Multi-category Brazilian REIT-style fund (active management, hybrid paper) managed by Itaú Asset Management — IPO Mar/2024, R$ 566M in net assets, 19.6k unitholders (Jun/2026, CNPJ 52.270.671/0001-76)
Segment: Other / Hybrid (FoF + CRI + equities + development) · Price R$ 76.69 · P/BV 0.8584 · BV/unit R$ 89.34 · Net assets R$ 558 Mi · 18,055 unitholders
ITRI11 (Itaú Total Return FII) is a Brazilian REIT in the Other / Hybrid (FoF + CRI + equities + development) segment. Multi-category Brazilian REIT-style fund (active management, hybrid paper) managed by Itaú Asset Management — IPO Mar/2024, R$ 566M in net assets, 19.6k unitholders (Jun/2026, CNPJ 52.270.671/0001-76)
An Itaú Asset fund that purchases units of other real estate funds, loans, and developer shares, consolidating a broad portfolio into a single ticker. Note: it charges a double fee — its own management fee plus that of the underlying FIIs — reducing net returns compared to assembling the same portfolio directly.
This page gathers the factual snapshot of ITRI11 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 (CNPJ 40.430.971/0001-96) is the asset management arm of Itaú Unibanco — one of Brazil's top three asset managers by AuM (R$ 1+ trillion), featuring a robust institutional structure and senior teams in real estate, credit, and development. It has managed ITRI11 since its Mar/2024 IPO under a broad, flexible mandate to invest across real estate asset classes (listed FIIs, private/development FIIs, CRIs, developer equities, and distributed generation). The fund administrator is Intrag DTVM (also part of the Itaú group). In the 12 months post-IPO, the fund delivered a nominal return of 18.47% (book value growth + dividends) — outperforming the IFIX by 1.65 percentage points. Strengths: Itaú BBA origination platform (CRIs from Lotisa, HSI, Idea Zarvos, Solfacil, etc.), institutional governance, and lean fees. Main limitation: as a FoF, it depends on underlying fund performance — third-party operational risk.
Multi-category FoF — 77.9% in listed FIIs + 13.1% in direct CRIs + 4.1% in corporate equities + 3.0% in development FIIs + 1.9% in cash (Jun/2026)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| XP Malls FII | — | 9.5% | — |
| Vinci Shopping Centers FII | — | 5.4% | — |
| RBR Structured Real Estate Credit | — | 4.9% | — |
| RBR Rendimento High Grade FII | — | 4.4% | — |
| Bresco Logística FII | — | 4.3% | — |
| Kinea Price Index FII | — | 4.1% | — |
| Kinea High Yield CRI FII | — | 3.8% | — |
| Maxi Renda FII | — | 3.7% | — |
| VBI Logístico FII | — | 3.7% | — |
| Rio Bravo Renda Varejo FII | — | 3.4% | — |
| SPX Real Estate Multi-strategy FII | — | 3.0% | — |
| Cyrela Crédito FII | — | 2.7% | — |
| Mauá Capital Recebíveis Imobiliários FII | — | 2.3% | — |
| Vinci Logística FII | — | 2.2% | — |
| 4M Agro Oppor FII (private fund — Porto5 single-asset CRI) | — | 2.7% | — |
| Valora Renda Imobiliária FII | — | — | — |
| Kinea Rendimentos Imobiliários FII | — | — | — |
| fiis-restante-listados | — | 17.8% | — |
| ILOG11 — Logistics development FII (Itaú Asset + RBR) | — | — | — |
| RDLI11 — Logistics development FII (RBR) | — | — | — |
| HIRE Residencial 2 — residential development in São Paulo | — | — | — |
| Vinci Mozak Residencial II — residential development in Rio de Janeiro | — | — | — |
| Vinci Residencial I — opportunistic residential development | — | — | — |
| Tishman Speyer XP — mixed-use development (Jardins, São Paulo) | — | 0.1% | — |
| cri-hsi | — | 4.7% | — |
| cri-mrv-fb1 | — | 2.2% | — |
| cri-econ | — | 1.8% | — |
| cri-solfacil | — | 1.7% | — |
| cri-mrv-prosoluto2 | — | 1.1% | — |
| cri-bravo-log | — | 0.9% | — |
| cri-lotisa | — | 0.5% | — |
| cri-idea-zarvos | — | 0.2% | — |
| cri-urba | — | 0.1% | — |
| acoes-sociedades | — | 4.1% | — |
| cotas-spe | — | — | — |
HHI 0.04 — baixa.
