Brazilian infrastructure investment fund (FIC FI-Infra), managed by Bocaina Capital and administered by BTG Pactual DTVM. It invests, through Bocaina's exclusive master funds, in roughly 66 tax-exempt infrastructure debentures (Law 12.431/2011) across sanitation, fiber optic, toll roads, telecom towers, oil and gas, power generation, transmission, and distribution. It distributes the portfolio's cash yield (interest + inflation) on a monthly basis, exempt from income tax for individual investors.
Segment: FI-Infra · Multi-sector · Price R$ 7.94 · P/BV 0.9664 · BV/unit R$ 8.2158 · Net assets 530701443.25 · 23,990 unitholders
BODB11 (Bocaina Infra FIC FI-Infra) is a Brazilian REIT in the FI-Infra · Multi-sector segment. Brazilian infrastructure investment fund (FIC FI-Infra), managed by Bocaina Capital and administered by BTG Pactual DTVM. It invests, through Bocaina's exclusive master funds, in roughly 66 tax-exempt infrastructure debentures (Law 12.431/2011) across sanitation, fiber optic, toll roads, telecom towers, oil and gas, power generation, transmission, and distribution. It distributes the portfolio's cash yield (interest + inflation) on a monthly basis, exempt from income tax for individual investors.
Lends to 66 infrastructure companies—sanitation, fiber internet, toll roads, towers—paying approximately 1.1% to 1.2% per month tax-exempt. Note: unit prices fluctuate with interest rates and credit sentiment, and the largest borrower (Alares) accounts for 13.6% of the fund.
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.
Independent manager specialized in infrastructure credit (CNPJ 38.347.420/0001-11) with proprietary origination: a substantial share of the portfolio consists of Bocaina-exclusive issuances (e.g., Igarapava Saneamento) backed by real collateral. BODB11 track record: net assets up 56.0% since Dec/2021 compared to 50.3% for the benchmark NTN-B. Demonstrated crisis discipline—during the Rio Alto default (RAHD11, 5.6% of net assets in 2025), it enforced bank guarantees and recovered 100% of amounts owed with a 14% gain over book valuation. Unitholder alignment: approved and executes a unit buyback below NAV launched in August/2026. Detailed monthly report (asset-by-asset portfolio, rate, spread, duration, and rating). Administration and custody: BTG Pactual DTVM.
See our analysis of Bocaina Capital Gestora de Recursos Ltda →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Alares — ALAR14 | — | 9.2% | — |
| Sul Concessões — SCPT13 | — | 8.1% | — |
| Rota dos Grãos — RGRA11 | — | 7.5% | — |
| Hidro Forte (Norte Saneamento) — HFTE14 | — | 6.2% | — |
| São Gabriel Saneamento — SGAB11 | — | 5.8% | — |
| Alares — CONX12 | — | 4.4% | — |
| Highline — HGLB13 | — | 4.0% | — |
| Igarapava Saneamento — IGSS11 | — | 3.4% | — |
| Origem Energia — ORIG21 | — | 3.2% | — |
| Lines 8 & 9 (CCR) — CLTM14 | — | 3.1% | — |
| Tupi Energia — TUPW11 | — | 3.1% | — |
| Highline — HGLB23 | — | 3.0% | — |
| QMC Telecom — QMCT14 | — | 3.0% | — |
| Iguá Rio de Janeiro — IRJS15 | — | 2.4% | — |
| Cocal — CCIA23 | — | 2.3% | — |
| Águas do Rio 1 (Aegea) — RISP14 | — | 1.7% | — |
| OPEA / Órigo Energia — CRI | — | 1.6% | — |
| Igarapava Saneamento — IGSS21 | — | 1.4% | — |
| Ligga Telecom — CPTM15 | — | 1.4% | — |
| Casan — CASN24 | — | 1.4% | — |
| Bevap Bioenergia — BION16 | — | 1.4% | — |
| Origem Energia — ORIG12 | — | 1.4% | — |
| Rialma Transmissora V — RALM11 | — | 1.1% | — |
| Trivia Trens — TRRR11 | — | 1.0% | — |
| Brava Energia — ENAT33 | — | 0.9% | — |
| Solví Essencis — SVEA16 | — | 0.9% | — |
| Elektro Redes — EKTRB6 | — | 0.8% | — |
| Arteris Intervias — IVIAA0 | — | 0.8% | — |
| BRK Ambiental Maceió — RMSA12 | — | 0.8% | — |
