Bradesco Carteira Imobiliária Ativa - Brazilian real-estate-fund (FII) Fund of Funds
Segment: Fund of Funds (FoF) — active management · Price R$ 86.8 · P/BV 0.8886 · BV/unit R$ 97.68 · Net assets R$ 363 Mi · 19,236 unitholders · 54 assets
BCIA11 (Bradesco Carteira Imobiliária Ativa) is a Brazilian REIT in the Fund of Funds (FoF) — active management segment. Bradesco Carteira Imobiliária Ativa - Brazilian real-estate-fund (FII) Fund of Funds
A Bradesco fund that does not buy real estate directly — it invests in units of about 50 other FIIs, combining warehouses, shopping malls, and real estate credit into a single investment. Note: more than half of the portfolio is in physical real estate, which weighs more heavily when interest rates are slow to fall.
This page gathers the factual snapshot of BCIA11 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: Bradesco Asset Management (BRAM).
Bradesco Asset Management (BRAM), the asset management arm of Banco Bradesco, manages over R$ 800 billion. It has a strong tradition in fixed income and a growing focus on FIIs. BCIA11's management demonstrates a disciplined tactical allocation process with detailed monthly management reports (5–9 pages), clear macro scenario narratives, and explicit rationale for every portfolio adjustment.
In 2025, the team shifted from 48% to 66% in brick-and-mortar assets during the anticipated rate-cut cycle, and rapidly recalibrated to 41% in CRIs in Mar/26 amid geopolitical escalation. The book value per unit has accumulated a +173.11% gain since the IPO, tracking the IFIX (+174.31%) and well outperforming the net CDI rate (+135.48%) over the same period. The primary point of attention is reactive tendencies — the team shifts tactical allocation quickly in response to macro news, which has proven successful but increases transaction costs.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Pátria Crédito Imobiliário | — | 5.4% | — |
| VBI Prime Properties | — | 4.5% | — |
| RBR Crédito Imobiliário Estruturado (transitioning to Pátria) | — | 4.5% | — |
| JS Real Estate Multigestão | — | 4.4% | — |
| Kinea Índices de Preços | — | 4.2% | — |
| VBI Logístico | — | 4.0% | — |
| XP Crédito Imobiliário | — | 4.0% | — |
| Rio Bravo Renda Corporativa | — | 3.9% | — |
| CSHG Real Estate (Pátria) | — | 3.7% | — |
| CSHG Brasil Shopping (Hedge) | — | 3.7% | — |
| Kinea High Yield CRI | — | 3.4% | — |
| XP Malls | — | 3.4% | — |
| RBR Rendimento High Grade | — | 2.9% | — |
| Vinci Shopping Centers | — | 2.6% | — |
| BTG Pactual Crédito Imobiliário | — | 2.6% | — |
| Pátria Plus Multiestratégia Real Estate (formerly RBR Plus) | — | 2.5% | — |
| Vinci Logística | — | 2.2% | — |
| Pátria Recebíveis Imobiliários (formerly CSHG Recebíveis) | — | 2.2% | — |
| Tivio Renda Imobiliária (bank branches + office buildings) | — | 2.2% | — |
| Kinea Rendimentos Imobiliários | — | 2.1% | — |
| BTG Pactual Corporate Office | — | 2.1% | — |
| HSI Malls | — | 2.0% | — |
| BB Premium Malls | — | 2.0% | — |
| Patria Properties (formerly RBR Properties) | — | 1.9% | — |
| Capitânia Shoppings | — | 1.9% | — |
| Pátria Renda Urbana | — | 1.8% | — |
| BTG Pactual Logística | — | 1.6% | — |
| Kinea Unique HY CDI | — | 1.5% | — |
| Inter Logístico (Banco Inter) | — | 1.5% | — |
| Hedge Top FoFII 3 | — | 1.4% | — |
| Campus Faria Lima | — | 1.1% | — |
| XP Log | — | 1.1% | — |
| Rio Bravo Renda Varejo | — | 1.0% | — |
| Bresco Logística | — | 0.9% | — |
| Valora Renda Imobiliária | — | 0.9% | — |
| Kinea Securities | — | 0.7% | — |
| Tellus Rio Bravo Renda Logística | — | 0.7% | — |
| CSHG Prime Offices | — | 0.6% | — |
| Mauá Capital Recebíveis Imobiliários | — | 0.5% | — |
| Pátria Securities (formerly RVBI) | — | 0.5% | — |
HHI 0.0304 — baixa.
