Suno Fundo de Fundos de Investimento Imobiliário FII (CNPJ 40.011.225/0001-68). IPO on May 3, 2021. Managed by Suno Asset, administered by BTG Pactual. In October 2025, unitholders approved a merger/incorporation into SNME11 (Suno Multi-strategy), with completion expected in the second half of 2026. Fiscal year-end: June 30.
Segment: Fund of Funds (FoF) — merging into SNME11 · Price R$ 71.0 · P/BV 0.8451 · BV/unit R$ 84.01 · Net assets R$ 338 Mi · 25,254 unitholders
SNFF11 (Suno Fundo de Fundos FII) is a Brazilian REIT in the Fund of Funds (FoF) — merging into SNME11 segment. Suno Fundo de Fundos de Investimento Imobiliário FII (CNPJ 40.011.225/0001-68). IPO on May 3, 2021. Managed by Suno Asset, administered by BTG Pactual. In October 2025, unitholders approved a merger/incorporation into SNME11 (Suno Multi-strategy), with completion expected in the second half of 2026. Fiscal year-end: June 30.
Suno Asset's Fund of Funds that invests in units of other real-estate funds and a portion of equities, seeking monthly distributions and capital gains through active management relative to IFIX. Note: the fund will be incorporated by SNME11 (a multi-strategy fund) with completion expected in 2026 — all accumulated reserves will be distributed before the merger is finalized.
This page gathers the factual snapshot of SNFF11 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 Management is the investment arm of Suno (Suno Research, an equity research firm focused on passive income). The group is a reference in educational content regarding real-estate funds (Tiago Reis's YouTube channel, with over 800k subscribers). As of 2026, it manages an ecosystem of real-estate funds: SNFF11 (Fund of Funds — merging), SNME11 (Multi-strategy/Hedge Fund — merger destination), SNCI11 (Receivables/CRIs), SNEL11 (Clean Energy), KISU11 (Suno 30 index FoF), among others. SNFF's track record is positive: an alpha of +8.95% over IFIX since May 2021, equivalent to 124% of IFIX. Senior team includes Marco Tembra, head of Investor Relations. Sensitive point: the merger was announced as beneficial to unitholders, but the definitive verdict will depend on SNME11's final structure. Auditor: KPMG (same as SNFF). Administrator: BTG Pactual.Pure FoF: 71 real-estate funds (R$ 307M, ~88% of net assets) + 1 direct CRI via Riza Securitizadora (R$ 3.5M) + 4 real-estate equities (R$ 3.3M) + cash (R$ 14.7M)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Pisa VII (logistics development) | — | 11.5% | — |
| REC Logística | — | 8.2% | — |
| Roma VI (multi-strategy) | — | 6.5% | — |
| TRX Hedge | — | 5.7% | — |
| REC Recebíveis Imobiliários | — | 3.7% | — |
| Hedge Office Income | — | 3.6% | — |
| Catuai Vista FL | — | 3.2% | — |
| Valora CRI Índice de Preços | — | 2.7% | — |
| Pátria Securities | — | 2.6% | — |
| VBI Logístico | — | 1.4% | — |
| Vinci Logística | — | 2.5% | — |
| Mauá Capital Recebíveis Imobiliários | — | 2.4% | — |
| VBI Prime Properties | — | 2.3% | — |
| Invista Brazilian Business Park | — | 2.2% | — |
| Caixa Imóveis Corporativos | — | 2.3% | — |
| RBR Properties | — | 2.1% | — |
| Zagros Multiestratégia | — | 2.0% | — |
| XP Malls | — | 1.7% | — |
| GGR Covepi Renda | — | 1.6% | — |
| Kilima Suno 30 (Suno 30 index FoF) | — | 1.6% | — |
| Suno Energias Limpas | — | 1.5% | — |
| Zavit Crédito Imobiliário | — | 1.5% | — |
| Onda Invest Multiestratégia | — | 1.4% | — |
| Iridium FII | — | 1.4% | — |
| Inter Oportunidade Imobiliária | — | 1.3% | — |
| Fator Verita Multiestratégia | — | 1.3% | — |
| BTG AAA Cajamar / BTG Logística | — | 0.5% | — |
| Apex Malls | — | 0.9% | — |
| JS Real Estate Multigestão | — | 0.9% | — |
| BTG Real Estate Hedge Fund | — | 0.4% | — |
| BRM FII | — | 0.7% | — |
| More Crédito Imobiliário | — | 0.7% | — |
| Pátria Crédito Imobiliário Índice de Preços | — | 0.8% | — |
| Pátria Logística | — | 0.8% | — |
| Riza TerraX | — | 0.7% | — |
| Urca Prime Renda | — | 0.7% | — |
| Successpar Varejo | — | 0.7% | — |
| Galápagos Recebíveis Imobiliários | — | 0.7% | — |
| RBR High Grade | — | 1.1% | — |
| Capitânia Securities II | — | 0.5% | — |
Fund's P/BV.
