(KINEA CRÉDITO AGRO FIAGRO - RESPONSABILIDADE LIMITADA)
Segment: Paper Fiagro (Agribusiness CRAs, CRIs, and FIDCs) · Price R$ 87.0 · P/BV 0.8728 · BV/unit R$ 99.68 · Net assets R$ 2,15 Bi · 92,869 unitholders · 37 assets
KNCA11 (Kinea Crédito Agro - Agricultural Fund (Fiagro)) is a Brazilian REIT in the Paper Fiagro (Agribusiness CRAs, CRIs, and FIDCs) segment. (KINEA CRÉDITO AGRO FIAGRO - RESPONSABILIDADE LIMITADA)
A fund that finances the agribusiness sector by purchasing sector debt instruments (agribusiness receivables) from large groups, such as sugar and ethanol mills and meatpacking plants, backed by hard collateral. Note: the portfolio is concentrated in the bioenergy sector, which is sensitive to weather and sugar and ethanol prices.
This page gathers the factual snapshot of KNCA11 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 Ltda. is the asset management arm of the Itaú Unibanco Group and one of Brazil's largest and most respected managers of real estate funds (FIIs) and agribusiness funds (Fiagros), with a proven track record in paper funds (KNCR11, KNIP11, KNHY11) and brick-and-mortar funds (KNRI11). Administration of KNCA11 is handled by Intrag DTVM Ltda. (CNPJ 62.418.140/0001-31), with custody by Itaú Unibanco, auditing by PricewaterhouseCoopers, and market making by XP Investimentos.
This institutional setup — a top-tier manager, administration and custody by the country's largest private bank, a Big Four auditor, and a dedicated market maker — places KNCA11 at a governance level rarely seen among Fiagros. Kinea also operates a complete agribusiness platform: KOPA11 (higher risk, qualified investors), KDOL11 (agribusiness dollar exposure, professional investors), and KNHF11 (agribusiness hedge fund), allowing tranches to be allocated by risk profile — with KNCA11 positioned on the senior/high-grade end for retail investors. Investor relations via [email protected].
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| fidc-citrosuco | — | 8.9% | — |
| cra-grupo-durli | — | 5.4% | — |
| cra-coruripe | — | 5.0% | — |
| cra-cocal | — | 4.8% | — |
| cra-cmaa2 | — | 4.4% | — |
| fidc-eurochem | — | 4.3% | — |
| cra-klabin | — | 3.2% | — |
| cpr-colombo | — | 3.2% | — |
| cra-bevap | — | 3.1% | — |
| cra-minerva | — | 3.0% | — |
| cra-superfrio | — | 2.5% | — |
| cra-caramuru | — | 2.4% | — |
| cra-nardini | — | 2.4% | — |
| cra-brf | — | 2.3% | — |
| cra-zilor2 | — | 2.4% | — |
| cra-cmaa | — | 2.3% | — |
| cra-jfcitrus | — | 2.3% | — |
| cra-pamplona | — | 2.2% | — |
| cra-armac | — | 2.1% | — |
| cra-adami2 | — | 2.1% | — |
| cra-grupo-durli2 | — | 2.0% | — |
| cri-maqcampo-gaps | — | 1.8% | — |
| cra-integrada | — | 1.8% | — |
| cra-itamarati1 | — | 1.8% | — |
| cra-itamarati2 | — | 1.7% | — |
| cri-fs-bioenergia | — | 1.4% | — |
| cra-cepera | — | 1.3% | — |
| cra-hinove | — | 1.3% | — |
| cra-pirapitinga | — | 1.3% | — |
| cra-hohl | — | 1.2% | — |
| cra-bartira | — | 1.0% | — |
| cra-cepera2 | — | 0.7% | — |
| cra-lins | — | 0.7% | — |
| cra-cedro | — | 0.7% | — |
| cra-minerva2 | — | 0.6% | — |
| cra-zilor | — | 0.6% | — |
HHI 0.024 — muito baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/MG) 45.0% · Midwest (MT/GO/MS/DF) 16.0% · Sul (PR/SC) 13.0% · Northeast (AL/BA) 6.0% · Various / National 20.0% |
| By index | CDI+ 43.5% · IPCA+ 42.8% · Prefixado 2.4% · % CDI / Cash 11.4% |
Market price of R$ 92.94 (June 9, 2026) versus book value per unit of R$ 100.77 (May/26). Discount of 8.1% — above the recent historical average, offering an attractive entry margin. Zero delinquency, no leverage, and a record reserve of R$ 0.39/unit underpin the high-grade carry.
