TRX Gestora de Recursos

TRX Gestora de Recursos (CNPJ 13.362.610/0001-87) was founded on January 13, 2011, in São Paulo, and has established itself as one of the leading independent managers of brick-and-mortar FIIs in Brazil. At the helm are founding partners Luiz Augusto Faria do Amaral (CEO — civil engineer from Mackenzie, postgraduate in economics from FGV, CVM-licensed manager, with over 120 BTS/SLB operations on his resume) and José Alves Neto (COO — over 20 years in real estate operations and over 15 million square feet developed). The firm carries a milestone of the national market in its own history: the raising of R$ 3 billion in TRXF11, the largest fundraising by a real estate FII in the history of Brazil. Today it manages three listed funds (TRXF11, TRXY11, and TRXB11), with AUM hovering around the billions — R$ 6.88 billion according to Mais Retorno records and about R$ 10 billion according to its own institutional communications, reflecting more than 150 properties and hundreds of thousands of unitholders.

Track record and governance

TRX's history since 2011 has matured around the urban income thesis, and the most visible result is in its flagship: TRXF11 has accumulated +76.02% against +25.94% for the IFIX since January 2020, according to the manager's platform, positioning itself as the 3rd largest brick-and-mortar fund on B3. The fund has over 300,000 unitholders (302,950 according to Mais Retorno) and R$ 6.17 billion in equity, sustaining a consistent track record since its 2019 IPO.

In governance, two recent moves deserve mention. In March 2026, TRX hired Paulo Tilkin, with 11 years at Iguatemi, to lead the Shopping Centers thesis — a sign of the expansion of the specialized team beyond income retail. In August 2025, Apex Group assumed fiduciary administration, with no operational impact for the unitholder; the reference administrator continues to be BRL Trust DTVM. A nuance between the vehicles is worth noting: TRXY11 is recent (17 months old) and TRXB11 operates as a controlled satellite — 98.92% of its units are held by TRXF11 itself, so the small unitholder is a minority in general meetings.

Strategy and funds under management

Looking at the whole picture, TRX does not repeat the same fund three times: it builds three vehicles with distinct and complementary roles. TRXF11 is the income anchor — premium urban income in long atypical contracts (BTS and SLB) adjusted by IPCA, 122 properties, 382 tenants, 17 states, 7 segments, and a 12-year WAULT. TRXY11 is the active real estate hedge fund, combining CRIs, FIIs, real estate stocks, and residential swaps into a single vehicle, with active management in the secondary market and an equity value that jumped from R$ 36 million to R$ 316 million across three offerings. Meanwhile, TRXB11 is the retail SLB satellite, with 14 properties rented to Sendas/Assaí (66% of revenue) and PCAR3 (34%), raising capital via securitizations for the TRXF11 ecosystem.

This architecture is anchored by major institutional tenants and assets — Albert Einstein Hospital (delivery scheduled for Jul/2026), Sírio-Libanês (from the acquired Brookfield portfolio), and Shopee. The honest trade-off is the dispersion of quality among the vehicles: internal ratings range from 8.5 (TRXF11) to 5.5 (TRXY11) and 4.3 (TRXB11), showing that the flagship's brilliance does not automatically transfer to the satellites.

Strengths and points of attention

• TRXF11's track record, easily beating the IFIX since 2020 and ranking as the 3rd largest brick-and-mortar fund on B3.
• Record fundraising of R$ 3 billion, demonstrating execution capacity and access to capital.
• Robust and diversified portfolio: 12-year WAULT, 382 tenants, 0.46% vacancy, and 69.8% of revenue in atypical contracts.
• Liquidity and founders present since 2011, with proven expertise in BTS/SLB.

• TRXY11 with units down -18% in 17 months (dividends totaling ~21% nominal): active management thesis still lacking a long history to validate the promised alpha.
• TRXB11 with P/BV of 1.80 — a mathematical artifact of very low liquidity (only 603 external unitholders). Anyone buying in the secondary market at R$ 177.55 against a BV of R$ 98.70 faces the risk of a nominal loss of up to 44% in any structural event.
• GPA/PCAR3 concentration: the historical GPA block accounts for 24.24% in TRXF11, and PCAR3 underwent an extrajudicial reorganization (a May/2026 agreement mitigated, but did not eliminate, the risk).

Which investor it makes sense for

The conservative profile, focused on predictable income, finds its best representative in TRX through TRXF11: mature, diversified, long atypical contracts, and a guidance of R$ 0.90–0.93/unit until Dec/2026. The active investor, looking for alpha, can look at TRXY11 as a bet on the firm's active management competence — but with the caveat of a short history and units still in negative territory. As for TRXB11, it only makes sense indirectly, via TRXF11: for the market unitholder, it is a price trap, not an opportunity. What to watch going forward: the delivery of Albert Einstein and the conclusion of the MOU with Atakarejo in 2026, the evolution of the new Shopping Centers front under Paulo Tilkin, the recovery of TRXY11's unit price, and the developments of the PCAR3 risk on the flagship's revenue. This analysis is informative and does not constitute a buy recommendation.