Real Estate Credit and Securities Fund — Active Management (CNPJ 41.269.052/0001-45). ANBIMA Type: Hybrid. Mandate: High-grade CRIs + Guardian Hedge Fund + tactical allocations in listed FIIs.
Segment: Hybrid / Multi-strategy (real estate credit core) · Price R$ 8.36 · P/BV 0.896 · BV/unit R$ 9.33 · Net assets R$ 265 Mi · 20,431 unitholders
GAME11 (Guardian Multiestratégia Imobiliária I FII) is a Brazilian REIT in the Hybrid / Multi-strategy (real estate credit core) segment. Real Estate Credit and Securities Fund — Active Management (CNPJ 41.269.052/0001-45). ANBIMA Type: Hybrid. Mandate: High-grade CRIs + Guardian Hedge Fund + tactical allocations in listed FIIs.
Lends money to developers and companies backed by real estate, allocating one-third into its own fund of funds (GAHF) that invests in other FIIs — actively managed by Guardian. Be careful: part of the management fee is hidden within GAHF, raising the real cost without appearing in the monthly report.
This page gathers the factual snapshot of GAME11 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: Guardian Gestora.
Guardian Gestora was founded in 2020 by professionals with 20+ years of experience in structured credit and real estate. Currently manages R$ 9.3 billion across 35 vehicles, including 2 listed FIIs (GARE11 in brick-and-mortar and GAME11 in paper/hybrid), 19 FIDCs, and 1 pension fund (Guardian Icatu Prev RF CP). The 7.5 rating reflects: (i) consistent structuring of real collateral (95% fiduciary lien in GAME11), (ii) high transparency in monthly reports (comprehensive MR with 12m income statement and guidance), (iii) true debtor diversification (top debtor MRV ≤ 5%). Caveats: (a) internal FoF (GAHF) adds a layer of fees, (b) fund is still relatively young (4.5 years) with no full stress cycle tested.Multi-strategy portfolio 94% BETA / 6% ALPHA — 23 CRIs (60% NAV) + Guardian Hedge Fund (40% NAV with look-through MANA11/VRTM11/CPOP-S/GCORE/Inter FIIs/GLIQ — MXRF11 zeroed)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-almanara | — | 6.9% | — |
| cri-bari-i | — | 0.7% | — |
| cri-bari-ii | — | 1.1% | — |
| cri-carrefour-pre | — | 11.4% | — |
| cri-comporte | — | 3.8% | — |
| cri-evolution | — | 3.5% | — |
| cri-hbr-w | — | 3.5% | — |
| cri-lote5 | — | 3.5% | — |
| cri-maua-i | — | 0.8% | — |
| cri-mrv-i | — | 0.9% | — |
| cri-mrv-ii | — | 0.9% | — |
| cri-mrv-iii | — | 2.8% | — |
| cri-mrv-flex-vi | — | 2.6% | — |
| cri-pontte-i | — | 1.3% | — |
| cri-resid-multi | — | 3.8% | — |
| cri-sbenedito-ii | — | 3.1% | — |
| cri-sbenedito-iii | — | 3.3% | — |
| cri-sbenedito-iv | — | 0.9% | — |
| cri-vitacon | — | 3.3% | — |
| cri-3z-realty | — | 0.2% | — |
| Guardian Hedge Fund (Limited Liability FII) | — | 42.0% | — |
HHI 0.21 — moderada.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 70.0% · CDI+ 21.0% · PreFixado 9.0% |
P/BV of 0.92 represents an 8% discount to book value (R$ 9.64). In line with the mixed-paper subsegment median (0.91) — with no relative premium or discount. Convergence upside to book value is capped at 8% on the price, but combined with the 13.2% dividend yield, it delivers an attractive total return over a 12m horizon.
last close R$ 8.36 · all-time low R$ 7.63 · high R$ 11.98 · book value per unit R$ 9.33.
Average daily volume (21 sessions) of R$ 263,515 · 12-month average of R$ 394,972.
Low liquidity for the fund's size — R$ 263k/day. A R$ 500k position takes ~10 business days to liquidate without moving the price. Suitable for average retail investors; unviable for large institutional players.
| Period | What happened |
|---|---|
| REGULAMENTO | Original bylaws approved by CVM on Aug 13, 2021. Daycoval as administrator and Guardian as manager. |
| IPO | 1st Offering (CVM 476) — 2.5 million units at R$ 100/unit. Operations started Sep 6, 2021. |
| MONTAGEM | Building the initial CRI portfolio. 10:1 split executed (adjusts unit base to R$ 10). |
| MATURAÇÃO | Fund operates in a stable regime with a DPS of R$ 0.10/unit; adjusted to R$ 0.09 in Feb/2024 following the drop in IPCA inflation. |
| REGULAMENTO REVISADO | Bylaws Amendment (Private Instrument ID 925829, Jun 13, 2025) — adjustments to investment policy and governance. |
| GAHF + REGULAMENTO | Operational creation of the Guardian Hedge Fund (GAHF) and new Bylaws amendment (Private Instrument ID 994199, Sep 18, 2025). |
| 3ª EMISSÃO | 3rd Unit Offering — Material Fact Notice on Nov 6, 2025; first settlement Nov 28, 2025; closing on Feb 13, 2026. |
| GUIDANCE R$ 0,10 | Minimum threshold of R$ 0.10/unit monthly sustained by accumulated reserves of R$ 0.074/unit + fixed-rate strategy amid an expected Selic rate-cut cycle. |