AZ Quest Sole Fundo de Investimento nas Cadeias Produtivas do Agronegócio — FIAGRO Imobiliário
Segment: Paper Fiagro (Agribusiness CRA/FIDC) · Price R$ 6.31 · P/BV 0.7312 · BV/unit R$ 8.63 · Net assets R$ 208 Mi · 30,996 unitholders · 45 assets
AAZQ11 (AZ Quest Sole Fiagro Imobiliário) is a Brazilian REIT in the Paper Fiagro (Agribusiness CRA/FIDC) segment. AZ Quest Sole Fundo de Investimento nas Cadeias Produtivas do Agronegócio — FIAGRO Imobiliário
A fund that lends to agribusiness through CRAs, FIDCs, and Fiagros backed by sugar, coffee, grains, and cooperatives, distributing monthly tax-exempt income. Note: it carries agribusiness private credit risk, with a history of defaults in individual assets.
This page gathers the factual snapshot of AAZQ11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: AZ Quest Agro Ltda. (agribusiness arm of AZ Quest Investimentos).
A AZ Quest Investimentos é uma das gestoras independentes mais consolidadas em crédito privado no Brasil, com track record extenso em fundos de debêntures e crédito estruturado. A AZ Quest Agro Ltda. é o braço dedicado ao agronegócio que assumiu a gestão do Sole em abr/2023, substituindo a gestora anterior em AGC. Desde então, a comunicação melhorou bastante: relatórios gerenciais detalhados com ratings por ativo, atualizações específicas sobre cedentes em estresse (Caetê, Cotribá, Agrogalaxy) e visitas de campo a operações relevantes (Toagro, Enersugar, ACP Bio, UISA, Baviera).
O track record recente foi testado pelos eventos de crédito de 2024, mas a resposta seguiu padrão institucional: remarcações rápidas para 50% do PU, contratação de escritório especializado em recuperação de crédito, execução civil contra avalistas e acompanhamento criminal. Em paralelo, a gestora reposicionou o portfólio com novas alocações (Fiagro Toagro CDI+5%, CRA Enersugar CDI+6%, CRA Expocacer 2 CDI+3%) e mantém disciplina na política de subordinação (típica 20–40% em FIDCs).
See our analysis of AZ Quest Agro Ltda. (agribusiness arm of AZ Quest Investimentos) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-acp-bio | — | 7.3% | — |
| cra-expocacer | — | 7.0% | — |
| fidc-nooa-sr1 | — | 4.7% | — |
| cra-alvoar | — | 4.3% | — |
| cra-esteio-rural | — | 4.2% | — |
| cra-santa-fe | — | 4.0% | — |
| fidc-cotriba-sr | — | 3.5% | — |
| fidc-uller | — | 3.5% | — |
| cra-caete-usina | — | 3.4% | — |
| cra-solotek | — | 3.3% | — |
| fidc-sumitomo-mz | — | 3.0% | — |
| cra-uisa | — | 2.9% | — |
| cra-vale-pontal | — | 2.7% | — |
| cra-minerva | — | 2.3% | — |
| fgaa11 | — | 2.2% | — |
| fidc-caete-sr1 | — | 2.2% | — |
| fidc-ura-mz | — | 2.2% | — |
| cra-br-agro | — | 2.1% | — |
| cra-cooxupe | — | 2.0% | — |
| cra-enersugar | — | 2.0% | — |
The unit trades at a 5% discount to book value (R$ 8.23 vs. book value per unit of R$ 8.64 as of March/26). Book value already incorporates markdowns for Caetê/Agrogalaxy/CRA023000B5 — the current discount reflects (i) residual execution risk on distressed credits, (ii) recent compression in DPU, and (iii) average liquidity.
last close R$ 6.31 · all-time low R$ 5.77 · high R$ 10.37 · book value per unit R$ 8.63.
Since its December 2022 IPO, AAZQ11 has gone through a full cycle: portfolio formation (2023), credit stress in 2024 (Caetê/Greenwashing, Agrogalaxy, CRA023000B5), and stabilization in 2025–2026 under AZ Quest Agro's management. Adverse events were absorbed in the book value, which receded from R$ 10.00 (IPO) to R$ 8.64 (Mar/26). Investors who entered at the IPO accumulated a −17.7% return on unit price, partially offset by distributions paid (R$ 1.33 in 2025 + R$ 1.30 in 2024). The manager maintained institutional discipline and currently operates with a net carry of CDI + 2.57%, distributions within the R$ 0.10–0.12 guidance range, and a portfolio reinforced by new operations.
| Period | What happened |
|---|---|
| IPO | Operations commenced on Dec 2, 2022. Issuance of 24,037,284 units at R$ 10.00 (R$ 240.4M). |
| Manager replacement — AZ Quest takes over | AZ Quest Agro Ltda. assumes fund management following unitholders' meeting approval. A new specialized agribusiness team steps in with a mandate to restructure communication and the portfolio. |
| CRA023000B5 — debtors in court-supervised reorganization | Debtors of the rural note backing CRA023000B5 file for court-supervised reorganization. The fund pursues R$ 2.1M in court, backed by a collateral of 1,738 hectares (forced sale value >138% of balance). |
| Greenwashing Operation — Caetê/Stoppe | Federal Police launch an operation targeting the Stoppe group, originator of the Stoppe CRA backed by Fiagro Caetê (carbon credits). Exposure marked down to 50% of par value. |
| Agrogalaxy Reorganization | Agrogalaxy files for court-supervised reorganization with early maturity of underlying CRA debentures. Marked down to 50% of par value. |
| Fiscal year-end | The fund closes 2025 with 99% allocation, monthly net carry of CDI + 1.98%, and fiscal year net income of R$ 31.2 million (operating revenue R$ 99.4M · expenses R$ 65.2M). |
| ATUAL | Net carry rises to CDI + 2.57% (Feb/26). Distributions stable at R$ 0.105 (Jan-Feb/26) and decline to R$ 0.11 in Mar/26 — an arithmetic adjustment driven by falling CDI+ rates. New allocations: Toagro Fiagro (CDI + 5%) and Enersugar CRA (CDI + 6%). |