Faria Lima Capital

Faria Lima Capital Ltda. is an independent boutique asset manager accredited by CVM in December 2015 (Declaratory Act 14,781), headquartered in the financial heart of São Paulo. The house's DNA is credit and real estate: its two founding partners—Vicente Postiga Nogueira (Managing Director) and Marcos Ribeiro do Valle Neto—are also partners of Habitasec Securitizadora, a CRI issuer since November 2010, with over 240 structured operations totaling R$ 12 billion in financial volume. The house's only public vehicle is FLCR11, with assets of R$ 70.7 million (Apr/2026) and approximately 2,800 unitholders.

Track record and governance

Faria Lima Capital's most robust differential is its history of zero defaults since the launch of FLCR11 in 2019—something rare in a segment that contends with defaults and collateral enforcement. Governance is above average: a monthly managerial report with asset-by-asset detail, frequent communication via interviews on channels such as FII Fácil, Funds Explorer, Professor Baroni, and Clube FII. Fiduciary administration is provided by BRL Trust DTVM (Apex Group, CNPJ 13.486.793/0001-42) and independent auditing is performed by Grant Thornton starting from the 2024 fiscal year. The manager adheres to ANBIMA codes and has a formal registration on the association's portal. The link with Habitasec is structural: the origination of FLCR11's CRIs directly benefits from the group securitizer's relationship network and know-how—a proprietary opportunity pipeline that few small-scale managers can sustain.

Strategy and funds under management

With a single public vehicle, the strategy is concentrated and coherent: niche high-yield CRI, with short to medium duration (2.6 weighted years in Apr/2026), conservative LTV (46.4%), and mandatory real collateral in all operations—fiduciary alienation of real estate, credit assignment, and reserve funds. The portfolio's weighted average rate is expressive: IPCA + 10.7% (76% of assets indexed to IPCA) and CDI + 7.1% (4% in CDI), sustaining a DY of 14.2% over the last 12 months—equivalent to 112% of net CDI for individual investors. In March/2026, allocation stood at 85.2% and was expanding, with the integration of a new CRI in Salvador (BA) scheduled for the beginning of the year. Monthly distributions fluctuate between R$ 1.00 and R$ 1.40 per unit, with R$ 5.65 accumulated in the first half of 2026. The AUM of R$ 70.7 million is lean—a positioning choice: quality and selectivity over scale growth.

Strengths and points of attention

• Zero default since 2019 in high-yield CRI, over more than six years and across adverse economic cycles
• Proprietary origination via Habitasec: access to operations with direct relationships with issuers, without dependence on third-party distributors
• High operational transparency: detailed monthly report by asset and active presence on major specialized channels
• Average LTV of 46.4% and mandatory real guarantees—structural protection that differentiates it from riskier high-yield CRIs
• Consistent DY (14.2% in 12m), above net CDI, with monthly yields between R$ 1.00 and R$ 1.40

• Small AUM (~R$ 70 million) and very low secondary liquidity: average volume of R$ 37–100 thousand/day makes entering or exiting significant positions difficult
• Single-strategy manager: all operational risk falls on FLCR11—without diversification of strategies or revenues
• Concentration of units: ~64% in the hands of funds and family offices—a significant redemption could pressure the secondary market
• Fee of 1.0% p.a. + 20% performance is relevant for a lean AUM, even though the yield delivery justifies part of the cost

For which investor it makes sense

Faria Lima Capital is suitable for conservative or moderate individual investors seeking tax-exempt monthly income, a DY above the CDI, and tolerance for low liquidity. FLCR11 works well as a long-term holding position, not as a trading instrument. It is not suitable for large single allocations (daily volume does not easily absorb it) nor for investors who need a quick exit. What to watch: credit events in the CRIs (even though the history is zero), movements of large institutional unitholders, and any structural changes at Habitasec—since FLCR11's origination depends directly on the group.