A Kinea paper-based Brazilian REIT-style fund (FII) holding 90 CRIs (61% IPCA+, 38% CDI+) — retail successor to KNCR/KNIP, featuring a 1.20% management fee.
Segment: Paper-Based FII — Mid-Yield CRI (IPCA+ and CDI+) · Price R$ 9.16 · P/BV 1.0493 · BV/unit R$ 8.73 · Net assets R$ 1,77 Bi · 268,171 unitholders
KNSC11 (Kinea Securities FII) is a Brazilian REIT in the Paper-Based FII — Mid-Yield CRI (IPCA+ and CDI+) segment. A Kinea paper-based Brazilian REIT-style fund (FII) holding 90 CRIs (61% IPCA+, 38% CDI+) — retail successor to KNCR/KNIP, featuring a 1.20% management fee.
Finances real estate projects via dozens of credit instruments managed by Kinea and distributes interest monthly
This page gathers the factual snapshot of KNSC11 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: Kinea Investimentos (Itaú).
KNSC11 is managed by Kinea Investimentos Ltda., an asset manager affiliated with Itaú Unibanco and one of the largest FII houses in Brazil. Kinea manages over R$ 30B in FIIs, with a solid track record in CRIs (KNCR, KNIP, KNHY, KNSC) and, more recently, in pulverized assets (KCRE, KNUQ). Experienced team, robust credit process, strong proprietary origination. Strengths: origination scale, access to Itaú's desk, high transparency in the monthly report (detailed income statement by revenue line, yield sensitivity to market prices, monthly video). Specific advantage of KNSC: management fee of 1.20% p.a. — the cheapest among Kinea's paper-based FII family (KNHY 1.60%, KCRE 1.30%) and accessible to retail investors. Weaknesses: thematic concentration in offices (24%) during a period of high vacancy in AAA assets; higher use of reverse repos than peers (~10.6%).Portfolio of 89 CRIs + 1 FII (ERCR11), 61.3% IPCA+ (MTM 10.31% p.a.) and 38.2% CDI+ (MTM 3.14% p.a.). Pulverized by sector: offices 24.5%, residential 21.3%, logistics 20.9%, pulverized residential 16.9%, shopping malls 11.1%.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI VERT COMPANHIA SECURITIZADORA · 79th issuance, 1st series | — | 7.0% | — |
| Plaenge 1 | — | 6.5% | — |
| Creditas 151 | — | 5.8% | — |
| Federal Government Bonds | — | 4.5% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 191st issuance, 2nd series | — | 4.0% | — |
| CRI TRUE SECURITIZADORA S.A. · 372nd issue, 1st series | — | 3.9% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 215th issuance, 1st series | — | 3.7% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 4th issuance, 366th series | — | 3.6% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issuance, 516th series | — | 3.4% | — |
| Fibra experts 2 | — | 3.3% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 10th issuance, 1st series | — | 3.2% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 4th issuance, 240th series | — | 2.8% | — |
| Galleria 125 | — | 2.3% | — |
| CRI TRUE SECURITIZADORA S.A. · 372nd issuance, 2nd series | — | 2.2% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issuance, 340th series | — | 2.1% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issuance, 355th series | — | 1.9% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 4th issue, 134th series | — | 1.9% | — |
| CRI TRUE SECURITIZADORA S.A. · 17th issuance, 2nd series | — | 1.8% | — |
| Galleria 78 | — | 1.8% | — |
| CRI OPEA SECURITIZADORA S.A. · 503rd issuance, 1st series | — | 1.6% | — |
| CRI TRUE SECURITIZADORA S.A. · 237th issuance, 1st series | — | 1.6% | — |
| Xp log prime yield | — | 1.6% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 1st series | — | 1.6% | — |
| Fgr 1 | — | 1.5% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issuance, 182nd series | — | 1.5% | — |
| Galleria 63 | — | 1.4% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 199th issuance, 3rd series | — | 1.2% | — |
| Creditas 42 | — | 1.2% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 2nd series | — | 1.1% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 5th series | — | 1.1% | — |
| Mrv pro soluto 429 | — | 1.1% | — |
| CRI VERT COMPANHIA SECURITIZADORA · 42nd issuance, 1st series | — | 1.0% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 125th issuance, 2nd series | — | 0.9% | — |
| CRI VERT COMPANHIA SECURITIZADORA · 39th issuance, 3rd series | — | 0.9% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 151st issuance, 6th series | — | 0.8% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 4th issuance, 283rd series | — | 0.8% | — |
| Mrv pro soluto 365 | — | 0.7% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 247th issuance, 2nd series | — | 0.7% | — |
| CRI TRUE SECURITIZADORA S.A. · 347th issuance, 1st series | — | 0.7% | — |
| CRI VERT COMPANHIA SECURITIZADORA · 154th issuance, 35th series | — | 0.7% | — |
HHI 0.0307 — low.
Unit price of R$ 9.12 (Jun 1, 2026) vs. book value per unit of R$ 8.79 (Mar/2026). Premium of 3.8% — in line with Kinea/market mid-yield paper peers. Reflects top-tier origination (Kinea/Itaú), low management fee (1.20%), and stable DPU (R$ 0.09-0.11) that supports parity with book value.
last close R$ 9.16 · all-time low R$ 7.80 · high R$ 9.76 · book value per unit R$ 8.73.
| Period | What happened |
|---|---|
| IPO | Established October 28, 2020. Fund open to retail investors (General Investors) focusing on IPCA+ and CDI+ CRIs with Kinea quality. |
| Crescimento | Multiple offerings expanding net assets. Portfolio diversifies into AAA offices, logistics, shopping malls, and residential. Unit price ranged R$ 9–10. |
| Maturidade | Net assets above R$ 1.5B. DPU ranged between R$ 0.07 and R$ 0.12 depending on IPCA and Selic. The Aug–Oct/2023 CRI crisis stressed market pricing, but the fund kept its portfolio healthy (no negative credit events). |
| Pico de DPS | DPU reaches R$ 0.12 in Apr/25 with high accumulated IPCA + Selic at 15%. The fund distributes above the recurring level in several months, building an accumulated reserve. Adaptation to CVM Resolution 175 (limited liability). New offering in Jul/25 expands net assets. |
| Volatile DPU with low IPCA | DPU drops to R$ 0.08 in Feb/26 with lower monthly IPCA (0.33% in Dec/25 and Jan/26). Selic retreats to 14.75% in Mar/26. Accumulated reserve (R$ 0.05/unit) acts as a buffer. DPU recovers to R$ 0.11 in Mar/26. |