(Brazil's largest multi-strategy paper FII — managed by Capitânia + administered by BTG Pactual)
Segment: Hybrid / Multi-strategy (CRIs + FIIs) · Price R$ 7.34 · P/BV 0.8515 · BV/unit R$ 8.62 · Net assets R$ 3,13 Bi · 398,167 unitholders · 97 assets
CPTS11 (Capitânia Securities II Fundo de Investimento Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the Hybrid / Multi-strategy (CRIs + FIIs) segment. (Brazil's largest multi-strategy paper FII — managed by Capitânia + administered by BTG Pactual)
Invests in real estate loans and units of dozens of other real estate funds, delivering monthly income
This page gathers the factual snapshot of CPTS11 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: Capitânia Investimentos.
A Capitânia Investimentos (sede Av. Brigadeiro Faria Lima, 1485 — São Paulo) é uma das principais gestoras independentes de fundos imobiliários do Brasil, com plataforma que abrange lajes corporativas (CPOF), logística (CPLG), shoppings (CPSH, ADSH), renda urbana (CPUR), FOFs (CPOP), agronegócio (CPTR) e crédito (CPTS).
O track record histórico é o principal ativo: desde o início do CPTS em 05/08/2014, a cota patrimonial acumulou 274,9% (12,1% a.a.), contra 179,9% do IFIX, 195,1% do CDI, 227,1% do IMA-B e 235,9% do Ibovespa — superior a TODOS os benchmarks no período. A estratégia de FOF iniciada em set/2019 entregou 103,81% versus 47,50% do IFIX (alpha de 2,2x). Em 2025, a casa executou transações relevantes: reciclagem de CPLG (TIR 19,55% a.a.), vendas em CPSH (TIR 22,52% a.a.), aquisição da sede Nubank no CPOF e estruturação de dois novos fundos (ADSH11 com AD Shopping e MIDW). A TIR média dos fundos Capitânia no CPTS é de 20,0% a.a. contra 16,0% do IFIX, 13,4% do CDI e 10,2% do IMA-B — alpha real de +4 p.p./ano vs índice de FIIs.
Alinhamento reforçado pela redução voluntária da taxa de gestão de 1,05% para 0,90% a.a. (reforma de nov/2024), pela isenção temporária da dupla taxação sobre os FIIs da própria casa investidos pelo CPTS, e pela transparência via tabela trimestral discriminando TIR de cada fundo relacionado.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| FII Capitânia Oportunidades Imobiliárias | — | 11.5% | — |
| FII VXXV | — | 5.6% | — |
| FII General Shopping e Outlets | — | 4.8% | — |
| FII AD Shopping | — | 4.4% | — |
| FII Capitânia Logística | — | 3.6% | — |
| FII Capitânia Office | — | 3.4% | — |
| FII HSI Real Estate | — | 3.0% | — |
| FII VVM Real Estate | — | 2.7% | — |
| FII Capitânia Renda Urbana | — | 2.6% | — |
| FII Capitânia Shoppings | — | 2.2% | — |
| FII VVCO Commercial | — | 2.1% | — |
| FII MIDW | — | 2.1% | — |
| FII Parque Dom Pedro | — | 1.9% | — |
| FII Guararema Renda | — | 1.6% | — |
| FII TRX Real Estate | — | 1.5% | — |
| cri-bari-83s-gpa-trx | — | — | — |
| cri-truesec-340s-gazit | — | — | — |
| cri-truesec-236s-gsfi | — | — | — |
| cri-virgo-264s-v2 | — | — | — |
| cri-truesec-331s-maringa | — | — | — |
| cri-habitasec-148s-hbr | — | — | — |
| cri-habitasec-242s-hbr-comvem | — | — | — |
| cri-bari-93s-assai-cpur | — | — | — |
| cri-bari-98s-assai-cpur-ii | — | — | — |
| cri-opea-38e-mateus | — | — | — |
| cri-bari-85s-gpa-trx | — | — | — |
| cri-bari-82s-gpa-trx | — | — | — |
| cri-opea-296s-gpa-cpur | — | — | — |
| cri-truesec-346s-gpa-rbva | — | — | — |
| cri-opea-345s-gpa-rbva | — | — | — |
| carrego-fiis-terceiros | — | 4.4% | — |
| caixa-rf | — | 0.1% | — |
HHI 0.0346 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 100.0% |
Market price (R$ 7.63, Jun 1, 2026) versus book value per unit (R$ 8.85, Apr/2026) = P/BV of 0.86x, a discount of ~14%. According to management (Apr/2026 Management Report), there is appraisal upside of +11.6% to book value per unit and an additional +2.5% if all held REITs were also marked to net asset value—total upside of ~14.4% on the REIT portfolio (or ~9.7% on net assets).
