Recommendation: EVITE · Rating 1.5/10
CRITICAL WARNING: this fund has NEGATIVE net assets (-R$ 26.33M), has not paid dividends for at least 12 months, and trades less than R$ 1,000 per day — exiting the position without moving the price is virtually impossible.
PABY11 was established in 1995 to develop the Panamby Project, a high-end development in Santo Amaro/Morumbi, São Paulo. After more than 30 years, the project is in a residual or wound-down phase: the fund holds no income-generating properties, distributes no earnings, and accumulates more debt than assets. The fund administrator is Plural S.A. Banco Múltiplo.
The book value per unit is NEGATIVE: -R$ 34.71. This means that if the fund were liquidated today, each unit would be worthless — on the contrary, liabilities exceed assets by R$ 26 million. The unit price of R$ 24.75 is supported entirely by speculative expectations rather than fundamentals.
The 12-month return of +124% (from R$ 9.43 to a peak of R$ 43.00) reflects speculative behavior in an illiquid fund, not genuine improvement. Available cash stands at R$ 570k against a fixed management fee of R$ 20,000/month — without new revenue, it will be depleted in approximately 28 months.
Suitable only for highly experienced speculators who understand the risk of total loss and trade with minimal positions. Entirely unsuitable for income investors, conservative or moderate investors, or anyone who depends on the capital. Verdict: AVOID.
Our current reading of PABY11 is EVITE, with a score of 1.5/10. 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.
Safety in a REIT is not yes or no — it is how much risk you accept. PABY11 has a extremo risk profile. What that means in practice:
| Component | Level |
|---|---|
| PL negativo | 5.0 |
| Liquidez | 5.0 |
| Absence of income | 5.0 |
| Going concern risk | 5.0 |
With R$ 569,584 in cash and fixed expenses of R$ 20,000/month (management fee), and no additional revenue, the fund may default on payments to the administrator in approximately 28 months. What happens next — compulsory liquidation, fee negotiation, injection of a new asset — is unknown.
None documented in available sources.
Available sources confirm negative net assets (-R$ 26.33M) but do not detail the composition of liabilities. There may be debts, litigation, contractual obligations, or other publicly invisible charges that further worsen the situation.
Review of audited financial statements published by CVM.
A price spread from R$ 9.43 to R$ 43.00 in 12 months for a fund with R$ 842/day in liquidity indicates that a few trades move the price drastically. The price could collapse near zero within days if one of the ~513 unitholders decides to liquidate a meaningful position.
None — it is a structural feature of the fund.
| Scenario | Description |
|---|---|
| Extraordinary liquidation event of residual assets | Some remaining asset of the Panamby Project is sold at a value exceeding liabilities, generating an extraordinary distribution and wiping out negative net assets. |
| Cash depletion and default with the administrator | In ~28 months cash runs out. Without new revenue, the fund defaults with Plural S.A. Situation may lead to forced liquidation or dissolution with no return to unitholders. |
| Total loss of capital | With negative net assets and no income-generating assets, the probability of capital recovery for unitholders is low to none. In liquidation, liabilities absorb all assets. |
PABY11 is an extreme case in the universe of Brazilian real-estate-fund (FII) equity research: a fund with over 31 years of existence, negative net assets of -R$ 26.33 million, a book value per unit of -R$ 34.71, zero dividends over the past 12 months, and an average daily trading volume of only R$ 842.
Created in 1995 to develop the Panamby Project in São Paulo, the fund appears to have completed — or abandoned — its development and sales cycle. What remains is a phantom fund: it exists formally, has unitholders and units traded on the exchange, but generates no income, has no clear distribution outlook, and consumes R$ 20,000/month in fixed management fees against a cash reserve of R$ 570 thousand.
The +124% 12-month return (from R$ 9.43 to a peak of R$ 43.00, pulling back to R$ 24.75) is speculative noise from an illiquid asset — it does not reflect improving fundamentals. No fundamental supports any positive price at this time.
Current recommendation: EVITE. Rating 1.5/10. CRITICAL WARNING: this fund has NEGATIVE net assets (-R$ 26.33M), has not paid dividends for at least 12 months, and trades less than R$ 1,000 per day — exiting the position without moving the price is virtually impossible. PABY11 was established in 1995 to develop the Panamby…
Our current read on PABY11 is “EVITE”. Rating 1.5/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Panamby Real Estate Fund (FII) include: NEGATIVE NET ASSETS — liabilities exceed assets by R$ 26.33M; Zero distributions over the past 12 months; Virtually zero trading volume — R$ 842/day; Depleting cash reserves — R$ 570k vs. R$ 20k/month in fixed costs.
PABY11 is suitable for: Experienced speculators with a full understanding of total capital loss risk and taking minimal positions (< 0.5% of portfolio) Investors with access to private information regarding the status of Panamby Project assets not publicly available