Recommendation: ACCUMULATE · Rating 7.0/10
Our current reading of MANA11 is ACCUMULATE, with a score of 7.0/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Manatí with a dividend yield of 14.8% and a P/BV of 0.97, nearly at par. Development book (19.5%) maturing in 2027-29 and a 4-year boutique manager represent the risks; the Grand Pulse thesis validated part of the strategy.
Safety in a REIT is not yes or no — it is how much risk you accept. MANA11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 1.5 |
| Price volatility | 2.5 |
| Dividend volatility | 1.5 |
| Liquidez | 3.5 |
| Underlying asset risk | 3.5 |
| Financial risk / leverage | 1.0 |
Manatí Capital has 4 years and MANA11 is its anchor product. Departure or partner issues would materially impact the fund.
Daycoval and RSM Brasil ensure operational continuity
Preferred equity thesis crystallizes only upon delivery. Delays affect long-term book value.
Preferred structure + coverage ratios of 3-4.4x + construction financing already signed
20% over IMA-B5+IPCA paid semiannually reduces net upside in exceptional years.
Standard structure for a hedge fund; transparency via management report
Largest subsegment within CRIs. Adverse cycles pressure sequentially.
Fragmentation across 20+ debtors, LTVs of 20-50%, full collateral package
Exiting R$ 500k takes 3-5 business days.
+106% YoY in unitholders increases liquidity
| Scenario | Description |
|---|---|
| Development deliveries in 2027-2028 | Physis Place (Dec/27, 48% sold), Allure (Aug/28, 100% sold), and Puerto Madero (Aug/28, 44%) crystallize profits. |
| Decline in Selic per Focus report (11% by Dec/26) | 42% IPCA+ reprices upward; 18.6% fixed-rate gains capital. |
| Organic growth of unitholders + 6th offering | Base of +106% YoY in 2025 opens the door for a 6th offering at P/BV > 1.0. |
| Selic remains elevated + persistent inflation (IPCA) | Brick-and-mortar suffers, high-end development slows down. CDI at 22% captures the rise partially. |
| Default in large CRIs | Top-5 CRIs concentrate ~20% of net assets. Defaults pressure short-term DPU. |
| Delays in Florianópolis projects | SC market slows down. Preferred equity mitigates, but returns are deferred. |
The MANA11 is the closest thing to a true real estate hedge fund in the Brazilian FII market. Manatí Capital Management (a boutique manager founded in 2021) has built a unique vehicle: a broad securities mandate with active management, spanning CRIs (64.8%), FIIs (12.4%), equities (3.4%), SPVs, and preferred equity (18.6%). Rare discipline: DPU of R$ 0.11/unit for 16 consecutive months, public quarterly guidance.
Since its IPO in May 2022: adjusted book unit value has risen +73.4% (198% of IFIX, 138% of net CDI). Unitholder base grew to 36,923 in June 2026. NAV of R$ 348M via 5 offerings and zero leverage.
The preferred equity development thesis has been validated: Grand Pulse Jundiaí divestment in May 2026 with an IRR of 58.6% in 8 months (target was 22.5% p.a.). Highest historical dividend in the fund: R$ 0.125/unit in June 2026 (DY of 17.3% p.a. tax-exempt, equivalent to 140.8% of net CDI). Q3 2026 guidance raised to R$ 0.105-R$ 0.125 — floor above previous guidance.
Points of attention: P/BV of 0.98 with no significant asset discount (waiting for P/BV < 0.90 = unit price ≤ R$ 8.35 for margin); 20% performance fee over IMA-B5+IPCA calculated in July 2026 may compress monthly earnings; boutique manager with reputational concentration. Base DY of 14.5% tax-exempt is equivalent to a CDB yielding ~18.7% gross — a 445 bps premium over Selic of 14.25%.
Current recommendation: ACCUMULATE. Rating 7.0/10. O MANA11 é um fundo de gestão ativa que mistura empréstimos a construtoras com garantia em imóveis (CRIs — 65% do patrimônio), cotas de outros FIIs (12%), ações do setor (3%) e participações em incorporações de alto padrão (19%) — repassando rendimentos mensais isentos de…
Our current read on MANA11 is “ACCUMULATE”. Rating 7.0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Manatí Hedge Fund FII include: A dividend yield of 27% reported in external sources is a bug — it is not disguised principal repayment; 19.5% of net assets in development projects — maturation in 2027-2029 (Grand Pulse validated the thesis); Performance fee in a strong year; Concentration via FII Turmalina B (10.1% of net assets).
MANA11 is suitable for: Investors who already hold paper FIIs + brick-and-mortar FIIs and want to diversify with a 3rd layer Moderate to aggressive profile who accepts mandate complexity in exchange for active management Those seeking stable tax-exempt dividend yield (14.4%) with a premium over net CDI