Infrastructure investment fund of funds (FI-Infra) managed by Bocaina Capital and administered by BTG Pactual DTVM. It invests primarily in infrastructure debentures with tax incentives under Law 12.431/2011, focusing on monthly distributions exempt from income tax for individual investors and diversified exposure to essential sectors of the Brazilian economy: power generation and transmission, sanitation, telecom (fiber and towers), toll roads, and logistics. It distributes at least 95% of its cash earnings, with regular monthly payments since 2022.
Segment: FI-Infra · Multi-sector · Price R$ 7.13 · P/BV 0.8868 · BV/unit R$ 8.04 · Net assets 521580000 · 24,501 unitholders
BODB11 (Bocaina Infra FIC FI-Infra) is a Brazilian REIT in the FI-Infra · Multi-sector segment. Infrastructure investment fund of funds (FI-Infra) managed by Bocaina Capital and administered by BTG Pactual DTVM. It invests primarily in infrastructure debentures with tax incentives under Law 12.431/2011, focusing on monthly distributions exempt from income tax for individual investors and diversified exposure to essential sectors of the Brazilian economy: power generation and transmission, sanitation, telecom (fiber and towers), toll roads, and logistics. It distributes at least 95% of its cash earnings, with regular monthly payments since 2022.
Invests in infrastructure debentures from dozens of companies—energy, sanitation, fiber optics, toll roads—managed by Bocaina, paying tax-free monthly income to individual investors. Note: unit values fluctuate with long-term interest rates and may decline during rate-hike cycles, even without defaults.
This page gathers the factual snapshot of BODB11 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: Bocaina Capital Gestora de Recursos Ltda.
An independent Brazilian asset manager specialized in private credit and infrastructure, with a solid track record in structuring and selecting infrastructure debentures. Administration by BTG Pactual Serviços Financeiros DTVM provides fiduciary robustness. The team successfully diversifies the fund across sectors—distinguishing BODB11 from single-sector competitors.
See our analysis of Bocaina Capital Gestora de Recursos Ltda →
Units trade at a 5% discount to book value. The discount compressed from 10% (June 2026) to 5% because book value per unit declined from R$ 8.67 to R$ 8.04 due to negative mark-to-market adjustments on IPCA+ debentures (higher real interest rates), while the unit price fell by a smaller margin. The margin of safety is lower than at the start of the year, but a discount to asset value remains.
last close R$ 7.13 · all-time low R$ 6.40 · high R$ 10.58 · book value per unit R$ 8.04.
| Period | What happened |
|---|---|
| Dez/2021 | Listed on B3 on December 29, 2021, with an initial unit price of R$ 10.00. Initial capital raise to build the starting portfolio of multi-sector infrastructure debentures. |
| 2022 | Commencement of regular monthly distributions. The fund closed the year with a growing NAV and a ramping-up portfolio. |
| 2023-2024 | Selic at 13.75% pressures the mark-to-market valuation of long-term IPCA-indexed debentures. Units trade below book value. Distributions remain stable. |
| 2025 | Distributions total R$ 0.15 for the year (challenging mark-to-market environment). The market begins pricing in the end of the tightening cycle. |
| 2026 | Distributions from January to July 2026 total R$ 0.58 (+70% YoY vs. R$ 0.34 in the same period of 2025), with R$ 0.10/month paid on time. Units appreciated 22.6% over 12 months. In Q2, however, rising real interest rates reversed part of the yield curve compression: book value per unit declined from R$ 8.67 to R$ 8.04 (due to the mark-to-market of IPCA+ debentures), P/BV rose from 0.90x to 0.95x, |