XP FDO INV. COTAS FDO INC. INV. EM INFR. R. FIXA — A fund-of-funds (FIC) style infrastructure investment fund (Law 12,431/2011), managed by XP Vista Asset Management. FIC structure: allocates via units of an incentivized master fund that invests in incentivized infrastructure debentures, with a focus on energy (transmission + renewable generation). Administered by Banco Genial S.A.
Segment: FI-Infra · Energy (Transmission + Generation) · Price R$ 49.59 · P/BV 0.6731 · BV/unit R$ 73.67 · Net assets R$ 233.21M · 2,919 unitholders
XPID11 (XP Infra Debêntures) is a Brazilian REIT in the FI-Infra · Energy (Transmission + Generation) segment. XP FDO INV. COTAS FDO INC. INV. EM INFR. R. FIXA — A fund-of-funds (FIC) style infrastructure investment fund (Law 12,431/2011), managed by XP Vista Asset Management. FIC structure: allocates via units of an incentivized master fund that invests in incentivized infrastructure debentures, with a focus on energy (transmission + renewable generation). Administered by Banco Genial S.A.
Lends money to energy transmission and generation companies by purchasing debentures and distributes the interest as tax-free monthly income. Please note: this is a small fund with very low liquidity, and its unit price has already lost half its value since launch.
This page gathers the factual snapshot of XPID11 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.
XP Vista Asset Management is the asset management arm associated with the XP group, featuring a broad product platform. In the case of XPID11, however, the results delivered were weak: units lost ~50% since IPO (Apr/2021), with severe negative years in 2024 (-27.91%) and 2025 (-14.81%) and a total return of only +0.17% over ~5 years. The fund remained small (R$ 233M, 2,919 unitholders) and illiquid, failing to achieve the scale of peers like JURO11 (Sparta) or KDIF11 (Kinea). The increase in DPU from R$ 0.50 to R$ 0.75 in Jan/2026 and the 2026 YTD return of +17.58% show signs of recovery attempts, but the track record of unit value destruction and negative Sharpe ratio weigh against its rating. Administered by Banco Genial S.A.FIC structure: allocates via units of an incentivized master fund, focusing on incentivized energy debentures (transmission + renewable generation) + cash
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aggregated portfolio of incentivized debentures — energy transmission | — | 50.0% | — |
| Debentures of generation plants (biomass, hydroelectric) | — | 40.0% | — |
| Reverse repo agreements, LFTs, and fixed-income funds for liquidity | — | 10.0% | — |
HHI 0.42 — alta.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 90.0% · CDI 10.0% |
Fund's P/BV — the largest discount among covered FI-Infras.
last close R$ 49.59 · all-time low R$ 42.81 · high R$ 53.33 · book value per unit R$ 73.67.
Average daily volume (21 sessions) of R$ 118,000 · 12-month average of R$ 118,000.
VERY low liquidity. A R$ 100k position already takes ~1 business day and moves the price; R$ 500k takes 4+ business days. Retail investors should limit positions to ≤ R$ 20k to avoid serious friction. Institutional positions are practically unfeasible. This is a central bottleneck of the thesis.
| Period | What happened |
|---|---|
| IPO | Registered with CVM on Apr 1, 2021, and launched XPID11 as an actively managed FI-Infra by XP Vista Asset, focused on incentivized energy debentures. |
| PRIMEIRO ANO POSITIVO | Return of +12.42% in 2022, favored by high Selic rates and the IPCA+ carry of energy debentures. |
| MELHOR ANO | Return of +17.17% in 2023 — the fund's best annual performance. |
| ANO DEVASTADOR | Return of -27.91% in 2024 — unit prices plunged amid real interest rate curve expansion and/or adverse mark-to-market of the concentrated portfolio. |
| SEGUNDO ANO NEGATIVO | Return of -14.81% in 2025 — second consecutive year of losses. DPU maintained at R$ 0.50/month. |
| TENTATIVA DE RECUPERAÇÃO | DPU raised to R$ 0.75/month (+50%) in Jan/2026 and a YTD return of +17.58% signal a partial recovery after two years of losses. |