(FoF managed by BB Asset)
Segment: Fund of Funds (Multi-category) · Price R$ 66.1 · P/BV 0.9407 · BV/unit R$ 70.27 · Net assets R$ 281 Mi · 11,299 unitholders
BBFO11 (BB Fundo de Fundos - Real estate fund) is a Brazilian REIT in the Fund of Funds (Multi-category) segment. (FoF managed by BB Asset)
Banco do Brasil fund that invests in units of 30+ other listed real estate funds, distributing income monthly with active management and Eleven Research advisory services. Note: part of the monthly income stems from sales of positions at a profit and may decline if management pauses recycling.
This page gathers the factual snapshot of BBFO11 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: BB Asset Management (BB Gestão de Recursos DTVM).
BB Asset Management, the asset management arm of Banco do Brasil, is one of Brazil's largest asset managers by assets under management. BBFO11 also benefits from specialized independent advisory services from Eleven Financial Research, providing technical support for allocation decisions — a unique structure among Brazilian FoFs, whose cost is absorbed by the pre-established management fee with no additional charge to unitholders.See our analysis of BB Asset Management (BB Gestão de Recursos DTVM) →
Post-recycling portfolio Jan-Feb/2026: sales of PVBI11/RBRY11/BTLG11 + purchases of XPML11/VILG11 + 6 new discounted funds
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Kinea Índices de Preços | — | 7.6% | — |
| Kinea Hedge Fund | — | 7.3% | — |
| Pátria Crédito IP | — | 5.6% | — |
| Mauá Recebíveis Imobiliários | — | 5.4% | — |
| CSHG Recebíveis Imobiliários | — | 4.8% | — |
| Mauá Real Estate | — | 4.8% | — |
| Clave Índices de Preços | — | 5.1% | — |
| BTG Pactual Hedge Fund | — | 3.9% | — |
| XP Malls | — | 3.6% | — |
| Tivio Renda Imobiliária | — | 3.5% | — |
| Vinci Logística | — | 1.6% | — |
| RBR Log | — | 0.5% | — |
| BTG Pactual Crédito Imobiliário | — | — | — |
| Iridium Recebíveis Imobiliários | — | — | — |
| Riza Príia | — | — | — |
| Capitânia Shopping | — | — | — |
| Kinora Renda Imobiliária | — | — | — |
| Tellus Rio Bravo Logística | — | — | — |
HHI 0.027 — baixa.
last close R$ 66.1 · book value per unit R$ 70.27.
Average daily volume (21 sessions) of R$ 200,000 · 12-month average of R$ 350,000.
Low-to-moderate liquidity. A R$ 100k position takes ~2.5 business days to exit without moving the price (assuming exit ≤20% of daily volume). R$ 500k takes ~12 days. Suitable for small and medium positions; large movements require phased exit execution windows.
| Period | What happened |
|---|---|
| IPO | IPO at R$ 100/unit, raising R$ 400.4 million with 4.003 million units. Trading commenced on Jan 6, 2021. |
| PICO | Highest annual distribution volume in the fund's history (R$ 8.98/unit), exceeding projections in the definitive prospectus. |
| CICLO DE JUROS | Selic rate elevated to 15% p.a. negatively impacts portfolio valuation; book value per unit declines with fair value adjustments of -R$ 48 million for the fiscal year. |
| RECICLAGEM | Management intensifies recycling: adds CLIN11, CYCR11, TVRI11, MANA11 and re-enters office buildings (PVBI11, HGRE11, RCRB11). Global fee reduced to 0.50% in September. |
| DUPLA RECICLAGEM | In two consecutive months, management sold VILG11+XPML11 (Jan, +R$ 1.5M) and PVBI11+RBRY11+BTLG11 (Feb, +R$ 700k), purchasing discounted positions (8 new funds). |
| ATUAL | Distribution of R$ 0.91/unit (April 15, 2026) with net cash of R$ 18.7M. Unitholders surged to 11,251 (+60% in the quarter). |