last close R$ 7.34 · all-time low R$ 5.96 · high R$ 12.51 · book value per unit R$ 8.62.
Average daily volume (21 sessions) of R$ 13,451,783 · 12-month average of R$ 7,346,890.
HIGH liquidity. A R$ 1 million position liquidates in <1 business day (21d average of R$ 13.5M). Top tier among hybrid FIIs.Since August 5, 2014, CPTS11's book value per unit adjusted for distributions has accumulated a total return of +274.9% (12.1% annualized), outperforming all benchmarks over the period: IFIX at 179.9% (9.3% annualized), gross CDI at 195.1% (9.8% annualized), IMA-B at 227.1% (10.8% annualized), and Ibovespa at 235.9% (11.1% annualized). The market price per unit has accumulated 238.5% (11.1% annualized). The historical annualized dividend yield on book value is 12.01% annualized, equivalent to gross CDI + 3.4% — a performance maintained even through high Selic rate cycles (2022-2026).
| Period | What happened |
|---|---|
| IPO | Inception of CPTS11 operations with a high-yield CRI strategy. Established Dec 17, 2013, CVM registration. Initial administrator: BNY Mellon. Manager: Capitânia from the start. |
| VIRADA HIGH GRADE | Strategic transition from high-yield to high-grade: larger transactions, corporate debtors with robust collateral (fiduciary liens + corporate guarantees), active secondary market management. |
| PANDEMIA E TESTE | COVID-19 stressed real estate credit, but the portfolio passed through without defaults. The CDI dropped to 2% while IPCA spiked — the reverse repo strategy (CDI+1%) with CRIs at IPCA+6% generated a ~13% p.a. margin during that period. |
| AUGE INFLACIONÁRIO | IPCA accumulates 10%+ over 12 months and IPCA+ CRIs surge: DPU rises to R$ 1.00–1.12/unit. Net assets exceed R$ 2.8 billion, unitholder base explodes. |
| DESDOBRAMENTO 1:10 | 1:10 unit split approved at unitholder meeting. Unit price of ~R$ 90 goes to ~R$ 9, expanding retail accessibility. Pre-split DPU of R$ 0.79 (Aug/2023) becomes R$ 0.054 (Sep/2023). |
| REFORMA DO REGULAMENTO | Meeting approves new investment policy transforming the fund into a hybrid with full flexibility between CRIs and FIIs . Management fee reduced from 1.05% to 0.90% p.a. Temporary exemption from double-charging on in-house FIIs. Recycling initiated: R$ 1.8B → R$ 0.9B in CRIs (Mar/26). |
| EXECUÇÃO E ALPHA | Recycling delivers results: net asset return of +20.46% for the year (vs IMA-B +13.17%, IFIX +21.15%). Market unit price +30.46%. CPLG recycling delivers 19.55% p.a. IRR, CPSH sales with 22.52% p.a. IRR. Structuring of ADSH11 (AD Shopping partnership) and MIDW. |
| ATUAL | Consolidated portfolio: 19 CRIs (24.8% of net assets, 100% current) + 78 FIIs (63.9% of net assets with +14.4% upside) + carry 4.4% + cash 0.1% + reverse repo agreements 16.5%. DPU stabilized at R$ 0.09/unit since Sep/2025. Net assets R$ 3.28B, 378.4k unitholders, ADTV R$ 9.3M/day. |