition, they say: "There was no single solution for the entire industry. And what mattered most to us was that the retailer received the same treatment as if it were a direct holder."On the side of the platforms, the impact was greater. "One of our administrators decided to close the affected fund immediately to assess the impact and in two or three days it was already operational again. Others, on the other hand, chose to continue operating so as not to give a negative signal and see, meanwhile, how the situation was resolved. Only now could they work again, "Bano describes.When painting the current scenario, the InvertirOnline executive states: "We are not seeing net subscriptions, that is, positive flows that exceed the bailouts. If money comes in, it is to go to foreign funds."In the City, traders are more than cautious. What should be done? Wait for rescheduling fees or rescue even though the price of the repriced letters plummeted? In dialogue with iProUP, an important operator warns: "You have to get out of that investment, because the likelihood of a new re-inflation or getting liquefied is high if the country goes to a scenario of high inflation."Escape from Argentine riskSome players saw her coming and the reperfilation grabbed them better. Nicolás Max, director of asset management at Criteria, reveals to iProUP the experience in Central de Fondos, a platform created in 2016 that already brings together 23 families of different administrators."We had been guiding our clients and we managed to isolate them, so that they would not be so exposed, migrating to products with non-Argentine risk. That is why they had very few positions in the assets that entered the reperfilation," he says.The expert assures that his portfolio suffered in volume operated, where they are "down in relation to what was before" of the reperfilamiento. And he notes that "many investors rescued those funds because they directly did not want to have vehicles under Argentine jurisdiction, for fear of seizures or confiscations.""Although the individual investor in funds was exempted from re-inflation, with the complexity of the situation, there were some operational delays or inconveniences," he admits.Finally, Max stresses that "now the industry has to be rebuilt," although he believes that for that, it will first be necessary to see what happens to the economy after December 10. "Today it is difficult to think about which direction or direction you can move forward," he concludes.