KNHF11 — Kinea Hedge Fund FII

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

What is KNHF11

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.

KNHF11 numbers in 2026

Net assets: R$ 1,94 Bi
Book value per share: R$ 98.86
Number of shareholders: 71,399
Assets in portfolio: 4
Gross leasable area: 26.085
States: 2
Occupancy: 100.0%
WAULT (years): 7.2

Portfolio composition

Inflation-Linked CRI: 39.0%
CRI CDI+: 16.7%
Brick-and-Mortar Properties: 30.8%
FIIs (FoF): 13.2%
Caixa+LCI: 12.3%
Ações: 1.1%

Fees

Management Fee: 1,20% a.a.
Performance Fee: Não há
Custody Fee: Incluída

Manager

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).

Fund Inception: Fev/2023
Patrimônio: R$ 1,98 Bi
Gestão: Active Multidisciplinary

See our analysis of Kinea Investimentos (Itaú Unibanco Group) →

KNHF11 portfolio: what the fund invests in

Asset	Location	% of NAV	Occupancy
Condomínio São Luiz Building (Towers I, II, and III)	Av. Presidente Juscelino Kubitschek, 1,830 — Itaim Bibi, São Paulo/SP	—	100.0%
Edifício HL Faria Lima	Av. Horácio Lafer, 160 — Itaim Bibi, São Paulo/SP	—	100.0%
Shopping Uberaba (25% stake)	Av. Santa Beatriz da Silva, 1501 — São Benedito, Uberaba/MG	—	97.9%
Cidade Matarazzo (5 residential units)	Alameda Rio Claro, 190 — Bela Vista, São Paulo/SP	—	0.0%

Price, P/BV and book value

Units traded at a 2.0% discount to book value.

last close R$ 90.09 · all-time low R$ 86.50 · high R$ 105.20 · book value per unit R$ 98.86.

KNHF11 track record

KNHF11 is a multi-strategy FII managed by Kinea with just over 3 years of history. DPU started during the allocation phase (R$ 0.41-1.08 in 2023), standardized at R$ 0.90 in 2024, and rose to R$ 1.00 in May/2025 — where it has remained for 11 months. The 2026 scenario brings challenges: the Selic rate cutting cycle (which pressures 16.7% of the CDI+ portfolio); office vacancy; and the sale of Cidade Matarazzo units. Reserves of R$ 0.88/unit provide runway, but this is a critical quarter to validate the hybrid thesis without a fully tested macroeconomic cycle.

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.