Recommendation: HOLD · Rating 6.2/10
Note: The Agrofito CRA (3% of the portfolio) entered restructuring in June 2026 — with no cash flow until 2032, marking the first stress event in the fund's history. The administrator transition to QORE DTVM is suspended pending a CVM investigation into the Banco Master ecosystem; the fund is operating normally.
DCRA11 extends credit to the agribusiness sector via CRAs (agribusiness receivables certificates, exempt from income tax for individual investors) and distributes the interest monthly. Devant Asset has managed the fund since 2022, providing comprehensive monthly reports and maintaining zero defaults until the Agrofito event. The R$ 0.09/unit distribution is sustainable (retained earnings reserve of R$ 0.12/unit + R$ 22M in cash), but it has declined from R$ 0.13 in 2022 and tends to decrease further if the Selic rate drops — 82% of the portfolio is linked to the CDI (benchmark interest rate). Units at R$ 6.27 trade 36% below the book value per unit of R$ 9.86 — meaning you pay R$ 64 for every R$ 100 of fund assets. It suits individual investors willing to accept low liquidity (~R$ 65k/day income) and slowly declining yields in exchange for quality agricultural credit at a discount. It is not suitable for investors needing a quick exit or growing income. Verdict: HOLD — the true 36% discount provides a margin of safety, but distributions will continue to decline alongside interest rates.
The investment thesis for DCRA11 currently centers on three factors: (i) a portfolio 100% current on payments since the IPO, a rare feat among paper Fiagros during the 2024-2025 agricultural cycle; (ii) a deep discount — units trade at a P/BV of 0.71 (29% below the book value of R$ 9.80), offering a real margin of safety; and (iii) a 12m dividend yield of 15.25% exempt from income tax for individual investors, backed by a portfolio diversified across 20 assets.
The counterpoints are of moderate intensity: small net assets (R$ 66M) that limit scale, concentration in input resale within a stressed sector, majority exposure to the CDI (nominal DPU falls as the Selic rate drops), and modest liquidity. Unlike peer Fiagros experiencing active defaults, DCRA11 carries no known credit events — the risk is prospective (origination quality in a difficult sector) rather than current. For investors, DCRA11 is a bet on the carry of a healthy portfolio purchased at a 29% discount: it offers a reasonable premium and margin of safety, but requires tolerance for mark-to-market volatility and a downward-trending DPU.
Our current reading of DCRA11 is HOLD, with a score of 6.2/10. 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.
Devant has had zero defaults since its IPO (2022), but a small net asset base (R$ 66M) limits loss dilution, and trading liquidity is modest (~R$ 65k-70k/day). The Agrofito CRA entered restructuring without cash in 2026, and an 82% CDI portfolio weighting keeps the rating just below the median.
Safety in a REIT is not yes or no — it is how much risk you accept. DCRA11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 2.5 |
| Price volatility | 3.5 |
| Dividend volatility | 2.5 |
| Liquidez | 4.0 |
| Underlying asset risk (credit) | 3.0 |
| Financial/governance risk | 2.5 |
81.8% of the portfolio in floating-rate (CDI + / % of CDI) and fixed-rate assets makes the fund dependent on a high Selic rate. In a sharp easing cycle, nominal DPU may drop from R$ 0.09 to R$ 0.08 or lower.
15% in agricultural input resale/supply chain — a sector with a recent history of stress (Lavoro, Agrogalaxy, Belagrícola). The names in DCRA11 are current, but a new sectoral event could pressure mark-to-market valuations.
13.4% of NAV in shares of other Fiagros (RURA11, RZAG11, AAZQ11, EGAF11) adds a second layer of fees and exposes unitholders to the mark-to-market pricing of these shares, which trade at a discount to their respective book values.
8.3% of the portfolio in unsecured CRAs (Marfrig 3.8% + Minerva 4.5%). These are large corporate credits, but in a stress scenario, recovery depends entirely on cash flow—there are no specific assets to foreclose upon.