| Breakdown | Share |
|---|---|
| By index | FII units (indirect indexation via underlying fund policies) 77.9% · CDI+ (direct CRI) 6.6% · IPCA+ (direct CRI) 4.8% · Fixed-rate (direct CRI) 1.7% · Corporate equities 4.1% · Development FIIs (no current income) 3.0% |
Unit price at R$ 83.08 on a BV of R$ 95.84 = P/BV of 0.87 (13% discount). Position close to the hybrid segment median (0.89). The Mar/2026 close already showed an 8.14% discount—partial recovery underway.
last close R$ 76.69 · all-time low R$ 68.0 · high R$ 102.3 · book value per unit R$ 89.34.
Average daily volume (21 sessions) of R$ 999,260 · 12-month average of R$ 2,283,051.
Moderate liquidity — R$ 999k/day (21 days) places ITRI11 below the top 25 IFIX funds. Positions of R$ 500k liquidate in ~0.5 business days; R$ 1M in ~1 day; R$ 5M requires 5+ days to exit without moving the price. Management report volume (R$ 2.28M/day) reflects sporadic spikes — recent averages are lower.
| Period | What happened |
|---|---|
| Establishment (originally as Itaú Retorno Absoluto FII) | Initial establishment in Dec/2023 under the name 'Itaú Retorno Absoluto FII', later amended to 'Itaú Total Return FII'. CNPJ 52.270.671/0001-76 issued. Broad mandate: real estate, FIIs, private equity funds (FIPs), CRIs, LCIs, debentures, real estate company equities. |
| 1st Offering Prospectus — target raise R$ 500M | Primary public offering of the 1st tranche (ISIN BRITRICTF008) with a target amount of R$ 500M. Administration by Intrag DTVM, management by Itaú Asset Management. |
| Commencement of operations — ITRI11 IPO | Fund commences operations on March 12, 2024. First Monthly Report for March 2024 published. Exchange trading begins on April 3, 2024. |
| First Distribution — R$ 0.28/unit (partial) | First DPU distributed on April 10, 2024 — R$ 0.28/unit (pertaining to partial allocation in Mar/2024, still in ramp-up phase). |
| Pre-interest DPU peak — R$ 0.90/unit | In Sep/2024, the fund reaches a DPU peak of R$ 0.90/unit prior to Selic rate hike pressures compressing earnings. NAV ~R$ 595M. |
| DPU compression — R$ 0.70/unit (historical low) | Rising Selic rate and depreciation of underlying FII holdings pressure DPU down to R$ 0.70/unit — the lowest level since the IPO. NAV R$ 545M, unit price R$ 72.15. |
| Extraordinary distribution — R$ 1.30/unit | In Dec/2025, the fund pays an extraordinary DPU of R$ 1.30/unit (vs. recurring level of R$ 0.82–0.85), reflecting semi-annual adjustments plus realized capital gains. Monthly earnings per unit: R$ 1.53. |
| Bylaws Amendment — ANBIMA AGRT | Amendment to bylaws aligning with new ANBIMA rules under the AGRT Code (effective Oct/2025) and CVM Resolution 175. General structure maintained; formal governance and transparency adjustments. |
| Reserve R$ 0.72/unit + DPU R$ 0.85 | NAV R$ 599M, book value per unit R$ 95.84, 17,447 unitholders. DPU stabilized at R$ 0.85/unit. Accumulated reserve R$ 0.72/unit. P/BV closed at 0.92 (-8.14% discount). |