Recommendation: ACCUMULATE · Rating 7.1/10
Our current reading of GAME11 is ACCUMULATE, with a score of 7.1/10. 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.
Guardian with an indexed credit book and cross-exposure via GAHF (34%). Recovering reserves and a short post-split history limit the score, but the 13.4% DY and active management sustain a high-intermediate position.
Safety in a REIT is not yes or no — it is how much risk you accept. GAME11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 2.5 |
| Price volatility | 1.5 |
| Dividend volatility | 1.5 |
| Liquidez | 4.0 |
| Underlying asset risk | 2.5 |
| Financial/leverage risk | 1.0 |
Unitholders pay 1.10–1.15% in GAME11 plus the underlying GAHF fee on 42% of net assets — total effective cost likely 1.3–1.5% p.a. GAHF's fee is not clearly disclosed in public reports.
Offset by active recycling performance and immediate diversification via FoF — but investors must be aware.
GAHF closed its position in MXRF11 (R$ 38.96M) in Apr/26 following significant gains from the FII's appreciation. The main overlap was MXRF11 (6.9% of net assets via look-through) — risk eliminated. New relevant overlap: GCORE (9.5% of net assets) via look-through.
Elimination of overlap with the retail favorite FII. GCORE is a Guardian residential brick-and-mortar FII — a different profile from MXRF11 (paper).
Largest single direct CRI position (R$ 27.1M / 9.36% of net assets in Apr/26) in a 14% p.a. fixed-rate with 2.5 years duration. Success depends on the Selic rate-cutting cycle materializing (there have already been 2 cuts in 2026: 15%→14.5%).
Carrefour/Atacadão is a prime borrower + LTV 55%. Selic already in a downward trend (14.5% in Apr/26). Directional bet partially validated.
Relevant geographic concentration — 75% of properties under fiduciary liens are in São Paulo. A localized crisis in the São Paulo real estate market materially affects collateral value.
São Paulo has the most liquid and deep real estate market in the country — execution risk for fiduciary liens is proportionally lower.
São Benedito II (3.06%) + III (3.28%) + IV (0.87%) CRIs total 7.21% of net assets with the same borrower (Grupo São Benedito in Mato Grosso). Cross-surety among partners is the only common tie.
Operations with different collaterals (Vale Gramado, Vale dos Guimarães, Harissa) and multiple guarantees (fiduciary lien + corporate guarantee + reserve fund + surety) — concentrated but structured risk.
| Scenario | Description |
|---|---|
| Falling Selic + stable IPCA | Carrefour Fixed-Rate +14% and duration of 3.9 years absorb interest rate cuts as a mark-to-market gain; IPCA maintained at ~4% preserves the yield carry of the 66% IPCA+ assets. Possible DPU increase to R$ 0.11–0.12. |
| Active post-3rd offering recycling delivers superior spread | As signaled by the manager, part of the proceeds will be gradually converted into assets with a higher cap rate. This reinforces reserves and opens room for an extraordinary distribution in 2H2026. |
| P/BV convergence from 0.92 to 0.98–1.00 | Unit price at R$ 8.84 vs book value of R$ 9.64 — in a Selic rate-cutting cycle and improving IFIX sentiment (3,912 pts in Feb/26 vs 3,500 in Jul/25), discount closure + 8–10% on unit price. |
| Selic does not fall as expected (Focus survey misses) | If Selic remains at 15% through the end of 2026 (vs Focus at 12-13%), Carrefour Fixed-Rate 14% loses mark-to-market value; CDI+ assets remain attractive, but long-term IPCA+ suffers. |
| Unexpected delinquency in pulverized residential CRIs | Crisis in the São Paulo/Mato Grosso residential market hits pulverized borrowers (BARI I/II, Pontte, Maua, Lote5, MRV Flex VI). Currently 100% current on payments, but any delay in an asset representing 4–8% of net assets exerts pressure on the DPU. |
| GAHF / internal FoF execution failure | If GAHF fails to deliver the expected spread (estimated IPCA+9.75%) due to poor tactical choices (MXRF11/GCORE) or depreciation of underlying FII units, 42% of net assets takes a hit — directly impacting GAME11's DPU. |
GAME11 is a mature multi-strategy Brazilian REIT-style fund (FII) with a 4.5-year history, focused on real estate credit and featuring a robust real collateral architecture. Its 20 CRIs (58% of net assets) cover multiple sectors (residential, retail, logistics, offices, hospitality) with 95% fiduciary liens and a 100% current payment record. The complement via Guardian Hedge Fund (42% of net assets) delivers fund-of-funds exposure across 5 strategic FIIs (MXRF11, MANA11, VRTM11, CPOP-S, GCORE) — with diversification delegated to the manager.
The 3rd offering, completed in Feb/2026 (R$ 63M raised, +31% in net assets), substantially expanded its recycling capacity. The manager has already allocated resources to the Carrefour Pre-fixed CRI (PRE +14% p.a., 11.37% of net assets) — a directional bet on the Selic rate-cutting cycle in accordance with the BCB Focus survey (15% → 12-13% by Dec/2026). DPU rose to R$ 0.10/unit with accumulated reserves of R$ 0.074/unit.
On the other hand, the dual fee layer through GAHF (GAME11 management fee + underlying internal fund-of-funds fee) represents a structural caveat that dilutes net returns. Look-through analysis reveals non-trivial exposure to MXRF11 (6.9% of net assets via GAHF) and GCORE (4.2%) — investors who already hold these positions will double their exposure. Low liquidity (R$ 263k/day) limits position sizing for average retail investors.
MODERATE BUY VERDICT (rating 7.2): GAME11 delivers a 13.2% dividend yield with rare stability in its segment, trading at a P/BV of 0.92 (in line with peers) backed by solid real protections. The combination of "stable DPU + IPCA+ carry + pre-fixed bet + expected Selic decline" offers an attractive risk-return profile over a 12-24 month horizon. Recommended position size: 5-10% of the FII portfolio for a moderate investor, while monitoring look-through exposure to avoid duplication with MXRF11/GCORE.
Current recommendation: ACCUMULATE. Rating 7.1/10. The GAME11 lends money to real estate projects via CRIs (debt securities backed by real estate) and invests in its own internal fund holding units of other FIIs — passing the monthly interest on to you, tax-free. The manager is Guardian (rated 7.5 on the site), with 20+ years in…
Our current read on GAME11 is “ACCUMULATE”. Rating 7.1/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Guardian Multiestratégia Imobiliária I FII include: Cross-exposure via GAHF (34.4% of NAV — May/26); Concentration in Carrefour Pre +14% (11.4% of NAV); Recovering reserves — R$ 0.107/unit in May/26; Short post-split history — limited comparison base.
GAME11 is suitable for: Investors seeking delegated multi-strategy exposure managed by professionals — without wanting to pick individual CRIs or FIIs Moderate to aggressive profile , accepting the FoF layer and cross-exposure via GAHF in exchange for active management Those seeking a 13%+ DY with real protection (95% fiduciary lien) and clean compliance