last close R$ 87.0 · all-time low R$ 78.95 · high R$ 112.89 · book value per unit R$ 99.68.
To liquidate R$ 100k without impacting the price (20% of daily trading volume), a fraction of a trading session is sufficient. Liquidity rose to R$ 5.08M/day in May/26 — the highest recorded in 2026, well above April's R$ 2.98M. Active XP market maker.
The KNCA11 was launched in Oct/2021 and in just over four years has become the largest paper Fiagro (Brazilian agribusiness fund) of the market, with a NAV of R$ 2.18 billion and 91.2 thousand unitholders. This scale was built through successive offerings and anchored by the Kinea/Itaú platform (Intrag as administrator, Itaú as custodian, PwC as auditor, XP as market maker).
Its earnings track record is consistent: net income rose from R$ 278.8M (FY2023-24) to R$ 308.9M (FY2024-25), with an annual distribution of R$ 13.07/unit. The only recent hiccup occurred in Mar/26 (an earnings result of R$ 0.16/unit due to weak lagged IPCA, Brazil's official inflation index), which was absorbed by reserves—and already reversed in Apr/26 (R$ 1.23/unit). It is the story of a high-grade paper fund that delivers an elevated carry with low credit risk.
| Period | What happened |
|---|---|
| REGISTRO E INÍCIO | Fund registered to commence operations on Oct 18, 2021 as Kinea Crédito Agro Fiagro, managed by Kinea Investimentos and administered by Intrag DTVM (Itaú group). |
| PRIMEIRAS EMISSÕES | Successive unit offerings expand net assets and the unitholder base. The portfolio begins assembling with bioenergy, paper/pulp, and animal protein CRAs. |
| FY2023-24 | Fiscal year ended June 30, 2024 with net income of R$ 278.8M (PwC audited Financial Statements). |
| FY2024-25 + EXPANSÃO | Fiscal year ended June 30, 2025 with net income of R$ 308.9M and total distributions of R$ 13.07 per unit for the Jul/24–Jun/25 period. CRA+FIDC allocation reaches ~106.7% of net assets (including reverse repurchase agreements). |
| MÊS DE IPCA FRACO | March/26 cash earnings drop to R$ 0.16 per unit due to weak lagged IPCA inflation plus negative CRA mark-to-market results (-R$ 1.4M). Management utilizes reserves; distributed DPS of R$ 0.95. |
| NORMALIZAÇÃO | Cash earnings recover to R$ 1.23 per unit in April/26, positively impacted by Feb (0.70%) and Mar (0.88%) IPCA inflation. DPS of R$ 1.10 distributed on May 14. Management signals ~R$ 125M in new investments for May. |
| NORMALIZAÇÃO | Cash earnings recover to R$ 1.23 per unit in April/26, positively impacted by Feb/Mar IPCA inflation. DPS of R$ 1.10 distributed on May 14. Management invested ~R$ 125M in new assets in May. |
| ATUAL — SEM ALAVANCAGEM | Management pays down all reverse repurchase agreements (leverage = 0). Two new investments (~R$ 125M): Colombo CPR (CDI+2.40%) and Zilor 2 CRA (fixed rate 17.39%). Reserves rise to R$ 0.39 per unit. Liquidity jumps to R$ 5.08M/day. DPS of R$ 1.10 (payment on June 12). |