Before purchasing (or promediar) HLOG11, read this line:
HLOG11 and HSLG11 are not the same background — they are not the same fund manager, they are not the same size, they do not have the same risk profile. Hedge Investments (HLOG11) and HSI Southern Hemisphere (HSLG11) are separate houses. . You can have both in the portfolio without any statistical overlap. But HLOG11 has three critical points that HSLG11 does not have: (1) Real leverage of 29,5% from PL via CRI to IPCA+6,75% by 2031 — almost 5 years of structured debt ahead; (2) the shed of Viracopos (which accounts for 64% of revenue) is fiduciary alienated the securitiser as a CRI guarantee — the fund manager may not sell or refinance freely; (3) 97% of contracts will expire in the next 24 months (54% in 2026 + 43% in 2027). It's a binary window. If the logistics market is pro-locator, the reviews bring real gain. If you are pressed, the fund manager accepts cut or loses tenant. P/VP 0,77 is not a free discount — it is what the market pricing for these three combined risks.
Current photo of HLOG11 (Mar/2026)
HLOG11 vs HSLG11 — side-by-side comparison
That is the point that many unit holders have never looked at. The numbers change everything:
| Metric | HLOG11 | HSLG11 |
|---|---|---|
| Manager | Hedge Investments | HSI Southern Hemisphere |
| Net Heritage | R$ 507 Mi | R$ 1,4 bi |
| Quotation | R$ 9,25 | ~R$ 95-100 |
| P/VP | 0,77 | 0,84 |
| DY 12m | 9,5% | ~10% |
| Leverage | 29,5% | ~10-12% |
| Number of ventures | 2 | ~10+ |
| WAULT | 3,5 years | ~5-6 years |
| Quotators | 4.010 | 40.000+ |
| Liquidity (ADTV) | Low | Good. |
The HLOG11 is in essence the "first small and leveraged" Hedge's logistics thesis. It's not bad background — it's deep different HSLG11 on all material axes. Whoever bought it thought he was exposing himself to the same profile made a miscarriage.
What's inside: 2 assets, 1 with 64%
The HLOG11 portfolio is simple and highly concentrated:
- CLIS Viracopos (Campinas/SP) — Fund revenue 64%. Modern logistics shed, typical tenants. Alienated fiducially CRI — the fund cannot sell or refinance freely until 2031.
- Southern Mines CLIS — revenue 36%. Active enterprise + works in progress (expansion).
HHI concentration: 0,52 — high. Two assets = any shock concentrated on one of them reaches 36%-ZQX1ZX from the bottom at once. Standard similar to FIIB11 (mono-active) only here are two assets with unequal weights.
The CRI up to 2031: 30% leverage that eats 41% from revenue
The most underestimated point of the HLOG11 is the financial structure:
- CRI value: R$ 149,9 Mi (PL 29,55%)
- Cost: IPCA + 6,75% a.a.
- Yield: 2031 (more than 5 years ahead)
- Guarantee: Fiduciary alienation of CLIS Viracopos
- Securitizer: TrueSec
- Financial expenditure: approximately Monthly Real Estate Revenue 41% in 2026 (with accumulated IPCA)
In other words: of each rental R$ 100 that enters the background, R$ 41 go to honor the CRI service. . R$ 59 remains to cover administrative costs and pay the unit. When IPCA increases, CRI expenditure increases proportionally — even if revenue also grows (IPCA contracts), net spread can compress.
And there's no way to pay in advance at no significant cost, given that the CRI has a typical prepayment fine.
The false peak of December/2025
That is the point that may have attracted unit holders for the wrong reasons. See the history:
| Period | DPS | Type |
|---|---|---|
| Jan–May/2025 | R$ 0,065 | Recurrent |
| Jun–Nov/2025 | R$ 0,070 | Recurrent (new level) |
| Dec/2025 | R$ 0,135 | FALSE PICO — non-recurring gain |
| Jan–Mar/2026 | R$ 0,070 | Recurrent — Back to Normal |
The DPS of R$ 0,135 on December/2025 is the result of two non-recurring operations: profit from the sale of CLIS Jump (alienated chicken in 2025) + half-yearly adjustment The fund manager's. It is not a regime — it is an event. In January/2026 the DPS returned to R$ 0,07 and has been stable at this level for 3 months.
Who saw R$ 0,135 annualized (× 12 = R$ 1,62) on R$ 9,25 unit and calculated DY from 17,5% is looking at a number that did not exist even as a recurring average. The real DY is R$ 0,07 × 12 R$ 9,25 = 9,1% recurrent. . The difference is the classic confusion between extraordinary and regime.
