Fiagro-FI in Agro-Industrial Production Chains — Real Estate (CNPJ 42.502.827/0001-43)
Segment: Fiagro / CRA — High Yield Agro (paper) · Price R$ 51.32 · P/BV 0.5059 · BV/unit R$ 101.44 · Net assets R$ 466 Mi · 9,779 unitholders
VCRA11 (VECTIS DATAGRO Crédito Agronegócio) is a Brazilian REIT in the Fiagro / CRA — High Yield Agro (paper) segment. Fiagro-FI in Agro-Industrial Production Chains — Real Estate (CNPJ 42.502.827/0001-43)
Lends money to dozens of agricultural producers — soy, sugarcane, coffee, ethanol — and distributes interest monthly; the Datagro consultant brings specialized harvest and commodity intelligence. Note: there are positions undergoing restructuring that may reduce dividends in isolated months.
This page gathers the factual snapshot of VCRA11 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: Vectis Capital Solutions + Datagro (Consultant).
Vectis Capital Solutions is an asset manager specialized in structured credit. VCRA11's differentiator is its partnership with Datagro, Brazil's largest independent agricultural consultancy — over 40 years of history, 200+ employees, 12 business units, and more than 1,000 clients in 50 countries. Datagro provides sector intelligence (weather, harvests, commodity prices, supply and demand balances) that feeds Vectis's credit analysis. In 4 years of operation, the fund has maintained See our analysis of Vectis Capital Solutions + Datagro (Consultant) →Diversified CRA Fiagro Portfolio — 72 agribusiness assets with strong sector and geographic diversification
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-bb-fuels-palma | — | 11.6% | — |
| cra-north-agro-baha-tocantins | — | 8.8% | — |
| cra-grupo-apr | — | 5.9% | — |
| cra-fs-infra-etanol-milho | — | 5.4% | — |
| cra-grupo-raca-agro | — | 5.4% | — |
| cra-natural-one-sucos | — | 5.0% | — |
| cra-grupo-ruiz-cafe | — | 4.8% | — |
| cra-grupo-jb-acucar | — | 3.4% | — |
| cra-binatural-biodiesel | — | 3.2% | — |
| cra-brasilagro-graos | — | 2.7% | — |
| cra-solinftec | — | 2.6% | — |
| Votorantim Fiagro FIDC | — | 2.6% | — |
| cri-serpasa-etanol-bahia | — | 2.0% | — |
| Cash Reserve (Selic Treasury + Repos) | — | 8.3% | — |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI+ 71.3% · IPCA 20.3% · SELIC 8.4% |
Unit trades at 61% of book value (R$ 63.47 vs. R$ 102.77). Deep discount justified by high-yield portfolio with 4 defaults, but supported by stable DPU and real estate collateral.
last close R$ 51.32 · all-time low R$ 63.1 · high R$ 116.43 · book value per unit R$ 101.44.
Average daily volume (21 sessions) of R$ 600,000 · 12-month average of R$ 650,000.
Low-to-moderate liquidity. A R$ 1M position takes ~8 business days to liquidate without moving the price—incompatible with a quick exit, but fine for an investor building a position over 1-2 weeks.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund constituted on 12/29/2021 under the new Fiagro legislation (Law 14,421/2022 anticipated). |
| IPO E ALOCAÇÃO | Start of trading on B3 and disbursement of the first structured CRAs. |
| PICO DE DPS | High Selic rate + rapid allocation into CDI+ produce a DPU above R$ 1.25/unit. |
| OSCILAÇÕES ATÍPICAS | B3 requests 2 clarifications regarding atypical price swings in units. |
| FATO BBF | Brasil Bio Fuels releases material fact notice; B3 questions for the 3rd time. |
| PDD PESADA | Allowance for loan losses of R$ 6.7M (likely Safras Agro / North Agro) forces a standalone DPU of R$ 0.48. |
| EXECUÇÃO DE GARANTIAS | Favorable court decisions in Serpasa, North Agro, APR Group; BBF's Baliza SPV exits court-supervised reorganization. |
| REABERTURA DE SPREADS | Widening of IPCA+ spreads allows the allocation of R$ 8M in AAA/AA CRAs with a premium. |