Coinvalores CCVM

A Coinvalores CCVM Ltda. (CNPJ 00.336.036/0001-40) is a medium-sized brokerage firm for foreign exchange, securities, and financial instruments based in São Paulo, located at Av. Brigadeiro Faria Lima, 1,800, with over half a century in the market. Regulated by the Central Bank, CVM, B3, and ANBIMA, it is led by Fernando Ferreira da Silva Telles and counts José Ataliba Ferraz Sampaio among its partners (five partners in total). In FII administration, it is a secondary and veteran player: it manages only two operational funds — FIIB11 (FII Industrial do Brasil) and EURO11 (FII Europar) —, which total approximately R$ 566 million in assets under management (FIIB11 ~R$ 405 mi and EURO11 ~R$ 161 mi). The firm does not rank in the Top 15 real estate fund administrators and treats FIIs as a side activity to its brokerage business, rather than as a specialized boutique vocation.

Track record and governance

Coinvalores has administered EURO11 since its inception in 2002 (IPO in Jan/2003) and FIIB11 since 08/19/2011 (IPO in Dec/2011), the latter stemming from the spin-off of FPF Andrômeda — a fund that the firm itself also administered. Its track record is one of shrinking scope, not growth: out of the 10 funds registered in the manager's history, 8 were cancelled — including FII Unimed Investcoop Nacional and FII Hospital Unimed Campina Grande —, leaving only the two active logistic-industrial vehicles. Public sources show no record of recent mergers, changes of control, or regulatory issues with the CVM, which is a sign of institutional stability. FIIB11's service provider structure illustrates the firm's standard: auditing by Confiance, bookkeeping by Banco Daycoval, and engineering by Perville (related party) — the latter being a governance vulnerability to watch. For EURO11, real estate consulting is handled by NG Consultoria Projetos e Arquitetura. The unitholder base is heavily unbalanced: out of ~16.3 thousand unitholders, almost all are in FIIB11 (~16.3 thousand), whereas EURO11 has only ~2.3 thousand — making it a more institutional and illiquid fund.

Strategy and funds under management

Viewed together, the two funds tell the same story with different nuances: both are logistic-industrial brick-and-mortar under passive management (defined in the bylaws) — Coinvalores maintains the existing portfolio and does not buy or sell properties without a unitholders' meeting. Therefore, there is no "allocation thesis" by the manager; what exists is the administration of inherited portfolios. Quality dispersion is small, and both rank below average: EURO11 receives a fund score of 5.3 (manager 5.0 — REGULAR) and FIIB11 a score of 4.5 (manager 4.5 — BELOW AVERAGE), dragging the firm's overall average down to 4.8 (WEAK). The two do not complement each other as a diversified portfolio — they are variations of the same risk (warehouses/industrial assets), compounded by the fact that each is essentially single-asset or concentrated multi-asset (FIIB11 is single-asset in Joinville/SC; EURO11 has 6 properties in SP and RJ). Regarding dividends, there is reasonable market DY consistency (EURO11 7.91% and FIIB11 7.92%), but the recent trend in per-share earnings is downward: FIIB11 dropped from R$ 4.00 (Jun/25) to R$ 3.00 (May/26) following the partial default of its largest tenant, whereas EURO11 bucked the trend, raising its recurring DPS from R$ 2.08 to R$ 2.45 (Mar/26) after renewing the CDA Mod. IV lease with +31.4%. The discounted P/BV multiples (0.77 for FIIB11 and 0.85 for EURO11) require critical reading — in EURO11, part of the discount is an accounting illusion resulting from a non-cash asset revaluation of +R$ 25.9 mi (Dec/25).

Strengths and points of attention

• Veteran status and institutional stability: over 50 years in the market, two funds under management for 14 and 24 years, with no known regulatory episodes.
• Low administration cost: ~0.5% of NAV for EURO11 and ~0.32% of NAV for FIIB11 (3% on gross revenue) — among the leanest in the brick-and-mortar segment.
• Punctual execution capacity when acting: successfully led the CDA lease renewal with +31.4%, raised 100% of EURO11's 3rd issuance (Mar/26) for two new warehouses, and formalized the installment payment agreement with FIIB11's defaulted tenant (Material Fact dated 03/11/2026), removing the binary risk of lease termination.

• Passive management and shrinking portfolio: no strategic moves (no structural subscriptions, sales, or buybacks since 2012) and 8 out of the historical 10 funds cancelled — scope is contracting, not expanding.
• Reactive stance toward problems: took ~5 months to formalize the default agreement in FIIB11 and left EURO11's CDA-III default unresolved for years; inherited 8 active lawsuits in FIIB11 without resolution.
• Poor and identity-less communication: management reports use a repetitive template, lack guidance, and fund websites are hosted within the brokerage's own website without an independent brand.
• Potential related-party conflict: FIIB11 engineering handled by Perville, which is connected to the manager.

Which investor it makes sense for

Exposure to Coinvalores is practically achieved by choosing one of the two funds based on the underlying asset, rather than the management — because active management is virtually nonexistent here. It makes sense for investors focused on logistic-industrial brick-and-mortar income who accept concentrated, mature portfolios (properties from the 2000s), value low administration fees, and have the stomach for low liquidity (especially in EURO11) and weak communication. It does not make sense for those seeking portfolio growth, active asset management, or top-tier institutional transparency. Between the two, EURO11 is experiencing its best historical moment (renewal, offering, and rising DPS), albeit with the caveat that the discounted P/BV is partly accounting-driven; FIIB11 is in fragile stabilization following the worst period in its 14-year history, dependent on compliance with the 24 installment payments (R$ 0.27/share starting Jul/26). What to monitor: (i) full compliance with the installment agreement and the resolution of the 8 inherited lawsuits in FIIB11; (ii) the delivery and stabilization of EURO11's new warehouses (forecasted for 2027) and the long-announced exit from Torre Atlas; (iii) any sign of improvement — or further deterioration — in the firm's communication and proactive stance; and (iv) the sustainability of earnings, which are currently on a downward path in FIIB11.