SPARTA INFRA CDI FIC FI INFRA RENDA FIXA CP — a Brazilian infrastructure-incentivized fixed-income fund (Law 12,431/2011) managed by Sparta, offering exposure to Brazilian infrastructure debentures indexed to CDI+ across energy, sanitation, telecom, and toll roads. This is the CDI-indexed counterpart to JURO11 (IMA-B 5), targeting a benchmark of CDI + 2% p.a. Its feeder-fund (FIC) structure, confirmed in the CVM financial statements of June 30, 2025, invests approximately 99.7% of its AUM in units of three Sparta master funds (Sparta CDI V Master RF, Sparta IV Master RF, and Sparta CDI Master RF), with the underlying debentures held at the master level. It has been renamed under CVM Resolution 175 as a Financial Investment Fund in Units of Incentivized Infrastructure Funds.
Segment: FI-Infra · CDI+ · Multi-sector (energy + sanitation + telecom + toll roads) · Price R$ 95.71 · P/BV 0.9413 · BV/unit R$ 101.68 · Net assets R$ 2,79 Bi · 75,998 unitholders
CDII11 (Sparta Infra CDI FIC FI-Infra) is a Brazilian REIT in the FI-Infra · CDI+ · Multi-sector (energy + sanitation + telecom + toll roads) segment. SPARTA INFRA CDI FIC FI INFRA RENDA FIXA CP — a Brazilian infrastructure-incentivized fixed-income fund (Law 12,431/2011) managed by Sparta, offering exposure to Brazilian infrastructure debentures indexed to CDI+ across energy, sanitation, telecom, and toll roads. This is the CDI-indexed counterpart to JURO11 (IMA-B 5), targeting a benchmark of CDI + 2% p.a. Its feeder-fund (FIC) structure, confirmed in the CVM financial statements of June 30, 2025, invests approximately 99.7% of its AUM in units of three Sparta master funds (Sparta CDI V Master RF, Sparta IV Master RF, and Sparta CDI Master RF), with the underlying debentures held at the master level. It has been renamed under CVM Resolution 175 as a Financial Investment Fund in Units of Incentivized Infrastructure Funds.
A fund that lends to major infrastructure projects — energy, sanitation, telecommunications, and toll roads — via incentivized debentures, paying tax-exempt monthly income linked to the base interest rate. Be aware: when interest rates fall, distributed income tends to decrease.
This page gathers the factual snapshot of CDII11 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: Sparta Administradora de Recursos.
Sparta Administradora de Recursos is a management firm specialized in private credit and structured fixed income, with an established presence in FI-Infras. It manages two complementary incentivized funds: CDII11 (CDI+) and JURO11 (IMA-B 5) — offering investors exposure to both sides of the indexer spectrum. Launched in Feb/2023, CDII11 grew to R$ 2.79B in ~3.4 years (nearly doubling vs R$ 1.40B in Jun/2025) with 76.0k unitholders — a predominantly retail, pulverized base that is now larger than JURO11. Structured as a FIC-feeder across three Sparta masters (confirmed in the June 30, 2025 CVM financial statements). Limitation: as a feeder, portfolio look-through transparency is structurally inferior to BTG (BDIF11) and Kinea (KDIF11). A cumulative return of 65% since IPO and continuous base growth support the rating.FIC-feeder: ~99.7% in units of 3 Sparta masters (CDI V Master 71%, IV Master 18%, CDI Master 11%), holding multi-sector CDI+ infrastructure incentivized debentures. Sectoral split below is an estimated look-through.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated portfolio of CDI+ incentivized debentures — Energy sector (wind/solar/hydro generation + transmission) | — | 30.0% | — |
| Aggregated portfolio of CDI+ incentivized debentures — Sanitation sector | — | 20.0% | — |
| CDI+ debentures for fiber optics, towers, and 5G infrastructure | — | 15.0% | — |
| CDI+ debentures of highway concessionaires | — | 12.0% | — |
| Subway, BRT, and public mobility concessions | — | 7.0% | — |
| CDI+ debentures for gas transport and distribution | — | 6.0% | — |
| Waste management, ports, and other segments | — | 5.0% | — |
| Repo agreements, LFTs, and fixed-income funds for liquidity | — | 5.0% | — |
HHI 0.18 — moderada.
| Breakdown | Share |
|---|---|
| By index | CDI+ 88.0% · IPCA+ 5.0% · Fixed-rate / pure CDI 7.0% |
Fund's P/BV.
last close R$ 95.71 · all-time low R$ 87.75 · high R$ 105.28 · book value per unit R$ 101.68.
Average daily volume (21 sessions) of R$ 5,780,000 · 12-month average of R$ 7,000,000.
Strong liquidity — the best in the FI-Infra peer set. A R$ 1M position exits in ~0.6 business days without moving the price. Typical retail investors (R$ 10-50k) face zero friction. Institutional positions > R$ 10M require splitting across ~1.5 weeks.
| Period | What happened |
|---|---|
| IPO | Launch of CDII11 on B3 as Sparta's CDI-indexed FI-Infra — the floating-rate version of JURO11, focused on CDI+ incentivized debentures. |
| CONSTRUÇÃO EM SELIC ALTA | Initial portfolio assembled with Selic at 13.75% — robust CDI+ carry from the start. |
| EXPANSÃO MULTI-SETOR | Portfolio expands to 7 infrastructure sectors. Selic rate resumes upward trend at year-end, boosting CDI+ carry. |
| PICO DE CARREGO | Selic reaches 14.75% — DPU peaks at R$ 2.00/unit (Sep/2025) , the best in the series. |
| COMPRESSÃO FIRMADA + INFLOW | DPU drops from R$ 1.52 (Dec/2025) to R$ 1.00 and stabilizes at that floor (May-Jun/2026) — normalization as the market prices in Selic rate cuts. Despite falling yields, the unitholder base continues to grow. |