On Wednesday, July 2 July 2026, the quotationists of the 2026 ITIT11 (Inter Teva Brick Index FII) went to the ballot boxes of the extraordinary assembly and said no. The proposal of the fund manager Inter DTVM of Inter DTVM liquidate the fund fund liquidate the fund and migrate everyone to another fund, the INHF11, was repudiated. The next day, July 3, the market response came in the vein: the unit fell. 5,17%, from R$ 61.16 to about R$ 57.00. In the opening auctions, he hit the beat. R$ 55.00 (-10%).
At first glance it sounds counterintuitive. The fund rejected a liquidation — shouldn't it be something neutral, or even positive, for those who wanted to continue? The explanation lies in who was bought and why. To understand, we need to go back to what was put on the table.
What was at stake in the assembly
If you did not follow the beginning of this novel, it is worth reading the book. Complete analysis of the original proposal original proposal, published in June 28. In summary: Inter DTVM proposed to close the ITIT11, sell its portfolio and deliver quotations of the INHF11 to quoters instead. And the detail that made the eyes shine was the price of exchange.
Here comes the first concept. O O O Equity value per share (VP/quote) is how much is worth, in the thesis, each unit if you add all the assets of the fund, take out the debts and divide by the number of units. It is the "accounting" value of the fund. At ITIT11, that number is in. R$ ZQXX0ZQQXX. On the other hand, the market price — as much as the quote costs on the stock exchange — rotated between R$ 57 and R$ 61. The relationship between these two numbers is the o. P/VP (price on equity value)Divide the market price by the equity value. When the P/VP is lower than 1, the quotation is being traded at a discount on equity; higher than 1, with ag.
The proposal provided for deliver units of the INHF11 equivalent to the INHF11 equivalent units. Heritage Value Heritage Value of the ITIT11 — that is, R$ 78.45 per unit. Who bought the paper at R$ 57 would pocket, on paper, a prize of approximately R$ 57. 37%. No it's not little. It was a shortcut to transform a market discount into realized gain, without waiting years for the price to converge to equity.
Conflict of interest at the center of the table. Inter DTVM is not a neutral part of this story: it also manages the INHF11. Migrating quotations from ITIT11 to INHF11 means taking equity from a cheap fund to operate (rate of 0.30% per year, no performance) to a more expensive fund — which charges higher administration fee and still has performance rate. More equity in INHF11 is more revenue for the same fund manager. Every proposal in which the proponent also wins with the result deserves suspicious reading.
Why did the Cotistas vote against it?
The reprobation was not capricho. In investor forums — ClubeFII in particular — the arguments against have accumulated and converged into four concrete points.
1. Change of philosophy: from passive to active. Many people bought the ITIT11 precisely because it is one. FoF indexed — a fund that buys shares of other funds (FoF = "fund of funds", fund of funds) following a benchmark index, without a fund manager actively choosing what comes in and what comes out. It is the equivalent of an index fund of the brick segment: predictable, cheap, no bets. The INHF11 is the opposite: a background. Active, Hybrid and Multi-Strategy, where the fund manager decides the positions. These are different philosophies of investing. To force the person who chose the liability to become the quotation of an asset is to exchange the product without consulting the customer's taste.
2. Rate of performance. Here is another concept. 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consistent consistent performance performance performance performance consistent consistent consistent consistent consistent consistent consistent consistent consistent consistent consistent consistent consistent consistent performance is an extra charge that some funds make when the result exceeds a reference threshold (a benchmark). It's a "bonus" to the fund manager for performance above the goal. The ITIT11X The ITIT11 and never ever ever ever again had it — charges only 0.30% to the year of administration and point. The INHF11 has performance rate. For the unitholder, it is a cost that did not exist and that would come to exist.
3. Administration fee higher. In addition to performance, the fixed administration fee of the INHF11 is higher than that of the ITIT11. Adding up the two, the cost of carrying the position rises significantly — and cost, in the long run, is the silent enemy of return.
