Manatí Capital Hedge Fund Fundo de Investimento Imobiliário de Responsabilidade Limitada — CNPJ 42.888.583/0001-89
Segment: Hybrid / Real Estate Hedge Fund (active management) · Price R$ 8.98 · P/BV 0.9698 · BV/unit R$ 9.26 · Net assets R$ 348 Mi · 1 unitholders
MANA11 (Manatí Hedge Fund FII) is a Brazilian REIT in the Hybrid / Real Estate Hedge Fund (active management) segment. Manatí Capital Hedge Fund Fundo de Investimento Imobiliário de Responsabilidade Limitada — CNPJ 42.888.583/0001-89
An actively managed fund combining various real estate investments: lending to companies with real estate collateral, purchasing units of other funds and sector equities, and entering as a partner in developments. Be aware: part of the assets are in construction projects that will only mature between 2027 and 2029.
This page gathers the factual snapshot of MANA11 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: Manatí Capital Management.
Manatí Capital Management is a 4-year-old boutique manager dedicated primarily to MANA11 (its anchor product). Clear thesis: a Brazilian-style real estate hedge fund — trading CRIs, FIIs, equities, SPEs, and preferred equity with genuinely active management. Short but robust track record: +73.4% since IPO (198% of IFIX, 138% net CDI). Highest DPU in history: R$ 0.125/unit in Jun/26 (17.3% p.a. tax-exempt). Grand Pulse divestment: IRR of 58.6% in 8 months validates origination capacity. Points to watch: single product (key-person risk), smaller than Kinea/BTG/Valora, semiannual performance fee in Jul/26. Dense monthly reports (34 pages).Active multi-strategy portfolio — 99.5% allocated, unleveraged, distributed across 32 CRIs, 23 FIIs, 9 equities, and 4 preferred development structures (Grand Pulse divested with an IRR of 58.6%)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| FII Turmalina B (Florianópolis High-End) | — | 9.6% | — |
| FII Alicerce (Patrimar Engenharia) | — | 7.3% | — |
| SPE DUE Halim (High-End) | — | 2.3% | — |
| SPE Vic Jundiaí (Grand Pulse — residual) | — | 0.3% | — |
| CRI MAC Empreendimentos | — | 4.9% | — |
| CRI Golden Tulip | — | 4.3% | — |
| CRI VCA | — | 4.2% | — |
| CRI Pátio Roraima | — | 4.2% | — |
| CRI Athena | — | 4.1% | — |
| CRI Bella Vitta | — | 3.9% | — |
| CRI Cata Incorporadora | — | 3.7% | — |
| CRI VCA | — | 3.6% | — |
| CRI Lafaete | — | 3.5% | — |
| CRI Vértice e Voz | — | 3.3% | — |
| CRI Vista | — | 3.2% | — |
| CRI Shopping Metrô Itaquera | — | 3.1% | — |
| CRI Via Sul Engenharia | — | 3.1% | — |
| CRI BRDU | — | 3.1% | — |
| CRI Zagros | — | 2.6% | — |
| CRI Sanema (BRK Ambiental) | — | 2.1% | — |
| Other 19 CRIs (fragmented tail) | — | 13.8% | — |
| Mauá Capital Real Estate | — | 1.3% | — |
| Guardian Real Estate | — | 1.1% | — |
| Gazit Malls | — | 1.0% | — |
| RBR Multiestratégia | — | 1.0% | — |
| Other 19 FIIs (fragmented basket) | — | 7.3% | — |
| Allos | — | 1.1% | — |
| Tenda Construtora | — | 0.8% | — |
| MRV | — | 0.6% | — |
| Other equities (6 papers) | — | 0.8% | — |
P/BV of 0.97 indicates a price close to fair value, with no significant asset discount. MANA11's history shows that P/BV only fell below 0.80 during market panics (December 2024, P/BV 0.76 with unit price at R$ 7.16). In normal cycles, it oscillates between 0.90 and 1.05.
last close R$ 8.98 · all-time low R$ 7.16 · high R$ 10.40 · book value per unit R$ 9.26.
Average daily volume (21 sessions) of R$ 1,200,000 · 12-month average of R$ 850,000.
Medium-good liquidity for a hybrid FII. A position of R$ 100k exits in hours; R$ 1M takes 1 business day. Institutional investors must fraction exits > R$ 5M to avoid price impact.
| Period | What happened |
|---|---|
| Phase 1 — IPO and formation (May-Dec/2022) | CVM registration on 05/02/2022 (ICVM 476). 1st offering in May/2022 (11.77M units at R$ 10/unit). Daycoval as administrator. First DPU in Jul/2022 (R$ 0.08/unit). |
| Phase 2 — Expansion (2023) | 2nd and 3rd offerings via ICVM 476. DPU fluctuated between R$ 0.10-0.12 depending on the allocation pipeline. CRI portfolio gained diversification, marking the start of the Home Equity book. |
| Phase 3 — Development thesis (2024-2025) | Feb/2025 inaugurates the thesis via FII Turmalina B (4 Florianópolis projects, target return of 21% p.a.). Jul/2025: Grand Pulse Jundiaí. Mar/2026: FII Alicerce Patrimar. |
| Phase 4 — Growing DPU and validation of the thesis (2025-2026) | Public quarterly guidance since Dec/2024. 2025 performance: 37.4% (198% of cumulative IFIX). +106% YoY in unitholders. Grand Pulse Jundiaí divestment in May/26: IRR of 58.6% in 8 months. Highest DPU in history: R$ 0.125/unit in Jun/26 (17.3% p.a. tax-exempt). 3Q2026 guidance: R$ 0.105-R$ 0.125. |