XP Selection Fundo de Fundos de Investimento Imobiliário — FII (CNPJ 30.983.020/0001-90). Launched on July 10, 2019; units began trading on February 17, 2020. 1:10 split on May 5, 2022 (4.3M → 43.3M units). ANBIMA Category: Active Management Real Estate Fund (FII TVM Gestão Ativa). As of Jun/2026: 86.6% in FII units, 10.4% in directly acquired CRIs, and 3% in cash (Jun/2026 Management Report, ID 1262484).
Segment: FoF / Hybrid (FIIs + CRIs) · Price R$ 5.83 · P/BV 0.7661 · BV/unit R$ 7.61 · Net assets R$ 330 Mi · 53,302 unitholders
XPSF11 (XP Selection FoF FII) is a Brazilian REIT in the FoF / Hybrid (FIIs + CRIs) segment. XP Selection Fundo de Fundos de Investimento Imobiliário — FII (CNPJ 30.983.020/0001-90). Launched on July 10, 2019; units began trading on February 17, 2020. 1:10 split on May 5, 2022 (4.3M → 43.3M units). ANBIMA Category: Active Management Real Estate Fund (FII TVM Gestão Ativa). As of Jun/2026: 86.6% in FII units, 10.4% in directly acquired CRIs, and 3% in cash (Jun/2026 Management Report, ID 1262484).
An XP Vista fund that purchases units of dozens of other real estate funds (warehouses, shopping malls, offices, and credit) within a single unit, facilitating diversification without the need to select multiple funds. Note: monthly distributions have been declining gradually since 2022.
This page gathers the factual snapshot of XPSF11 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 part of XP Asset (XP Inc.), one of Brazil's largest independent real-estate fund managers. It manages a diversified ecosystem: XPLG11 (logistics), XPML11 (shopping malls), XPCI11 (high-grade CRI), XPIN11 (industrial), among others. The senior management team has a proven track record in sector selection and market timing — highlighted by successful portfolio recycling carried out between Dec/2025 and Feb/2026 (exiting BRCO/KNIP/KNRI/BTCI) and tactical re-entry in Apr/26 (KNIP11 and BRCO11 following market pullbacks), demonstrating valuation-driven re-entry discipline. Auditor: KPMG.Hybrid FoF: 43+ FIIs + 8 direct CRIs (R$ 35.3M) + cash (~R$ 9.9M)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Capitânia Securities II | — | 6.2% | — |
| RBR Log | — | 6.0% | — |
| Mauá Capital Recebíveis Imobiliários | — | 5.4% | — |
| Maxi Renda | — | 5.1% | — |
| RBR High Grade | — | 5.0% | — |
| BTG Pactual Logística | — | 4.8% | — |
| XP Malls | — | 4.8% | — |
| TG Ativo Real | — | 4.5% | — |
| XP Log | — | 4.5% | — |
| HSI Mall | — | 3.6% | — |
| XP Crédito Imobiliário | — | 3.1% | — |
| Vinci Multiestratégia | — | 3.1% | — |
| Pátria Crédito Imobiliário | — | 3.0% | — |
| Vinci Logística | — | 2.9% | — |
| VBI Prime Properties | — | 2.6% | — |
| RBR Properties | — | 2.6% | — |
| Rio Bravo Renda Varejo | — | 2.3% | — |
| Lpla LP Logística | — | 2.2% | — |
| CSHG Brasil Shopping | — | 1.9% | — |
| Guardian Logística (Series 14) | — | 1.7% | — |
| TRX Real Estate | — | 1.6% | — |
| Vinci Offices | — | 1.5% | — |
| Greenway Tower (Green Towers) | — | 1.4% | — |
| CSHG Real Estate | — | 1.3% | — |
| Autonomy Edifícios Corporativos | — | 1.2% | — |
| BR Offices | — | 1.0% | — |
| RBR Crédito Estruturado | — | 0.9% | — |
| Pátria Logística | — | 0.8% | — |
| Lpla (Series 15) | — | 0.6% | — |
| SP Vista | — | 0.5% | — |
| Castello Branco Office Park | — | 0.5% | — |
| JFL Living | — | 0.5% | — |
| V2 Properties | — | 0.5% | — |
| Iridium Recebíveis Imobiliários | — | 0.5% | — |
| Alianza Trust Renda Imobiliária | — | 0.4% | — |
| Pátria Special Real Estate | — | 0.4% | — |
| Guardian Logística (Series 11) | — | 0.3% | — |
| JS Real Estate | — | 0.4% | — |
| HSI Logística | — | 0.3% | — |
| Tellus Properties | — | 0.4% | — |
HHI 0.0385 — baixa.
