JIVEMAUÁ BOSSANOVA F. DE IN. EM C. DE F. INC. — A Brazilian REIT-style fund of funds (FIC) investing in infrastructure investment funds under Law 12,431/2011, managed by JiveMauá Asset Management, Bossanova series, focusing on Brazilian infrastructure debentures with a more aggressive carry profile.
Segment: FI-Infra · Multi-sector FIC (incentivized debentures + FI-Infra units) · Price R$ 81.18 · P/BV 0.796 · BV/unit R$ 101.98 · Net assets R$ 446.18M · 11,403 unitholders
JMBI11 (JiveMauá Bossanova FIC FI-Infra) is a Brazilian REIT in the FI-Infra · Multi-sector FIC (incentivized debentures + FI-Infra units) segment. JIVEMAUÁ BOSSANOVA F. DE IN. EM C. DE F. INC. — A Brazilian REIT-style fund of funds (FIC) investing in infrastructure investment funds under Law 12,431/2011, managed by JiveMauá Asset Management, Bossanova series, focusing on Brazilian infrastructure debentures with a more aggressive carry profile.
Lends money to energy, sanitation, and highway projects via tax-exempt debentures under Law 12,431, managed by JiveMauá in the Bossanova series. Note: units fluctuate much more than other FI-Infras when interest rates rise or fall — a structural behavior of a more aggressive portfolio.
This page gathers the factual snapshot of JMBI11 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: JiveMauá Asset Management.
JiveMauá Asset Management (legal entity name of the manager: Jive High Yield Gestão de Recursos Ltda., administrator XP Investimentos CCTVM, confirmed in the CVM financial statements audited by PwC) is a boutique manager specialized in private credit, alternative assets, and the secondary market for incentivized debentures, founded in São Paulo. The 'Bossanova' series is the firm's FI-Infra product — a name suggesting a more musical/aggressive return profile within the spectrum of incentivized funds. Observed limitations: total AUM and number of funds under management are smaller than Sparta/Kinea/BTG/Itaú, public disclosure of granular management reports is inferior to larger peers, and the Bossanova series has a short track record (IPO Nov/Dec 2024 — only ~1.5 years). Strengths: reputation in the private credit niche, technical choice of the IMA-B 5 benchmark (class standard), and demonstrated capacity to deliver above-average carry (16.57% dividend yield — the highest in the FI-Infra peer set).Master-feeder FIC (CVM FS Jul 31, 2025): ~61% in JMBE Master I FI-Infra + ~40% in direct class Jivemauá Bossanova FI-Infra + cash; infrastructure incentivized debentures are one layer below (sectoral composition estimated via look-through)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated incentivized debenture portfolio — Energy sector (wind/solar/hydro generation + transmission) | — | 30.0% | — |
| Aggregated incentivized debenture portfolio — Sanitation sector | — | 20.0% | — |
| Fiber optic, tower, and 5G infrastructure debentures | — | 15.0% | — |
| Toll road concessionaire debentures | — | 15.0% | — |
| Urban mobility, oil & gas, logistics, waste management, ports | — | 15.0% | — |
| Repos, LFTs, and fixed-income funds for liquidity | — | 5.0% | — |
HHI 0.2 — moderada.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 88.0% · CDI 7.0% · Pre-fixado 5.0% |
Fund's P/BV.
last close R$ 81.18 · all-time low R$ 85.40 · high R$ 85.40 · book value per unit R$ 101.98.
Average daily volume (21 sessions) of R$ 951,400 · 12-month average of R$ 950,000.
LOW liquidity. A R$ 100k position exits in ~half a business day; R$ 500k takes ~3 days; R$ 1M takes ~5 business days without moving price. Typical retail investors (R$ 10-50k) face no friction, but larger positions require long split periods. Inferior to JURO11 (4x), KDIF11 (10x), and BDIF11 (5x). Limits institutional scalability.
| Period | What happened |
|---|---|
| IPO in an adverse environment | Launch of JMBI11 on B3 as a JiveMauá Bossanova series FI-Infra in a rising Selic rate cycle — an adverse period for long-duration FI-Infras. |
| MÊS DE MAIOR QUEDA | January 2025 posts -16.88% — the fund's worst month. Likely a combination of a sharp widening of the real interest rate curve + initial redemptions + adverse mark-to-market pricing on long-term papers. |
| RECUPERAÇÃO E ESTABILIZAÇÃO | Following the dramatic January drop, the fund rebounds strongly: +7.84% in Feb, +7.88% in Mar, +7.46% in May, +7.51% in Dec . Closes 2025 up +13.75%. |
| FORTE ALTA YTD | 2026 begins with +10.87% in January — possible positive mark-to-market adjustments from declining Selic rate expectations. YTD as of May/26: +9.05%. |