Recommendation: ACCUMULATE · Rating 6.8/10
BODB11 lends money to infrastructure companies—sanitation, fiber-optic internet, toll roads, cell towers—by purchasing tax-exempt infrastructure debentures (debt securities issued by these companies), and passes the interest along every month free of income tax for individual investors. The securities are selected by Bocaina Capital, an infrastructure-specialized manager with a solid track record: since 2021, net assets have returned 56% compared to 50% for the benchmark government bond.
In 2026, the fund lagged (net assets +2.4% through September, compared to +9.8% for the government bond) as the market began demanding higher yields from all companies following difficulties at Aegea, Raízen, and others—representing mark-to-market losses rather than defaults in the portfolio. The dividend of R$ 0.09 to R$ 0.10 per month is real, derived from the interest paid by the companies and including inflation.
At R$ 7.94, you pay R$ 97 for R$ 100 of net assets and receive approximately 14.4% per year tax-exempt (roughly 16.9% on a taxed investment). The price of this risk: the largest borrower (Alares, internet) represents 13.6% of the fund, and most securities carry A/AA ratings rather than AAA. It suits investors seeking tax-exempt monthly income who accept unit price volatility driven by interest rates; it does not suit those who need quick access to their cash. ACCUMULATE in tranches as part of a tax-exempt fixed-income allocation—not as its sole component.
Our current reading of BODB11 is ACCUMULATE, with a score of 6.8/10. 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.
Among the 23 FI-Infras, BODB11 features one of the highest yields (gross IPCA+10.7%) and a manager that has outperformed NTN-B bonds since inception, though it carries lower-rated credit (16.5% AAA), 8% leverage, a small net asset base (R$ 531M), and average daily trading volume of R$ 800k. Sector leaders (KDIF11, CDII11, CPTI11) deliver similar income with higher-rated portfolios and, in the case of CDII11 and CPTI11, discounts wider than BODB11's current 3%.
| Scenario | Description |
|---|---|
| base | Spreads stabilize and the Selic continues to decline gradually. Distribution of R$ 0.09–0.10/month (~14% tax-exempt) and book value flat to slightly positive. Expected total return of ~IPCA+9% to IPCA+10% per year (14–15% nominal), tax-exempt. |
| otimista | Spreads close back to 2025 levels and NTN-B yields drop. Capital gains of 5–8% on book value (duration 5.7 × compression of ~1 point) plus the distribution; the exchange unit price returns to a P/BV of 1.0–1.05. Return of 20–25% in 12 months. |
| pessimista | New wave of redemptions in the sector or trouble at a major borrower (Alares, Highline, Rota dos Grãos). Book value drops 5–10%, exchange unit price returns to a P/BV of 0.85 (R$ 7.00), distribution may pull back to R$ 0.08. 12-month return close to zero, or negative if a default with loss occurs. |
We re-analyzed BODB11 from scratch, security by security: the complete portfolio from the Sep/2026 report, the portfolio submitted to the CVM, the official distribution history since 2022, and daily book value through Oct 20, 2026. Two important corrections relative to the July version: the fund paid R$ 1.22 per unit in 2025 (not R$ 0.34) and 2026 distributions are stable, not growing at 70%; and the portfolio is not "granular" — the top five borrowers account for 43% of the fund, with Alares alone at 13.6%.
What the fund delivers: a portfolio of 66 infrastructure debentures, driven by sanitation (34%) and telecom (25%), with gross carry of IPCA+10.7% and a spread of 2.9 points over government bonds. Bocaina distributes this carry monthly — R$ 0.09 to R$ 0.10 per unit, or ~14.4% annualized tax-exempt at a price of R$ 7.94. For current buyers, the implied internal rate of return sits around IPCA+9.5% per year net of fees, compared to ~IPCA+5.1% for a Tesouro IPCA+ bond after income tax.
The manager has a solid, verifiable track record: net assets up +56% since Dec/2021 against +50% for the NTN-B, full recovery (with profit) of the portfolio's only material default (RAHD11, 2025), and an ongoing unit buyback program. The weak point in the track record is the starting point: the fund launched with real yields near 5% and has yet to outperform the net CDI on a cumulative basis.
2026 has been a tough year for the entire asset class, not just BODB11 in particular: following Aegea, Raízen, and others, FI-Infras suffered R$ 30.8B in redemptions and spreads widened by over 1 point. The fund's net assets rose only 2.4% through September, compared to 9.8% for the NTN-B. This exact movement is what currently offers buyers the highest credit premium since 2024 — and the manager views this as a good entry point, much like 2023 (IDA-IPCA Infra +14.9% over 12 months).
Risks you must accept: mid-market corporate credit (only 16.5% AAA, ~5% in stressed names), concentration in major borrowers, leverage of ~8%, and a unit price that does not track inflation because inflation is paid out as distributions. With a P/BV of 0.97, the price is fair, not a bargain — CDII11, CPTI11, and BDIF11 trade at deeper discounts.
How to position in your portfolio: BODB11 fits within the IPCA+/tax-exempt credit fixed-income allocation, not the real estate fund allocation. It makes sense as one of two or three FI-Infras, combined with a more conservative one (KDIF11) or Tesouro IPCA+, sized at up to ~1/3 of your tax-exempt credit allocation and up to ~5% of your total portfolio, bought in installments while reinvesting at least the inflation-equivalent portion of distributions. Reevaluate if: Alares suffers a downgrade or covenant breach; distributions fall below R$ 0.08 for two months without a low-IPCA explanation; leverage exceeds 15%; or P/BV exceeds 1.03 (becoming expensive) or drops below 0.90 without credit news (becoming cheap).
Current recommendation: ACCUMULATE. Rating 6.8/10. BODB11 lends money to infrastructure companies—sanitation, fiber-optic internet, toll roads, cell towers—by purchasing tax-exempt infrastructure debentures (debt securities issued by these companies) , and passes the interest along every month free of income tax for individual…
Our current read on BODB11 is “ACCUMULATE”. Rating 6.8/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Bocaina Infra FIC FI-Infra include: Concentration in the largest borrower: Alares (13.6% of the fund); Units fluctuate with interest rates and credit sentiment (mark-to-market); Average credit quality, with select names under stress; Leverage of ~8% via repurchase agreements.