Multi-category fund managed by Banco Fator and operated by FAR (Fator Administração de Recursos). Portfolio balanced across ~46% residential real estate (under construction + buybacks) + ~24% units of other FIIs + ~24% CRIs + ~6% cash. CNPJ 51.870.412/0001-13.
Segment: Multi-category / Hybrid (Multi-strategy) · Price R$ 6.45 · P/BV 0.6906 · BV/unit R$ 9.34 · Net assets R$ 439 Mi · 11,704 unitholders · 27 assets
VRTM11 (Fator Verità Multiestratégia FII) is a Brazilian REIT in the Multi-category / Hybrid (Multi-strategy) segment. Multi-category fund managed by Banco Fator and operated by FAR (Fator Administração de Recursos). Portfolio balanced across ~46% residential real estate (under construction + buybacks) + ~24% units of other FIIs + ~24% CRIs + ~6% cash. CNPJ 51.870.412/0001-13.
A Fator fund that splits capital between residential properties under construction, CRIs, and units of other FIIs, seeking monthly income above the CDI rate. Note: properties represent nearly half of net assets, with several developments still under construction — which can delay buybacks and pressure cash earnings.
This page gathers the factual snapshot of VRTM11 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: FAR — Fator Administração de Recursos.
FAR (Fator Administração de Recursos) is the asset management arm of Banco Fator (CNPJ 01.861.016/0001-51), a multi-service bank founded in 1967 with a long-standing reputation in capital market structuring. VRTM11 succeeded/absorbed the legacy VRTA11 and WTSP11 funds under its multi-strategy mandate. Strengths: experienced CRI team (Rodrigo Possenti, with a background in credit FIIs), proprietary pipeline of structured transactions via Banco Fator, and reasonable transparency in monthly management reports. Points of attention: mid-tier manager (not top-3), lower total FII assets under management compared to XP, BTG, Kinea, or Vinci, a smaller unitholder base (~11.9k — which limits liquidity), and a history of negative revaluations in residential properties under development, suggesting underwriting standards are still maturing.Pulverized multi-category portfolio — 46% IPCA+11% residential real estate (under construction + completed) + 24% liquid transition FIIs + 24% mid-yield CRIs + 6% cash. HHI 0.024 (highly diversified, 90+ assets)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| fibra | — | 6.8% | — |
| serena-campinas | — | 2.7% | — |
| terrassa | — | 2.1% | — |
| evoke | — | 1.1% | — |
| residence-entreserras | — | — | — |
| lote5-ii-loteamentos | — | 1.9% | — |
| aracaju-shopping | — | 1.7% | — |
| mrv-ii | — | 1.7% | — |
| dal-pozzo | — | 1.1% | — |
| mrv-i | — | 1.1% | — |
| coteminas | — | 1.0% | — |
| hcc-grupo-mateus | — | 0.4% | — |
| WT SP | — | 2.0% | — |
| V2 Properties Renda | — | 1.9% | — |
| Vinci Urban Properties (exchanged for TRXF11) | — | — | — |
| TRX Real Estate | — | — | — |
| Newport Logística | — | 1.6% | — |
| REC Recebíveis Imobiliários | — | 1.6% | — |
| Valora Renda Imobiliária | — | 1.3% | — |
| BRIO CRECI | — | 0.9% | — |
| Kinea IPCA | — | 1.1% | — |
| BTG Pactual Crédito Imobiliário | — | 1.0% | — |
| Zagros Multiestratégia | — | 1.1% | — |
| Bresco Logística | — | 0.1% | — |
| Oscar Freire Unlimited By You,Inc | Pinheiros - São Paulo - SP | 100.0% | — |
| Barra da Tijuca Office | Barra da Tijuca - RJ | 100.0% | — |
| Duo Living Complex | Maringá - PR | 100.0% | — |
| Vista Madalena By You,Inc | Vila Madalena - São Paulo - SP | 100.0% | — |
| Tumiaru 120 | Ibirapuera - São Paulo - SP | 100.0% | — |
| Evolve Vila Mariana | Vila Mariana - São Paulo - SP | 100.0% | — |
| Alpha Houses I Residential | São Paulo - SP | 100.0% | — |
| Coral Gables Building (SC) | Penha - SC | 100.0% | — |
HHI 0.024 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 82.9% · Sul 12.3% · Centro-Oeste 4.6% · Nordeste 1.2% |
| By index | IPCA 61.1% · CDI 13.2% · Variable income (FII) 24.4% · Pré-fixado 1.4% · IGPM 2.1% |
VRTM11 trades at a P/BV of 0.75 — a 25% discount to the BV of R$ 9.49. The discount is aligned with discounted multi-strategy peers (BLMG11 0.70, RBRX11 0.85).
last close R$ 6.45 · all-time low R$ 6.18 · high R$ 12.0 · book value per unit R$ 9.34.
Average daily volume (21 sessions) of R$ 177,000 · 12-month average of R$ 230,000.
Low and worsening liquidity. Average daily trading volume dropped from R$ 257k/day to R$ 177k/day between March and April 2026. A R$ 500k position takes ~14 business days to liquidate without moving the price — limiting institutional positions and requiring patience for retail investors with larger ticket sizes.
| Period | What happened |
|---|---|
| VRTM11 IPO | Fund incorporation on Nov 17, 2023. CNPJ 51.870.412/0001-13. 11,895,853 initial units at R$ 9.52. Initial net assets R$ 114M. |
| Initial phase — portfolio under construction | Capital raising and initial allocation period. DPU ranged from R$ 0.03 (1st month) to R$ 0.10/unit as asset allocation consolidated. Unitholders grew from 242 to 410. |
| Large offering — units expand 3.95× | The fund completed a significant offering: units jumped from 11.9M to 46.97M in Sep/2024. Net assets increased from R$ 113M to R$ 447M. Unitholders: 410 → 12,932. Key milestones in consolidating the multi-strategy vehicle. |
| Stable DPU regime at R$ 0.09/unit | DPU locked at R$ 0.09/unit for 18 consecutive months (Sep/2024 to Apr/2026), despite fluctuations in monthly earnings (R$ 3.87M to R$ 5.48M). |
| Repositioning — FIIs ↓, CRIs/Properties ↑ | Announced strategy to reduce listed FII holdings (sales in BRCO11, ZAGH11, OULG11, KNSC11, JSRE11) and expand exposure to mid-yield CRIs and residential properties under construction. Some sales executed at a realized loss (-R$ 2.99M in non-recurring FII sales trailing 12m). |
| Negative revaluations in real estate appraisals | The 2025 Annual Report (ID 1147475) records material negative revaluations: Coral Gables -74.77%, Alpha Houses -40.07%, Stillo Barra -26.20%, Building -25%, Evolve VM -23.17%, Habitat Vida -23.26%, Oscar Freire -19.98%. BV per unit dropped from R$ 9.52 (Sep/24) to R$ 9.48 (Mar/26). |
| Strongest month of the recent cycle — reserves and kickers rising | Total earnings R$ 5.48M (R$ 0.117/unit), distribution R$ 0.09 → accumulated reserves jumped from R$ 0.037 to R$ 0.063/unit . Latent kicker rose to R$ 0.091/unit. 13 units bought back (Habitat Aquarela, MGB, Green View, Haia) and Alpha Houses I with 3 deed processes underway (estimated gain of R$ 150k-200k/unit). CRI activity: purchase of Evoke CDI+4.5% (R$ 5M), Terrassa IPCA+12.25% (R$ 0.9M), earl |