Formerly Rio Bravo Fundo de Fundos (RBFF11) — renamed and with its mandate expanded to multi-strategy in Jan/2026 (CNPJ 17.329.029/0001-14). Established in 2013 as FIXX11 (Fator IFIX), it came under Rio Bravo's management in Sep/2019. First direct asset (CRI FGR IPCA+10.3%) allocated in May/2026.
Segment: Fund of Funds / Multi-strategy (in transition) · Price R$ 9.63 · P/BV 0.771 · BV/unit R$ 12.49 · Net assets R$ 234 Mi · 21,558 unitholders
RBFM11 (Rio Bravo Multiestratégia FII) is a Brazilian REIT in the Fund of Funds / Multi-strategy (in transition) segment. Formerly Rio Bravo Fundo de Fundos (RBFF11) — renamed and with its mandate expanded to multi-strategy in Jan/2026 (CNPJ 17.329.029/0001-14). Established in 2013 as FIXX11 (Fator IFIX), it came under Rio Bravo's management in Sep/2019. First direct asset (CRI FGR IPCA+10.3%) allocated in May/2026.
Rio Bravo aggregates dozens of real estate funds — warehouses, offices, shopping malls, and credit paper — into a single unit and passes on the returns as monthly income to the unitholder. Note: in 2026, the mandate was expanded to include CRIs and direct real estate, a change that is still in its early stages.
This page gathers the factual snapshot of RBFM11 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: Rio Bravo Investimentos.
Rio Bravo Investimentos is one of the oldest independent asset managers in the Brazilian market (founded in 2000), with over 20 years of experience in real estate funds and over 10 years specifically in real estate fund of funds. The manager oversees a complete ecosystem: corporate (RCRB11), retail (RBVA11), residential (RBRS11), logistics (TRBL11 via partnership), paper (RBHG11, RBHY11), and development real estate funds (RBED11). The voluntary waiver of the performance fee in Dec/2025 (R$ 3.68M returned) demonstrates an alignment of interests. Auditor: Grant Thornton.P/BV of 0.83 — a 17% discount vs. book value of R$ 12.85. Compared to Fund of Funds peers (median 0.83 in May/26), RBFM11 is at the median. Double discount: invested real estate funds also trade at an average discount of 13.5% vs. their book values, generating total potential upside of 39.7% (potential unit price of R$ 14.86).
last close R$ 9.63 · all-time low R$ 8.85 · high R$ 22.9 · book value per unit R$ 12.49.
Average daily volume (21 sessions) of R$ 422,605 · 12-month average of R$ 350,000.
Liquidity improved significantly: average daily volume of R$ 422k (May/2026) vs. previous R$ 200k. A position of up to R$ 500k is executable in ~4 business days without relevant price impact. Institutional investors with positions > R$ 10M still encounter friction.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund incorporation under Fator Investimentos management named "Fator IFIX FII" (FIXX11). |
| FATOR IFIX | Operations as FIXX11 under Fator management. Distributions per unit fluctuate between R$ 0.40-0.67/month. |
| RIO BRAVO ASSUME | Manager change — Fator → Rio Bravo Investimentos. Beginning of modernization. |
| EMISSÃO RIO BRAVO | Public offering to readjust portfolio to the new mandate. Units jump from 366k to 2.7M. |
| OPERAÇÃO RBFF11 | Operations consolidated as a classic fund of funds. Distributions per unit stabilized at R$ 0.47-0.52/unit. |
| CONSULTA FORMAL 02/2025 | Approval of significant changes to the fund. Quorum: 32.1%. |
| TRANSIÇÃO RBFM11 | Implementation of approved changes. Ticker change and stock split. |