ONDA11 — Onda Invest Multiestratégia FII

What is ONDA11

ONDA11 (Onda Invest Multiestratégia FII) is a Brazilian REIT in the Multi-strategy (100% real estate funds after hotel sale in Jun/2026) segment. Formerly ONDV11 (development mandate) — migrated to ONDA11 with a multi-strategy mandate in Jan/2026 (CNPJ 52.966.340/0001-75)

Invests primarily in units of other real estate funds (currently ~90% in GGRC11 and KISU11) and distributes earnings monthly, exempt from income tax for individual investors. Note: the fund paused distributions in Jun-Jul/26 due to rebalancing and has not yet returned to prior levels — await confirmation starting Aug/26.

This page gathers the factual snapshot of ONDA11 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.

ONDA11 numbers in 2026

• Net assets: R$ 97,6 Mi
• Book value per share: R$ 11.68
• Number of shareholders: 491

Fees

• Administration + Custody: 0.15% p.a. (min. R$ 15,000/month)
• Gestão: 0,30% a.a.
• Specialized Advisory: 0,90% a.a.
• Performance: 20% of the excess over IPCA+8%
• Total expense ratio (excluding performance fee): ~1,35% a.a.

Manager

Management: Iguana Investimentos Ltda..

Iguana Investimentos serves as the fund manager, with specialized advisory from Onda Invest Consultoria Ltda. (ondainvest.com.br). The administrator and custodian is QI Corretora de Títulos e Valores Mobiliários S.A. (changed from Singulare CTVM in Jan/2026). The multi-strategy mandate is recent (Jan/2026), making the track record in this format still limited for in-depth evaluation.

• Gestora: Iguana Investimentos
• Consultoria: Onda Invest Consultoria
• Administrador: QI Corretora (formerly Singulare)

ONDA11 portfolio: what the fund invests in

Concentration and diversification

HHI 0.406 — alta.

Price, P/BV and book value

ONDA11 units trade at ~R$ 7.64 against a book value per unit of R$ 11.14 (Jun/26), resulting in a P/BV of ~0.69 — a 31% discount to book value. The discount reflects a combination of very low liquidity, a short mandate history, and uncertainty regarding the dividend recovery. For a FoF/multi-strategy fund with 100% liquid assets (exchange-traded FIIs), a 31% discount is significant, but ONDA11's own lack of liquidity limits arbitrage.

last close R$ 7.45 · book value per unit R$ 11.68.

Liquidity and trading

Average daily volume (21 sessions) of R$ 50,000.

Extremely low liquidity. With fewer than 500 unitholders and NAV of R$ 93M, daily trading volume is minimal. Positions exceeding R$ 100k can take weeks to unwind without impacting the price.

ONDA11 track record

Continue on ONDA11

• Is ONDA11 worth it? Score, recommendation, risks and who the fund is for
• ONDA11 dividends: when it pays, how much and whether the level holds