(Devant FIAGRO — Paper Fiagro managed by Devant Asset, focusing on agribusiness CRAs)
Segment: Paper Fiagro (CRAs and Fiagro units) · Price R$ 6.19 · P/BV 0.6388 · BV/unit R$ 9.69 · Net assets R$ 65,3 Mi · 14,160 unitholders · 20 assets
DCRA11 (Devant FIAGRO — Imobiliário de Responsabilidade Limitada) is a Brazilian REIT in the Paper Fiagro (CRAs and Fiagro units) segment. (Devant FIAGRO — Paper Fiagro managed by Devant Asset, focusing on agribusiness CRAs)
Paper Fiagro managed by Devant Asset with a diversified portfolio of agribusiness CRAs and Fiagros, a zero-default track record since its 2022 IPO, and active management featuring a comprehensive monthly management report. Note: the Agrofito CRA underwent restructuring with capitalized interest and no cash payments in 2026—marking the first stress event in the fund's history, though still short of a formal default.
This page gathers the factual snapshot of DCRA11 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: Devant Asset Investimentos Ltda.
Devant Asset Investimentos is an independent asset manager specializing in structured credit, with a fund lineup that includes CRIs (DEVA11), REITs (DPRO11), Fiagros (DCRA11), and private-credit fixed-income funds. For DCRA11, management adopts an active and transparent approach, publishing monthly management reports with complete income statements, portfolio composition, and borrower monitoring.
The primary seal of quality is DCRA11's history of zero defaults since its IPO in January 2022 — a remarkable achievement during the challenging agricultural cycle of 2024-2025, when several peer paper Fiagros accumulated credit events. Management is proactive in restructuring events (waiver fees charged to issuers during sector tightening) and maintains stable distributions via retained earnings reserves. Administration and custody are provided by Banco Daycoval (with an ongoing intent to transfer to QORE DTVM). Investor relations can be contacted at +55 (11) 93271-6089.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-armac | — | 7.7% | — |
| cra-bevap | — | 7.6% | — |
| cra-agrofito | — | 3.3% | — |
| cra-fsbio | — | 4.9% | — |
| cra-cmaa | — | 4.7% | — |
| cra-minerva | — | 4.6% | — |
| fiagro-rura11 | — | 4.3% | — |
| cra-acpbio | — | 4.2% | — |
| cra-marfrig | — | 3.8% | — |
| cra-reiter | — | 2.9% | — |
| cra-fsflorestal | — | 3.5% | — |
| cra-copagril | — | 3.1% | — |
| fiagro-rzag11 | — | 2.8% | — |
| cra-hinove | — | 2.9% | — |
| fiagro-aazq11 | — | 2.5% | — |
| fiagro-egaf11 | — | 2.6% | — |
| cra-toagro | — | 2.3% | — |
| cra-agrodinamica | — | 2.3% | — |
| cra-panorama | — | 1.5% | — |
| cra-agrofarm | — | 1.5% | — |
HHI 0.055 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/MG/RJ) 32.0% · Midwest (MT/MS/GO) 20.0% · Sul (RS/PR) 8.0% · North (TO/PA/AM) 7.0% · Northeast (BA) 1.0% |
| By index | CDI+ 42.0% · IPCA+ 18.6% · % CDI / PRÉ 8.3% |
Market price of R$ 6.99 (06/01/2026) versus NAV per unit of R$ 9.80 (Apr/2026). A 29% discount — one of the widest in the paper Fiagro segment. Primarily reflects the small NAV (R$ 66M) and modest liquidity rather than credit issues (portfolio 100% current).
last close R$ 6.19 · all-time low R$ 5.88 · high R$ 10.26 · book value per unit R$ 9.69.
To liquidate a R$ 100k position without moving the price (assuming a 20% ADTV/day limit), it takes ~7-8 business days. A R$ 500k position takes ~38 business days.
The DCRA11 fund has followed a path of institutional stability that is uncommon in the sector: the same ticker, the same manager (Devant Asset), and the same fee structure since its IPO in January 2022. An attempt at a second offering in 2022 was postponed and not consolidated, meaning the fund maintained its original 6.74 million units and grew through carry rather than fundraising.
The major merit of its track record is its history of zero delinquency, weathering the difficult 2024-2025 agricultural cycle that brought down several agricultural input retailers in Brazil. Management was proactive (waiver fees, renegotiations) and diversified the portfolio by benchmark index, segment, geography, and even through units of listed Fiagros (Brazilian agribusiness funds). The 2025 net result (R$ 8.8M, R$ 1.3059/unit) surpassed that of 2024, but the DPU pulled back from R$ 0.13 to R$ 0.09 in the wake of spread normalization. Today, the challenge is to defend carry as the Selic, Brazil's policy rate, declines and to protect portfolio quality in an agricultural sector still under pressure.
| Period | What happened |
|---|---|
| IPO | Initial capital raising of ~R$ 67 million via a CVM Rule 400 public offering, with participation from thousands of investors and the subscription of 6.74 million units. Fee structure of 1.00% p.a. (0.13% administration + 0.87% management) and administration by Banco Daycoval. |
| 2ª EMISSÃO (ADIADA) | Attempted second offering of R$ 75 million, which was modified and subsequently postponed to January 2023 due to market conditions. The offering was ultimately not completed — the fund maintained its original 6.74 million units. |
| DIVERSIFICAÇÃO | Portfolio expands to 13+ assets, including the Reiter CRA (logistics), Primato, Fiagril, FS Bio, Agrofito, Coagril, Toagro, Agrodinâmica, and Agrofarm. The 12m dividend yield finishes the year elevated, around 18%. |
| CICLO AGRO DIFÍCIL | Fertilizer and agricultural input resale sectors experience sharp price drops following their 2022 peak, compressing margins. The fund maintains 100% compliance, but experiences waiver fees across input resale CRAs (Agrofarm, Coagril, Toagro) — with proactive management exacting concessions from issuers. |
| RESP. LIMITADA + CVM 175 | Bylaws updated on September 29, 2025, to comply with CVM Resolution 175/22, with the fund adopting limited liability for unitholders. During the same period, holdings in listed Fiagros (RURA11, RZAG11, AAZQ11, EGAF11) were expanded as a diversification layer. |
| RESULTADO 2025 + NOVA ADM | The fund distributed ~R$ 3.8 million in dividends in 2025 (a 14.78% dividend yield based on market price, 11.23% based on book value). Net income for the year was R$ 8.8 million (R$ 1.3059/unit), up 9.6% vs. R$ 8.0 million in 2024. Banco Daycoval communicates its intention to transfer administration to QORE DTVM, with no change in costs. |
| COMPRA DE LFT | In April 2026, the fund purchased 535 LFT Treasury bills (~R$ 10 million, ~15% of net assets) to deploy cash. The income statement now includes dedicated line items for 'LFT Interest Income' and 'Income Tax Provision.' Management continues to monitor primary and secondary markets for operations offering favorable risk-adjusted returns. |
| ATUAL (DATA ANÁLISE) | Unit price R$ 6.99 (June 1, 2026), P/BV 0.71, distribution of R$ 0.09/unit for April (paid on May 15, 2026, ex-date May 11). 12m dividend yield of 15.25%. Portfolio comprises 16 CRAs + 4 Fiagros, 100% current on payments. Net assets R$ 66.06M, 14,508 unitholders. |