HFOF11 — Hedge TOP FOFII 3 FII

Fund of Funds managed by Hedge Investments with 22 FIIs in the portfolio (~50% Hedge, ~50% external). Pioneer in share buybacks in the FII industry.

Segment: Fund of Funds (FoF) · Price R$ 6.41 · P/BV 0.8043 · BV/unit R$ 7.97 · Net assets R$ 1,77 Bi · 94,704 unitholders

What is HFOF11

HFOF11 (Hedge TOP FOFII 3 FII) is a Brazilian REIT in the Fund of Funds (FoF) segment. Fund of Funds managed by Hedge Investments with 22 FIIs in the portfolio (~50% Hedge, ~50% external). Pioneer in share buybacks in the FII industry.

This page gathers the factual snapshot of HFOF11 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.

HFOF11 numbers in 2026

  • Net assets: R$ 1,77 Bi
  • Book value per share: R$ 7.97
  • Number of shareholders: 94,704

Portfolio composition

  • Corporativo: 29.7%
  • CRI: 20.7%
  • Logístico: 17.8%
  • Urban Income: 15.8%
  • Shopping: 15.8%
  • Outros: 5.7%
  • FOFII: 1.1%

Fees

  • Management Fee: 0,60% a.a.
  • Performance Fee: 20%
  • Custody Fee: 0,03% a.a.

Manager

Management: Hedge Investments.

Hedge Investments is one of the most experienced FII managers in Brazil, with its own platform of real estate funds (HLOG, HREC, HAAA, HGBS, HDOF, HGBL, HPDP, HJCT, HDEL). HFOF11 is the flagship FoF and in 2025 delivered capital return of 26.96% vs IFIX 21.15%. It pioneered the 1st share buyback program in the FII industry (cancelled 5.93 million shares through Mar/26 at an average discount of 18.1% to NAV, generating R$ 8.3 million of value for remaining shareholders). Drawbacks: ~50% of the portfolio is in house funds (structural conflict) and the Hedge Opportunities structure adds opacity to the look-through.
  • Fund Inception: Fev/2018
  • HFOF AUM: R$ 1,77 Bi
  • Return Since Inception: 75,7%
  • vs IFIX: +7,2 p.p.

See our analysis of Hedge Investments →

HFOF11 portfolio: what the fund invests in

AssetLocation% of NAVOccupancy
HLOG11———
TVRI11———
HREC11———
HAAA11———
HGBS11———
GTWR11———
RBVA11———
HDOF11———
CJCT11———
HGBL11———
HGCR11———
HPDP11———
BTCI11———
HJCT11———
HSML11———
CBOP11———
CEOC11———
MCCI11———
PVBI11———
FVPQ11———
CPTS11———
HDEL11———

Price, P/BV and book value

Share traded at 13.9% discount to NAV (Apr/26 closing). On the recent secondary market (05/12/26) it reached R$ 6.51, widening the discount to ~18%.

last close R$ 6.41 · book value per unit R$ 7.97.

HFOF11 track record

HFOF11 has completed 8 years of track record with capital return of 75.7% vs IFIX 68.5%. It pioneered the share buyback program (5.93 million cancelled through Mar/26 at an average discount of 18.1%, creating R$ 8.3 million of value for remaining shareholders). Cumulative distributions total R$ 6.33/share over 97 months (~R$ 0.066/share/month on average). The shareholder who delegated allocation to HFOF achieved capital returns above IFIX, but paid the price of accepting ~50% of the portfolio in Hedge's own funds.
PeriodWhat happened
INCEPTIONOperations began in February 2018 as Hedge TOP FOFII 3, focused on investing in shares of other FIIs.
MERGERSMerger of two funds from the Hedge TOP FOFII family, consolidating the FoF platform.
CHALLENGESHigh interest rate cycle made it difficult to realize capital gains on invested FIIs.
PARTIAL RECOVERY2023 return of 25.63% (vs CDI 13%) and 2024 with negative exchange return despite active management.
RECORD YEAR1:10 share split, pioneering buyback program, capital return of 26.96% (vs IFIX 21.15%).
DPS RISES + BUYBACK ACCELERATESDPS increases to R$ 0.060 (+7%) in Jan/26 and buyback accelerates to 2.69 million shares in April alone.

Continue on HFOF11