At the close of Apr/26, the market price (R$ 96.68) traded at a 6.7% discount to the book value of R$ 103.64 (P/BV of 0.93x). Adding the average 9.9% discount of the portfolio FIIs to their underlying book values (P/BV of 0.90x), the total double discount is 16% — down from 19.9% in Mar/26 due to gains in both market and book values, but still high vs. the historical median (12-13%). At the spot price of 01/06 (R$ 90.21), the P/BV returns to ~0.87 and the double discount reopens. The base case of further discount compression as the Selic falls tends to push the unit price to R$ 100-110 over the next 12-18 months.
last close R$ 86.8 · all-time low R$ 76.20 · high R$ 296.44 · book value per unit R$ 97.68.
Average daily volume (21 sessions) of R$ 548,349 · 12-month average of R$ 479,663.
Low-to-moderate liquidity. A R$ 100k position exits in ~1 day; R$ 1M in ~9 days; R$ 10M in ~91 business days without moving the price. Incompatible with large institutional positions — fits the typical size of an individual portfolio
Since its IPO in May/2015 (R$ 100/unit), BCIA11 has posted a cumulative +173.11% in book value per unit (in line with the IFIX at +174.31%) and +154.04% in market price, reflecting the current material discount. The market price closed May/26 below the IPO price (R$ 91.47) — all total return came via distributions, with none from unit appreciation. The fund has navigated two complete monetary policy cycles, demonstrating an ability to capture capital appreciation during easing cycles (2019-2020 and 2025) and preserve capital during adverse cycles.
Distributions have gone through three regimes: 2017-2018: averaging R$ 0.68/month (R$ ~8.5/year); 2019-2020: a regime featuring extraordinary payments (R$ 14.50 in 2019); 2021-2026: a stable regime hovering near R$ 0.84-0.86/month (R$ ~10/year). Over the past 18 months, the DPU has been virtually flat — with a coefficient of variation of 1.2%.
| Period | What happened |
|---|---|
| IPO at R$ 100 | Established as a FoF under Bradesco Asset management, targeting professional and general investors. Units distributed at R$ 100.00. |
| 3rd Offering (R$ 240M) | Conclusion of an additional public offering at R$ 118.26/unit, consolidating net asset scale and portfolio diversification. |
| Extraordinary distributions of R$ 2.50 + R$ 3.60 | Bradesco realized capital gains in a favorable window and distributed two consecutive extraordinary payouts — totaling R$ 6.10/unit in just 2 months (vs. an annual average of R$ 0.69/month). |
| Net assets of R$ 411M | Net assets reach historical highs alongside the IFIX recovery. BV/unit at R$ 110.62. |
| End of the Selic rate-hiking cycle | IFIX closes 2025 up +21.15% while BCIA tracks closely with a +21.33% return on book value per unit. Brick-and-mortar exposure rises to 62% of net assets. |
| Geopolitical shock — rotation into CRIs | Escalation of the US-Israel-Iran conflict + closure of the Strait of Hormuz forces the team to raise CRI exposure from 34% to 41% of net assets in a single month (portfolio turnover of 12.4% of net assets). |
| Units rise, double discount closes to 16% | IFIX gains +1.53% on the month and BCIA11 gains +4.47% on the market unit price (book unit price up +1.24%) — the double discount recedes from 19.9% to 16%. Portfolio maintains a defensive bias (brick-and-mortar 59% / paper 41%); KNIP becomes the largest position (6.2% of net assets). DPU maintained at R$ 0.86 for the 7th consecutive month. Selic at 14.5% p.a. following a 25 bps cut. |