Kinea FII Real Estate Investment Fund of Funds — managed by Kinea Investimentos (Itaú Unibanco), administered by Intrag DTVM. CNPJ 30.091.444/0001-40, launched September 3, 2018.
Segment: Fund of Funds / Multi-category (Paper · Hybrid · Active Management) · Price R$ 74.85 · P/BV 0.8473 · BV/unit R$ 88.34 · Net assets R$ 620 Mi · 26,749 unitholders
KFOF11 (Kinea FOF FII) is a Brazilian REIT in the Fund of Funds / Multi-category (Paper · Hybrid · Active Management) segment. Kinea FII Real Estate Investment Fund of Funds — managed by Kinea Investimentos (Itaú Unibanco), administered by Intrag DTVM. CNPJ 30.091.444/0001-40, launched September 3, 2018.
Managed by Kinea (Itaú), it buys units of 32 other listed FIIs — shopping malls, logistics warehouses, office buildings, and real estate credit funds — and passes on income monthly. Be aware: the effective total cost reaches ~1.9% p.a. (fund fee + invested FII fees), higher than building a direct portfolio.
This page gathers the factual snapshot of KFOF11 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: Kinea Investimentos (Itaú Unibanco Group).
Kinea Investimentos is one of Brazil's three largest independent real estate fund managers (alongside BTG and CSHG), originating within the Itaú Unibanco Group in 2007. In listed FIIs, it manages over 8 vehicles representing tens of billions in AuM: KNRI11 (brick-and-mortar), KNCR11 (CDI CRI), KNIP11 (IPCA CRI), KNHY11 (High Yield CRI), KNSC11 (Senior Real Estate Credit), KNHF11 (Hedge Fund), KFOF11 (FoF), among others. The administrator is Intrag DTVM (also part of Itaú), forming an integrated ecosystem. Established track record — KFOF11 has delivered a book value return of +51.3% since its IPO (Oct/2018), outperforming the IFIX in 76% of periods on a market basis. Risk: because Kinea manages other proprietary FIIs, it is an interested party in certain transactions within KFOF's portfolio — KNHY11 and KNHF11 combined account for 5% of NAV.See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
Fund of Funds portfolio holding 32 invested FIIs (79.1% IFIX) + Even CRI (4.6%) + Cash/LCI (16.3%) under active Kinea management since 2018
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| VBI Logístico FII | — | 6.8% | — |
| HSI Malls FII | — | 6.4% | — |
| Vinci Shopping Centers FII | — | 4.5% | — |
| Capitânia Securities II FII (CRI) | — | 3.3% | — |
| Valora CRI CDI FII | — | 3.3% | — |
| Rio Bravo Renda Varejo FII | — | 3.0% | — |
| SBCLB Riza Viseu FII | — | 2.9% | — |
| Kinea High Yield CRI FII | — | 2.7% | — |
| BTG Pactual Corporate Office Fund FII | — | 2.6% | — |
| Patria Crédito Imobiliário Índice de Preços FII | — | 2.6% | — |
| Kinea Hedge Fund FII | — | 2.4% | — |
| XP Log FII | — | 2.4% | — |
| RBR Rendimento High Grade FII | — | 2.1% | — |
| JS Real Estate Multigestão FII | — | 1.9% | — |
| Clave Índices de Preços FII | — | 1.8% | — |
| Bresco Logística FII | — | 1.4% | — |
| Arch Edifícios Corporativos FII | — | 1.2% | — |
| Rio Bravo Renda Corporativa FII | — | 1.2% | — |
| Hedge Brasil Shopping FII | — | 1.1% | — |
| Via Parque Shopping FII | — | 1.0% | — |
| TG Ativo Real FII | — | 1.0% | — |
| Santander Papéis Imobiliários FII | — | 0.9% | — |
| RBR Private Crédito Imob FII | — | 0.9% | — |
| Tivio Renda Imobiliária FII | — | 0.8% | — |
| HSI Ativos Financeiros FII | — | 0.7% | — |
| Hedge AAA FII | — | 0.7% | — |
| Iridium FII | — | 0.4% | — |
| Patria Malls FII | — | 0.4% | — |
| RBR Plus Multiestratégia FII | — | 0.3% | — |
| Sucesspar Varejo FII | — | 0.3% | — |
| RBR Plus Multiestratégia FII (sub) | — | 0.1% | — |
| FII Cenesp | — | 0.1% | — |
| cri-even-2028 | — | 4.6% | — |
HHI 0.043 — muito_baixa.
Unit price at R$ 80.29 versus a book value of R$ 93.25 = P/BV of 0.86 (14% discount). In line with the FoF segment median (0.88) and below KFOF's own historical range (average of 0.90 over the last 24 months).
last close R$ 74.85 · book value per unit R$ 88.34.
Average daily volume (21 sessions) of R$ 1,690,570 · 12-month average of R$ 1,500,000.
Good liquidity — R$ 1.69M/day. Liquidating R$ 500k takes less than 1 business day. R$ 10M takes ~6 business days. Volume grew 23% from Feb (R$ 1.68M) to Mar/26 (R$ 1.69M).
| Period | What happened |
|---|---|
| KFOF11 IPO — 1st offering | Operations began on 09/03/2018. First offering at R$ 100.89 (weighted date 10/25/2018). Managed by Kinea (Itaú Group), administered by Intrag DTVM. |
| 2nd offering at R$ 114.71 | Additional capital raising to expand the portfolio of invested FIIs. Weighted date 11/04/2019. |
| 3rd offering at R$ 109.21 — scaling NAV to R$ 480M | Capital raising during the Covid pandemic — the fund took advantage of the IFIX discount to expand exposure. Weighted date 08/17/2020. |
| Stable regime — NAV R$ 411M, 11k unitholders | Consolidated fund with an NAV of R$ 411M, BV of R$ 90.87, and DPU of R$ 0.72/unit. Portfolio diversified across ~25 FIIs. |
| 4th offering at R$ 97.60 — NAV jumps to R$ 616M | Last major capital raising at a price close to BV. Weighted date 03/25/2024. NAV moves from R$ 444M (Dec/23) to R$ 616M (Mar/24). Unitholders: 19k → 27k over the course of the year. |
| Mature regime — stable monthly DPU of R$ 0.75/unit | Fund enters a stabilization phase. NAV R$ 636M, 27k unitholders, DPU steady at R$ 0.75. Outperformed the IFIX on a book value basis. |
| DPU rises to R$ 0.80 — first increase in 12 months | In Aug/2025, the DPU increases from R$ 0.75 to R$ 0.80/unit — reflecting higher portfolio earnings (capital gains + Even CRI carry). Maintained at this level for 9 months (latest: Mar/26). |
| Reserve rises to R$ 0.80/unit — strong year-end | NAV R$ 654.6M, BV R$ 93.32, cash 18%. Accumulated reserve of R$ 0.80/unit provides a buffer for H1 2026. |
| Cash rises to 22.3% — defensive posture | In Feb/2026, management increases the cash allocation to 22.3% following reductions in CRI, Logistics, and Multi-strategy. Signals waiting to enter assets with better IRRs. |
| Reserve at R$ 0.86/unit — more than one month of protected DPU | NAV R$ 654M, BV R$ 93.25, 27,788 unitholders. Reserve rises to R$ 0.86/unit following earnings of R$ 0.96 for the month. Cash returns to 19.2%. Short positions in Shopping Malls and Urban Retail closed out at a profit. |