IAAG11 — Inter Amerra FIAGRO

Private-credit agribusiness Fiagro (FIAGRO) — a portfolio of CRAs diversified across 29 borrowers with a CDI + 3% carry and an average duration of 1.6 years

Segment: Fiagro – Private Credit Agribusiness (CRAs + Senior Fiagros) · Price R$ 7.13 · P/BV 0.7427 · BV/unit R$ 9.6 · Net assets R$ 99,8 Mi · 15,982 unitholders

What is IAAG11

IAAG11 (Inter Amerra FIAGRO) is a Brazilian REIT in the Fiagro – Private Credit Agribusiness (CRAs + Senior Fiagros) segment. Private-credit agribusiness Fiagro (FIAGRO) — a portfolio of CRAs diversified across 29 borrowers with a CDI + 3% carry and an average duration of 1.6 years

Lends money to 29 Brazilian agribusiness companies — sugarcane, grain, and fertilizer producers — via CRAs, distributing interest income monthly with tax-exempt status for individual investors. Note: the sector is navigating an adverse cycle that could pressure credit quality through 2026.

This page gathers the factual snapshot of IAAG11 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.

IAAG11 numbers in 2026

Net assets: R$ 99,8 Mi
Book value per share: R$ 9.6
Number of shareholders: 15,982

Fees

Management + Administration Fee: 1,15% a.a.
Performance Fee: 20% over benchmark excess
Market Maker: R$ 15,000/month

Manager

Management: Inter Asset Management.

Inter Asset is the asset management arm of Banco Inter, one of Brazil's largest fintechs with over 35 million clients. The manager enjoys privileged access to CRA originations through the bank's relationship with the agribusiness sector, a relevant competitive advantage in asset selection. Fund administration is handled by Inter DTVM (an affiliated entity). This vertical integration (manager + administrator + originating bank) can create conflicts of interest — the bank could channel lower-quality CRAs into the Fiagro. While there is no documented evidence of bad faith, investors should monitor borrower quality over time. The fund's track record since Jun/2023 is short (less than 3 years) for a definitive evaluation of performance history.

Management arm: Banco Inter
IAAG11 Net Assets: R$ 101 Mi
Retorno-alvo: CDI + 3% to 4% p.a.

See our analysis of Inter Asset Management →

IAAG11 portfolio: what the fund invests in

Portfolio diversified across 29 CRA operations with high tactical cash (16.6%) for selective recycling

Asset	Location	% of NAV	Occupancy
Caixa / LFT	—	16.6%	—

Concentration and diversification

HHI 0.029 — baixa.

Breakdown	Share
By state	Midwest (GO, MT, MS) 16.0% · Southeast (MG, SP) 12.0% · Sul (PR) 3.0% · Northeast (AL) 2.0% · Miscellaneous / unidentified 50.0%
By index	CDI+spread 100.0%

Price, P/BV and book value

last close R$ 7.13 · all-time low R$ 7.33 · high R$ 9.00 · book value per unit R$ 9.6.

Liquidity and trading

Average daily volume (21 sessions) of R$ 217,720.

Low liquidity. A R$ 100k position takes ~1-2 business days to exit without moving the price; R$ 500k takes ~1 week. Incompatible with strategies requiring rapid exits.

IAAG11 track record

IAAG11 is a relatively new Fiagro (launched in Jun/2023) that successfully built a diversified portfolio of 29 borrowers with a CDI + 3% carry in just 3 years. Its price trend has been downward: the fund initially traded near book value and currently trades at a ~13.5% discount. This reflects widening agribusiness credit spreads and the risk premium demanded by the market amid high Selic rates and climate uncertainties. The manager has adopted a defensive stance with a high tactical cash position — a prudent strategy, though it compresses effective carry.

Period	What happened
LANÇAMENTO	Inception of IAAG11 with initial capital raising. The fund was established as a Private-Credit Agribusiness Fiagro focused on diversified CRAs.
CRESCIMENTO	Expansion of the unitholder base and portfolio diversification to 29 borrowers across different links of the agricultural chain.
PRESSÃO MACRO	High interest rates (Selic >13.75%) pressure the agribusiness capital structure. Normalized commodities reduce producer revenues. Credit spreads begin to widen.
RECICLAGEM DEFENSIVA	Four simultaneous forces (interest rates, commodities, El Niño, fertilizers) lead to an ultra-defensive stance. Buyback program initiated. Cash maintained at 16.6%.