XP CRÉDITO AGRÍCOLA - FUNDO DE INVESTIMENTO NAS CADEIAS PRODUTIVAS AGROINDUSTRIAIS IMOBILIÁRIO - FIAGRO-IMOB. (CNPJ 41.269.527/0001-01). Established on August 12, 2021, operational start on November 4, 2021. ISIN BRXPCACTF004. ANBIMA Category: Active Management Agribusiness Receivables Fund (FIAgro TVM) – TVM.
Segment: Receivables FIAgro (Agribusiness Credit) · Price R$ 7.16 · P/BV 0.7329 · BV/unit R$ 9.77 · Net assets R$ 445 Mi · 94,254 unitholders
XPCA11 (XP Crédito Agrícola FIAgro) is a Brazilian REIT in the Receivables FIAgro (Agribusiness Credit) segment. XP CRÉDITO AGRÍCOLA - FUNDO DE INVESTIMENTO NAS CADEIAS PRODUTIVAS AGROINDUSTRIAIS IMOBILIÁRIO - FIAGRO-IMOB. (CNPJ 41.269.527/0001-01). Established on August 12, 2021, operational start on November 4, 2021. ISIN BRXPCACTF004. ANBIMA Category: Active Management Agribusiness Receivables Fund (FIAgro TVM) – TVM.
Holds no real estate: lends money to mills, rural producers, and agricultural input distributors via debt instruments and passes on monthly tax-free interest, managed by XP. Please note: a substantial portion is invested in sugar and ethanol, a sector experiencing a difficult cycle, and distributions fluctuate with debtor payment delays.
This page gathers the factual snapshot of XPCA11 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: XP Vista Asset Management Ltda..
XP Vista Asset Management is the real estate and structured credit asset management arm of XP Inc., one of Brazil's largest brokerages and independent asset managers. It belongs to the same corporate group as XP Investimentos CCTVM (the administrator). The manager has a dedicated agricultural credit team with field visit discipline (Mato Grosso, Paraná, Goiás) and a focus on crop monitoring. Track record for XPCA11: navigated the Agrogalaxy crisis in 2024 with transparent distribution cuts to rebuild reserves, and recovered to R$ 0.11/unit starting in 2025. Limitation: a performance fee of 10% over the CDI benchmark is triggered when a high Selic rate pushes the CDI close to the portfolio's return — which can reduce the net spread delivered to the unitholder.Credit FIAgro portfolio with 72.7% in CRA + 22% in FIDC Agro + 2% in CRI Agro (March/2026). No real estate or equity holdings.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRA Bucket — Agribusiness Receivables Certificates | — | 69.7% | — |
| FIDC Agro Units | — | 15.6% | — |
| Units of other FIAGROs | — | 10.3% | — |
| CRI Agro (Real Estate Receivables Certificates backed by agribusiness) | — | 1.8% | — |
| Fixed-income funds (cash for liquidity requirements) | — | 3.9% | — |
last close R$ 7.16 · book value per unit R$ 9.77.
| Period | What happened |
|---|---|
| Fund Establishment | FIAgro registered on August 12, 2021, with an initial target fundraising of R$ 350M. |
| IPO and Operational Start | Effective start on November 4, 2021. First distribution of R$ 0.05/unit on December 14, 2021 (partial month). |
| Portfolio Maturation — DPU Rises to R$ 0.14 | After 4 months of ramping up, DPU reached R$ 0.14/unit — a level maintained through almost all of 2022. |
| Historical Peak of R$ 0.15/unit | In March 2023, the fund distributed R$ 0.15/unit, the highest DPU in its history. A high CDI rate environment favored carry. |
| First Signs of Deterioration | DPU drops to R$ 0.085 in September 2024 prior to the formal announcement of the Agrogalaxy crisis. |
| Agrogalaxy Crisis — Severe DPU Cut | Agrogalaxy files for court-supervised reorganization on December 2, 2024. DPU drops to R$ 0.04 (Oct/24), R$ 0.04 (Nov/24), and R$ 0.01 (Dec/24) to rebuild reserves. Unitholders suffer an ~88% drop in distributions over 3 months. |
| Rapid DPU Recovery | In January 2025, the fund resumes R$ 0.10/unit, signaling that the Agrogalaxy impact has been absorbed. Stabilization at R$ 0.11 starting in April 2025. |
| Increase to R$ 0.12 in January-February 2026 | Carry improved with new acquisitions (UISA, Minerva, Cibra). DPU rises to R$ 0.12 for 2 months before returning to R$ 0.11 in March 2026. |
| Wehrmann CPR Acquisition + FIDC Agrológica | Estratégia de diversificação geográfica (Cristalina-GO) e melhoria de garantias. |
| April 2026 DPU Falls to R$ 0.10 | After 12 months at R$ 0.11, the April 2026 distribution (paid on May 15, 2026) came out at R$ 0.10/unit, reflecting continued pressure on cash earnings. The fund continues to consume cash above its generated income. |
| MBRF CRA Acquisition + Annual General Meeting Approval of 2025 Financial Statements | May 2026 management report reports the acquisition of an MBRF CRA — a new asset entering the portfolio. Annual General Meeting on May 25, 2026 approved the financial statements for the 2025 fiscal year. |