Recommendation: HOLD · Rating 5.8/10
Our current reading of SNFZ11 is HOLD, with a score of 5.8/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Upper tier: three soybean farms in Gaúcha do Norte, Mato Grosso, with a single tenant (Jequitibá) — total concentration, both geographic and operational. The thesis relies on selling the land in 2039–2040; a 12.3% dividend yield and a 0.95 P/BV without a discount to cushion downturns place it below RZTR11 and SNAG11.
Safety in a REIT is not yes or no — it is how much risk you accept. SNFZ11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 4.5 |
| Price volatility | 2.0 |
| Distribution volatility | 3.0 |
| Liquidez | 4.0 |
| Underlying asset risk | 3.5 |
| Financial/leverage risk | 2.5 |
Jequitibá Agro leases 100% of the 3 farms (R$ 90M in real estate assets) AND is the debtor on Senior + Subordinated CRAs (R$ 28.7M in CRAs, 24% of NAV). A default or operational issue at Jequitibá simultaneously compromises monthly lease payments and CRA servicing.
Senior/subordinated Fiagro-credit collateral (148% of debt service) covers the CRAs in a default scenario. Lease payments would remain uncovered.
3 farms (1,616 ha) in the SAME municipality. Regional crop failure, drought, or excessive rainfall impacts 100% of the portfolio simultaneously. In Feb/2026, the manager reported adverse weather impacts (Xavante productivity at 55 bags/ha vs. 60 historical average).
Central pivot irrigation system (funded by the Jequitibá CRA) reduces drought-related crop failure risk at Coliseu, but does not cover the other 2 farms
The capital gains thesis (projected real IRR of 12.11%) only matures when the manager sells the farms. The Buy to Lease matures in 2039–2040 (13–14 years). Current unitholders are investing in a long-term execution promise without concrete exit evidence — the manager has not executed a SINGLE sale yet.
The Feasibility Study presents scenarios (IRR of 10.4–16.3% depending on bag price and productivity), but these are projections, not execution
Triângulo + Xavante acquisitions structured in 10 annual installments each (R$ 5.7M/year aggregate pending). The fund must generate consistent cash flow to honor these payments without requiring a new public offering. In a severe soybean price downturn, cash flow could tighten.
Current monthly revenue (R$ 1.3M/month = R$ 15.6M/year) comfortably covers installments, but margins narrow in a poor year
With no current asset discount (~0%), any negative news (distribution cut, Jequitibá default, crop failure) tends to quickly open up a discount. Peers like BTRA11 (P/BV 0.60) illustrate the potential downside in farmland Fiagros under pressure.
Suno's short track record in Fiagros + transparent communication reduce risk perception — but do not eliminate it
| Scenario | Description |
|---|---|
| Soybeans rallying + bumper crop + falling Selic rate | Soybeans rise above R$ 140/bag (vs. current R$ 101 in Canarana) → lease payments exceed the floor and grow; falling Selic rates push land prices toward fair value; unit prices reprice above book value |
| Execution of a farm sale with realized IRR | Manager announces the sale of one of the farms with realized capital gains (~12% real IRR) — validates the thesis and opens up a premium over book value |
| Implementation of irrigation boosts productivity | Central pivots operating at Coliseu boost productivity from 60 to 72 bags/ha (+20% per feasibility study) — DPU rises structurally |
| Regional crop failure in Gaúcha do Norte, Mato Grosso | Localized weather event (severe drought or excessive rainfall) impacts all 3 farms simultaneously — lease payments drop to the floor (15 bags/ha) and DPU compresses |
| Operational default by Jequitibá Agro | The sole operator defaults or faces serious trouble — lease payments halt + Senior/Subordinated CRAs are put at risk (R$ 28.7M). Replacing an operator on already-planted farmland takes months |
| Persistent drop in soybean prices (< R$ 100/bag) | Soybeans in a global bear cycle (oversupply + strengthening real) → persistent lease payments at the 15 bags/ha floor + risk of Jequitibá operational issues → DPU compressed for months |
SNFZ11 is a disciplined and transparent Brazilian agribusiness fund (Fiagro) managed by Suno, featuring a coherent thesis: 3 soybean farms in Gaúcha do Norte, Mato Grosso, operated by Jequitibá Agro, plus 3 CRAs (Brazilian real-estate receivables certificates) from the same originator, targeting capital gains over a 10-year horizon. Monthly distributions of R$ 0.10/unit (12.3% dividend yield) serve as the reward while the main thesis matures.
In the 24 months since its IPO, the fund has executed its playbook: it acquired Coliseu (1st offering of R$ 62M), stabilized DPU at R$ 0.10/unit starting in July 2025, and raised R$ 58.5M in its 2nd offering to add Triângulo, Xavante, and Pulverized CRA.
The risks are structural: total geographic concentration (1 municipality), single-operator risk (Jequitibá on 100% of the farms plus 24% of the CRAs), and sensitivity to soybean prices. A P/BV of 0.99 offers no cushion — any disappointment can quickly open up a discount (BTRA11 trades at a P/BV of 0.60).
For the right investor (sector diversification, 10+ year horizon, commodity tolerance), SNFZ11 is a legitimate vehicle for agricultural land exposure. For those seeking pure dividend yield or absolute predictability, better options exist (credit-focused Fiagros with a median dividend yield of 14.7%).
Current recommendation: HOLD. Rating 5.8/10. The SNFZ11 acquired 3 soybean farms in Mato Grosso and generates income by leasing them to Jequitibá Agro while providing capital through CRAs (Brazilian agribusiness receivables certificates). You receive this as monthly income; the actual investment thesis, however, is selling…
Our current read on SNFZ11 is “HOLD”. Rating 5.8/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Suno Fazendas FIAGRO include: Total geographic concentration: 3 farms in Gaúcha do Norte, Mato Grosso; Single-operator: Jequitibá Agro leases 100% of the farms; DPU depends on soybean prices — the lease calculation base; Low dividend yield (12.3%) vs high-grade/high-yield credit funds — diluted capital-gain thesis.
SNFZ11 is suitable for: Investors seeking Brazilian agribusiness exposure via real land without directly purchasing a farm Moderate to aggressive profile with a 10+ year horizon (aligned with Buy to Lease) Those who understand that the land appreciation thesis is the focus, and monthly income is secondary