| Rio+ Saneamento — SABP12 | — | 0.8% | — |
| Rumo Malha Paulista — GASC28 | — | 0.8% | — |
| Águas de Teresina — GSTS14 | — | 0.8% | — |
| Ecovias Raposo-Castelo — CERT11 | — | 0.8% | — |
| Ecorodovias — ERDVA4 | — | 0.7% | — |
| Celpe — CEPEA7 | — | 0.7% | — |
| Brava Energia — ENAT11 | — | 0.7% | — |
| Equatorial Goiás — CGOSA2 | — | 0.7% | — |
| Energisa MT — ENMTF8 | — | 0.7% | — |
| Energisa MS — ENERC7 | — | 0.7% | — |
| TESC (port) — CJEN13 | — | 0.6% | — |
HHI 0.054 — low.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 87.0% · CDI+ 8.0% · Prefixado 5.0% |
At R$ 7.94, the unit trades at a discount of ~3% to the book value of R$ 8.22 (CVM, Oct 20, 2026). The discount narrowed because book value rose 3.8% in October with falling NTN-B yields, and the unit price followed. Compared to peers, BODB11 is not cheap: CDII11 (0.92), CPTI11 (0.94), and BDIF11 (0.90) offer deeper discounts. The manager's buyback program, which can only purchase below book value, tends to act as support when the discount widens.
last close R$ 7.94 · all-time low R$ 6.23 · high R$ 10.75 · book value per unit R$ 8.2158.
| Period | What happened |
|---|---|
| Dez/2021 | Launched on 12/29/2021 at R$ 10.00 per unit with a lock-up period through May/2022. NTN-B benchmark yields traded near 5%—the worst possible starting point for an IPCA-linked fund, as real interest rates climbed in subsequent years. |
| 2022–2023 | New issuances (the 3rd in 2023, totaling R$ 300M) and diversification. Distributed R$ 1.49 (2022) and R$ 1.46 (2023) per unit; part of these distributions was accounted for as capital amortization because book value per unit sat below the baseline. Net assets returned 10.8% and 16.7% in those years, outperforming NTN-B. |
| Jun/2024 | 5th unit offering (up to R$ 500M), pushing net assets into the R$ 580M range. |
| 2º sem/2024 | Rising real interest rates and sector redemptions pushed exchange-traded unit prices from R$ 9.30 (July) down to R$ 7.40 (December); in 2024, the market-traded unit price fell 12% (including distributions) while net assets rose 0.7%. In January 2025, the discount to NAV reached ~21% (units at R$ 6.63). |
| Fev–Jul/2025 | Rio Alto (solar plants) filed for injunction protection followed by out-of-court reorganization. Bocaina enforced bank guarantees (Sumitomo, BTG, Alfa) and recovered R$ 35.5M on 07/18/2025—100% of the amount owed, 14% above book valuation—with an extra R$ 0.03 distribution in July 2025. |
| 2025 | Net assets up 17.1% and market-traded unit price up 26.8% for the year (including distributions), compared to +12.8% for the benchmark NTN-B. Distributed R$ 1.22 per unit, entirely classified as income starting April 2025. |
| Dez/2025 | Unitholders meeting on 12/17/2025 approved buying back up to 10% of units within 12 months, always below NAV, with subsequent cancellation. Execution visible in CVM filings starting August 2026: total units dropped from 64.88M to 64.60M through October 20, 2026. |
| Abr–Set/2026 | Issues at Aegea, Raízen, GPA, and Pontal-Thopen, alongside R$ 30.8B in redemptions across FI-Infras, led the market to demand higher yields on all debentures. BODB11 net assets rose only 2.4% in 2026 through September, compared to 9.8% for the benchmark NTN-B; NAV dropped from R$ 8.69 (Feb) to R$ 7.91 (Sep). Distributions fell from R$ 0.10 to R$ 0.09 alongside lower monthly IPCA inflation. |
| Out/2026 | Driven by falling NTN-B yields at month-end (the 2032 maturity dropped from 7.62% to 6.84%) and Selic rate cuts to 13.75%, NAV rebounded to R$ 8.22 on October 20, 2026 (+3.8% in the month). The exchange-traded unit price, at R$ 7.94, trades at a discount of ~3%. |