TRX Hedge Fund Fundo de Investimento Imobiliário – Limited Liability (CNPJ 43.985.938/0001-10) — active multi-strategy fund launched on November 14, 2024
Segment: Hybrid / Multi-strategy (ANBIMA Multi-category) · Price R$ 7.73 · P/BV 0.8906 · BV/unit R$ 8.68 · Net assets R$ 308 Mi · 3,781 unitholders
TRXY11 (TRX Hedge Fund FII) is a Brazilian REIT in the Hybrid / Multi-strategy (ANBIMA Multi-category) segment. TRX Hedge Fund Fundo de Investimento Imobiliário – Limited Liability (CNPJ 43.985.938/0001-10) — active multi-strategy fund launched on November 14, 2024
A TRX fund that simultaneously invests in FIIs, CRIs, real estate stocks, and residential property swaps, with active management rotating among these assets to pursue capital gains and income. Watch out: the portfolio is undergoing readjustment — FIIs are above target and CRIs are below — and part of the recent revenue came from non-recurring events.
This page gathers the factual snapshot of TRXY11 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: TRX Gestora de Recursos.
The TRX is a prominent independent asset manager in Brazilian real estate: R$ 10B under management, 270k investors, +120 properties. Other listed FIIs: TRXF11 (urban income retail) and TRXB11 (FoF). Founding partners Luiz Augusto Amaral and José Alves Neto; Raul Grego Lemos is the portfolio manager for TRXY11. Solid track record in urban income, but TRXY11 is still new — 17 months old, unit price down -18% with dividends totaling ~21% nominal.Multi-strategy real estate hedge fund — 48 pulverized assets across CRIs, FIIs, real estate stocks, and residential property swaps
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-vila-clementino | — | 1.1% | — |
| cri-copagril-2031 | — | 1.8% | — |
| cri-rede-duque-444 | — | 1.5% | — |
| cri-sinart-2037 | — | 1.5% | — |
| cri-assai-barzel | — | 1.4% | — |
| cri-swa-patriarca | — | 1.4% | — |
| cri-airport-town | — | 1.3% | — |
| outros-cris | — | 6.3% | — |
| fiis-carteira | — | 72.0% | — |
| permuta-arborea-jardins | Jardins, São Paulo/SP | 4.6% | — |
| permuta-moras-vila-madalena | Vila Madalena, São Paulo/SP | 2.9% | — |
| acoes-imobiliarias | — | 3.0% | — |
HHI 0.0156 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 74.0% · CDI+ 26.0% |
P/BV of 1.02 indicates a slight premium to book value—the fund trades practically at book value.
last close R$ 7.73 · all-time low R$ 8.20 · high R$ 10.01 · book value per unit R$ 8.68.
Average daily volume (21 sessions) of R$ 290,800.
Liquidity on a consistent improvement trajectory: R$ 290.8k/day in Jul/26 (+57% over May/26), total volume of R$ 6.68M in the month, and 3,810 unitholders (+38%). Positions above a few hundred thousand reals still take days to build or unwind without moving the price.