Trading volume of ~R$ 65k-70k/day is low for a fund with 14.5 thousand unitholders. During a panic window, liquidating a R$ 100k position could take days and incur a relevant spread.
| Scenario | Description |
|---|---|
| favoravel | Macro stabilization and maintained payment performance cause the P/BV to compress from 0.71 to 0.85-0.90. The unit price rises to R$ 8.30-8.80 (+20-26%) even with DPU stable at R$ 0.09. High total return driven by capital gains plus dividends. |
| favoravel | Portfolio remains 100% current, management allocates cash (18.7%) into new CRAs with attractive spreads, and DPU holds steady at R$ 0.09-0.10. Unit price fluctuates between R$ 7.00 and R$ 7.50. Investors capture a ~15% tax-exempt DY with low volatility. |
| desfavoravel | Selic drops below 11% and nominal DPU falls to R$ 0.08 due to CDI+ math. DY retreats to ~13%. Unit price trades sideways at R$ 6.80-7.20. Carry remains positive, but lower. |
| desfavoravel | An input distributor or cooperative among the 20 assets runs into distress. The fund's first-ever default forces interest accrual suspension and write-downs. DPU falls to R$ 0.07-0.08 and the unit price pulls back to R$ 6.00-6.50. |
DCRA11 (Devant FIAGRO) closes April 2026 with an NAV of R$ 66.06 million, 14,508 unitholders, 67.8% of assets allocated across 16 CRAs and 4 Fiagro holdings (RURA11, RZAG11, AAZQ11, EGAF11), and ~18.7% in cash (LFTs + fixed income, with R$ 10 million allocated to LFTs in April). Monthly distributions are stable at R$ 0.09, with a 12m DY of 15.25% (~135% of the CDI on a tax-grossed-up basis for individuals). The portfolio is diversified across the sugar-and-ethanol sector (16.7%), input resale/supply chain (15%), Fiagros (13.4%), logistics/leasing (11.5%), ethanol (10.1%), food (8.4%), cooperatives (3.1%), and fertilizers (3%) — across multiple states and indexers (42% CDI+3.9%, 18.6% IPCA+8.33%). Net income for 2025 reached R$ 8.80 million (R$ 1.3059/unit), up 9.6% vs R$ 8.03 million in 2024, with retained earnings reaching R$ 0.121/unit.
The positive backdrop is the fund's standout feature. First, the portfolio has been 100% current since its January 2022 IPO — a rare feat among paper Fiagros that navigated the difficult 2024-2025 agricultural cycle, when several input distributors defaulted in Brazil. Second, institutional stability is exemplary: the same ticker, the same manager (Devant Asset), and the same fee structure (1.00% p.a., with no distortive fixed minimums) since inception. Third, and perhaps most relevant for investors today, the unit price at R$ 6.99 trades at just 0.71x the book value of R$ 9.80 — a 29% discount that ranks among the widest in the Fiagro segment and, in DCRA11's case, is not justified by credit risk, but rather by small scale and modest liquidity.
The points of attention are medium in intensity, forward-looking rather than current. The NAV of R$ 66M limits the scale of due diligence and loss dilution; roughly 15% of the portfolio is in input resale, a sector facing ongoing pressure; 8.3% is in unsecured CRAs (Marfrig + Minerva) with no collateral; and ~82% of the portfolio is floating-rate, which compresses nominal DPU as the Selic rate falls—the distribution has already declined from R$ 0.13 (2022-2023) to a stable R$ 0.09. The Fiagro tier (13.4%) adds diversification but also a second layer of fees. For the investor, DCRA11 is a carry thesis with a margin of safety: it offers a tax-exempt dividend yield of ~15% and a healthy portfolio purchased at a 29% discount, with additional upside potential from the P/BV converging toward the peer median (0.92x). It requires a tolerance for low liquidity and a slow downward trend in DPU, but known credit risk is zero—which sets DCRA11 apart from many peer paper Fiagros.
Current recommendation: HOLD. Rating 6.2/10. Note: The Agrofito CRA (3% of the portfolio) entered restructuring in June 2026 — with no cash flow until 2032, marking the first stress event in the fund's history. The administrator transition to QORE DTVM is suspended pending a CVM investigation into the Banco Master…
Our current read on DCRA11 is “HOLD”. Rating 6.2/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Devant FIAGRO — Imobiliário de Responsabilidade Limitada include: Small net assets (R$ 66M) limit scale and loss dilution; Agrofito CRA in restructuring — no cash payments in 2026; Concentration in input resale — agricultural sector under stress; Majority exposure to the CDI — vulnerable to declining Selic rates.
DCRA11 is suitable for: Investors seeking agribusiness credit carry with quality portfolio backing who are willing to buy at a discounted P/BV and bet on discount contraction Tax-exempt individual investor (PF) profiles seeking a dividend yield of ~15% per year with income tax exemption and sector diversification in agribusiness Those who value active and…