Suno Asset

A Suno Asset is the resource management arm of Grupo Suno, an ecosystem founded by Tiago Reis in February 2017 as an independent "buy and hold" analysis house and today a reference in financial education in Brazil (over 800 thousand subscribers on YouTube). The manager itself was born in 2021 and manages about R$ 2 billion directly, within a group that advises approximately R$ 6 billion and targets R$ 10 billion by December 2026. There are about 240 thousand unitholders combined — a base that reflects a rare competitive advantage among FII asset managers: an organic acquisition funnel fueled by the media and research brand itself.

Track record and governance

Technical leadership is in the hands of Vitor Lopes Duarte (CIO), former president of Banestes DTVM, where he managed R$ 5.9 billion — including the traditional BCRI11. The structure features José Eduardo Daronco as IR Head and Gabriel Chueke in Compliance. The most sensitive governance point in a firm that also does research and news is the conflict of interest, and Suno communicates that the Research, Asset, and News operations are segregated and independent — vigilance that the investor must maintain, but which is formally addressed.

Administration and custody are mostly handled by top-tier names: BTG Pactual administers SNME11, SNFF11, and SNCI11; SNEL11 is administered by Singulare with PwC auditing; SNFF11 is audited by KPMG. No public legal proceedings, sanctions, or negative regulatory events were identified against the manager — a clean track record, albeit young (5 years of Asset).

Strategy and funds under management

The portfolio of 6 to 8 listed funds covers a broad range: agro credit (SNAG11), agricultural land (SNFZ11), solar distributed generation (SNEL11), middle-risk CRI paper (SNCI11), hybrid multi-strategy (SNME11), and FoF (SNFF11), in addition to FIA, FI-Infra, and off-exchange pension funds. The overall thesis is real diversification between real asset classes and credit, with a strong bet on FIAGRO and infrastructure — segments where the firm tries to differentiate itself from competitors more concentrated in traditional brick and paper.

Internal ratings show moderate quality dispersion: ranging from 6.7 (SNAG11) to 5.7 (SNFZ11), averaging in the "good" bracket (7.3 consolidated). Dividend yields are consistently high — between 12.3% and 15.1% — supported by credit carries (CDI+3.7% in SNAG11, high yield CRIs at 19% in SNME11). Earnings consistency appears strongly in SNCI11, with a DPS of R$ 1.00 maintained for 15 straight months and zero leverage in April/26.

There is a clear logic of consolidation and scaling gains: the merger of SNFF11 (a FoF with 71 FIIs, trading at a P/BV of 0.86) into SNME11 was approved at a General Meeting by 75% of unitholders, creating a multi-strategy vehicle of over R$ 800 million with completion expected in the 1st half of 2026. The funds complement each other: SNAG11 and SNFZ11 cover agribusiness from different angles (credit versus land capital), SNCI11 and SNME11 cover real estate credit in different risk profiles, and SNEL11 brings the infrastructure/ESG vector (CVM "Sustainable Investment" label).

Strengths and points of attention

• Differentiated organic fundraising via the Suno brand — SNAG11 is the largest FIAGRO by unitholders (127k+) and raised R$ 301.4 million in its 5th issuance, above target.
• Real alpha track records: SNEL11 +80.72% since IPO (vs IFIX +39%), SNME11 +17.85% over IFIX, SNFF11 124% of the index in 5 years.
• Solid credit risk management: SNAG11 with zero default in a difficult agro cycle (2024-2025); SNCI11 with active and transparent workouts.
• CIO with proven background and top-tier administrators/auditors.

• Young firm in FIAGRO: SNFZ11 has a 10-year land capital gain thesis, with a target real IRR of 12.11% not yet tested by a full cycle.
• High yields come from risk: high-yield CRIs (19%) and middle-risk with workouts (CRI RDR, AIZ, Vanguarda, Solar Junior ~6.91% of SNCI11's NAV) require monitoring of recovery.
• Structural conflict of interest: research, media, and asset under the same umbrella — declared segregation must be monitored in practice.
• Originator concentration: in SNFZ11, farms and CRAs come from the same group (Jequitibá Agro), raising counterparty risk.

For which investor it makes sense

Suno Asset makes sense for the FII investor seeking high income and diversification in real assets and alternative credit (agro, solar energy, CRI), with a risk tolerance above the brick-and-mortar average. The conservative profile tends to focus on SNCI11 (predictable income and zero leverage), while the moderate to aggressive investor finds more value in the SNAG11/SNEL11 combo and the consolidated SNME11 vehicle. The long-term and high-tolerance investor is the target audience for SNFZ11, whose land appreciation thesis has not yet been validated by a full cycle. What to watch: effective segregation between the group's areas, the evolution of credit workouts, originator concentration in agro, and the delivery of the SNME11/SNFF11 consolidation on the promised schedule.