| Breakdown | Share |
|---|---|
| By index | FII Units (market fluctuation) 87.0% · CDI (direct CRIs + fixed-income cash) 13.0% |
A P/BV of 0.81 represents a ~19% discount vs. book value of R$ 7.65/unit. Below peer median (0.86). Combined with the additional discount via invested FIIs, there is a double discount — adjusted book value per unit (BV of invested FIIs) at R$ 9.33 (June 30, 2026), representing +48% above the market price.
last close R$ 5.83 · all-time low R$ 5.50 · high R$ 104.00 · book value per unit R$ 7.61.
Average daily volume (21 sessions) of R$ 386,000 · 12-month average of R$ 700,000.
Liquidity deteriorated — average volume dropped to R$ 386 thousand/day in Jun/26 (vs. R$ 433 thousand in May/26, R$ 815 thousand in Feb/26). A R$ 1M position takes ~13 business days to exit without moving prices. Limits institutional positions > R$ 2M.
| Period | What happened |
|---|---|
| IPO | Launch of XPSF11 with R$ 30M and 300 thousand units (R$ 100/unit). Mandate: FII FoF with up to 30% allocation in CRIs/LCIs. |
| EMISSÕES INICIAIS | Two offerings in 2019-2020 multiply net assets 10x. |
| REGIME ESTÁVEL | Consolidated operation with 4.33M units. Recurring DPU of R$ 0.70-0.87. |
| DESDOBRAMENTO 1:10 | Split approved at the annual unitholders' meeting, effective May 5, 2022. Units increased from 4.33M to 43.3M. |
| PRESSÃO DE MERCADO | FII market struggles with high Selic rates (13.75%-14.25%). BV/unit falls from R$ 8.66 (Dec/23) to R$ 7.27 (Dec/24). |
| VIRADA + RECICLAGEM | FII market recovery year (IFIX +21.1%). XPSF resumes allocations, expands cash to 5%. |
| EXPANSION IN CRIs | Direct CRI allocation expanded to 12.5% of NAV with high-grade additions. Selic initiates a downward cycle. |
| RECICLAGEM TÁTICA + PRÉ-PAGAMENTO CRI ECON | CRI Econ fully prepaid (R$ 5.9M, ~1.69% of NAV); manager executes tactical re-entries into KNIP11/BRCO11 (exited in Dec/25), purchases GARE11, reinforces BBIG; partial sale of TEPP11. Selic cut to 14.5%. |
| AMPLIAÇÃO CRI + MACRO DESAFIADOR | Manager preserves cash and makes selective purchases in CRIs/paper FIIs. 2 new CRIs (RNI + Brasil Terrenos). Macro environment deteriorates: IPCA revised to 5%, expansionary fiscal policy, FIIs correct. |
| POSICIONAMENTO CONSERVADOR — MACRO DESAFIADOR | Manager realizes capital gains in KNSC11 (marginal position) and reinforces TEPP11 and KNIP11. 1 CRI matured and was paid in full. Cash drops from 4% to 3%. DPU maintained at R$0.07; payout improves to 97.2%. IFIX -1.21% in the month. |