SUNO MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO (Limited Liability) — B3 ticker 'FII SUNO MULT'. Managed by SUNO GESTORA DE RECURSOS LTDA. (Suno Asset, CNPJ 11.304.223/0001-69), administered by BTG PACTUAL SERVIÇOS FINANCEIROS S.A. DTVM (CNPJ 59.281.253/0001-23). Fund CNPJ 52.227.760/0001-30. ANBIMA category: Hybrid / Active Management FII. Established in Oct/2021, listed on B3 (secondary market) starting Nov-Dec/2023 following the 2nd offering. ATTENTION: in Oct/2025, the merger of SNFF11 (Suno's FoF) was approved, and in Apr/2026, the consolidation of KISU11 into SNME11 was approved — following the mergers, consolidated net assets are expected to exceed R$ 800M.
Segment: Hybrid / Multi-strategy (CRI + FII + Equities) · Price R$ 9.39 · P/BV 0.966 · BV/unit R$ 9.72 · Net assets R$ 72,1 Mi · 9,173 unitholders
SNME11 (Suno Multiestratégia FII) is a Brazilian REIT in the Hybrid / Multi-strategy (CRI + FII + Equities) segment. SUNO MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO (Limited Liability) — B3 ticker 'FII SUNO MULT'. Managed by SUNO GESTORA DE RECURSOS LTDA. (Suno Asset, CNPJ 11.304.223/0001-69), administered by BTG PACTUAL SERVIÇOS FINANCEIROS S.A. DTVM (CNPJ 59.281.253/0001-23). Fund CNPJ 52.227.760/0001-30. ANBIMA category: Hybrid / Active Management FII. Established in Oct/2021, listed on B3 (secondary market) starting Nov-Dec/2023 following the 2nd offering. ATTENTION: in Oct/2025, the merger of SNFF11 (Suno's FoF) was approved, and in Apr/2026, the consolidation of KISU11 into SNME11 was approved — following the mergers, consolidated net assets are expected to exceed R$ 800M.
High-yield CRI + discounted FII + tactical cash, with active management via tactical arbitrage — currently merging with SNFF11 and KISU11 to become one of the industry's largest multi-strategy funds (>R$ 800M)
This page gathers the factual snapshot of SNME11 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 Gestora de Recursos Ltda. (Suno Asset).
Suno Asset (Suno Gestora de Recursos) is the asset management arm of the Suno group, a firm born from the financial research and education platform Suno Research that expanded into managing real estate, equity, and multi-market funds. In the FII segment, the firm operates a growing family of products — credit (SNCI11), agribusiness (SNAG11), energy (SNEL11), FoF (SNFF11), and the multi-strategy SNME11. The administrator is BTG Pactual, one of the market's largest and most solid institutions, providing fiduciary robustness. SNME11 has delivered positive Alpha since IPO (vs. IPCA+IMA-B and vs. IFIX), validating the team's active allocation competence. Relevant strategic move: the firm is consolidating its vehicles — the incorporation of SNFF11 and KISU11 into SNME11 creates a large-scale multi-strategy fund (>R$ 800M), signaling Suno's commitment to scale in the segment. Risk: intra-group merger operations require fair exchange ratios for SNME11 unitholders.See our analysis of Suno Gestora de Recursos Ltda. (Suno Asset) →
Hybrid portfolio (Jun/2026): 29 assets — 4 CRIs (13% of net assets, average yield 19.24%, duration 0.5 years) + 25 FIIs/equities (FIIs 68.8%, equities 2%) + tactical cash 16.3%. RLGX11 liquidated with 52.5% IRR; SNFF11+KISU11 merger underway.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Alianza Renda+ (Renda+) | — | 13.9% | — |
| Suno Energia (Energy) | — | 8.0% | — |
| TRX Real Estate (Paper) | — | 6.3% | — |
| Suno Agro (Agribusiness) | — | 4.2% | — |
| Logística | — | 4.2% | — |
| RBR Properties (Office Buildings) | — | 3.7% | — |
| Híbrido | — | 3.7% | — |
| Commercial Offices | — | 3.3% | — |
| Híbrido | — | 3.0% | — |
| Papel | — | 2.7% | — |
| TG Ativo Real (Hybrid/Subdivision Development) | — | 2.1% | — |
| Desenvolvimento | — | 1.6% | — |
| Desenvolvimento | — | 1.6% | — |
| Híbrido | — | 1.6% | — |
| Logística | — | 1.0% | — |
| CRI Vanguarda (Teresina/PI Real Estate Dev.) | — | 3.7% | — |
| CRI BIT (Barueri/SP Real Estate Dev.) | — | 3.6% | — |
| CRI BIT Series 2 | — | 3.2% | — |
| CRI Arpoador (Senior) | — | 1.6% | — |
| EZTec (Real Estate Dev.) | — | 0.4% | — |
| Allos (Real Estate Dev.) | — | 0.0% | — |
| Trisul (Real Estate Dev.) | — | 0.0% | — |
HHI 0.045 — baixa.
