Navi Hedge Fundo de Investimento Imobiliário de Responsabilidade Limitada
Segment: Hybrid / Multi-strategy (CRI + REITs + Real Estate Equities) · Price R$ 10.0 · P/BV 1.06 · BV/unit R$ 9.52 · Net assets R$ 505,6 Mi · 13,027 unitholders
IMOV11 (Navi Hedge Fund FII) is a Brazilian REIT in the Hybrid / Multi-strategy (CRI + REITs + Real Estate Equities) segment. Navi Hedge Fundo de Investimento Imobiliário de Responsabilidade Limitada
A Navi fund combining three asset types in a single portfolio: real estate-backed loans (CRIs), units of other funds, and sector equity shares, distributing results as monthly income. Note: market liquidity is very low — entering or exiting a position can be difficult.
This page gathers the factual snapshot of IMOV11 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: Navi Real Estate Selection.
The real estate management arm of Navi Capital, an independent Brazilian alternative asset manager. At IMOV11, it demonstrates a well-executed multi-strategy mandate: active selection of CRIs with robust real guarantees (fiduciary lien, fiduciary assignment of receivables, reserve funds, co-obligation), tactical rotation among credit, REITs, and sector equities, and the use of hedging to control volatility. The result is the primary attestation of quality — an alpha of +28.8 pp over IFIX since its IPO (Oct/2022), individually outperforming all index segments. The transparency of its management reports (CRI-by-CRI portfolio with sector, guarantees, LTV, rate, and maturity) is above market average. Rating upgraded from 5 to 7 following comprehensive coverage.
book value per unit R$ 9.52.