Kilima Gestão de Recursos

Kilima Gestão de Recursos (CNPJ 34.877.615/0001-12) is the asset management arm of the Monte Bravo group, authorized by CVM in April 2020. Monte Bravo was founded in 2010 and evolved into an integrated financial platform—brokerage, family office, capital markets, and fund management—with over 500 employees and 10 offices distributed across Brazil (SP, RJ, RS, MG, PR, GO, and DF). With strategic backing from Trafalgar (ex-UBS/Itaú), Paulo Corchaki took over the leadership of Kilima, which became commercially identified as Kilima Asset and is in the process of renaming to Monte Bravo Asset Management. The group's consolidated AUM in the funds vertical is around R$ 2 billion, concentrated in real estate credit (CRIs/CRAs) and real estate funds.

Track record and governance

The manager is young—operational start in 2020—but the Monte Bravo group has a track record of over a decade in the financial market. The flagship fund KIVO11 (Kilima Volkano Recebíveis Imobiliários) was launched in December 2021 and achieved prominence in 2023 by being voted the FII that paid the highest yields in the year (DY 15.84%), according to the Quantum Finance platform. Administration is outsourced to BRL Trust DTVM—a standard choice in credit-focused houses—and regulatory supervision is exercised by CVM. The governance point of attention is the manager's relatively short institutional history: without a complete credit cycle history, restructuring capacity is still being tested in practice—as evidenced by the CRI Starbucks case (debtor in judicial reorganization since Dec/2023, judicial mediation ongoing without concrete progress until mid-2025).

Strategy and funds under management

Kilima operates with a focus on high yield real estate credit profile: CRI portfolios with average rates of IPCA+10.4% p.a. and CDI+4.3% p.a., directed to development, allotment, timeshare, and corporate receivables operations. KIVO11 concentrates this DNA: AUM of ~R$ 200 million, 29 CRIs in the portfolio, duration of 2.72 years, with active management of origination, monitoring, and asset recycling. The minimum allocation of 67% in regulated instruments (CRI, LCI, LIG, eligible debentures) ensures CVM compliance. Besides KIVO11, Kilima/Monte Bravo Asset operates KISU11 (passive FoF tied to the Suno 30 index), demonstrating the ability to act in different architectures—high yield active and indexed passive. The credit strategy benefits from integration with Trafalgar, which expanded the origination pipeline with private credit funds in various risk gradations.

Strengths and points of attention

• Competitive DY and above-average distribution history: KIVO11 was the largest dividend distributor among FIIs in 2023 and continues to deliver 17%+ tax-free, sustained by an accumulated reserve of ~R$ 57 MM.
• Institutional backing of the Monte Bravo group: 10 offices, 500+ employees, and integration with Trafalgar provide muscle for origination and management that solo managers lack.
• Competitive management fee (1.15% p.a.) with active management: the fee level is consistent with the high yield proposal without being predatory.

• Payout above current earnings (125%): distribution sustained by reserve burning—when the cushion runs out (estimate 2–3 years), sustainable DPS drops to the level of current earnings.
• Stressed credits in the portfolio: CRI Starbucks in default since Dec/2023, with a mediation process without a defined resolution until mid-2025. Recovery capacity is still being proven.
• Young manager in rebranding process: transition from Kilima to Monte Bravo Asset Management brings identity noise and regulatory uncertainty until completion with CVM/ANBIMA.
• Small unitholder base and persistent discount: ~7,000 unitholders and P/BV 0.69 indicate limited liquidity and market skepticism regarding the resolution of the stressed portfolio.

For which investor it makes sense

Kilima/Monte Bravo Asset combines ambition in high yield credit with real institutional backing, but still lacks the long history that distinguishes the segment's benchmark managers. It makes sense for those seeking exposure to CRI with high DY, accepting restructuring risk and seeing the current discount (P/BV 0.69) as an entry point with a margin of safety. It is not suitable for those who demand stable DPS, a long manager track record, or high daily liquidity. Points to monitor: resolution of CRI Starbucks, evolution of the distribution reserve, and completion of the rebranding to Monte Bravo Asset Management.