Formerly RBIV11 (Rio Bravo Crédito Imobiliário IV) — renamed in 2022 (CNPJ 30.647.758/0001-87)
Segment: Paper Fund / Hybrid CRI (the 'High Grade' label does not match the current portfolio) · Price R$ 54.58 · P/BV 0.6304 · BV/unit R$ 86.58 · Net assets R$ 188 Mi · 7,023 unitholders
RBHG11 (Rio Bravo Crédito Imobiliário High Grade FII) is a Brazilian REIT in the Paper Fund / Hybrid CRI (the 'High Grade' label does not match the current portfolio) segment. Formerly RBIV11 (Rio Bravo Crédito Imobiliário IV) — renamed in 2022 (CNPJ 30.647.758/0001-87)
Lends money to developers and subdivision projects via dozens of CRIs, earns IPCA+ interest, and distributes monthly income exempt from Income Tax. Please note: it is being merged into RBIC11 — your units will be exchanged for the new fund and RBHG11 will close as an independent entity.
This page gathers the factual snapshot of RBHG11 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 Ltda..
Rio Bravo Investimentos is one of Brazil's oldest independent asset managers — founded in 2000 — with R$ 14.1B in AuM (40 funds), including the RBHG11/RBHY11/RBIF11 family (real estate/infrastructure credit) and brick-and-mortar real estate funds RBVA11/RCRB11/RBRS11/TRBL11/RBFM11. In Mar/2025 it acquired JPP Capital (R$ 500M+ in real estate funds, 30k unitholders) — the first in a series of acquisitions announced by director Evandro Buccini to 'consolidate position and expand portfolio.' Attention: Pátria Investimentos (which acquired RBR in Feb/2026 and dominated the real estate fund segment) does NOT control Rio Bravo — they are direct competing managers with similar names.
The RBHG11 management team has maintained the same profile since the IPO (2019), with Henrique Sant'Ana responsible for market communications. The technical track record in CRIs is solid — the fund delivered a Total Return of 132.1% since the IPO (Feb/2020 through Feb/2026), outperforming the IFIX (120.8%) and ARXD11 (112.9%), but trailing RECR11 (159.5%), PORD11 (152.5%), and OUJP11 (143.9%).
30 CRIs + 3 REITs + 1 Debenture | Despite the 'High Grade' name, the portfolio is currently classified by the manager itself as 24.2% HG / 41.4% Middle / 29.2% HY
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Planta Inc. I | São Paulo - SP | 8.8% | — |
| CRI BrDU Urbanismo | MT, SP, GO | 7.3% | — |
| CRI ABV (Abevê) | Dourados - MS | 6.3% | — |
| CRI TGRE3 Amparo | Goiânia - GO | 6.1% | — |
| CRI Porto 5 | Rio Grande/Pelotas - RS | 5.9% | — |
| CRI Helbor - República do Líbano | São Paulo - SP | 5.4% | — |
| CRI Copagril | M.C. Rondon - PR | 5.3% | — |
| CRI Villa Incorp. - Art Indaiá - Sub | Caraguatatuba - SP | 4.9% | — |
| CRI Pesa AIZ Longa | S.J. Pinhais - PR | 4.8% | — |
| CRI GPCI - Porteira de Ferro | Indaiatuba - SP | 4.6% | — |
| CRI Villa Incorp. - Art Indaiá - Sen | Caraguatatuba - SP | 3.7% | — |
| CRI Dal Pozzo III | Guarapuava/Curitiba - PR | 3.7% | — |
| CRI Socicam | São Paulo - SP | 3.5% | — |
| CRI New Village | Abadia de Goiás - GO | 3.1% | — |
| CRI Minas Brisa | Nova Lima - MG | 2.5% | — |
| CRI OAD | Santa Catarina - SC | 2.2% | — |
| CRI Brasol - Senior Series | Cuiabá/Poconé - MT | 2.1% | — |
| CRI Dínamo | Santos-SP/Machado-MG | 1.8% | — |
| CRI Planta Inc. II | São Paulo - SP | 1.9% | — |
| CRI OBA Hortifrut - 279th | Barueri/Campinas/SBC - SP | 1.8% | — |
| CRI Localfrio - Senior Series | São Paulo-SP/Itajaí-SC | 1.6% | — |
| CRI BRK Laboratório II | Goiânia - GO | 1.6% | — |
| CRI Fibra | São Paulo - SP | 1.0% | — |
| CRI Sinal | São Caetano do Sul - SP | 0.9% | — |
| CRI Multitrans | São Luís - MA | 0.9% | — |
| CRI Pesa AIZ Curta | S.J. Pinhais - PR | 0.9% | — |
| CRI GPCI - Ary Attab 3 | S.J. Rio Preto - SP | 0.8% | — |
| CRI EKKO Group - 48th | Granja Viana - SP | 0.6% | — |
| CRI EKKO Group - 47th | Granja Viana - SP | 0.5% | — |
| CRI OBA Hortifrut - 315th | Barueri - SP | 0.2% | — |
| JHSF Participações Debenture | São Paulo - SP | 0.2% | — |
| São Benedito FI Resp Limitada | — | 1.9% | — |
| VBI Prime Properties | — | 1.3% | — |
| Iridium Recebíveis | — | 0.2% | — |
HHI 0.039 — moderada.
| Breakdown | Share |
|---|---|
| By index | IPCA 76.6% · CDI 17.4% · IGPM 0.8% · FIIs 3.4% · Caixa 0.3% |
last close R$ 54.58 · all-time low R$ 58.50 · high R$ 105.00 · book value per unit R$ 86.58.
Average daily volume (21 sessions) of R$ 312,190 · 12-month average of R$ 320,000.
Low liquidity for the fund's size. A R$ 100k position takes ~1.5 business days; R$ 500k takes 8 days; R$ 1M takes 16 days. Compatible with long-term retail investors, incompatible with institutional or active trading.
| Period | What happened |
|---|---|
| IPO | Launched as Rio Bravo Crédito Imobiliário IV (RBIV11) on December 16, 2019. |
| COVID | First year with the pandemic testing the thesis. |
| EXPANSÃO | Growth via new offerings and strong IPCA inflation inflows. |
| REBRAND | Name change from RBIV11 to RBHG11 (Rio Bravo Crédito Imobiliário High Grade). |
| PICO IPCA | Elevated running yield delivers an average monthly DPU of R$ 1.00. |
| AJUSTE | DPU declines with falling IPCA inflation and the pursuit of a higher spread. |
| AQUISIÇÃO JPP | Rio Bravo (manager's parent company) acquires JPP Capital — the first in a series of M&As. |
| PROPOSTA JPPA11 | JPPA11 submits a formal proposal to acquire 100% of RBHG11's assets. |
| DPS RECUPERA | Running yield returns to IPCA+9% and DPU rises to R$ 0.83 (Feb) and R$ 0.85 (Mar/2026). |
| PROPOSTA ATUALIZADA | Material Fact Notice dated May 28, 2026 updates JPPA11 proposal: purchase at the market value of the assets. |
| AGE CONVOCADA | General Unitholders' Meetings for JPPA11, RBHG11, and OUJP11 convened — voting through July 28, 2026. Resulting fund: RBIC11. |