Inter Asset

A Inter Asset Gestão de Recursos LTDA (CNPJ 05.585.083/0001-41, authorized by CVM Resolution No. 21/21) is the asset management arm of the Banco Inter ecosystem (B3: IBGI3), with headquarters in Belo Horizonte and São Paulo. It reports R$ 24.36 billion in AuM on its institutional website (R$ 18.19 billion when counting only the CVM 555 funds mapped by Mais Retorno), distributed across 178 funds — of which 86 are operational — and more than 540 thousand unitholders. In terms of size comparison, it is a mid-to-low tier house: much smaller than BTG Pactual Asset (R$ 500+ billion) or Kinea/Itaú (R$ 100+ billion), but with the competitive advantage of a captive distribution base in Inter's digital retail. Moody's Local Brasil assigns a management quality rating of MQ1.br — the highest tier of the scale, signaling institutional recognition of processes and risk mitigation.

Track record and governance

The firm has operated in FIIs since 2019 (INLG11 and INRD11 debuted that year; BIDB11 in Sep/2021), providing a real track record, although still untested in a full macro stress cycle in the FI-Infra segment. The governance structure is heavily verticalized within the group: fiduciary administration and custody are generally held by Inter DTVM — which reduces operational friction, but concentrates dependency within the ecosystem itself. Positive governance points appear in the fund reports: unmodified audit opinion from Grant Thornton (INLG11, 2025), active unit buyback programs in three vehicles (INRD11, INLG11) acknowledging the net asset discount, and executed portfolio recycling (sale of the Goiânia warehouse for R$ 116.2 million). The primary responsible person cited is Daniel Castro Domingos Da Silva. Recent events show expansion ambition: creation of a structured products area in late 2024, launch of a market-open FICFIDC, a fixed income fund with 24/7 redemption, and exploration of US real estate.

Strategy and funds under management

Viewed as a whole, Inter Asset does not have a single real estate thesis — it covers four distinct segments with different philosophies, which reveals a generalist house building a retail shelf rather than a conviction boutique:

• Active FI-Infra (BIDB11): the flagship and biggest differentiator. ~92% in tax-exempt debentures (49 issuers, duration 5.5 years), DY of 15.3% — the highest in the segment — and consistent outperformance vs. peers (+17.6% in 2024 and +24.47% in 2025, against -6% and +9.71% for BDIF11). Here there is true stock picking.
• Residential Brick (INRD11): stabilized multifamily, 5 buildings in 4 cities, 490 units. Disciplined management — occupancy above 90% for 14 months, dropouts falling from 7.6% to 2.7%, and DPS rising +25% in 3.5 years.
• Logistics (INLG11): 4 class A warehouses, 113.9 thousand m², vacancy close to zero, 100% IPCA-indexed contracts, lean fee of 0.46% p.a.
• Indexed Liability (ITIP11): ETF disguised as an FII that replicates the Teva Papel index via 36 FIIs, 0.30% p.a. fee, and no active management — the firm's role is merely to execute rebalancing.

The dispersion in quality is evident: ratings range from 5.9 (ITIP11) to 6.8 (BIDB11), with no elite funds. Dividends are generally consistent, but investors should expect DPS volatility — INLG11 cut from R$ 0.76 to R$ 0.60 in Jan/2026 to recompose reserves after distributing the gain from the Goiânia sale, and ITIP11 carries a double layer of fees. There is thematic complementarity (tax-exempt income via BIDB11, inflation via bricks, credit via liabilities), but no coordinated allocation among the vehicles.

Strengths and points of attention

• Moody's MQ1.br rating — the highest management quality tier.
• Real and auditable track record in BIDB11, with documented outperformance over multiple years against the FI-Infra peer set.
• Competitive fees across several vehicles (0.30% in ITIP11, 0.46% in INLG11, 1.00% in INRD11) and active capital governance (buybacks, recycling).
• Captive distribution via Banco Inter and allocation agility due to a small NAV base.

• Intra-group concentration: administration, custody, and distribution largely within Inter DTVM/Banco Inter.
• Young FI-Infra team, not yet tested in a full credit stress cycle.
• Less transparency via public managerial reports than larger firms.
• No high-rating FIIs: solid shelf, but without a high-conviction product; many trade at a steep discount (P/NAV of 0.63 to 0.66 in INRD11 and INLG11).

For which investor it makes sense

Inter Asset makes sense for the retail investor within the Inter ecosystem seeking immediate diversification and monthly income, and especially for those who want exposure to tax-exempt debentures via BIDB11 — this is the product where the firm actually delivers differentiated active management. For bricks (INRD11/INLG11), it suits those who accept volatile DPS in exchange for real assets indexed to the IPCA trading at a relevant asset discount. The ITIP11 liability fits beginners who want a ready-made "paper index", aware of the dual fee layer. What to watch: BIDB11's credit performance in the first significant default cycle, dividend sustainability after reserve-reconstitution cuts, the effectiveness of buybacks in closing the discount, and operational dependence on the Inter group.