(Formerly 'Sparta Fiagro - Imobiliário'; managed by Sparta Administradora de Recursos, administered by BTG Pactual)
Segment: Paper Fiagro (Agribusiness CRAs — high grade) · Price R$ 91.0 · P/BV 0.8966 · BV/unit R$ 101.49 · Net assets R$ 241 Mi · 11,190 unitholders · 122 assets
CRAA11 (Sparta Fiagro - FI nas Cadeias Produtivas Agroindustriais (Limited Liability)) is a Brazilian REIT in the Paper Fiagro (Agribusiness CRAs — high grade) segment. (Formerly 'Sparta Fiagro - Imobiliário'; managed by Sparta Administradora de Recursos, administered by BTG Pactual)
Fund that lends to agribusiness via over one hundred CRAs across twenty sectors, with no defaults since 2023, managed by Sparta — a benchmark in solid corporate credit. Note: monthly distributions were reduced in July 2026 and remain dependent on credit market developments.
This page gathers the factual snapshot of CRAA11 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 Ltda..
Sparta Administradora de Recursos is one of Brazil's most traditional and respected independent private credit asset managers, with over two decades of experience and a focus on high-grade credit (issuers with robust balance sheets and high ratings). Its active credit management philosophy — selecting solid assets, tactically adjusting duration, and taking advantage of spread widening windows without being forced to sell during stress — is precisely what underpins CRAA11's extremely low delinquency rate.
Administration and custody are handled by BTG Pactual Serviços Financeiros DTVM (stable since the IPO), with auditing by Ernst & Young. Sparta maintains an active educational channel (YouTube playlist, [email protected] email, and dedicated website craa11.com.br) and transparent communication in its management reports — including detailed line-by-line performance attribution. The combination of a specialized manager and top-tier administrator is a clear governance differentiator.
See our analysis of Sparta Administradora de Recursos Ltda. →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-gtfoods | — | 3.2% | — |
| cra-usinasantafe | — | 3.1% | — |
| cra-integrada | — | 3.1% | — |
| cra-camil | — | 2.9% | — |
| cra-capal | — | 2.9% | — |
| cra-cmaa | — | 2.8% | — |
| cra-jotabasso | — | 2.8% | — |
| cra-coruripe | — | 2.5% | — |
| cra-slcagricola | — | 2.4% | — |
| cra-olfar | — | 2.4% | — |
| cra-vibra | — | 0.1% | — |
| cra-minerva | — | 1.0% | — |
HHI 0.012 — muito baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast/South (SP/MG/PR/RS) 55.0% · Midwest (MS/MT/GO) 20.0% · Nordeste/Norte 15.0% · Diversificado/Nacional 10.0% |
| By index | CDI 60.2% · IPCA 34.8% · Pré 4.2% |
Unit price of R$ 99.25 (06/01/2026) compared to a book value per unit of R$ 101.22 (Apr/2026). A discount of only 2% — consistent with a high-grade Fiagro of recognized quality. A P/BV close to 1.0 reflects low risk perception and a zero-default history, not a deep discount opportunity.
last close R$ 91.0 · all-time low R$ 82.25 · high R$ 115.75 · book value per unit R$ 101.49.
Liquidating R$ 100k without significantly impacting price (limit 20% of ADTV/day) takes just ~1-2 business days. Comfortable liquidity for typical retail investors.
Sparta Fiagro (CRAA11) is a rare case of consistency among paper Fiagros. Since inception in Jan/2023, it has delivered an accumulated return of 59.9% (121% of CDI) with zero relevant credit events in the portfolio. It has grown in an orderly fashion from a modest initial NAV to R$ 240M, boasting 11k unitholders and a diversified portfolio of 122 high-grade CRAs across 20 segments.
The thesis anchors on credit quality: focus on large, solid issuers (90%+ generate revenues above R$ 1B), active management that capitalizes on spread-widening windows without forced selling, and a stable partnership between Sparta, BTG, and Ernst & Young. The fund navigated sector stress events (Raízen's R$ 65B court-supervised reorganization in Mar/2026) with zero direct exposure. The challenge ahead is macroeconomic — DPU sensitivity to Selic cuts (60% CDI+) — rather than default risk.
| Period | What happened |
|---|---|
| INÍCIO DAS ATIVIDADES | Fund commenced operations on 01/02/2023 as Sparta Fiagro - Fiagro Imobiliário, closed-end, indefinite term, managed by Sparta and administered by BTG Pactual. Goal: outperform CDI+2% p.a. |
| PRIMEIRO ANO — 129% DO CDI | First full year delivers a return of 16.80% (129% of CDI). Robust DPU (R$ 1.15 to R$ 1.70/month). Built a diversified portfolio of high-grade CRAs. |
| EXPANSÃO DO PL | NAV jumps to ~R$ 238M (Dec/2024) with R$ 191.8M in capital subscriptions during the fiscal year. Return of 13.11% (121% of CDI). BV/unit R$ 100.52 (Dec/24). |
| CONSOLIDAÇÃO — 111% DO CDI | Consolidation year with a return of 15.84% (111% of CDI). Net income jumps to R$ 35.29M (EPS R$ 14.89). Undistributed retained earnings reserve at R$ 4.21M (Dec/25). BV/unit R$ 101.75. |
| RACIONALIZAÇÃO DEFENSIVA | In March, management evaluates two primary CRA offerings (R$ 820M) and declines to allocate due to inadequate rate/risk profiles. Capitalizes on spread widening following the Raízen event (R$ 65B court-supervised reorganization) — with zero exposure to Raízen — to purchase 11% of NAV on the secondary market. Earnings reserve at R$ 0.39/unit. |
| ATUAL (DATA ANÁLISE) | Book value per unit R$ 101.22, distribution R$ 1.20/unit (109% of net CDI), accounting earnings R$ 0.84/unit (negative mark-to-market from spread widening). Adds Vibra (AAA) to the portfolio. 122 assets across 20 segments, largest position 3.2%. Earnings reserve narrows to R$ 0.02/unit. |