Unit price at R$ 9.51 vs book value of R$ 9.43 (May/2026 CVM Monthly Report) = P/BV of 1.01 (slight premium). The market prices the fund slightly above book value — no discount. In Apr/2026 the Management Report reported a P/BV of 1.00 with a book value of R$ 9.55; book value declined to R$ 9.43 in May/2026.
last close R$ 9.39 · book value per unit R$ 9.72.
Average daily volume (21 sessions) of R$ 135,198 · 12-month average of R$ 150,000.
MODEST liquidity — ~R$ 135 thousand/day (Status Invest). A R$ 500 thousand position takes ~18 trading sessions to liquidate while absorbing 20% of trading volume. The SNFF11+KISU11 merger should materially improve this situation.
| Period | What happened |
|---|---|
| Fund Establishment — Oct/2021 | Suno Multiestratégia FII is structured as a closed-end fund. Formal fund inception as reported in management reports (October/2021). During this phase, it operated in an initial structure prior to exchange listing. |
| 2nd unit offering and B3 debut — price R$ 9.75 + fee | 2nd offering prospectus (11/22/2023): offering of up to 15 million units at R$ 9.75 (+ R$ 0.25 distribution fee = R$ 10.00/unit), raising up to R$ 146.25M (R$ 187.5M with additional allotment). Lead coordinator Guide Investimentos. Commencement of secondary trading on B3 under ticker SNME11. |
| First listed operational month — book value per unit R$ 11.99, 146 unitholders | In Dec/2023, the fund closed with a book value per unit of R$ 11.99, market unit price of R$ 9.55, and only 146 unitholders. DPU of R$ 0.12. 92.6% of net assets invested. First trade on B3 on 12/18/2023 at R$ 11.00. |
| 1st full year — BV/unit R$ 9.02, earnings R$ 0.66/unit | Financial Statements as of 12/31/2024: net assets R$ 66.9M, BV/unit R$ 9.02, net income R$ 4.89M (R$ 0.66/unit). Portfolio still concentrated in CRIs (57% of assets) with FIIs at 34.7%. Unitholder base grew over the year. DPU in the R$ 0.10-0.115 range. |
| Migration to 'Limited Liability' status (Law 14,754) | The fund adopted a single-class structure with limited liability for unitholders, in compliance with the new legal framework for funds (Law 14,754/2023 and CVM Resolution 175). Formal structural change with no direct operational impact. |
| Unitholders' meeting approves incorporation of SNFF11 into SNME11 | In Oct/2025, the minutes of the Extraordinary General Meeting approving the merger/incorporation of SNFF11 (Suno's FoF) into SNME11 were released. First step in the strategy to consolidate Suno Asset's vehicles into a larger multi-strategy fund. Completion scheduled for H1 2026. DPU rises to R$ 0.15. |
| Year-end 2025 — Net assets R$ 70.2M, BV/unit R$ 9.46, earnings R$ 1.93/unit | Financial Statements as of 12/31/2025: net assets R$ 70.2M, BV/unit R$ 9.46, net income R$ 14.29M (R$ 1.93/unit — very strong year with positive fair value adjustments). Portfolio now more balanced: FIIs 56.2% of assets, CRIs 28.8%, equities 1.2%, cash 16.4%. 7,418,243 units. |
| DPU normalizes to R$ 0.10 | After 4 months at R$ 0.15 (Oct/2025-Jan/2026), DPU receded to R$ 0.10 starting in Feb/2026 — a level more closely aligned with the portfolio's recurring earnings (excluding the boost from one-off capital gains). |
| Unitholders' meeting approves KISU11 consolidation — consolidated net assets target >R$ 800M | In Apr/2026, KISU11's unitholders' meeting concluded, approving its consolidation into SNME11. Combined with the incorporation of SNFF11, the new SNME11 is expected to reach net assets exceeding R$ 800M, positioning itself as a leading multi-strategy fund in the industry. During the month, the fund executed arbitrage trades (BRCO11, GGRC11) and divested ~R$ 2.6M in FIIs, generating R$ 534k in earn |
| Current status — unit price R$ 9.43, P/BV 1.00, 7,379 unitholders, mergers in execution | In Jun/2026, SNME11 traded at R$ 9.43 (P/BV 1.00), net assets of R$ 71.1M, 33 assets, DPU R$ 0.10 (annualized dividend yield 13.34%). Awaiting the operational execution of the mergers with SNFF11 and KISU11, which are expected to transform the vehicle's scale and liquidity over the course of 2026. |
| Liquidation of RLGX11 with 52.5% IRR — earnings of R$ 0.24/unit | The RLGX11 position (a spin-off of RELG11, initiated in Jul/2024) was fully exited in Jun/2026, delivering a 52.5% p.a. IRR and R$ 0.16/unit in distributable income to SNME11. The thesis played out over 23 months. Part of the principal repayment was received in units of GGRC11, which the manager shorted at R$ 10.00/unit (3% above market), generating an additional R$ 146 thousand. Combined with arb |