last close R$ 71.0 · all-time low R$ 66.71 · high R$ 92.70 · book value per unit R$ 84.01.
| Period | What happened |
|---|---|
| IPO in May 2021 | SNFF11 begins trading on B3 with 4.02 million units at R$ 100.00 (initial net assets of ~R$ 402M). Mandate: actively managed Fund of Funds, 100% in real-estate fund units, listed real-estate equities, CRIs, and fixed income for liquidity. Manager: Suno Asset; Administrator: BTG Pactual. |
| First year of management (2021) | Cumulative return of +0.63% for the year (partial — 7 months) vs. IFIX -1.97%. Alpha of 2.60 percentage points since inception. Portfolio still in ramp-up phase: 50+ real-estate fund positions acquired. |
| Consolidation (2022) | Annual return: +5.53% vs. IFIX +0.21%. Alpha of 5.32 percentage points. Distributions of R$ 1.30 in June and December (semi-annual). Average monthly distribution per unit of R$ 0.76. |
| Solid growth (2023) | Return of +20.48% vs. IFIX +15.74%. Alpha of 4.74 percentage points. Beginning of larger exposure to development funds (PISA VII, ROMA VI). Average monthly distribution per unit of R$ 0.71 + R$ 1.30 extra in December. |
| Distribution per unit rises to R$ 1.00 | In April 2024, the fund increased its distribution per unit to R$ 1.00/month (from R$ 0.72 in March 2024), reflecting higher income from invested real-estate funds and capital gains — mirroring the positive IFIX cycle in early 2024. |
| Best year (2024) | Return of +16.29% vs. IFIX +8.92%. Alpha of 7.37 percentage points — the fund's largest annual delta. Average monthly distribution per unit of R$ 0.99 (R$ 1.10 in July + R$ 1.00 in several months). |
| Distribution per unit returns to R$ 0.72/month | Following peaks of R$ 1.00–1.10 in 2024, the monthly distribution returned to R$ 0.72 starting in October 2024 and maintained that level through 2025, reflecting the Selic rate at 14.75–15% and tight yields on invested real-estate funds. |
| Unitholders approve merger with SNME11 | Critical milestone: Extraordinary General Meeting approves the incorporation of SNFF11 into SNME11 (Suno Multi-strategy/Hedge Fund). Unitholders will receive SNME11 units proportional to their net assets on the record date. Management argues a single vehicle provides greater flexibility (long-and-short, arbitrage, multi-strategy). Expected completion: first half of 2026. |
| Extraordinary distributions prior to the merger | Distribution per unit rises to R$ 1.10/month in October, November, and December 2025 — reserves being drawn down. In January 2026, it falls to R$ 0.80, and starting in February 2026, it stabilizes at R$ 0.72/month (recurring earnings). Accumulated reserves fall from R$ 0.84 per unit in September 2025 to R$ 0.10 per unit in February 2026. |
| Fiscal year 2025 close: alpha of +9.87 percentage points | 2025 annual return: +41.82% vs. IFIX +31.95%. Alpha of 9.87 percentage points — the fund's second-best year. Book value per unit in December 2025: R$ 87.69. Market price: R$ 76.90 (P/BV of 0.88). |
| 2026 YTD performance: +45.68% | In February 2026: alpha since IPO of +8.95% (market price of R$ 74.79; book value of R$ 87.69). Potential unit price based on the book value of assets at R$ 98.29 — implied discount of 17.2% and potential upside of 31.4%. Average daily volume of R$ 652k/day. |
| Expected merger completion (H1 2026) | Next critical event: incorporation into SNME11 is scheduled for completion in H1 2026. All accumulated reserves will be distributed up to the final month immediately preceding completion. Following the merger, the SNFF11 ticker will cease to exist, and unitholders will become unitholders of SNME11 (Suno Multi-strategy FII). |