Fator Verità Real Estate Investment Fund (FII)
Segment: Credit — multi-category CRI (mixed HG/HY) · Price R$ 69.75 · P/BV 0.8388 · BV/unit R$ 83.15 · Net assets R$ 1,30 Bi · 101,282 unitholders
VRTA11 (Fator Verità FII) is a Brazilian REIT in the Credit — multi-category CRI (mixed HG/HY) segment. Fator Verità Real Estate Investment Fund (FII)
Lends money to dozens of companies via inflation-adjusted real estate debt securities (CRIs) and distributes interest as tax-free monthly income, managed by Banco Fator for 15 years. Note: Gafisa, the primary debtor, is under police investigation — securities are current, but risk has increased.
This page gathers the factual snapshot of VRTA11 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: Fator Administração de Recursos.
Fator Administração de Recursos (FAR) has managed VRTA11 since its 2010 IPO — a 15-year track record on the same fund is a differentiator. It uses a proprietary rating model inspired by the 5C's of credit (Character, Conditions, Capacity, Capital, Collateral) with periodic committee reviews. Despite being a regional manager (not a national top-3 like Kinea/Mauá/XP), it delivers operational discipline: stable DPUs, a diversified portfolio, and high transparency in monthly reports (32+ pages). Main limitation: it lacks the origination power of large asset managers, frequently operating via partner securitization firms (Opea 27%, True 11%, Virgo 12%, Habitasec 11%, Provincia 11%).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-epitacio | — | 3.9% | — |
| cri-summus | — | 3.7% | — |
| cri-direcional-2 | — | 3.4% | — |
| cri-usinas-cajuru | — | 3.1% | — |
| cri-gafisa-oscar-freire | — | 3.1% | — |
| cri-espaco-y-bb-tec | — | 3.0% | — |
| cri-arteris | — | 3.0% | — |
| cri-lar-cooperativa | — | 2.8% | — |
| cri-canopus-ppp-iii | — | 2.8% | — |
| cri-unimed | — | 2.6% | — |
| cri-patrimonio | — | 2.6% | — |
| cri-assai-barzel | — | 2.5% | — |
| cri-quero-quero | — | 2.5% | — |
| cri-grupo-sinal | — | 2.4% | — |
| cri-grupo-bso | — | 2.3% | — |
| cri-fragnani-ii | — | 0.0% | — |
| cri-or-loteamentos | — | 1.6% | — |
| cri-guestier | — | 1.3% | — |
| cri-ascenty-iii | — | 1.2% | — |
| Guardian FII Credit | — | 2.7% | — |
| Alianza FII Credit | — | 2.3% | — |
| EQI FII Credit | — | 1.3% | — |
| RBR Rendimento High Grade | — | 1.0% | — |
| Pátria FII Credit | — | 0.8% | — |
| Suno FII Credit | — | 0.7% | — |
| Valora FII Credit | — | 0.3% | — |
| TRX FII | — | 0.3% | — |
| RBR Yield FII | — | 0.2% | — |
HHI 0.018 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 91.0% · CDI+ 7.9% · Outros 1.1% |
Market price of R$ 79.00 vs. book value per unit of R$ 84.44 = P/BV of 0.94 (6.3% discount). Modest vs. high yield peers (P/BV 0.75-0.80) but aligned with the mixed-paper median (0.91).
last close R$ 69.75 · all-time low R$ 75.87 · high R$ 111.92 · book value per unit R$ 83.15.
Average daily volume (21 sessions) of R$ 1,580,000 · 12-month average of R$ 1,750,000.
Moderate-to-good liquidity for individual investors: R$ 100k can be liquidated in a day, R$ 1M in 1-2 days. For institutional tickets (>R$ 10M), friction arises — 12 business days is a conservative estimate
| Period | What happened |
|---|---|
| IPO and initial formation | Fund launched on 08/05/2010 under the management of Fator Administração de Recursos. Initial portfolio composed of retail and real estate development CRIs indexed to IGP-M+6% (formal benchmark). Active management model established from inception. |
| Shift to managerial IPCA benchmark | Starting in 2019, the manager adopted IPCA+6% as its managerial benchmark (formally, the bylaws still maintain IGP-M+6%). This reflects the portfolio's shift toward a predominant IPCA+ focus that persists to this day (91% in Feb/2026). |
| Selic stress and repricing | The Selic rate hike cycle (from 2% to 14%) triggered negative mark-to-market adjustments in long-duration IPCA+ CRIs. BV per unit fell from ~R$ 100 (2021) to ~R$ 84–86 (2024). This period also saw the appearance of the first CRIs with allowances for loan losses (Fragnani, BR Distribuidora, Pulverizados Brazilian). |
| Stabilization of DPU at R$ 0.85 | DPU stabilized at R$ 0.85/month since Sep/2024 (except for Jul/2024, which paid R$ 0.90). Accumulated reserves fell from R$ 0.76 (Jun/25) to R$ 0.47 (Feb/26) — a sign of moderate reserve depletion to sustain the current DPU. New acquisitions focused on CRIs yielding IPCA+10–12% (Guestier, OR Loteamentos, Patrimonio). |