Passive FoF that tracks the Teva Paper FII Index (ITAGEM) — CNPJ 36.312.772/0001-06, managed by Inter Asset, administered by Inter DTVM
Segment: FoF (Fund of Funds) — passive paper/CRI · Price R$ 52.63 · P/BV 0.7966 · BV/unit R$ 66.07 · Net assets R$ 49,4 Mi · 7,065 unitholders
ITIP11 (Inter Teva Índice de Papel FII) is a Brazilian REIT in the FoF (Fund of Funds) — passive paper/CRI segment. Passive FoF that tracks the Teva Paper FII Index (ITAGEM) — CNPJ 36.312.772/0001-06, managed by Inter Asset, administered by Inter DTVM
Indexed basket with 36 CRI REITs approved for dissolution; unitholders will receive INHF units (active High Grade) at book value. Note: conversion at book value may represent significant upside, but the received product differs from the original.
This page gathers the factual snapshot of ITIP11 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: Inter Asset Gestão de Recursos.
Inter Asset is the asset management arm of Inter (IBGI3.SA), focusing on passive and indexed products. ITIP11 is maintained in partnership with Teva Indices, which calculates the methodology of the Teva Paper FII Index (quadrimestral rebalancing in Mar/Jul/Nov, market value weighting, 10% cap per asset). Administration is handled by Inter DTVM. As a passive fund, management has a limited role — executing the methodology, carrying out rebalancing with minimal friction, and managing cash for distribution. There is no stock picking. Vehicle track record: book value dropped from R$ 96 (Feb/21) to R$ 68.69 (Mar/26) — performance reflecting the paper sector, not managerial skill.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Kinea Índices de Preços | — | 9.4% | — |
| Kinea Rendimentos Imobiliários | — | 9.1% | — |
| Maxi Renda | — | 8.5% | — |
| Iridium Recebíveis Imobiliários | — | 5.8% | — |
| Kinea High Yield CRI | — | 5.7% | — |
| REC Recebíveis Imobiliários | — | 5.6% | — |
| Vectis Juros Real | — | 4.4% | — |
| Pátria-VBI CRI | — | 4.4% | — |
| Mauá Capital Recebíveis Imobiliários | — | 4.1% | — |
| Fator Verità | — | 3.8% | — |
| RBR Rendimentos High Grade | — | 3.5% | — |
| Pátria Recebíveis Imobiliários (CSHG Recebíveis) | — | 3.5% | — |
| Kinea Securities | — | 3.2% | — |
| XP Crédito Imobiliário | — | 2.7% | — |
| RBR Crédito Imobiliário Estruturado | — | 2.7% | — |
| Valora CRI Índice de Preço | — | 2.4% | — |
| Valora CRI CDI | — | 2.3% | — |
| BTG Pactual Crédito Imobiliário | — | 2.2% | — |
| Habitat Recebíveis Pulverizados | — | 2.1% | — |
| Valora Hedge Fund | — | 1.5% | — |
| Hectare CE | — | 1.4% | — |
| Kinea Hedge Fund | — | 1.3% | — |
| Banestes Recebíveis Imobiliários | — | 1.2% | — |
| Devant Recebíveis Imobiliários | — | 1.1% | — |
| Riza Akin | — | 1.1% | — |
| Polo Crédito Imobiliário | — | 1.0% | — |
| Ourinvest JPP | — | 0.9% | — |
| Mauá Capital Real Estate | — | 0.9% | — |
| Suno Recebíveis Imobiliários | — | 0.9% | — |
| Urca Prime Renda | — | 0.8% | — |
| AF Invest CRI | — | 0.7% | — |
| Kinea Creditas | — | 0.3% | — |
| SPX SYN Multiestratégia | — | 0.2% | — |
| FYTO Recebíveis Imobiliários | — | 0.2% | — |
| Versalhes Recebíveis Imobiliários | — | 0.1% | — |
| Kinea Unique HY CDI | — | 0.1% | — |
HHI 0.045 — baixa.
P/BV of 0.91 — a 9% discount to book value per unit of R$ 68.69. In line with the credit segment and FoFs in general, which trade around 0.90–0.95.
last close R$ 52.63 · book value per unit R$ 66.07.
Average daily volume (21 sessions) of R$ 91,000 · 12-month average of R$ 90,000.
Low liquidity for the size of the REIT market. Daily volume of R$ 91k in Mar/26 (calculated from R$ 2.06M monthly ÷ 22 trading sessions). A R$ 100k position takes ~5 business days to liquidate while absorbing at most 20% of daily volume
| Period | What happened |
|---|---|
| Inter Teva Índice de Papel IPO | Fund inception on Feb 23, 2021, with net assets of R$ 71.8M and book value per unit of R$ 96.01. Single offering of 748,151 units — a count maintained to this day (no subsequent offerings or amortizations). |
| Peak DPU — rising Selic phase | Period of average DPU of R$ 0.90/unit (May/22 reached R$ 1.02-1.08). Paper portfolio tied to CDI/IPCA capturing the monetary tightening cycle. Book value per unit dropped ~10% (R$ 96 → R$ 80) due to adverse mark-to-market adjustments. |
| DPU begins to decline as Selic stabilizes | Average DPU fell to R$ 0.79 in 2023 (low of R$ 0.65 in Dec/23). Book value per unit hit a low of R$ 74.67 in Mar/23 (a 22% drop vs IPO) reflecting spread widening and mark-to-market of underlying CRIs. |
| Unitholders reach a peak (10,463 in Sep/24) | Fund reached fundraising peak with over 10k unitholders in Sep/24 (more than 4x the IPO volume). Following this peak, the count began to decline — reaching 7,536 in Mar/26 (-28%). |
| DPU peaks at R$ 0.80/unit | Four consecutive months with a DPU of R$ 0.80 — yield ~14.6% on book value of R$ 70. Reflects the Selic rate at 14.75% during the period. |
| Unit closes at an 8.5% discount to book value | In Mar/26, unit closed at R$ 62.83 against a book value of R$ 68.69 — an 8.5% discount. DPU fell to R$ 0.65/unit reflecting falling Selic rates. Manager disposed of CPTS11 and ICRI11 units to improve index adherence. |
| AGE approves dissolution — ITIP11 in liquidation | The AGE on Jul 27, 2026, approved the fund's dissolution and liquidation without reservations. Unitholders will receive INHF (Inter Hedge FII) units at book value + residual cash. End of operations as a passive FoF indexed to Teva Paper. |