XP Vista Asset (management) + BTG Pactual DTVM (administration). Launched on April 13, 2012. CNPJ 97.521.225/0001-25. The Brazilian real-estate-fund (FII) with the highest number of retail unitholders in Brazil — 1.47 million.
Segment: Hybrid (CRIs 79.1% + FIIs 11.8% + Equity Swaps 8.3%) · Price R$ 9.26 · P/BV 1.0 · BV/unit R$ 9.26 · Net assets R$ 5,25 Bi · 1,509,087 unitholders
MXRF11 (Maxi Renda Fundo de Investimento Imobiliário - FII) is a Brazilian REIT in the Hybrid (CRIs 79.1% + FIIs 11.8% + Equity Swaps 8.3%) segment. XP Vista Asset (management) + BTG Pactual DTVM (administration). Launched on April 13, 2012. CNPJ 97.521.225/0001-25. The Brazilian real-estate-fund (FII) with the highest number of retail unitholders in Brazil — 1.47 million.
Lends money backed by real estate collateral to dozens of companies and distributes the interest every month as income tax-exempt earnings
This page gathers the factual snapshot of MXRF11 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: XP Vista Asset Management Ltda..
XP Vista Asset Management Ltda. (CNPJ 16.789.525/0001-98) is the active management division of XP Inc., one of Latin America's largest investment conglomerates. It inherited the MXRF11 mandate from XP Gestão de Recursos (the original manager since the April 2012 IPO), with administration gradually migrating from XP Investimentos CCTVM to BTG Pactual Serviços Financeiros DTVM in 2023. The combination of XP for management and BTG for administration is among the most conservative and liquid in the FII market.
MXRF11 is one of XP Asset's flagship FIIs, both for its scale (R$ 4.31B) and its popularity (1.40 million unitholders). The team maintains a dedicated portal (mxrf.xpasset.com.br), an active investor relations channel ([email protected]), and publishes robust Management Reports (>30 pages/month). Auditing is handled by Ernst & Young, and the lead coordinator for the 11th offering was BTG Pactual itself. Compared to peers, its management rating is 8.0/10 — a solid manager executing a 14-year mandate without major scandals, though with a history of frequent offerings (11 in total) that dilute part of the returns.
Pure paper/CRI fund with a complementary book of tactical FIIs (11.8%) and financial swaps in São Paulo (8.3%)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-birmann32 | — | 3.6% | — |
| cri-helbor-libano | — | 3.1% | — |
| cri-arcelor-mittal | — | 3.0% | — |
| cri-uberlandia-femsa | — | 2.8% | — |
| cri-csn | — | 2.6% | — |
| cri-assai-guaruja | — | 2.1% | — |
| cri-rio-ave | — | 2.1% | — |
| cri-mercadolivre | — | 1.8% | — |
| cri-prevent-senior | — | 1.7% | — |
| cri-urbplan | — | 0.0% | — |
| cri-arquiplan | — | 0.7% | — |
| cri-aiz-pesa | — | 1.4% | — |
| Guardian Real Estate | — | 3.0% | — |
| LPL Properties | — | 2.7% | — |
| Helbor Units (residential inventory FII, CDI+2.50%) | — | 1.0% | — |
| MCLO11 | — | 0.9% | — |
| XP Hotéis Sub | — | 0.8% | — |
| Other FIIs (VVMR11, SPVJ11, MANA11, GAME11, TELM11 and others) | — | 3.3% | — |
| Swap Portfolio — 13 projects in São Paulo | — | 8.3% | — |
| Cash and equivalents + Fixed Income Funds | — | 2.4% | — |
HHI 0.0145 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA 61.6% · CDI 6.9% · Pré/IGP-M/Vencidos 10.7% · FII/Permuta/Outros 20.9% |
The unit trades at R$ 9.80 against a book value of R$ 9.37 (Mar/2026), representing a 4.6% premium. This is atypical for paper funds — the sector median trades at a 3-15% discount. The premium reflects: (i) a base of 1.40 million unitholders with recurring demand; (ii) very high daily liquidity (R$ 14M); (iii) a 14-year track record of stable distributions; and (iv) the XP brand effect in retail distribution. Investors pay for predictability, but give up a margin of safety.
last close R$ 9.26 · all-time low R$ 8.36 · high R$ 14.32 · book value per unit R$ 9.26.
Average daily volume (21 sessions) of R$ 14,065,150 · 12-month average of R$ 13,086,770.
Exceptional liquidity—among the top 10 in the FII market. R$ 1M liquidates in less than 1 day, and R$ 10M in ~3.5 business days. Large investors face no meaningful price impact.
MXRF11 is a prime example of an FII that grew alongside the mainstream adoption of real estate funds in Brazil. Launched on April 13, 2012, as a small actively managed fund by XP with a unit price of R$ 100 and semi-annual distributions, it evolved between 2019 and 2020 into the primary gateway for retail investors into the FII universe. The combination of a low unit price (~R$ 10), stable monthly distributions (R$ 0.09–0.12 for years), and XP's mass-market distribution platform propelled its unitholder base from a few thousand to 1.40 million by 2026—a unique phenomenon in Brazilian retail investing.
