Hedge Investments fund of funds (FoF) with 22 REITs in its portfolio (~50% Hedge, ~50% external). Pioneer in unit buybacks within the FII industry.
Segment: Fund of Funds (FoF) · Price R$ 6.18 · P/BV 0.81 · BV/unit R$ 7.63 · Net assets R$ 1,67 Bi · 89,297 unitholders
HFOF11 (Hedge TOP FOFII 3 FII) is a Brazilian REIT in the Fund of Funds (FoF) segment. Hedge Investments fund of funds (FoF) with 22 REITs in its portfolio (~50% Hedge, ~50% external). Pioneer in unit buybacks within the FII industry.
Invests in units of 22 other REITs — logistics, offices, shopping malls, and more — with active management by Hedge Investments, rebalancing the portfolio over time. Note: half of the portfolio is in the manager's own funds, which creates a structural conflict of interest.
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.
Management: Hedge Investments.
Hedge Investments is one of the most experienced real estate fund managers in Brazil, with its own platform of real estate funds (HLOG, HREC, HAAA, HGBS, HDOF, HGBL, HPDP, HJCT, HDEL). HFOF11 is its flagship FoF and delivered a book return of 26.96% in 2025 vs. the IFIX at 21.15%. It pioneered the first unit buyback program in the Brazilian REIT industry (canceling 5.93M units through Mar/26 at an average discount of 18.1% to BV, generating R$ 8.3M in value for remaining unitholders). Negatives: ~50% of the portfolio consists of in-house funds (structural conflict) and the Hedge Opportunities structure adds opacity to look-through analysis.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| HLOG11 | — | — | — |
| TVRI11 | — | — | — |
| HREC11 | — | — | — |
| HAAA11 | — | — | — |
| HGBS11 | — | — | — |
| GTWR11 | — | — | — |
| RBVA11 | — | — | — |
| HDOF11 | — | — | — |
| CJCT11 | — | — | — |
| HGBL11 | — | — | — |
| HGCR11 | — | — | — |
| HPDP11 | — | — | — |
| BTCI11 | — | — | — |
| HJCT11 | — | — | — |
| HSML11 | — | — | — |
| CBOP11 | — | — | — |
| CEOC11 | — | — | — |
| MCCI11 | — | — | — |
| PVBI11 | — | — | — |
| FVPQ11 | — | — | — |
| CPTS11 | — | — | — |
| HDEL11 | — | — | — |
last close R$ 6.18 · book value per unit R$ 7.63.
| Period | What happened |
|---|---|
| INÍCIO | Inception in February 2018 as Hedge TOP FOFII 3, focusing on investing in units of other REITs. |
| INCORPORAÇÕES | Merger of two Hedge TOP FOFII family funds, consolidating the FoF platform. |
| DESAFIOS | High interest rate cycle made it difficult to realize capital gains in the invested REITs. |
| RECUPERAÇÃO PARCIAL | 2023 delivered a 25.63% return (vs. CDI at 13%) and 2024 saw a negative market return despite active management. |
| ANO RECORDE | 1:10 unit split, pioneering buyback program, book return of 26.96% (vs. IFIX at 21.15%). |
| DPS SOBE + RECOMPRA ACELERA | DPU rises to R$ 0.060 (+7%) in Jan/26 and buybacks accelerate to 2.69M units in April alone. |