Navi Imobiliário Total Return Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 35.652.252/0001-80). IPO on July 31, 2020. Partial spin-off in Nov/2023 (1,054,507 → 612,282 units, R$ 42M transferred to an open-ended multi-market fund [FIM Aberto] and NAVT2/IMOV). Total Return mandate: listed FIIs + CRIs + real estate equities with active management.
Segment: Multi-strategy / Total Return (FIIs + CRIs + Equities) · Price R$ 64.39 · P/BV 0.7651 · BV/unit R$ 84.16 · Net assets R$ 51,5 Mi · 2,182 unitholders
NAVT11 (Navi Imobiliário Total Return FII) is a Brazilian REIT in the Multi-strategy / Total Return (FIIs + CRIs + Equities) segment. Navi Imobiliário Total Return Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 35.652.252/0001-80). IPO on July 31, 2020. Partial spin-off in Nov/2023 (1,054,507 → 612,282 units, R$ 42M transferred to an open-ended multi-market fund [FIM Aberto] and NAVT2/IMOV). Total Return mandate: listed FIIs + CRIs + real estate equities with active management.
Small Total Return FoF whose management is transitioning from Navi Real Estate to Vinci Real Estate (manager acquisition announced on August 11, 2026, with completion expected by year-end 2026) — combining listed FIIs, high-grade CRIs (Brazilian real-estate receivables certificates), and long/short active management, delivering a dividend yield of ~13% and a P/BV of 0.84, though negligible liquidity (R$ 22k–30k/day) represents the primary structural risk. Watch out: cash earnings fell in May/2026, and reserves are being consumed to maintain distributions, while the change in command has not yet concluded.
This page gathers the factual snapshot of NAVT11 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: Navi Real Estate Selection.
Navi Real Estate Selection - Administradora e Gestora de Recursos Financeiros (Av. Ataulfo de Paiva, 1100, Leblon/RJ — CNPJ 37.658.373/0001-64) is an asset manager specializing in real estate funds, registered with the CVM in Jan/2021 (Declaratory Act No. 18,360). The team originated from Navi Capital, a traditional multi-strategy asset manager based in Rio de Janeiro. NAVT11's track record is mixed: the fund has delivered a 64.3% return since its IPO (R$ 49.4 in distributions + capital appreciation — relative to an initial R$ 100). In 2026, management timed the market rally well (+33% YTD in unit price). Conversely, the 2023 spin-off signals investor discontent, and the use of short positions created a drag in 2024-2025. Auditor: KPMG (June 2024 and 2025).Total Return portfolio: ~70% in listed FIIs (long/short) + 20% CRIs + 9% cash (ALOS3 position fully liquidated in Q1 26)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| XP Selection FoF | — | 7.9% | — |
| Vectis Juros Real FII | — | 7.6% | — |
| CRI Bari Securitizadora (0th/1st) | — | 8.5% | — |
| Pátria Logística FII | — | 6.0% | — |
| CRI Opea Securitizadora (0th/1st) | — | 6.2% | — |
| Pátria Securities FII | — | 5.7% | — |
| CRI Opea Securitizadora 328th/1st | — | 5.6% | — |
| VBI Prime Properties FII | — | 4.4% | — |
| Galapagos Recebíveis Imobiliários FII | — | 4.5% | — |
| Vinci Imóveis Urbanos FII | — | 5.3% | — |
| Vinci Credit Securities FII | — | 2.5% | — |
| Guardian Real Estate FII | — | 1.8% | — |
| Fator Verità Multistratégia FII | — | 3.6% | — |
| Capitania Securities II FII | — | 3.5% | — |
| Green Towers FII | — | 3.5% | — |
| RBR Prime Offices FII | — | 3.0% | — |
| BB Fundo de Fundos FII | — | 2.9% | — |
| Habitat Recebíveis Pulverizados FII | — | 2.6% | — |
| Kilima Volkano Recebíveis Imobiliários FII | — | 2.4% | — |
| JS Ativos Financeiros FII | — | 1.8% | — |
| JS Real Estate Multigestão FII | — | 1.7% | — |
| BRPR Corporate Offices FII | — | 1.9% | — |
| Riza Akin FII | — | 1.0% | — |
| Inter Logístico FII | — | 1.1% | — |
| RB Capital I FoF FII | — | 1.5% | — |
| RBR Plus Multistratégia FII | — | 2.8% | — |
| Polo Crédito Imobiliário FII | — | 0.4% | — |
| FII Succespar Varejo | — | 1.5% | — |
| Ourinvest JPP FII | — | 0.4% | — |
| Itaú Crédito Imobiliário IPCA FII | — | 0.2% | — |
| Kinea Renda Imobiliária FII (SHORT) | — | -5.1% | — |
| TRX Real Estate FII (SHORT) | — | -3.1% | — |
| TG Ativo Real FII (SHORT) | — | -1.9% | — |
| Vinci Shopping Centers FII (SHORT) | — | -1.7% | — |
Fund's P/BV.
book value per unit R$ 84.16.
Average daily volume (21 sessions) of R$ 26,000 · 12-month average of R$ 30,000.
Extremely low liquidity — worse than 90% of FIIs on the market. Exiting R$ 100k takes 19 business days (~1 calendar month) without moving the price.
NAVT11 launched in 2020 as an ambitious Total Return FII (R$ 102M with 1,054,507 units), but the Nov/2023 spin-off drastically reduced its size — 42% of assets exited via NAVT2 (liquidation through IMOV) or the open-ended multi-market fund (FIM Aberto). Remaining unitholders now hold units in a R$ 54.5M fund with a base of 2,302 investors. The current DPU regime is stable (R$ 0.75-0.85/month plus an extra December payment), but the fund has never regained meaningful trading liquidity (R$ 22-30k/day). The year 2026 brought a 33% YTD unit price rally — believers continue to be rewarded, but the structural history suggests the fund has settled into a niche where it functions as an informed retail product rather than an institutional vehicle.
| Period | What happened |
|---|---|
| Establishment and IPO | |
| Stabilized management phase (2021-2023) | |
| Partial spin-off — structural event | |
| Post-spin-off and adaptation to Resolution 175 |