Banestes

Banestes DTVM S.A. is the securities and asset distribution company of Banco do Estado do Espírito Santo (Banestes), a mixed-economy institution controlled by the Government of Espírito Santo. Founded in 1968—originally as Sarval DTVM, later Tranquilidade DTVM, and under its current name since March 7, 1977—the manager has over 55 years of experience in the Brazilian capital market. In 2023, it held approximately R$ 6.4 billion in assets under management distributed across 19 funds (fixed income, private credit, multi-market, equities, and structured), positioning itself as the leading resource manager in Espírito Santo. The board of directors is composed of Vicente Duarte (CEO), Fabio Oliveira, and Marcos Vargas, all holding ANBIMA Manager Certifications, including for structured funds.

Track record and governance

Banestes DTVM's history in the investment funds segment spans over two decades with consecutive appearances in rankings of Brazil's best asset managers—from the Guia Exame in 2002 to Standard & Poor's in 2003. In FIIs, the peak of recognition came in 2021, when BCRI11 was voted the 3rd best real estate fund in Brazil by the Infomoney-Ibmec Ranking, evaluating return consistency and risk control. BCRI11's fiduciary structure migrated from Banco Fator S.A. to BRL Trust DTVM (now Apex group) in 2018, which today handles custody, bookkeeping, and administration—providing a clear separation between manager and administrator. No sanctioning proceedings or relevant irregularities with the CVM were identified in the research conducted, reinforcing the manager's regulatory compliance history.

Strategy and fund under management

Banestes DTVM operates with an exclusive focus on High Yield Paper FIIs (CRI) as its sole public real estate product: BCRI11. The strategy combines low-risk credit (AAA — Direcional, Rede D'or, Atacadão at IPCA+4.84%) with higher-return credit (High Yield CRIs at IPCA+13.50%), seeking to capture a spread over the Selic rate with a diversified portfolio of 51 CRIs and a net asset value of R$ 532.2 million. The fund does not charge a performance fee—a rare differentiator in High Yield that improves the unitholder's net return—charging only 1.0% p.a. for total administration. Management stands out for its active communication: monthly live streams with unitholders, reports featuring individual analysis of each CRI, and public monitoring of cases undergoing recovery. In 2025, the recycling of R$ 52 Mi in new CRIs (~10% of NAV) and the recovery of R$ 7 Mi from the Skanix CRI highlight the management team's proactive stance in facing the challenge of the default cycle.

Strengths and points of attention

• No performance fee — more direct alignment of interests with the unitholder in the High Yield segment, where 20% success fees are common.
• Transparent and communicative management — ties to a public bank encourage auditable governance; monthly live streams and detailed reports are practical differentiators.
• Consolidated 11-year track record in FIIs — survived adverse cycles (2020 pandemic, high interest rates 2022–2025) with uninterrupted monthly distributions.
• Concentration in a single FII — the manager's entire real estate reputation risk rests on BCRI11; a severe event in the fund directly impacts its institutional image.
• High default rate (~14% of NAV) — PESA, WAM, Casa & Vídeo, Correios cases, and others still under renegotiation; resolution depends on timeframes and judicial outcomes, outside the manager's control.
• State linkage may limit commercial agility — strategic decisions such as launching new funds or share offerings may have a more conservative pace than private market managers.

Which investor is it suitable for

Banestes DTVM is suitable for investors seeking exposure to High Yield real estate credit with responsible public management and above-average communication for the segment. BCRI11, trading at a P/NAV of ~0.71 with a DY of ~16%, offers a real margin of safety—but requires tolerance for credit risk concentrated in cases undergoing recovery. The ideal profile is the moderate-to-aggressive income investor, with a 2-3 year horizon to wait out the resolution of waivers and the normalization of the P/NAV. For those who prioritize credit safety over carry, asset managers specializing in High Grade are more suitable. The main point of watch is the outcome of the PESA CRI (sale of the warehouse expected by mid-2026)—a positive resolution could be the catalyst for reducing the asset discount.