RURA11 — Itaú Asset Rural FIAGRO

Itaú's agricultural credit Fiagro (CNPJ 42.479.593/0001-60), with R$ 1.65B in net assets and 86% allocated to agribusiness CRAs, FIDCs, and Fiagros.

Segment: Fiagro — Credit (Agribusiness CRAs) · Price R$ 8.15 · P/BV 0.7928 · BV/unit R$ 10.28 · Net assets R$ 1,65 Bi · 110,267 unitholders

What is RURA11

RURA11 (Itaú Asset Rural FIAGRO) is a Brazilian REIT in the Fiagro — Credit (Agribusiness CRAs) segment. Itaú's agricultural credit Fiagro (CNPJ 42.479.593/0001-60), with R$ 1.65B in net assets and 86% allocated to agribusiness CRAs, FIDCs, and Fiagros.

Instead of physical real estate, it lends to agribusiness companies and producers by purchasing rural debt securities, distributing interest every month across dozens of borrowers. Be aware: loan-loss provisions have risen, and a substantial portion is lent to sugar and ethanol mills, a sector under pressure.

This page gathers the factual snapshot of RURA11 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.

RURA11 numbers in 2026

Net assets: R$ 1,65 Bi
Book value per share: R$ 10.28
Number of shareholders: 110,267

Fees

Management Fee: 1,00% a.a.
Performance Fee: 20% over the hurdle rate
Custody Fee: Incluída

Manager

Management: Itaú Unibanco Asset Management.

Itaú Asset Management is the asset management division of Itaú Unibanco, Brazil's largest private bank, with over R$ 1.2 trillion under management. RURA11 is administered by Intrag DTVM (also part of Itaú), audited by PwC, custodied by Itaú Unibanco, and market-made by XP Investimentos. Institutional strength is its primary competitive advantage: few Fiagros possess this depth of credit desk and origination capability. Note of caution: the management fee is the same as smaller Fiagros (1.0% p.a.) and there is a 20% performance fee over CDI+1%, which is aggressive for a credit fund. Record: the May/2026 monthly report (ID 1221715) listed the manager as Vectis Capital Solutions — an administrative error, rectified by the administrator itself on June 25, 2026. Management never left Itaú Asset.

Fundada em: 1968
Itaú Asset Assets under Management: R$ 1,2 tri+
AuM RURA11: R$ 1,67 bi

See our analysis of Itaú Unibanco Asset Management →

RURA11 portfolio: what the fund invests in

Pulverized agricultural credit portfolio: 88% in CRAs + Fiagro units (FIDC and Farmland), 12% in cash/fixed income

Asset	Location	% of NAV	Occupancy
Quatro Gerações Fiagro	—	4.6%	—
hohl-máquinas-agrícolas	—	4.3%	—
consentini	—	4.3%	—
Capsicum FII Fiagro	—	3.9%	—
morro-verde	—	3.2%	—
Jumasa	—	2.8%	—
lermen	—	2.7%	—
frialto	—	2.5%	—
avivar-alimentos	—	2.4%	—
josé-domingos-lot	—	2.3%	—
Cash, LFT [floating-rate treasury bonds], and Repurchase Agreements	—	13.9%	—

Concentration and diversification

HHI 0.037 — baixa.

Breakdown	Share
By state	Midwest (MT/GO/MS/DF/TO) 45.0% · Southeast (SP/MG/ES) 20.0% · Northeast (BA/PE/MA/PI/AL/CE) 18.0% · Sul (PR/RS) 10.0% · Norte (PA) 4.0% · Diversas/N-D 3.0%
By index	CDI 95.0% · USD+ (hedged to CDI) 4.0% · IPCA 0.1% · %CDI 1.0%

Price, P/BV and book value

P/BV of 0.83: units trade at R$ 8.51 against a book value per unit of R$ 10.28 (May/26). A 17% discount to book value — widened slightly due to the drop in book value per unit (from R$ 10.32 to R$ 10.28).

last close R$ 8.15 · all-time low R$ 6.95 · high R$ 10.65 · book value per unit R$ 10.28.

Liquidity and trading

Average daily volume (21 sessions) of R$ 2,600,000 · 12-month average of R$ 2,300,000.

Reasonable liquidity for a large FII: a R$ 100k position can be exited in <1 day, R$ 1M in 2 days, and R$ 10M in 20 trading days. Compatible with retail individual investors.

RURA11 track record

RURA11 started as one of the best-structured Fiagros in the market, featuring Itaú Asset management, Itaú Unibanco custody, and PwC audit. Following capital raises across 3 offerings and R$ 1.67B in net assets, the fund reached 59 borrowers with a CDI+3.9% spread. The scar was October 2024 (R$ 18.3M provision, DPU cut to R$ 0.06, units down -25.5%). In 2025-2026 the fund recovered, returning to the R$ 0.11-0.12/month regime. The critical point in July/2026 is the R$ 8.6M provision in a single month, which pushed total provisions to 4.4% of net assets and reduced the profit reserve to R$ 15.41M — offset by the relief of cash generation (R$ 0.130/unit) covering the dividend for the first time this year. Management remains with Itaú Asset Management.

Period	What happened
ESTRUTURAÇÃO	Fund Establishment (Oct 14, 2021) under the administration of Intrag DTVM, with a Real Estate Fiagro mandate.
IPO	Operations commenced on Feb 23, 2022. Initial unit price of R$ 10.00. Trading on B3 starting March 8, 2022.
EXPANSÃO	2nd and 3rd offerings raised an additional R$ 1.0B. Net assets grew to R$ 1.6B, 160 million units.
CHOQUE PDD	Large-scale recognition of provisions in Oct/2024 depresses earnings and forces an abrupt DPU cut.
RECUPERAÇÃO	Gradual recovery: DPU rises from R$ 0.06 to R$ 0.11 over the year, market unit price +35%.
DPS R$ 0,12	DPU rises to R$ 0.12 and is maintained for 4 consecutive months. Portfolio reaches 59 borrowers.
PDD E RESERVA	An R$ 8.6M provision in July drags down accounting earnings, but cash covers the dividend for the first time in the year.