Recommendation: SELL · Rating 1.0/10
Our current reading of BLMR11 is SELL, with a score of 1.0/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
VBI Renda+ FOF WAS DISSOLVED on March 27, 2024, with unitholders migrated to RVBI11. Chronic underperformance vs. IFIX (-11.6% from IPO to closure) and 31% of net assets in illiquid private placements. No longer tradable.
Safety in a REIT is not yes or no — it is how much risk you accept. BLMR11 has a muito_alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Investable vehicle | 5.0 |
| Concentração | 2.5 |
| Underlying asset risk | 4.0 |
| Distribution volatility | 3.5 |
| Liquidez | 4.0 |
| Manager conflict | 4.5 |
BLMR11 no longer trades on B3. Former unitholders hold RVBI11 units at a cost basis of R$ 86.45. Any search for the ticker today returns a historical record, not an active quote.
Same manager (VBI Asset) on both sides (BLMR11 → RVBI11). Sale at book value without a public auction or independent valuation report. Acknowledged in Material Fact Notice ID 593755.
Unitholders had voting rights (Unitholders' Meeting held on Nov 29, 2023 — 34.09% approved)
Prime Hotels FII 12%, MCHY11 8%, Structured Mezzanine 4%, ZAVI11 3%, FL4440 3%, ROOF11 1%, BLCA11 1%, SNLG11 1%, MGHT11 1%, GCRI11 0.5% — total 31% of NAV in assets without public quotes. Book value mark without market testing.
Consolidation into RVBI11 transferred the problem to the successor vehicle — investors must evaluate how RVBI11 is managing these assets today
Since its IPO (Jan/2021), the fund has never outperformed the IFIX. Cumulative gap of 27 percentage points in 35 months. Clear failure of the active management thesis.
VBI took over in April 2023 and consolidated in March 2024 — insufficient time for a turnaround, a rapid sequence that benefits the manager's scale but penalizes unitholders. A pattern repeated across 4 group funds simultaneously.
| Scenario | Description |
|---|---|
| Base case: fund extinguished, analysis is historical | BLMR11 no longer exists. The analysis serves: (i) former unitholders who need to calculate capital gains tax using a cost basis of R$ 86.45/RVBI unit; (ii) investors studying RVBI11 (the successor) and seeking to understand the inherited portfolio. |
| RVBI11 (successor) volatility | Former BLMR unitholders hold RVBI11 — RVBI's post-March 2024 performance determines the final outcome of the original investment. Evaluate separately. |
| Inherited private placement assets deteriorate | 31% of the original NAV was illiquid (Prime Hotels, MCHY, Mezzanine, ZAVI, etc.). RVBI11 inherited these assets. If marked down, RVBI's book value drops and former BLMR unitholders are affected. |
| Portfolio recycling in RVBI11 | VBI stated its objective to optimize the portfolio post-consolidation. Eventual sale of troubled private placements with controlled losses could unlock the successor's book value. |
| Capital gains tax calculation — cost basis R$ 86.45 | For unitholders who submitted their average cost: a 20% tax on (R$ 7.80 − average cost) was withheld in April 2024. For those who did NOT submit: cost considered as R$ 6.05 (historical low) or zero (Annex I not received). |
BLMR11 was liquidated on March 27, 2024 after just over 3 years of existence (IPO in Jan/2021) with a negative track record: -11.6% total return vs. IFIX +15.7% and CDI +32.2%. The consolidation into RVBI11 (VBI REITS Multiestratégia FII, the successor) was approved at a unitholders' meeting on Nov 29, 2023, with 34.09% of units in favor — a low quorum (34.93%) historically typical of funds with chronic problems.
The trajectory combined three structural failures: (i) 31% of NAV in private placement FIIs without public quotes (Prime Hotels 12%, MCHY11 8%, Structured Mezzanine 4%, ZAVI 3%, FL4440 3%, and others) marked at book value without real market testing; (ii) 16% in office buildings during an unfavorable cycle (systemic vacancy, return of hybrid work); (iii) manager change (VBI took over in April 2023) followed by consolidation 8 months later — without time to attempt a turnaround, a rapid sequence that benefited the new manager's scale but crystallized losses for unitholders.
Each unitholder received R$ 7.79716641/unit: R$ 7.42383409 in RVBI11 units (factor of 0.08587431 RVBI units per BLMR unit, at R$ 86.45/RVBI unit) on Mar 27, 2024 + R$ 0.37333181 in cash on Apr 10, 2024. For tax calculation purposes, the cost basis of the received RVBI units is R$ 86.45. Unitholders who did not submit an Average Cost Declaration had the historical low (R$ 6.05) or zero applied — with a 20% tax withheld on the gain.
The conflict of interest was explicit and documented: VBI Asset managed both sides (BLMR11 and RVBI11). The sale was executed at book value without an independent valuation report or public auction. Acknowledged in the Material Fact Notice of Jan 31, 2024 (ID 593755). Defensible under the principle of lower operational friction, but sets a precedent that unitholders of other VBI/former BlueMacaw funds should monitor.
BLMR11 stands as a case study on the risks of funds of funds with high exposure to private placements, intra-manager consolidations, and the impact of low quorums at decisive unitholders' meetings. This page serves as a historical record based on 149 official documents from CVM/B3 — useful for former unitholders (tax purposes), governance researchers, and investors who currently hold RVBI11 and want to understand the inherited portfolio.
Current recommendation: SELL. Rating 1.0/10. This fund was wound up on March 27, 2024, and no longer trades on the B3. BLMR11 was a Brazilian real-estate-fund (FII) structured as a fund of funds (FoF) — it purchased units of other real estate funds instead of physical properties, passing monthly distributions on to…
Our current read on BLMR11 is “SELL”. Rating 1.0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for VBI Renda+ FOF FII include: Fund dissolved on March 27, 2024; Chronic underperformance vs IFIX; 31% of net assets in illiquid private placement; R$ 6M loss in Nov/2023 wiped out distribution.
BLMR11 is suitable for: EXTINCT FUND — it is no longer possible to invest in BLMR11 Former unitholders were migrated to RVBI11 on March 27, 2024, with a baseline cost of R$ 86.45 per unit Investors seeking exposure to a VBI FoF today should evaluate RVBI11 (VBI REITS Multiestratégia, the successor)