HSI Gestora de Fundos Imobiliários

HSI – Hemisfério Sul Investimentos is one of the most experienced real estate managers in Brazil, founded in 2003 by Maximo Pinheiro Lima Netto (formerly of GP Investimentos/Prosperitas, a platform that became HSI in 2012) and authorized by CVM under declarative act no. 7,478/2003. The group currently manages approximately R$ 13.1 billion in AUM spanning real estate private equity, structured credit, and listed funds, having historically raised R$ 27.9 billion and led over 100 transactions in the sector—including the creation of the CLB logistics platform and its sale to GLP, one of the largest real estate transactions ever executed in the country. In the FII vertical, there are four listed vehicles totaling ~R$ 4.37 billion in net asset value and over 240,000 unitholders, positioning the firm as a relevant institutional manager with a stated focus on premium assets.

Track record and governance

HSI's operational history is its main reputational asset. Leadership is stable and qualified: in addition to the founder (strategy), Investment Director Felipe Rodrigues Gaiad de Camargo brings experience from Bracor and Brazilian Capital, and Angel David Ariaz is responsible for Risk and Compliance. Its record with CVM and ANBIMA is clean—with no administrative convictions or relevant lawsuits—and the manager adheres to three ANBIMA codes. A governance trait worth highlighting is transparency in adverse times: in Jan/2025, HSI proactively cut HSLG11's DPS (from R$ 0.74 to R$ 0.65), announcing capital preservation in the face of high Selic rates, a rare gesture of honesty in a market where many managers force unsustainable distributions. Communication with unitholders is detailed, with monthly reports breaking down results by asset and including proprietary macro projections. A structural differentiator lies in the integrated mall model: Alqia, a company within the HSI group itself, operationally manages 97% of HSML11's assets—an unusual vertical control in the sector that aligns incentives but concentrates intra-group dependency.

Strategy and funds under management

The FII vertical covers a broad spectrum of real estate, always with an asset quality bias (AAA, regional dominance, last-mile). There are four complementary theses:

• HSML11 (rating 7.0; DY 9.5%; P/BV 0.89) — flagship with R$ 2.21 Bi in NAV, 8 dominant malls across 5 states, NOI +4% YoY, and 96.7% occupancy.
• HSLG11 (rating 7.5; DY 9.0%; P/BV 0.81) — last-mile AAA logistics, 6 warehouses, 100% occupancy since Nov/2024, and unitholder return of 33.2% in 2025 (vs. IFIX 21.1%).
• HSAF11 (rating 8.0; DY 14.0%; P/BV 0.90) — multi-category paper (CRIs + FoF), with 100% compliance for 5+ years and stable DPS at R$ 0.95 for 13 months.
• HSRE11 (rating 6.0; DY 10.6%; P/BV 0.95) — institutional urban income, 25 stores, 20 years of execution, and disciplined portfolio recycling.

Quality dispersion is evident in the ratings (from 6.0 to 8.0): the best-structured funds are HSAF11 (paper) and HSLG11 (logistics), while HSRE11 carries the sharpest risk factor. As a whole, the house delivers dividend consistency and capital discipline, with funds that complement each other by indexer (strong exposure to IPCA+ in leverages) and by cycle—all positioned to benefit from the start of Selic cuts (Mar/2026), which eases the financial expense of CRIs and tends to reprice units traded at a discount to BV in three of the four vehicles.

Strengths and points of attention

• Experience and scale: 20+ years in real estate, R$ 13.1 Bi in AUM, and over 100 transactions led provide origination depth and asset management rare in the FII market.
• Proven asset quality: dominant warehouses and malls, high occupancy, and flawless compliance in the paper fund.
• Transparent governance: proactive DPS cuts, granular reports, and clean regulatory record.
• Performance track record: HSML11 +24.4% in 12m (193.9% of net CDI) and HSLG11 easily beating IFIX in 2025.

• Tenant concentration in HSRE11: 89.1% of revenue comes from C&A Modas and 99.9% of contracts expire in 2026 — renegotiation with an uncertain outcome and material impact.
• IPCA-indexed leverage: CRIs with a strong IPCA+ component (64% in HSML11 at 7.29%, 43% in HSLG11 at 7.68%) weigh on financial expenses while inflation does not recede.
• Intra-group dependency in malls: management via Alqia aligns incentives but concentrates operational risk within the HSI group itself.
• Portfolio concentration in HSAF11: 41% of NAV in just 4 CRIs, which justifies part of the DY premium.

Which investor it makes sense for

HSI is a manager suited for investors who value asset quality, transparent governance, and a long-term horizon above maximum nominal DY. For the more conservative profile within FIIs, HSAF11 (paper, flawless compliance) and HSLG11 (AAA logistics, stable income) are the most defensible entry points. Income investors with execution risk tolerance can look at HSML11, betting on repricing via Selic drops. Meanwhile, HSRE11 is a more tactical and thesis-dependent position, appropriate only for those who understand and accept the binary risk of renegotiation with C&A in 2026. What to monitor: the outcome of this renegotiation, the trajectory of Selic and inflation (which defines the cost of IPCA+ CRIs), the sustainability of DPS in each vehicle, and any follow-on movement that could dilute unitholders. Overall, it is a solid and well-reputed house (rating 7.9 — GOOD), whose greatest virtue is not promising what it cannot sustain.