Multi-strategy Brazilian real-estate-fund (FII) managed by Kinea/Itaú — hybrid portfolio of CRIs (54.5%), Properties (30.6%), FIIs (13.4%), Equities (1.1%), and LCI/Cash. Despite its name, it is an FII (not a Fiagro), with a multidisciplinary hedge mandate for general investors. Net assets of R$ 1.99B. Zero vacancy as of Apr/26.
Segment: Multi-Strategy (Hybrid CRI + Brick-and-Mortar + FoF) · Price R$ 90.09 · P/BV 0.9113 · BV/unit R$ 98.86 · Net assets R$ 1,94 Bi · 71,399 unitholders · 4 assets
KNHF11 (Kinea Hedge Fund FII) is a Brazilian REIT in the Multi-Strategy (Hybrid CRI + Brick-and-Mortar + FoF) segment. Multi-strategy Brazilian real-estate-fund (FII) managed by Kinea/Itaú — hybrid portfolio of CRIs (54.5%), Properties (30.6%), FIIs (13.4%), Equities (1.1%), and LCI/Cash. Despite its name, it is an FII (not a Fiagro), with a multidisciplinary hedge mandate for general investors. Net assets of R$ 1.99B. Zero vacancy as of Apr/26.
Combines three sources of tax-exempt income: lends to developments via real estate debt securities (CRIs), co-owns buildings on Faria Lima Avenue and a shopping mall, and invests in other real estate funds. Note: uses debt to amplify returns, and part of the portfolio loses momentum as interest rates fall.
This page gathers the factual snapshot of KNHF11 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).
KNHF11 is managed by Kinea Investimentos (Itaú Unibanco Group, R$ 100B+ under management), a benchmark in FIIs/Fiagros. The administrator is Intrag DTVM (Itaú). KNHF's differential is being an internal 'fund of funds' for Kinea — four specialized teams (CRI, Brick Properties, FoF, Equities) operate together under a multidisciplinary hedge mandate. Same brand as the classic KNCR11, KNIP11, KNHY11 and the Agro family (KNCA11, KOPA11, KDOL11). Institutional communication is exemplary (monthly reports with detailed income statements, portfolio sensitivity, analyst videos, interactive dashboard). The fund is young (Feb/2023) — track record still building, but allocation has shown pragmatism (purchasing Cidade Matarazzo at a 37% discount, reducing FII exposure during market highs to generate cash).See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| SÃO LUIZ (TOWERS I, II AND III) | São Paulo/SP | 28.5% | 100% |
| Carteira de FIIs | — | 9.4% | — |
| Federal Government Bonds | — | 7.6% | — |
| Buriti land subdivisions | — | 3.3% | — |
| Trisul Indianapolis project | — | 3.0% | — |
| Creditas 151 | — | 2.6% | — |
| CRI OPEA SECURITIZADORA S.A. · 181st issuance, 1st series | — | 2.3% | — |
| MRV 112 | — | 2.3% | — |
| Gs souto 3 | — | 1.9% | — |
| Creditas - 114 | Vários | 1.8% | — |
| Brasol 1 | — | 1.8% | — |
| Gs souto 2 | — | 1.8% | — |
| CRI CANAL COMPANHIA DE SECURITIZACAO · 170th issuance, 2nd series | — | 1.8% | — |
| Creditas - 108 | Vários | 1.7% | — |
| Creditas - 109 | Vários | 1.7% | — |
| Creditas - 110 | Vários | 1.7% | — |
| Creditas - 111 | Vários | 1.7% | — |
| Tenda pro-soluto portfolio 448 | — | 1.7% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 5th series | — | 1.6% | — |
| Creditas 130 | — | 1.5% | — |
| Sao benedito harissa | — | 1.4% | — |
| CRI TRUE SECURITIZADORA S.A. · 260th issuance, 5th series | — | 1.3% | — |
| Blog cds nordeste | — | 1.3% | — |
| Vgri offices (SP) | — | 1.3% | — |
| Creditas 154 | — | 1.1% | — |
| Equity portfolio | — | 1.0% | — |
| MRV pro-soluto 214 | — | 1.0% | — |
| Plaenge 3 | — | 1.0% | — |
| Curitiba Residential Inventory | Curitiba/PR | 0.9% | — |
| Fgr 1 | — | 0.9% | — |
| CRI OPEA SECURITIZADORA S.A. · 503rd issuance, 1st series | — | 0.9% | — |
| Gazit malls | — | 0.8% | — |
| Mrv pro soluto 429 | — | 0.8% | — |
| Tenda pro soluto portfolio 265 | — | 0.8% | — |
| CRI TRUE SECURITIZADORA S.A. · 260th issuance, 4th series | — | 0.7% | — |
| Residential Inventory Jardins, Vila Madalena and Klabin | São Paulo/SP | 0.7% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 1st series | — | 0.6% | — |
| CRI TRUE SECURITIZADORA S.A. · 260th issuance, 3rd series | — | 0.6% | — |
| ICNE11 | — | 0.6% | — |
| Bluecap DC Itapeva | — | 0.6% | — |
HHI 0.1053 — low.
last close R$ 90.09 · all-time low R$ 73.69 · high R$ 108.00 · book value per unit R$ 98.86.
| Period | What happened |
|---|---|
| Constituição | Fund inception on 02/07/2023. 1st offering attracts capital for Kinea's hybrid strategy — an alternative to KNCR11 (CDI+ only) and KNHY11 (High Yield only). Average DPU in 2023 fluctuated from R$ 0.41 (Feb/23) to R$ 1.08 (Jun/23) during the allocation phase. |
| R$ 0.90 DPU Stabilization | Linearization policy adopts a DPU of R$ 0.90/month for 12 months (Jan-Dec/2024). Portfolio matures with the acquisitions of São Luiz and HL Faria Lima. Net assets scale to R$ 1.8B. |
| Step-up DPS | High Selic rate cycle (>14%) and accumulated IPCA favor the inflation-linked portfolio. In May/25, DPU rises to R$ 1.00/month — a level maintained to this day. The fund continues scaling acquisitions. |
| Real estate diversification | Strategic purchases: 25% of Shopping Uberaba (R$ 146.24M) and 6 residential units at Cidade Matarazzo (R$ 31M with a 37% discount). Accumulated reserves reach R$ 0.88/unit. |
| Challenging scenario | Start of the Selic rate cutting cycle (-0.25 pp to 14.75% in Mar/26). US-Israel-Iran conflict drives up oil prices and implied inflation. Earnings fluctuate (Jan/26 R$ 0.95, Feb/26 R$ 0.85, Mar/26 R$ 1.00) but DPU is maintained at R$ 1.00 through reserves. |