O GAME11 (Guardian Multistrategy Real Estate I FII) is sold as hybrid/multistrategy, but in essence it is a fund of real estate credit: most of what he carries are CRIs — Certificates of Real Estate Receivables, backed debt securities in rent, financing or sale of real estate flows. The unit lends money to a debtor (a builder, a retail network) and receives interest corrected by an index. It's fixed real estate income with an I.F.I. face.
What makes this reanalysis relevant is that the April/2026 report showed a portfolio in motion — not the static photo that many unit holders imagine. Guardian recycled assets, made a profit where it made sense, and pushed the average portfolio spread up. Let's take it apart piece by piece.
The GAHF: what are the 42% of the PL that nobody understands
The point that confuses those who look at the GAME11 for the first time is the GAHF — the Guardian Hedge Fund. He answers for about 39,6% to 42% of equity from the bottom, and it's not a CRI: it's a Internal foF. . FoF (Fund of Funds, fund) means that GAME11 buys shares from another Guardian’s own fund, and that fund allocates to several assets. It's one layer inside the other.
To see what you really have, you have to do the look-through — literally "look through". Instead of treating GAHF as a single line of 42% from PL, we open the box and see what it carries inside, adding these positions to the direct GAME11 portfolio. Made the look-through, the GAHF reveals:
- Liquidity CRIs linked to the CDI — ~18,5% of the PL of the GAME via GAHF. It's FoF's box mattress, yielding internal CDI.
- GCORE — PL 9,5%. Another trust fund in the house.
- CPOP-S — PL 5,1%.
- VRTM11 — PL 4,0%.
- MANA11 — PL 1,4%.
- INRD11 — 0,9% · ITIP11 — 0,2% · ITIT11 — 0,1% (the newly added).
This is where the central news comes in: by March, MXRF11 was the largest position of GAHF via look-through — 6,9% PL about GAME11, and also the largest overlap with what other portfolio funds already carried. In April, Guardian zeroed that entire slice and made the capital gain. It eliminated at once the asset with the lowest relative spread and the highest redundancy. It's the definition of disciplined recycling.
The 2 CRIs Sicredi a IPCA+9,58%: where the cashier went
Part of the money from the sale of MXRF11 was for two new CRIs originated with ballast in Sicredi — the system of credit unions, one of the largest financial conglomerates in the country, with high ratings and capillarity in agribusiness and retail. It is not a risk debtor; it is quality debt.
The detail that matters is the fee: IPCA+9,58%. . When we say "IPCA+ spread", the spread is real interest above inflation — that is, the unit earns the variation of the IPCA more 9,58 percentage points per year, locked. In a cycle where Selic must fall, capturing a real interest of almost 10% for years is exactly the kind of movement that protects the distributable result. These two CRIs. raised the average portfolio spread, which today is in IPCA+9,26% over the VP curve (R$ 9,90/unit).
The 3 Inter Asset FIIs: IFIX within GAHF
The other novelty is three Inter Asset FIIs added via GAHF — each represents a share of the IFIX index, which is B3's main index of real estate funds:
- ITIP11 (IFIX Paper) — replicates the share of funds from paper index, i.e. CRI funds. Consistent with the credit thesis of GAME11.
- ITIT11 (IFIX Brick) — replicates the share of funds from brick, those who own physical properties (lajes, sheds, malls).
- INRD11 (Residential) — exposure to the residential sector.
They are small positions (0,2% + 0,1% + 0,9% of the PL), functioning as a tactical beta allocation to the FIIs market — a cheap and liquid way to have indexed exposure to a broad basket without having to select background by background. It makes sense in the context of a multistrategy, but the size makes it clear that it's satellite, not core. The heart of the GAME11 remains direct CRI.
The actual cost of GAHF: the fee you pay twice
No honest analysis of GAME11 escapes the most uncomfortable point: GAHF charges its own fee. As it is a fund within the fund, the unit pays the administration of the GAME11 and the implicit layer of GAHF over the ~42% of PL passing through it. It's the famous one. double rate.
Let's put in a number. The administration of GAME11 is decreasing by PL, between 1,10% and 1,15% a.a. The GAHF layer adds something like 0,3% to the 0,5% a.a. implicit on the slice it represents. In addition, the Total cost effective is in the range from 1,3% to 1,5% a.a.
DPS, reserve and sustainability of the proceeds
The minimum distribution guide follows on R$ 0,10/unit, which gives a DY of 13,19% a.a. on the quotation of R$ 8,95. The history shows a fund manager who adjusts the proceeds with sincerity, without artificially inflating:
| Period | DPS (R$/unit) | Background |
|---|---|---|
| 2022–2023 | 0,10 | stable |
| Feb/2024 | 0,09 | ↓ adjustment (IPCA dropped) |
| Feb/2025 | 0,095 | resumption ↑ |
| Feb/2026 | 0,10 | Post-3th emission (R$ 63 mi, +31% PL) |
The 3rd issue, completed in 13/02/2026, captured R$ 63 mi and grew the PL in 31% — and, like every issue, temporarily diluted the reserve of results. The reserve fell to R$ 0,074/unit on Feb/2026. The good news of the April report is that she recovered to R$ 0,096/unit, and the result of April was R$ 0,114/unit — the largest in 12 months. . In other words, the background distributes R$ 0,10 but generated R$ 0,114, by recomposing the mattress. The yield of R$ 0,10 is not being sustained by accounting magic; it is covered by the current result.