97% of 24-month revisions — binary window
Here's the most critical point for the current unit:
- 2026: Renegotiation revenue 54%
- 2027: Renegotiation revenue 43%
- Total in those 24 months: Background 97%
- Left (3%): diluted between 2028 onwards
That's window. binary. . There is no "more or less" scenario — it is a or other:
Pro-locator scenario (probability ~55%)
Vacancy in SP/Campinas continues below 8%, industrial demand remains firm with Selic in gradual fall. Revisionals bring full IPCA readjustment + 5-ZQX0ZX real replacement. DPS rises to R$ 0,08-0,09 in 2027-2028. Cota can re-create to R$ 11-12.
Pressed scenario (probability ~25%)
Industrial deceleration with Selic still high + IPCA accelerating (discompass). Renters ask for a discount or leave. DPS stagnant in R$ 0,07 or drops to R$ 0,06. Quota drops to R$ 8.
Lateral scenario (probability ~20%)
Renewals with pure IPCA, no real replacement. stable DPS in R$ 0,07. Quota lateralizes R$ 9-10.
The unitholder needs to be OK with any of these three scenarios before maintaining position. Volatility can be significant, and the R$ 507 Mi fund with 4.010 unit holders has low liquidity — significant outputs move the price.
Overlay with the intra-group hedge portfolio
Another important detail for those who already have other Hedge funds: HLOG11 holds position in HGBL11 (Hedge Brasil Logistics) — another fund of the same fund manager. Receives approximately R$ 427 thousand/month of this investment, but in December/2025 reported loss of capital of R$ 1 Mi In that position.
The HLOG11 is HGBL's unit, and both have the same fund manager — it is the type of intra-group relationship that increases governance complexity. It's not a fraud, it's a fund-raiser.
The 5 risks that the current unit holder needs to monitor
1. Result of 2026 revisions (54% of revenue)
Severity red. . Knowing in July-set/2026 how each renegotiation came about is the event with the greatest impact on the future DPS.
2. Accumulated IPCA vs CRI cost (IPCA+6,75%)
Severity orange. . Every 1pp more in IPCA = R$ 1,5 Mi plus annual expenditure. In background with annual revenue R$ 35 Mi, it is material.
3. Conclusion of the works South of Minas
Severity yellow. . Capex in progress. Delays delay projected NOI increase.
4. Low liquidity amplifies volatility
Severity yellow. . Low ADTV + 4.010 quotaists = small selling pressure or buyer moves price.
5. Overlay with HSLG11 (if unit has both)
Severity yellow. . Same segment (logistics), same region (SP/MG), same tenant profile — apparent, real diversification is smaller.
Verdict: KEEP — note 6,5/10
For whom the HLOG11 makes sense:
- Experienced investor who understands exactly what he is buying — 2 assets with 30% leverage and binary window 2026-2027.
- Small position (≤2% of the total portfolio) that tolerates DPS oscillating R$ 0,06-0,09 and 15-20% drawdown.
- Who is betting on the pro-locator scenario 2026-2027 and has no other logistics FII in the portfolio (care with HSLG11/HGLG11/BTLG11 — overlap).
- Who read the RG Hedge Logistics and understood the mechanism of the CRI Viracopos.
For those who DO NOT make sense:
- Whoever bought it thinking it was HSLG11 — recalibrate the expectation, are different products.
- Who is looking at the annualized DY by the peak of ten/2025 (R$ 0,135) — this number does not repeat.
- Retired needing stable DPS — binary window 2026-2027 is incompatible with predictable flow.
- Who already has HSLG11 and wants to "diversify" logistics — buying HLOG11 is overlapping with additional risk.
- Who does not tolerate leverage of 30% via structured CRI.
In a sentence
HLOG11 and HSLG11 are different funds, from different managers, with different risk profiles — although the acronyms are confused. The HLOG11 is the top of Hedge's logistics thesis: R$ 507 Mi of PL, 2 assets, 30% of leverage via CRI until 2031, and 97% of revisions in 2026-2027. . P/VP 0,77 is not a pure discount — it is what the market charges for these three combined risks. The recurrent PSD is R$ 0,07/month, not R$ 0,135 (this was non-recurrent peak in Dec/2025). For those who understand the trade and have a small position, it is valid thesis. . For those who bought by acronym confusion or by the wrong number of DY, it's time to read the Management Report and decide consciously. The almost identical ticker does not create identical foundations.
