Verdict: SELLS — Note 3.8/10
The financial statements of 2025, audited by Grant Thornton without reservation, confirm that the equity reached the settlement event in full: PL of R$ 115,09 Mi, net result 3,1× greater than in 2024 and robust cash. This is good news for those who have been betting on arbitration — but it does not change the recommendation. The unit negotiates the R$ 79,99 against a delivery value of R$ 89,70 in VVCR11 units, with no income on the way and with minimal liquidity. The thesis continues to be arbitration for specific profile, and sale to those who need flow.
What DFs 2025 confirm
In May 2026 the 31/12/2025 financial statements of the HCHG11 were published, with the opinion of Grant Thornton without reservation. The most relevant number is the net result of the year: R$ 13,71 Mi, high 3,1× over 2024 R$ 4,36 Mi. . Total revenue jumped from R$ 5,52 Mi to R$ 14,94 Mi, driven by positive market marking (MtM) of IPCA+ CRIs portfolio throughout the year — direct effect of opening spreads in the high grid segment in the second semester.
The expenses follow in R$ 1,23 Mi in the year: R$ 797 one thousand management (Hectare Capital, 0,70% a.a.), R$ 230 one thousand administration (Vortx, 0,20% a.a.) and R$ 32 one thousand legal expenses. No performance fee, no surprises on the footer. The return on equity closed at 12,16% in the year.
Another striking change in the heritage structure: the cashier literally came out R$ 1 thousand in 31/12/2024 for R$ 9,97 Mi in 31/12/2025. . This move, combined with the R$ 19,67 Mi allocated in fixed income fund shares, shows that the fund manager was dismounting position in CRIs and stacking liquidity precisely for the divestiture process. The remaining 13 CRIs are worth R$ 86,4 Mi (PL 75,07%), evaluated at MtM Level 2 — mean duration of 2,49 years and average IPCA + 7,09% rate.
The dividends paid in 2025 totaled R$ 11,32 Mi, or R$ 9,43/unit, an average of R$ 0,786/month. It is a level consistent with IPCA+ paper funds active as KNIP11, AFHI11 and KNCR11 — except these three keep paying, and the HCHG11 stopped.
Main equity indicators
| Indicator | 31/12/2024 | 31/12/2025 | Difference |
|---|---|---|---|
| Net Heritage | R$ 110,7 Mi | R$ 115,09 Mi | +4,0% |
| Wallet CRIs | R$ 105,3 Mi | R$ 86,4 Mi | −18,0% |
| Fixed income IF units | R$ 4,2 Mi | R$ 19,67 Mi | +368% |
| Box | R$ 0,001 Mi | R$ 9,97 Mi | very relevant |
| Total revenue in the year | R$ 5,52 Mi | R$ 14,94 Mi | +170,6% |
| Net result | R$ 4,36 Mi | R$ 13,71 Mi | +214,4% |
The thesis remains the same
If the DFs confirm that the estate is alive and well, why keep the sales recommendation? Because the trigger of the decision is no longer the operational performance of the fund — it is the mechanics of the settlement approved in 27/11/2025.
In that Formal Consultation, 43% of the unit holders approved the disposal of 100% of the assets to the VVCR11 by R$ 107,64 Mi, equivalent to R$ 89,70/unit. With the unit negotiating today the R$ 79,99, that means theoretical upside of 12% fence — only three points close this account:
- Payment is in VVCR11 units, not in cash. Who holds HCHG11 today automatically becomes VVCR11 unit at closing. The final return depends on the price of the VVCR11 unit on the day of the swap, not the current P/VP of the HCHG11.
- There's no firm schedule. The previous conditions of the operation are still pending. It can take weeks, it can take quarters — and the fund does not pay income in the interval.
- Liquidity R$ 96 thousand/day, 569 unit holders. Position of R$ 100 thousand takes about 5 nails to settle without price pressure. Whoever needs to get out quick eats the spread.
There is also an embedded gap in the CRI evaluation itself: the portfolio was marked R$ 86,5 Mi and was sold by R$ 79,5 Mi, about 8,7% below. At the end of the unit, this is what makes the VP/unit of R$ 95,91 fall to R$ 89,70 in the delivery value — a difference of 6,5%. The market, by pricing R$ 79,99, is demanding an additional discount of 10,8% on this output price just to look forward to.
Who should go out and who can stay
The profile that can still accept holding HCHG11 is patient arbitrator: investor who has free cashier, does not depend on the monthly flow, it is up to become the unit of the VVCR11 without complaining, and is willing to wait 6 to 18 months for the difference between R$ 79,99 and R$ 89,70 — discounting the risk of the VVCR11 unit falling in the way.
For everyone else, the case is clear: carry out position and migrate to active IPCA+ paper funds, with present management, regular monthly distribution and decent liquidity. KNIP11, AFHI11 and KNCR11 are the most obvious comparable in the high-grade paper bucket — all with uninterrupted pay record track, much higher daily volume and managers with new vehicles being launched (mark opposite to the HCHG11, which is closing).
The comparison within the medium-risk high-grade paper buffer (13 FIIs) puts the HCHG11 in 13th place, behind JPPA11 (6.2), JSCR11 (6.1) and EXES11 (5.5) It's not a bad wallet issue — it's a bottom-up issue standing still, no flow, waiting to close the door.
The DFs 2025 audited are good news for those who are already inside: the equity that will be delivered to the VVCR11 is confirmed, without reservation. But a good wallet doesn't pay rent. The recommendation follows VENDA, note 3.8/10.