The portfolio of CRIs in detail
The indexation of the portfolio is predominantly inflation: 70% IPCA+, 21% CDI+ and 9% preset. . The concentration is moderate — the HHI (concentration index) is in 0,21, the background is 100% and 96% of transactions have real fiduciary disposal As collateral. Fiduciary alienation means that the property-lastrum stays in the name of the creditor until the debt is settled: if the debtor does not pay, the recovery of the good is quick and does not depend on long judicial proceedings. It's the strongest guarantee on the credit market.
| Debtor | % PL | Contents | Spread | Sector |
|---|---|---|---|---|
| GAHF (Inner FoF) | 42,0% | — | IPCA+9,75% est. | Multisectoral |
| Carrefour | 11,4% | Pre | 14% a.a. | Retail |
| Saint Benedict (3 CRIs) | 7,2% | CDI+ | 3,0–4,0% | Res./Logistics MT |
| MRV & Co (4 CRIs) | 7,1% | CDI+/IPCA+ | 3,0–9,6% | Residential |
| Almanara | 6,9% | IPCA+ | 8,0% | Retail (restaurants) |
| Compete/Piracicaban | 3,8% | CDI+ | 3,8% | Logistics |
| HBR Realty (Hotel W SP) | 3,5% | CDI+ | 2,6% | Hotels |
| Habitasec (Evolution) | 3,5% | IPCA+ | 6,3% | Offices |
| Lot5 | 3,5% | IPCA+ | 10,6% | Residential |
| Vitacon | 3,3% | CDI+ | 2,4% | Residential |
Notice the Carrefour line: PL 11,4% in a CRI Preset to 14% a.a. It's the boldest bet in the wallet. Locking down nominal 14% is great if Selic falls — you get an interest above the future CDI. But it's a directional bet: it depends on Selic going down as the market expects.
Scenario Selic: the objective effect on Carrefour Pre
The pivot point of the thesis is what happens with the basic interest rate.
- Favorable scenario (Selic drops from 14,5% to ~ZQX1ZX): CRI Carrefour pre-fixed to 14% gains positive market marking — it proceeds to yield above the current CDI, and its market value rises. Combined with IPCA+ CRIs that continue to load well, there is room for DPS to climb to the range from R$ 0,11 to R$ 0,12/unit.
- Unfavourable scenario (Selic does not fall): the preset 14% loses relative attractiveness (negative marking), and the risk focuses on the sprayed default of the residential in SP and MT. It is not a risk of crisis — it is upside compression.
There is also a structural opposite wind: with the 66% of the IPCA+ portfolio and the IPCA in a fall cycle, the spread can compress as the assets are rolled — hence the importance of the fund manager now locking roles like the CRIs Sicredi the IPCA+9,58%, fixing high real interest before it disappears.
The Guardian Manager
The Guardian was founded in 2020, manages R$ 9,3 bi and has two FIIs listed — the GARE11 and the GAME11 (fund manager's note 7,5). The strong point is the structuring of warranties: 95% of fiduciary alienation and a transparent management report, with 12-month DRE and explicit guidance. The weakness is precisely what this analysis has dissected — the GAHF adds the fee layer, and the fund is still new, without having gone through a full cycle of credit stress.
Verdict: ACUMULAR
Note: 7,0/10 → ACUMULAR (absolute version: MODERNED BUY, 7,2)
The April/2026 recycling improved the thesis: zeroing the MXRF11 eliminated the largest overlap of the portfolio and made capital gain; the two CRIs Sicredi the IPCA+9,58% raised the average spread; and the result of R$ 0,114/unit — the largest in 12 months — recomposed the reserve for R$ 0,096/unit, covering with clearance the R$ 0,10. DPS R$ 8,95, with 0,93 P/VP (7% discount on R$ 9,582 VP), 13,19% DY a.a., zero leverage and 96% from real fiduciary divestment operations, the GAME11 offers delegated multi-strategy real estate credit with strong collateral and discount on equity. The double fee cost of GAHF is real, but today it is paid for the extra spread that management captures.
For whom it is: investor who wants exposure delegated multistrategy without mounting CRI portfolio alone, search DY of 13%+ with real guarantee (fiduciary alienation) and bet on Selic's fall via CRI Carrefour pre-fixed. For those who are not: who already has GCORE (doubles the position of 9,5% that appears in the look-through), either pure CRI thesis without the FoF layer, does not tolerate the double rate, or need quick output — daily liquidity revolves around R$ 263 thousand, low for those thinking in large positions.
The message from the April briefing is that the Guardian is managing the fund, not just managing it. Zeroed the lowest return and highest redundancy asset, stuck real high interest and recomposed the reserve in the same quarter. For the income unit holder who understands the cost of the structure and tolerates modest liquidity, the discount of 7% on the VP justifies accumulating — watching the outcome of Selic and the size of the GAHF layer in the next reports.
