Multi-category Fiagro managed by Suno Asset (CNPJ 28.152.777/0001-90), with R$ 969M in net assets. Portfolio: 54% CRAs, 23% FIDCs (IRRIGABRFIAGRO), 10% Fiagros, 6% rural real estate, 7% cash. 264 pulverized debtors, 0% delinquency. 5th offering completed in Mar/2026, raising R$ 300M at R$ 10.50/unit.
Segment: Multi-Category Fiagro — Agricultural Credit with Rural Properties · Price R$ 9.63 · P/BV 0.945 · BV/unit R$ 10.19 · Net assets R$ 912 Mi · 138,652 unitholders · 2 assets
SNAG11 (Suno Agro FIAGRO) is a Brazilian REIT in the Multi-Category Fiagro — Agricultural Credit with Rural Properties segment. Multi-category Fiagro managed by Suno Asset (CNPJ 28.152.777/0001-90), with R$ 969M in net assets. Portfolio: 54% CRAs, 23% FIDCs (IRRIGABRFIAGRO), 10% Fiagros, 6% rural real estate, 7% cash. 264 pulverized debtors, 0% delinquency. 5th offering completed in Mar/2026, raising R$ 300M at R$ 10.50/unit.
Fund that lends to agribusiness companies via rural credit contracts (CRAs) and leases rural properties, returning interest as monthly income. Note: a large portion of the credit exposure runs through a single originating company, and income is expected to decline as the Selic rate drops.
This page gathers the factual snapshot of SNAG11 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: Suno Asset Management.
Suno Asset is the asset management arm of the Suno group, best known for financial education content and research reports. The manager oversees ~R$ 4.5B in REIT-style funds (FIIs) and Fiagros (SNCI11, SNFF11, SNFZ11, SNAG11, SNEL11). SNAG11 is one of the largest Fiagros on the market by NAV and the leader in unitholder count—surpassing 127k in Feb/2026, a milestone in democratizing access to agribusiness. Competitive advantage vs. peers: multi-category approach (CRAs + real estate + look-through Fiagros) and producer relationships maintained by managers Vinicius Bernardes and Marcos Baroni. Limitation: independent shop lacking the institutional depth of Itaú (RURA11) or Itaú/Vinci in originating larger CRAs.Multi-category: 54% in CRAs, 23% IRRIGABRFIAGRO (irrigation), 10% Fiagros, 6% rural real estate, 7% cash — 264 pulverized debtors
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Boa Safra Pulverized CRA | — | 33.7% | — |
| IRRIGABRFIAGRO | — | 22.7% | — |
| PLAG11 (Pátria Logística Agro FII) | — | 6.5% | — |
| Ruiz Coffees CRA | — | 5.6% | — |
| CRA Cultura | — | 5.3% | — |
| Leitíssimo CRA | — | 4.5% | — |
| Sorriso Rural Property | — | 4.3% | — |
| CRA Shull | — | 3.4% | — |
| SNFZ11 (Suno Fiagro Land) | — | 3.2% | — |
| Primavera Rural Property | — | 1.6% | — |
| Leitíssimo CRA 2 | — | 1.1% | — |
| CRA Mapeva | — | 0.3% | — |
SNAG11 is trading below book value for the first time—a minor 4% discount. Positive versus prior analysis (1.04), but still a premium compared to the peer median (0.84).
last close R$ 9.63 · all-time low R$ 8.61 · high R$ 11.27 · book value per unit R$ 10.19.
Average daily volume (21 sessions) of R$ 2,600,000 · 12-month average of R$ 2,400,000.
High liquidity—R$ 2.6M average daily volume places SNAG11 among the 30 most traded. Positions up to R$ 1M can be exited within 2 business days without moving the price.
| Period | What happened |
|---|---|
| IPO — Suno Multi-Category Fiagro | Initial capital raise of R$ 150M at R$ 100/unit. 1.5M units. First CRAs allocated to Boa Safra and Cultura. |
| 1:10 unit split | Each unit multiplies by 10 — price drops from R$ 100 to R$ 10, DPU from R$ 1.20 to R$ 0.12. Liquidity increases significantly. |
| 3rd Offering — NAV reaches R$ 500M | Capital raise takes units from 33M to 50M. Injection allows for initial rural real estate acquisitions (Sorriso and Primavera, leased to Boa Safra). |
| 4th Offering and launch of multi-category strategy | NAV rises to R$ 582M. Acquisition of SNFZ11 units (Suno Fiagro Land) — first position in another Fiagro. |
| Jump to 120k unitholders | Democratization milestone — SNAG11 becomes the Fiagro with the largest unitholder base in Brazil. DPU rises to R$ 0.12. |
| DPU reaches R$ 0.13/unit | Robust recurring revenue + reserves of R$ 0.161/unit allowed for a new distribution tier. |
| Extraordinary distribution of R$ 0.20 | One-off payment of R$ 0.20/unit consumed R$ 0.054/unit of reserves. Sign of sound execution of tactical distribution policy. |
| 127k unitholders and launch of 5th offering | Milestone of 123k unitholders (later 127k in Mar/26). Announcement of 5th offering at R$ 10.50/unit. |
| 5th Offering — R$ 37M raised | Units jump to 64.3M. Cash jumps from R$ 8M (Dec/25) to R$ 76M (Mar/26). Focus on diversification and agri-tech segments. |