How did EXES11 outperform the IFIX by more than 200%?
The IFIX — Brazil's benchmark index for exchange-traded real estate investment funds (FIIs, the Brazilian equivalent of REITs) — has posted negative returns in 2026, squeezed by the country's high benchmark interest rate, the Selic. EXES11 sits on the opposite side of that trade: it's a paper fund that holds mortgage-backed securities (CRIs — Certificados de Recebíveis Imobiliários) that generate more cash precisely when rates rise. While the index fell, the fund delivered R$ 0.13 per share for 16 straight months. The 200%-plus gap is the arithmetic result of these two forces pulling in opposite directions.
What is the EXES11 fund?
EXES11 is managed by Éxes, a vertically integrated asset manager: the same firm originates, structures, and securitizes most of the assets the fund holds. Unlike brick-and-mortar REITs (which own malls, industrial warehouses, or office buildings), EXES11 is a paper fund — it invests in CRIs, fixed-income securities backed by real estate receivables. Think of it as a lender: it extends credit to real estate developers, earns interest over time, and distributes those earnings monthly to shareholders.
This lending-style exposure is exactly why the fund behaves differently from traditional real estate funds when Brazil's Selic rate rises — higher rates mean higher interest income on floating-rate CRIs, which translates into more cash available to distribute.
Sixteen consecutive months of R$ 0.13 per share
The dividend yield (DY) is simply annual dividends divided by share price. For EXES11, the math is straightforward: R$ 0.13 × 12 = R$ 1.56 per share annually, yielding roughly 16.86% on an average price of around R$ 9.25 over the period.
What's notable isn't just the yield — it's the consistency. Exactly R$ 0.13 per share, every single month, for 16 consecutive months (January 2025 through August 2026). Two structural factors explain how this holds. First, a significant portion of the portfolio is floating-rate (CDI-indexed CRIs, which track the Selic), so rising rates directly lift cash generation. Second, the fund has built a R$ 0.06/share reserve, used to smooth distributions in lower-income months and avoid volatility in payouts.
| Period | Distribution/share | Payment date |
|---|---|---|
| June 2026 | R$ 0.13 | Jul 24, 2026 |
| May 2026 | R$ 0.13 | Jun 25, 2026 |
| April 2026 | R$ 0.13 | May 27, 2026 |
| March 2026 | R$ 0.13 | Apr 28, 2026 |
| February 2026 | R$ 0.13 | Mar 25, 2026 |
| January 2026 | R$ 0.13 | Feb 27, 2026 |
The table covers the first half of 2026, but the same R$ 0.13/share figure extends back to January 2025 and forward through August 2026 — the full 16-month streak.
August portfolio: what the regulatory filings confirm
Two documents filed with Brazil's securities regulator (CVM) in August 2026 — the Monthly Structured Report (Aug 12) and the Quarterly Structured Report (Aug 13) — confirm that distributions continue and lay out the portfolio composition. The fund holds 18 assets: 14 CRIs, 1 agribusiness fund stake (AGRX11), 2 land transactions, and a cash position.
The rate breakdown reveals the fund's income logic. 56.3% of the portfolio is in CDI + 4.6% instruments (floating-rate, tracking the Selic), and 43.7% in IPCA + 10.1% instruments — IPCA being Brazil's official inflation index. Combined, this structure provides both upside in high-rate environments and inflation protection on the remaining portion.
By allocation, 55.6% is in CRIs and land deals, 22% in the AGRX11 agribusiness fund, and 12.3% in cash and short-term fixed income. Within the CRI portfolio, 45.6% is classified as real estate development credit — loans to projects under construction, which carry execution risk. Concentration is meaningful: the top single holding represents 22.04% of net assets (the AGRX11), the top three account for 37.95%, and the top five for 49.06%.
The most distinctive structural feature is proprietary origination: roughly 73% of assets were originated or structured by Éxes Securitizadora, the manager's own securitization arm. This gives the team control over deal design and diligence standards, but it also means the same firm occupies the roles of manager, structurer, and securitizer — a chain worth noting from a governance standpoint.
Why floating-rate paper funds benefit from high interest rates
The mechanism behind EXES11's divergence from the IFIX comes down to asset class mechanics. Brick-and-mortar REITs — those owning physical properties — are hurt when rates rise: safe fixed-income options suddenly pay more without property risk, so investors demand discounts to hold real estate funds, and price-to-NAV ratios compress. That's the headwind dragging the IFIX down.
Floating-rate paper funds work the other way. Because a significant share of EXES11's CRIs pays CDI plus a spread, every Selic increase directly raises the fund's income on those positions. More income means more distributable cash — and, at the same time, more capital flowing out of property funds and into fixed income pushes the IFIX further down. EXES11 has been catching the tailwind while the index faces the storm.
Risks and structural factors to monitor
Strong recent performance doesn't erase underlying risks. The fund's own filings flag several areas that warrant ongoing attention.
- Small shareholder base and limited liquidity: with just 2,405 shareholders and 14.1 million shares outstanding, larger positions may move the price on the way in or out.
- High exposure to development-stage CRIs: 45.6% of the CRI portfolio finances ongoing construction projects, which carry execution risk — delays or cost overruns can affect repayment timelines.
- 22% in a single asset (AGRX11): the largest position is an agribusiness fund managed by the same firm, raising both concentration risk and potential conflict-of-interest concerns.
- Vertical integration: manager, structurer, and securitizer in one house is an operational advantage — but it concentrates governance risk at a single point.
- Ávida CRI in bankruptcy proceedings: this position represents 1.2% of net assets. According to the fund's latest updates, payments remain current and collateral covers 450% of the outstanding balance.
What the next months depend on
EXES11's forward performance is tied to variables investors can track directly. The most important is the trajectory of the Selic: since the majority of the portfolio is CDI-linked, any rate cuts would reduce absolute income on those CRIs and, over time, test whether the R$ 0.13/share distribution can be sustained without drawing down the reserve.
The second variable is the health of the development CRI book: with nearly half the CRI portfolio linked to projects under construction, monthly and quarterly filings are the right place to watch for new delinquencies or renegotiations beyond the existing Ávida case. The third is the performance of AGRX11, given its 22% weight in the portfolio.
August's filings capture where the fund stands today. The streak of consistent distributions sits on one side of the ledger; portfolio concentration and limited liquidity sit on the other. Whether EXES11 continues to outpace the IFIX depends on the high-rate environment persisting and the credit book holding. Monthly filings are the tool for tracking whether both conditions remain in place.
