Agribusiness credit FIAGRO (Brazilian agribusiness fund). CNPJ 42.592.257/0001-20. Managed by BB Gestão de Recursos DTVM (a subsidiary of Banco do Brasil). Reorganized as a limited-liability FIAGRO (FIAGRO-RL) pursuant to CVM Resolution 175.
Segment: FIAGRO — Credit (Agribusiness CRAs) · Price R$ 61.74 · P/BV 0.6549 · BV/unit R$ 94.28 · Net assets R$ 378 Mi · 11,525 unitholders · 35 assets
BBGO11 (BB Fundo de Investimento de Crédito FIAGRO Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the FIAGRO — Credit (Agribusiness CRAs) segment. Agribusiness credit FIAGRO (Brazilian agribusiness fund). CNPJ 42.592.257/0001-20. Managed by BB Gestão de Recursos DTVM (a subsidiary of Banco do Brasil). Reorganized as a limited-liability FIAGRO (FIAGRO-RL) pursuant to CVM Resolution 175.
Agribusiness credit Fiagro managed by BB Asset (Banco do Brasil) that lends to 35+ companies in the field — from sugar-energy mills to grain cooperatives. The portfolio is the most pulverized in the segment (HHI of 0.029) and holds 35% in cash as a defensive position. Note: the manager monitors issuers facing covenant breach risks in a tighter agricultural credit environment.
This page gathers the factual snapshot of BBGO11 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 S.A.).
BB Asset Management is the asset management arm of Banco do Brasil, the country's largest fund manager with assets under management exceeding R$ 1.6 trillion. Operating for 35+ years in the Brazilian market, it has privileged access to the agribusiness supply chain—historically, BB is the country's largest rural lender (via CPR, operating credit, investment, and commercialization lines). Credit analysis for BBGO11's CRAs is supported technically by BB's Credit Directorate, combining proprietary desk origination with direct relationships with issuers.
The fund follows the accrual accounting regime, in line with CVM Circular Letter No. 1/2025 (regarding distributions for FII-style funds with a floor of 95% of accumulated cash earnings), reinforcing transparency in its distribution policy. Administration and custody are provided by BB itself (BB Gestão de Recursos DTVM as administrator and Banco do Brasil as custodian). Auditor: KPMG Auditores Independentes—with unqualified opinions on the 2022, 2023, and 2024 financial statements.
See our analysis of BB Asset Management (BB Gestão de Recursos DTVM S.A.) →
BB credit FIAGRO: 35+ CRA issuers, yield of CDI + 3.6% p.a., 64.72% CRAs + 2.17% FIDCs + 33.16% OpCom cash (elevated liquidity awaiting opportunities).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Camil Alimentos | — | — | — |
| Neomille | — | — | — |
| Vale do Tijuco | — | — | — |
| Nardini | — | — | — |
| Lar Cooperativa | — | — | — |
HHI 0.0291 — baixa.
| Breakdown | Share |
|---|---|
| By index | OpCom/Caixa 18.8% · CDI 3.0% |
Trades at a 28.1% discount to book value — a meaningful margin vs. the credit agribusiness fund (Fiagro) segment median (P/BV of 0.84).
last close R$ 61.74 · all-time low R$ 57.06 · high R$ 98.00 · book value per unit R$ 94.28.
Average daily volume (21 sessions) of R$ 523,000 · 12-month average of R$ 355,000.
Reasonable liquidity for a mid-sized FIAGRO. Positions of up to R$ 100 thousand clear in ~1 business day without moving the price; R$ 1M requires 10 days. Incompatible with large, rapid exits, but suitable for medium-term investors.
In 4 years of existence, BBGO11 has navigated a full agricultural credit cycle. Peak in 1H/2023 (extraordinary R$ 2.35/unit distribution in June), stress peak in 2H/2024 (R$ 12.6M AgroGalaxy provision, -6.4% NAV, historical low unit price of R$ 57.06), and gradual recovery in 2025 (+2.99% NAV, R$ 10.74 distributed). It enters 2026 with the most pulverized portfolio in the segment (HHI 0.029, top-1 6.19%) and a 14% tax-exempt dividend yield — one of the best offerings in the credit FIAGRO segment.
| Period | What happened |
|---|---|
| IPO | IPO on Dec 17, 2021. Public offering of 4,005,164 units at R$ 100 (raising ~R$ 400M). Trading commenced on B3 on Jan 31, 2022 at R$ 98–100. |
| Portfolio formation | Progressive allocation into agribusiness CRAs. Cash drops from R$ 254M (Dec/2021) to R$ 22M (Dec/2022) — 80% allocated. First issuers: Nardini, Cerradão, Coruripe, Eldorado, Camil, Neomille, Belagrícola, Fiagril. |
| Peak DPU | Selic at peak levels benefits the CDI portfolio. Extraordinary distribution in Jun/2023: R$ 2.35/unit (semiannual accumulation) and Mar/2023: R$ 1.20/unit. Total 1H/2023: R$ 7.54/unit . |
| Estabilização | DPU normalizes to R$ 0.75–1.00/unit. Delinquency begins to appear in inputs: warnings regarding Belagrícola, Futura Agro, Lavoro, Fiagril. Manager initiates early provisions and diversifies into cooperatives/sugar-energy. |
| AgroGalaxy shock | AgroGalaxy files for court-supervised reorganization. BB Asset provisions 65% on the CRA (~R$ 12.6M allowance for loan losses). NAV drops from R$ 97.76 (Jun) to R$ 91.47 (Dec). Sep/2024 distribution reduced to R$ 0.10/unit (vs R$ 0.95 in Aug); Oct and Nov/2024 set to zero; Dec/2024 pays an extraordinary distribution of R$ 2.28/unit to comply with the 95% cash earnings payout floor required by CVM |
| Recuperação | Manager reduces exposure to inputs and removes AgroGalaxy from the portfolio. Aliança Agrícola is paid in full (Jan/2025). Distribution normalizes to R$ 0.79–0.95/unit (~R$ 10.74 for the full year). |
| ATUAL | DPU at R$ 0.85/unit , P/BV 0.77 , portfolio at 45 issuers (HHI 0.029), cash of R$ 66.8M (17.6% of net assets). Residual events: Lavoro 0.82% + Prime Agro 0.83% + Fiagril 0.16% = 1.81% of net assets. |