Regarding its structure, management shifted from XP Gestão de Recursos to XP Vista Asset Management, and administration moved from XP Investimentos CCTVM to BTG Pactual DTVM (consolidated in 2023). The fund completed 11 primary offerings between 2012 and 2025. Its 11th offering (Oct–Nov/2025) raised only R$ 218M out of the R$ 1B targeted, marking its first notable undersubscription. Fiscal year 2025 was the best in its history, posting a net income of R$ 675.8M (ROE of 16.3%) and reversing the negative mark-to-market losses of 2024. MXRF11 has matured alongside the market and now serves as a benchmark for liquidity and stability, though it has lost its margin of safety due to trading at a persistent premium to book value.
| Period | What happened |
|---|---|
| IPO | Maxi Renda FII begins operations on April 13, 2012, as an actively managed FII with units priced at R$ 100.00. Administration by XP Investimentos CCTVM and management by XP Gestão de Recursos. Custody by Oliveira Trust DTVM. Initial benchmark: NTN-C 6-year. Management fee of 0.46% p.a. + performance fee of 30% over benchmark excess (distributed semi-annually). |
| CONSOLIDAÇÃO INICIAL | First years of operation as a diversified fund in real estate income — holdings in SPVs, CRIs, equity stakes in developments. Historical positions in Alameda Lorena (São Paulo), Haus Jardins, Casa Jardim Itaverá, and other inventory properties held for sale. Fund remained small, with proprietary active management by XP. |
| DESDOBRAMENTO + DISTRIBUIÇÃO MENSAL | Unit split in 2017 (1:10 — from R$ 100 to R$ 10) and transition to monthly distributions. NAV grew from R$ 242M in March 2017 to R$ 302M in December 2018. Focus consolidates on CRIs and structured operations. |
| EXPANSÃO E POPULARIZAÇÃO | XP initiates a massive distribution campaign for MXRF11 as a retail gateway to FIIs, leveraged by the XP Investimentos platform. Successive offerings in 2019–2020 (Prospectus IDs 61093, 77879, 109961) and 2021 multiply the NAV. DPU stabilizes at R$ 0.07–0.09 with semi-annual extras. |
| PICO DE DPS | DPU peaks at R$ 0.11–R$ 0.12 monthly (2023 with 10 months paying R$ 0.11+). NAV exceeds R$ 2.85B in December 2023. CRI portfolio solidifies as the core of the thesis. |
| MIGRAÇÃO PARA BTG | Administration migrates to BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23) and management consolidates at XP Vista Asset Management Ltda. (CNPJ 16.789.525/0001-98). Prospectuses for the 8th and 9th offerings formalize the new structure. |
| 10ª EMISSÃO | 10th Offering with initial volume of R$ 800 million (additional up to R$ 1.0B). Offering Price R$ 9.74 + Primary Distribution Fee R$ 0.33 (3.39%) = Subscription Price R$ 10.07. Strong retail uptake, fully subscribed. |
| FECHAMENTO 2024 | The fund closed the fiscal year with net assets of R$ 3.94B, 437.32M units, and a book value per unit of R$ 9.01. Net income was only R$ 64.9M due to negative mark-to-market adjustments: -R$ 274M in CRIs and -R$ 100M in FIIs. Distributions paid totaled R$ 438M. The DPU dropped to R$ 0.09 between August and October 2024. |
| 11ª EMISSÃO (SUB-CAPTAÇÃO) | The 11th public offering was launched on October 24, 2025, targeting R$ 1B (105 million units at R$ 9.52). Subscriptions fell well short at 22.94 million new units (R$ 217.97M excluding primary distribution fees)—only ~22% of the initially offered volume. This signals demand saturation at the current price. |
| FECHAMENTO 2025 (RECORDE) | The fund closed with net assets of R$ 4.34B, 460.27M units, and a book value per unit of R$ 9.42. Net income surged to R$ 675.8M (compared to R$ 64.9M in 2024), reversing negative mark-to-market impacts with +R$ 79M in CRIs and +R$ 71M in FIIs. Distributions paid totaled R$ 515M (76% of net income). Return on equity (ROE) stood at 16.3%. Unitholders totaled 1,339,326 individual investors. |
| ATUAL | The fund closed February 2026 with net assets of R$ 4.41B, 460.27M units, and 1,402,221 unitholders, making it the #1 FII in Brazil by retail unitholder count. The unit price traded at R$ 9.80 (May 13), book value per unit at R$ 9.37 (Mar/26), and P/BV at 1.05. The DPU was R$ 0.095 (Mar/26), reflecting a one-off cut from R$ 0.10 to R$ 0.095, with a return to R$ 0.10 signaled for May/26 according t |