ITAÚ FIC FI INVEST FINAN INFRA CDI RF CRED PRIV (FI ITAU IFRI) — Infrastructure Investment Fund (Law 12,431/2011) managed by Itaú Asset Management, focused on Brazilian infrastructure debentures indexed to the CDI (energy, sanitation, telecom, toll roads, and others). CDI-indexed version and direct competitor to Itaú's own IFRA11 (which is IMA-B / IPCA+), analogous to Sparta's CDII11.
Segment: FI-Infra · CDI · Multi-sector (energy + sanitation + telecom + toll roads + others) · Price R$ 99.93 · P/BV 0.9964 · BV/unit R$ 100.29 · Net assets R$ 376 Mi · 720 unitholders
IFRI11 (Itaú FIC FI Invest Financeiro Infra CDI RF Crédito Privado) is a Brazilian REIT in the FI-Infra · CDI · Multi-sector (energy + sanitation + telecom + toll roads + others) segment. ITAÚ FIC FI INVEST FINAN INFRA CDI RF CRED PRIV (FI ITAU IFRI) — Infrastructure Investment Fund (Law 12,431/2011) managed by Itaú Asset Management, focused on Brazilian infrastructure debentures indexed to the CDI (energy, sanitation, telecom, toll roads, and others). CDI-indexed version and direct competitor to Itaú's own IFRA11 (which is IMA-B / IPCA+), analogous to Sparta's CDII11.
One of the highest DYs in the FI-Infra peer set (15.5%) with Itaú management — but modest liquidity (R$ 1.47M/day), a young fund, and a yield that tracks the Selic, compressing during rate-cutting cycles
This page gathers the factual snapshot of IFRI11 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: Itaú Asset Management.
Itaú Asset Management is Brazil's largest asset manager, serving as the asset management arm of Latin America's largest private bank (Itaú Unibanco), with over R$ 1 trillion under management across strategies ranging from fixed income to multi-market and structured credit funds. In the FI-Infra segment, it offers two COMPLEMENTARY tax-incentivized funds: IFRI11 (CDI) and IFRA11 (IMA-B / IPCA+) — giving investors exposure to both sides of the indexer within the same firm. Launched in May/2024, IFRI11 is young and has grown to R$ 1.01B in ~2 years with 15.3 thousand unitholders. Competitive advantage over Sparta (CDII11): institutional scale, credit origination via the trading desk of the country's largest bank, a robust credit analysis team, and a lower management fee (0.85-0.90% vs. Sparta's 1.00%). Limitation: unitholder base and liquidity are much smaller than CDII11 (15.3k vs. 70.6k unitholders; R$ 1.47M vs. R$ 7.84M/day) — the fund is still building commercial traction. High rating earned due to Itaú's reputation and origination capacity.≥85% in multi-sector infrastructure CDI tax-incentivized debentures + ~5% cash/fixed income
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated portfolio of CDI tax-incentivized debentures — Energy sector (wind/solar/hydro generation + transmission) | — | 32.0% | — |
| Aggregated portfolio of CDI tax-incentivized debentures — Sanitation sector | — | 18.0% | — |
| Fiber optic, tower, and 5G infrastructure CDI debentures | — | 14.0% | — |
| Toll road concessionaire CDI debentures | — | 12.0% | — |
| Port, airport, and railway concessions | — | 9.0% | — |
| Agribusiness infrastructure, storage, and other segments | — | 6.0% | — |
| Urban mobility, oil and gas, waste management | — | 4.0% | — |
| Reverse repo agreements, LFTs, and fixed-income funds for liquidity | — | 5.0% | — |
HHI 0.19 — moderada.
| Breakdown | Share |
|---|---|
| By index | CDI / CDI+ 88.0% · IPCA+ 5.0% · Fixed-rate / Pure CDI 7.0% |
Fund's P/BV — units trade slightly above book value.
last close R$ 99.93 · all-time low R$ 80.39 · high R$ 102.79 · book value per unit R$ 100.29.
Average daily volume (21 sessions) of R$ 1,470,000 · 12-month average of R$ 1,400,000.
Liquidez modesta — o ponto fraco do fundo. Posição de R$ 100k sai em < 0,1 dia útil, mas R$ 1M já leva ~0,7 dia e tickets institucionais > R$ 5M exigem mais de uma semana de fracionamento. Investidor PF típico (R$ 10-50k) não enfrenta atrito. Para posições grandes, o CDII11 (R$ 7,84 Mi/dia) é mais adequado.| Period | What happened |
|---|---|
| IPO | Launch of IFRI11 on B3 as Itaú Asset's CDI-indexed FI-Infra — the CDI mirror of IFRA11 (IMA-B/IPCA+), focused on CDI-linked tax-incentivized debentures. |
| CONSTRUÇÃO EM SELIC ALTA | Initial portfolio assembled with rising Selic rates — robust CDI carry from the outset. DPU rises from R$ 0.78 (May/24) to R$ 1.04 (Nov/24). |
| PICO DE CARREGO | Selic rate reaches 14.75% — DPU peaks at R$ 1.75/unit (Jul/25) , the best in the short series. Annual return of 25.22%. |
| OSCILAÇÃO E PRÉ-COMPRESSÃO | DPU fluctuates between R$ 1.10 and R$ 1.40 depending on coupon schedules, and the market begins pricing in Selic cuts. Net assets surpass R$ 1B. |