Iguana Investimentos

A Iguana Investimentos Ltda., commercially known as Iggy Investimentos, is an independent asset manager from São Paulo founded in June 2009, headquartered in the Pinheiros neighborhood of São Paulo (CNPJ 10.924.308/0001-87). Specialized in alternative assets — predominantly FIDCs, FIPs, and FIIs —, the firm manages approximately R$ 695 to 725 million in assets under management distributed across 70 funds (41 operational). The largest individual vehicle is Salento FIDC, with R$ 238 million in net asset value, which clearly reveals the manager's credit-oriented vocation. The corporate structure brings together Ana Paula de Oliveira, Cláudio Silva Fernandes, Fabiana Valéria dos Santos, Manuel Roberto Bravo Caldeira, in addition to the legal entities Iguana Associados Serviços Administrativos Ltda. and Ziggy Participações Ltda.

Track record and governance

With over fifteen years of continuous operation, Iggy has built a clean disciplinary record: no records of penalties or administrative proceedings with CVM or ANBIMA, and it is a signatory to three self-regulation codes of the association. This track record is a relevant differentiator in a segment where conflicts of interest and irregularities are not uncommon. The fund governance structure benefits from robust partners: BRL Trust DTVM (part of the Apex group) acts as administrator and Baker Tilly 4Partners as auditor — both with a consolidated reputation in the Brazilian structured funds market. The most recent point of attention is the audit emphasis recorded by Baker Tilly 4Partners in XLPR11, pointing out dividend distribution below the legal minimum of 95% of profit in 2025, a situation arising from the portfolio inherited from previous management and losses realized during the restructuring process.

Strategy and funds under management

Iggy's DNA is alternative credit. FIDC is the firm's anchor product, accounting for the bulk of AUM, with Salento as the main reference. In real estate funds, the manager oversees three vehicles: XLPR11 (formerly RRCI11, formerly RB Capital Recebíveis Imobiliários), ONDV11 (Onda Multiestratégia), and TZDK11. XLPR11 is the only one present on the website's analysis system and currently acts as the main public laboratory for Iggy's active management thesis in the FII segment.

The management transition of XLPR11 took place in November 2025, following a formal consultation process approved by unitholders — an initiative that came from the unitholders themselves (10.43% of units), a sign of accumulated dissatisfaction with RB Asset rather than a corporate maneuver. Iggy entered with a more competitive fee proposal: 0.50% per year on market value (minimum of R$ 5 thousand/month), completely eliminating the performance fee which was 20% over the benchmark — a substantial cost reduction for the unitholder. The mandate was expanded to allow up to 100% of NAV allocated in shares of other FIIs, converting the fund into a FoF with broad allocation freedom.

The first portfolio decisions were surgical in intent, even if painful: liquidation at a loss of troubled CRIs — including exposures to GPA, ONM, Moura Debeux, Galleria, and Canopus — to clean up the balance sheet and reposition the portfolio. Today the fund holds 59% in FII shares (TRUE11, VCRR11, CXRI11, EMET11), 29% in remaining CRIs (some still in stress, such as Convisa with 0% par UP), and 12% in cash.

Strengths and points of attention

• Clean disciplinary record and longevity: 15 years without regulatory penalties is a relevant credential for an alternative asset manager.
• Expressive cost reduction in XLPR11: the elimination of the performance fee and the reduction of the management fee better align the manager's interests with those of the unitholder.
• Flexible mandate and declared active management: the freedom to allocate up to 100% in FIIs allows capitalizing on market distortions in times of stress — consistent with the firm's alternative philosophy.
• Solid governance infrastructure: BRL Trust as administrator and Baker Tilly 4Partners as auditor provide an independent layer of control.

• Short track record in the FII segment: Iggy's consolidated experience is in FIDCs — FII management still lacks a long and public track record for validation.
• XLPR11 in transition phase without result validation: the fund trades at a discount (P/NAV of 0.93) and still carries stressed CRIs; the mean reversion thesis is rational, but not proven under the new management.
• Audit emphasis on distribution below the legal minimum: although circumstantial, the formal record imposes caution regarding the short-term income flow.
• Concentration in a few FIIs in the XLPR11 portfolio: TRUE11 represents 33% — high concentration that amplifies the risk of a single thesis.

For which investor it makes sense

Iggy Investimentos makes sense for the investor seeking exposure to active and independent management in alternative assets, with a willingness to tolerate volatility and term asymmetries. In the specific case of XLPR11, the appropriate profile is someone who believes in mean reversion in discounted FIIs and accepts an 18 to 36-month horizon for the portfolio restructuring to produce visible results. The fund is not suitable for those who depend on stable short-term passive income — the audit emphasis and remaining stressed CRIs indicate that income distribution may remain irregular while the portfolio reorganizes.

What to watch: evolution of P/NAV and DY in the next managerial reports, resolution of stressed CRIs (especially Convisa), and whether concentration in TRUE11 will be reduced as the FII market normalizes. The manager deserves monitoring — but not yet full validation.