NIKOS FUNDO DE INVESTIMENTO EM COTAS DE FUNDOS INCENTIVADOS DE INVESTIMENTO EM INFRAESTRUTURA RENDA FIXA — Fixed-Income Infrastructure Incentive Fund of Funds (Law 12,431/2011) structured as a fund of funds (FIC) and managed by Órama DTVM, focused on Brazilian infrastructure debentures with income exempt from income tax for individual investors.
Segment: FI-Infra · Incentive debentures (mixed, multi-sector fund) · Price R$ 7.71 · P/BV 0.7957 · BV/unit R$ 9.69 · Net assets R$ 45,20 Mi · 2,995 unitholders
OGIN11 (NIKOS FIC FI-Infra (Órama)) is a Brazilian REIT in the FI-Infra · Incentive debentures (mixed, multi-sector fund) segment. NIKOS FUNDO DE INVESTIMENTO EM COTAS DE FUNDOS INCENTIVADOS DE INVESTIMENTO EM INFRAESTRUTURA RENDA FIXA — Fixed-Income Infrastructure Incentive Fund of Funds (Law 12,431/2011) structured as a fund of funds (FIC) and managed by Órama DTVM, focused on Brazilian infrastructure debentures with income exempt from income tax for individual investors.
Largest discount in the peer set (P/BV 0.79), but with conditional distributions and tiny net assets
This page gathers the factual snapshot of OGIN11 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: Órama DTVM.
Órama DTVM is an independent Brazilian broker-dealer and securities distributor founded in 2010, operating in fund distribution and management. In the FI-Infra segment, it is a niche manager — OGIN11 (NIKOS FIC FI-Infra) is the firm's incentive debentures vehicle, launched in Oct/2022. Órama's experience in the segment is lower than that of specialized managers (Kinea/KDIF11, BTG/BDIF11, Capitânia/CPTI11, Sparta/JURO11), and the level of transparency regarding the portfolio is inferior to its peers. The management fee of 1.00% p.a. sits at the top of the FI-Infra peer set.Incentive debentures fund of funds — granular composition NOT publicly disclosed
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated portfolio of incentive debentures (Law 12,431) — sectoral composition not publicly disclosed | — | 100.0% | — |
| Breakdown | Share |
|---|---|
| By index | IPCA+ (estimated) 90.0% · CDI/Cash (estimated) 10.0% |
Fund's P/BV.
last close R$ 7.71 · all-time low R$ 6.60 · high R$ 10.50 · book value per unit R$ 9.69.
Average daily volume (21 sessions) of R$ 130,000 · 12-month average of R$ 125,000.
Low liquidity. A R$ 50k position exits in under 1 day; R$ 100k takes ~1 day; above R$ 500k requires splitting across ~4 business days. Inferior to all peers in the FI-Infra peer set.
| Period | What happened |
|---|---|
| IPO | Launch of NIKOS FIC FI-Infra (OGIN11) on B3 as Órama's FI-Infra focused on incentive debentures, with an initial unit price of R$ 10.00. |
| MARCAÇÃO ADVERSA | Year of high real interest rate curves. Unit price reaches an all-time high (R$ 10.50 in Jan/2023) and subsequently pulls back as NTN-B yields steepen. |
| ANO FORTE (+20,70%) | Total return of +20.70% in 2024 (Mais Retorno) — the fund's best year, driven by debenture carry and a partial curve recovery. |
| DPS ANÔMALO (R$ 0,04) | Distribution drops to only R$ 0.04/unit in May/2025 (vs a normal run-rate of ~R$ 0.10) — potential cash adjustment or high-water mark effect. |
| SÉRIE ESTÁVEL R$ 0,10 | Monthly DPU normalizes and holds steady at R$ 0.10/unit from Sep/2025 to Mar/2026 (7 consecutive months) — period of highest income predictability. |
| DISTRIBUIÇÃO BLOQUEADA | The fund distributes no income in April or May/2026 — Book Value per unit (~R$ 9.57) below the R$ 9.58 high-water mark required by the bylaws to unlock distributions. |
| COTA A R$ 7,54 / P-VP 0,79 | Unit price at R$ 7.54 (P/BV 0.79) on Jun/02/2026, with Book Value at ~R$ 9.57 still below the high-water mark — June distribution at risk. |