Multi-strategy Brazilian REIT-style fund (FII) managed by WHG Asset Management (CNPJ 41.256.643/0001-88) with active management in real estate receivables certificates (CRIs), listed FIIs, equities, and residential land-swap transactions in São Paulo.
Segment: Multi-strategy (CRI + FIIs + Equities + Real Estate Assets) · Price R$ 8.3 · P/BV 0.8628 · BV/unit R$ 9.62 · Net assets R$ 297 Mi · 15,098 unitholders · 4 assets
WHGR11 (WHG Real Estate FII) is a Brazilian REIT in the Multi-strategy (CRI + FIIs + Equities + Real Estate Assets) segment. Multi-strategy Brazilian REIT-style fund (FII) managed by WHG Asset Management (CNPJ 41.256.643/0001-88) with active management in real estate receivables certificates (CRIs), listed FIIs, equities, and residential land-swap transactions in São Paulo.
A multi-strategy Brazilian REIT-style fund (FII) managed by WHG Asset that invests in CRIs (73.5% of NAV), listed FIIs, real estate equities, and residential land-swap developments in São Paulo—four fronts in a single unit, with a DPU of R$ 0.10/month for 45 months and a historical return of 144% of IFIX, Brazil's listed real-estate fund index. Note: in Q2/2026, cash generation dropped 34% and the fund paid distributions using reserves (a 119% payout ratio for the quarter); the You-Perdizes CRI remains under restructuring with a partial allowance recorded.
This page gathers the factual snapshot of WHGR11 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: WHG Asset Management.
WHG Asset Management is a Brazilian boutique focused on multi-asset real estate strategies. In WHGR11, it demonstrated discipline by keeping the DPU stable throughout the entire interest rate hike cycle (Selic above 13%) without cuts, even amid volatility in the listed book.
The accumulated performance of 62.2% since Dec/2021 compared to 44.8% for the IFIX is objective evidence of alpha generation. Observed strengths: active rotation of the liquid book (FIIs + equities), proprietary origination of CRIs with conservative LTVs (average 48%), and participation in residential land swaps with potential GSV in the hundreds of millions.
Weakness: communication remains subdued and media exposure is low — the fund is less well-known than peers with inferior performance. The original administrator (Banco Genial) was replaced by XP Investimentos in 2022/2023, representing a relevant institutional gain.
Portfolio with 100.9% of NAV allocated: 72% in 31 IPCA-linked CRIs, 14.8% in listed FIIs, 5.9% in real estate equities, and 7.5% in 4 São Paulo residential land swaps
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Rio Claro Logistics Center CRI | — | — | — |
| Brookfield Subordinated CRI | — | — | — |
| You-Perdizes Authentique CRI | — | — | — |
| Emergent Cold CRI | — | — | — |
| FGR Berlin CRI | — | — | — |
| Shopping Mooca HGBS CRI | — | — | — |
| Pátio Malzoni CRI | — | — | — |
| Órigo II CRI | — | — | — |
| CRI Assaí | — | — | — |
| Cardoso de Mello Senior CRI | — | — | — |
| Vinci Globo CRI | — | — | — |
| CRI Cariris | — | — | — |
| Shopping Metrô Itaquera CRI | — | — | — |
| Pátio Roraima CRI | — | — | — |
| WT Elements GRU CRI | — | — | — |
| Vista Faria Lima CRI | — | — | — |
| Citilog Varginha CRI | — | — | — |
| Gazit Malls FII CRI | — | — | — |
| Alínea Urbanismo CRI | — | — | — |
| Citilog Viracopos CRI | — | — | — |
| MRV Flex Senior CRI | — | — | — |
| GARE Atacadão CRI | — | — | — |
| Pesa AIZ CRI | — | — | — |
| Plaenge 2S CRI | — | — | — |
| Construtora Capital CRI | — | — | — |
| MRV Pro-Soluto CRI | — | — | — |
| NR Pinheiro de Sá 3S CRI | — | — | — |
| P&G Harmonia da Vila CRI | — | — | — |
| NR Pinheiro de Sá 1S CRI | — | — | — |
| NR Pinheiro de Sá 2S CRI | — | — | — |
| Plaenge 1S CRI | — | — | — |
| Mauá Capital Real Estate FII | — | — | — |
| Parque Dom Pedro Shopping FII | — | — | — |
| Other listed FIIs | — | — | — |
| Allos S.A. | — | — | — |
| Plano & Plano | — | — | — |
| Other real estate equities | — | — | — |
| Mod Pinheiros Land Swap | — | — | — |
| Miguel Calfat Land Swap | — | — | — |
| Alameda Itu Jardins Land Swap | — | — | — |
With an NAV of R$ 9.62 (Jun/2026), units currently trade at a discount of ~8% to book value. For a multi-strategy fund with low liquidity, a fragmented portfolio, and a provisioned CRI (~4.5% of NAV), this discount is only moderate—it does not constitute an express margin of safety.
The IPCA+ mark-to-market rate rose to 10.30% p.a. in Jun/2026, reflecting spread widening (including the impact of the You-Perdizes CRI allowance). Implicit sensitivity indicates the market is pricing in an additional risk premium.
last close R$ 8.3 · all-time low R$ 7.70 · high R$ 10.09 · book value per unit R$ 9.62.
Average daily volume (21 sessions) of R$ 237,656 · 12-month average of R$ 319,489.
R$ 237.7k/day (21-business-day average) is insufficient volume for a fund with an NAV of R$ 306M. A R$ 10k position liquidates in a single session; R$ 100k takes ~0.4 days; R$ 500k becomes unviable without an auction (2+ days). R$ 1M requires 4 days of selling pressure. The average bid-ask spread typically ranges from 0.5% to 1.0%. During IFIX stress, unwinding a meaningful position (>R$ 100k) takes 3-5 days—a structural limit of the fund with no real mitigation.
| Period | What happened |
|---|---|
| WHGR11 IPO | |
| 1st offering completed — capital raising of R$ 148.8M | |
| DPU adjustment during Selic hike | |
| Administrative transition — XP takes over | |
| DPU stabilization at R$ 0.10/month | |
| Second and third offerings — NAV reaches R$ 306M | |
| Only adjustment in 2024 — DPU of R$ 0.095 | |
| Capital gain of R$ 1.82M in the liquid book | |
| Strategic subscription in HPDP11 | |
| Closing of Arena MRV CRI + sale of 50% of Rio Claro Logistics Center | |
| Operating result of R$ 3.99M (R$ 0.129/unit) | |
| Distribution of R$ 0.10/unit (payment on April 15, 2026) | |
| Partial provision in the You – Perdizes Authentique CRI |