SNFZ11 — Suno Fazendas FIAGRO

Suno Fazendas Fiagro–Imobiliário (CNPJ 53.313.475/0001-02) — an agricultural-land Fiagro-FII with a capital-gain thesis, managed by Suno

Segment: Fiagro · Hybrid (75% land + 24% agribusiness receivables certificates (CRAs)) · Price R$ 9.12 · P/BV 0.9194 · BV/unit R$ 9.92 · Net assets R$ 120 Mi · 15,785 unitholders · 3 assets

What is SNFZ11

SNFZ11 (Suno Fazendas FIAGRO) is a Brazilian REIT in the Fiagro · Hybrid (75% land + 24% agribusiness receivables certificates (CRAs)) segment. Suno Fazendas Fiagro–Imobiliário (CNPJ 53.313.475/0001-02) — an agricultural-land Fiagro-FII with a capital-gain thesis, managed by Suno

Owner of three leased soybean farms in Mato Grosso, receiving a percentage of the harvest as rent; the primary return will come from selling the land at the end of the lease in 2039–2040. Note: all income originates from a single company, which is also the debtor on the fund's rural credit notes.

This page gathers the factual snapshot of SNFZ11 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.

SNFZ11 numbers in 2026

Net assets: R$ 120 Mi
Book value per share: R$ 9.92
Number of shareholders: 15,785
Assets in portfolio: 3
Gross leasable area: 1,020 usable hectares (Coliseu 449 ha + Triângulo 201 ha + Xavante 370 ha)
Occupancy: 100.0%

Fees

Management Fee: 0,10% a.a.
Asset Management Fee: 0,87% a.a.
Bookkeeping Fee: 0,03% a.a.
Performance Fee: 20% over benchmark excess

Manager

Management: Suno Gestora de Recursos.

Suno Gestora de Recursos (CNPJ 11.304.223/0001-69) is Suno's asset management arm. SNFZ11's management reporting is above market average: monthly manager letters, detailed weather and productivity data, and transparent allocation. Points of attention: a young firm in the Fiagro category (its first fund in the sector launched in 2024); target IRR (12.11% real) not yet tested by a full crop cycle combined with a land sale.

Fundada em: 2019 (Suno Asset)
PL SNFZ11: R$ 119 Mi
Comunicação: Transparente

See our analysis of Suno Gestora de Recursos →

SNFZ11 portfolio: what the fund invests in

Portfolio post-2nd offering (Sep/2025): 3 farms in Gaúcha do Norte, Mato Grosso + 3 agribusiness CRAs. All properties operated by Jequitibá Agro.

Asset	Location	% of NAV	Occupancy
Coliseu Farm	Gaúcha do Norte, Mato Grosso (MT) — total area of 800 ha	100.0%	1.0%
Triângulo da Gaúcha Farm	Gaúcha do Norte, Mato Grosso (MT) — 375.13 total ha	100.0%	1.0%
Xavante Farm	Gaúcha do Norte, Mato Grosso (MT) — 370 usable ha	100.0%	1.0%
cra-jequitiba-senior	—	19.1%	—
cra-jequitiba-subordinada	—	5.0%	—
cra-pulv-jequitiba	—	43.8%	—

Concentration and diversification

HHI 0.32 — alta.

Breakdown	Share
By state	Midwest (Gaúcha do Norte, Mato Grosso) 100.0%
By tenant	Jequitibá Agro (sole operator) 100.0%
By index	CDI (CRAs) 67.8% · Soybeans (lease — physical production) 75.6%

Price, P/BV and book value

Trading practically at book value — no significant discount or premium. This indicates the market is correctly pricing the book value estimated by the manager.

last close R$ 9.12 · all-time low R$ 8.98 · high R$ 10.45 · book value per unit R$ 9.92.

Liquidity and trading

Average daily volume (21 sessions) of R$ 474,219 · 12-month average of R$ 474,219.

Medium-low liquidity. A R$ 100k position exits in 1 day. R$ 1M takes ~10 business days without moving the price. Suitable for satellite allocations of up to R$ 200–300k.

SNFZ11 track record

In 24 months since the IPO, SNFZ11 evolved from 1 farm + 1 CRA to 3 farms + 3 CRAs, doubling its net assets via the 2nd offering. The DPU stabilized at R$ 0.10/unit since Jul/2025, reflecting the monthly income thesis. On the other hand: the first observed harvest (Xavante, 55 bags/ha in Feb/2026) came in below historical averages and soybean prices fell 13% that same month — the first real stress test of the thesis. The land sale (capital gains), which is the fund's core thesis, only matures starting in 2034 (10 years from the IPO), placing current unitholders in a disciplined waiting phase — collecting monthly income while monitoring execution.

Period	What happened
IPO	Launch as a Fiagro-FII raising R$ 62M at R$ 10/unit.
INÍCIO OPERAÇÃO	Effective fund operations and acquisition of the Coliseu Farm.
PRIMEIRO CICLO DE DISTRIBUIÇÃO	Staggered DPU reflecting revenue maturation.
DPS ESTABILIZADO	DPU jumps to R$ 0.10/unit — current regime.
2ª EMISSÃO	Raised R$ 58.5M to expand the portfolio.
AQUISIÇÃO TRIÂNGULO + XAVANTE	Proceeds from the 2nd offering allocated to two new farms + Pulverized CRA.
PRIMEIRA COLHEITA XAVANTE	Challenging agricultural cycle and soybean price decoupling.