Recommendation: SELL · Rating 4.0/10
Our current reading of ONDA11 is SELL, with a score of 4.0/10. 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.
Onda Invest (lite analysis) with 90% of NAV in just 2 real estate funds (GGRC11+KISU11), a distribution hiatus in Jun-Jul/26, and a multi-strategy mandate with less than 8 months of history. Insufficient track record.
Safety in a REIT is not yes or no — it is how much risk you accept. ONDA11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 4.8 |
| Price volatility | 3.5 |
| Distribution volatility | 4.5 |
| Liquidez | 5.0 |
| Underlying asset risk | 3.0 |
| Financial risk / leverage | 1.0 |
ONDA11 is essentially GGRC11 + KISU11 with an additional fee layer of ~1.35% p.a. Investors holding those two funds directly achieve the same exposure at a lower cost.
The multi-strategy thesis envisions expansion into other real estate funds, which would eventually differentiate the portfolio — but this has not yet occurred.
The bylaws state "multi-strategy," but the current composition (100% real estate funds) would technically be classified as a fund of funds. This creates ambiguity regarding the true mandate and peer comparison.
The distribution policy is not clearly documented for rebalancing scenarios. The Jun/26 hiatus showed that tactical management moves can temporarily interrupt distributions.
Guidance for resumption in Aug/26 at R$ 0.10–0.12/unit.
With only 496 unitholders, unitholder meetings can be easily influenced by a few participants. Risk of decisions favoring specific anchor unitholders.
| Scenario | Description |
|---|---|
| Distribution resumption + portfolio expansion | Manager resumes R$ 0.10–0.12/unit in Aug/26 per guidance, and gradually expands into other real estate funds, reducing concentration and differentiating the portfolio. |
| Buyback program reduces units and raises distribution per unit | Cancellation of repurchased units increases distribution per remaining unit, benefiting continuing unitholders. |
| GGRC11 or KISU11 cut distributions | With 90% of NAV in two real estate funds, any earnings cut in either transmits directly to ONDA11, potentially forcing another hiatus. |
| Guidance not confirmed — distribution remains low | Rebalancing takes longer than expected or cash earnings do not support the announced level, keeping distributions below R$ 0.10 for additional months. |
ONDA11 is a fund in active transition: it started as ONDV11 (development) in Dec/2023, migrated to the multi-strategy mandate in Jan/2026, and concluded the sale of its only non-FII asset (Hotel Ibis Guarulhos) in Jun/2026. The current portfolio is essentially a 50/50 position in GGRC11 (industrial logistics) and KISU11 (paper), making the fund operationally a dual FoF with an additional fee layer (~1.35% p.a. + performance fee).
The distribution gap in Jun/26 (R$ 0.00/unit) and the reduced distribution in Jul/26 (R$ 0.04/unit) were attributed to the post-hotel-sale rebalancing period. The manager announced guidance of R$ 0.10–0.12/unit starting Aug/26, but cash generation measured in preceding months (~R$ 0.07/unit) fell below that level, raising questions about the sustainability of the announced level without underlying FIIs distributing fully.
The P/BV of ~0.69 is significant — 31% below net assets — but the discount is structural: a minimal unitholder base (496), very low liquidity, short history, and dividend uncertainty explain the pricing. The buyback program for up to 10% of units (Jul/26–Jul/27) is currently the primary available discount-reduction catalyst.
This is an initial lite analysis with a 180-day window. It is recommended to await at least 2–3 months of confirmation regarding the distribution recovery and the publication of additional management reports before reaching definitive conclusions on the fund.
Current recommendation: SELL. Rating 4.0/10. ONDA11 é um fundo imobiliário que investe em cotas de outros FIIs (hoje 100% do PL em GGRC11 e KISU11) e repassa os rendimentos mensalmente — pense nele como um agregador de dois fundos de logística industrial, com uma camada a mais de taxas por cima. A gestão é da Iguana…
Our current read on ONDA11 is “SELL”. Rating 4.0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Onda Invest Multiestratégia FII include: Initial analysis — lite coverage (180 days); High concentration in 2 real estate funds; Distribution hiatus Jun–Jul/26; Mandate history < 18 months.