SPARTA INFRA FIC FI-INFRA RENDA FIXA CP — A Brazilian REIT-style fund (FII) investing in shares of tax-incentivized infrastructure investment funds (Law 12,431/2011), managed by Sparta. FIC structure: ~99.7% of net assets allocated to shares of the incentivized master fund, which invests in tax-incentivized infrastructure debentures (energy, sanitation, telecom, toll roads). Bylaws adapted to CVM Resolution 175 in May 2026 (single class of units).
Segment: FI-Infra · Multi-sector (energy + sanitation + telecom + toll roads) · Price R$ 94.05 · P/BV 0.9294 · BV/unit R$ 101.19 · Net assets R$ 2,09 Bi · 93,672 unitholders
JURO11 (Sparta Infra FIC FI-Infra) is a Brazilian REIT in the FI-Infra · Multi-sector (energy + sanitation + telecom + toll roads) segment. SPARTA INFRA FIC FI-INFRA RENDA FIXA CP — A Brazilian REIT-style fund (FII) investing in shares of tax-incentivized infrastructure investment funds (Law 12,431/2011), managed by Sparta. FIC structure: ~99.7% of net assets allocated to shares of the incentivized master fund, which invests in tax-incentivized infrastructure debentures (energy, sanitation, telecom, toll roads). Bylaws adapted to CVM Resolution 175 in May 2026 (single class of units).
Lends money to dozens of infrastructure companies — energy, sanitation, telecom, and toll roads — and distributes the interest as tax-exempt monthly income. Note: distributions fluctuated in 2026 and may remain pressured while real interest rates stay elevated.
This page gathers the factual snapshot of JURO11 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: Sparta Administradora de Recursos.
Sparta Administradora de Recursos is a manager specialized in private credit and structured fixed income, with a consolidated presence in the FI-Infra market since JURO11's IPO in Dec/2021. It grew the initial fundraise to R$ 2.1B in ~4.5 years, reaching 93k unitholders — a fragmented base predominantly composed of individual investors. Limitation: public disclosure of granular management reports is inferior to BTG (BDIF11) and Kinea (KDIF11) — the institutional website blocks scraping (HTTP 403) and detailed composition does not circulate in open sources. A track record of consistent returns (74% cumulative since IPO, 24% in 2025) underpins the rating.FIC structure: ~99.7% of net assets in shares of the incentivized master fund (which invests in multi-sector incentivized debentures) + cash
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated portfolio of incentivized debentures — Energy sector (wind/solar/hydro generation + transmission) | — | 30.0% | — |
| Aggregated portfolio of incentivized debentures — Sanitation sector | — | 22.0% | — |
| Fiber optic, tower, and 5G infrastructure debentures | — | 15.0% | — |
| Toll road concessionaire debentures | — | 10.0% | — |
| Subway, BRT, public mobility concessions | — | 7.0% | — |
| Gas pipeline and distribution debentures | — | 6.0% | — |
| Waste, ports, other segments | — | 5.0% | — |
| Reverse repurchase agreements, LFTs, and fixed-income funds for liquidity | — | 5.0% | — |
HHI 0.18 — moderada.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 88.0% · CDI 7.0% · Pre-fixado 5.0% |
Fund's P/BV.
last close R$ 94.05 · all-time low R$ 86.10 · high R$ 112.18 · book value per unit R$ 101.19.
Average daily volume (21 sessions) of R$ 3,950,000 · 12-month average of R$ 3,850,000.
Reasonable liquidity. A R$ 100k position exits the same day; R$ 1M takes ~1.3 business days without moving the price. Typical retail investors (R$ 10-50k) face no liquidity friction. Institutional positions > R$ 5M require splitting over ~2 weeks.
| Period | What happened |
|---|---|
| IPO | Launch of JURO11 on B3 as an active management FI-Infra focused on multi-sector infrastructure incentivized debentures. |
| CRESCIMENTO INICIAL | Stabilization of the initial portfolio and first months of monthly distributions. |
| EXPANSÃO MULTI-SETOR | Portfolio expands to 7 infrastructure sectors. High Selic rate (13.75%) favors carry. |
| DRAWDOWN (ADVERSE MTM) | NEGATIVE year (-3.02%, Mais Retorno): unit price fell from R$ 112 (May/24) to R$ 86 (Dec/24) with the opening of the real interest rate curve. |
| ESTABILIZAÇÃO DPS R$ 1,00 | DPU stabilizes at R$ 1.00/unit monthly starting Feb/2025 — sustained for 14 consecutive months. |
| INFLEXÃO PONTUAL | DPU drops to R$ 0.75 in Apr/26 — first break in the R$ 1.00 sequence — under adverse MtM. |