4. Suspicion of inside information. This was the most serious point raised in the discussion. One shareholder reported to have observed, in June 25 — June 25 Days before days before of the proposal to become public —, an atypical auction of more than 20 thousand units at R$ 73, with the paper trading at R$ 75 in the trading. Someone put a huge volume on sale below the screen price, as if in a hurry to get out before a news story. There is no evidence of crime, but the pattern is exactly what usually lights the alert alert. Insider trading insider trading: anomalous movement on the eve of a relevant fact.
It is the sum of these four points that explains the vote. The premium of 37% was real, but it was wrapped in a worse product, more expensive and proposed by those who benefit from the exchange. The House has read the package, not just the loop.
What happens now with the background?
With the rejection, the ITIT11 returns to the starting point — only without the catalyst that held part of the price. While the settlement was on the table, there were people buying the quote. betting on approval betting on approval: to pay R$ 57 to receive R$ 78.45 in quotes from INHF11 is a classic arbitrage operation. Rejected the proposal, that money no longer has reason to stay. It's exactly this class that's selling right now, and that's what brings down the price.
The result is a new level of discount. At R$ 57, the P/VP drops to R$ 57. 0,73 — the unit is worth 27% less than the equity representing. It is worth noting: if you close there, R$ 57 would be R$ 57. New historic low new historic low, below the February R$ 64.00 of 2025. The top, for reference, was R$ 82.59 in September of 2022.
In the field of proventos, the routine follows. The fund distributed R$ 0.62 for unit in May and announced that it would be able to do so. R$ 0.64 for quote For July, with Data-com in 14/07/2026X. It is worth explaining: a Data-com Data-com is the last day you need to have the unit in your portfolio to receive that month's dividend; a Date-ex Date-ex It is the next day, when the buyer is no longer entitled to the proceeds and the price tends to fall by the value of the dividend. Who wants the R$ 0.64 of July must be positioned up to 14/07.
The fund manager can still manage it. Revocation of the Assembly. with a new proposal. But reconvening does not change the arithmetic of the votes: it would be necessary to build a different majority, probably with terms more favorable to the unit — which reduces the appetite of the fund manager herself. And there is the opposite risk: frustrated unit holders demobilizing position gradually, which keeps the sales pressure and the discount high for longer.
| Item Item Item | ITIT11 (today) |
|---|---|
| Quote (03/07) | R$ ZQXX0ZQQXX |
| VP for quotes | R$ ZQXX0ZQQXX |
| P/VP | 0,73 |
| Discount on heritage assets Discount on heritage | 27,4% |
| DY (12 months) | 10,37% |
| Dividend July/2026X July Dividend/2026X | R$ ZQXX0ZQQXX |
| Data-com do Provento | 14/07/2026 |
| Administration fee administration fee | 0.30% a.a. a. |
| Rate of performance Rate of performance | África del Sur |
| Wealth Net Equity | R$ 70.6 Mi R$ 70.6 Mi |
| Cotistas Cotistas | 8.998 |
The revisited thesis: what you buy when you buy ITIT11X
Apart from the noise of the assembly, what is left is the background itself — and it is simple to understand. The ITIT11 is one. FoF indexed tijololo tijolo: instead of buying real estate, he buys a basket of other brick FIIs (galpons, slabs, shopping malls, hospitals) following an index, and charges for it only 0.30% per year. You buy a unit and, below it, there is automatic diversification in several funds, without having to assemble this basket by hand or pay brokerage on each purchase.
The pros of the passive model are real: Cost is very low., instant diversification, zero discretionary decision of fund manager erring the hand. Contras also: since the bottom only replicates the index, it also replicates the index. will run away from a segment in crisis nor overweight an opportunity — it carries good and bad in the same proportion of the index. It is a vehicle of exhibition, not of selection.
To whom does this serve? For the investor who wants it. Diversified Exposure to Brick Paying Slowly, without wanting to study ten funds individually. For whom? Serve? For those looking for active management, concentrated theses or those who do not tolerate low liquidity — the ITIT11 is small (R$ 70.6 millions of equity) and trades little, which means larger spreads and difficulty to assemble or disassemble large position without moving the price.
The discount of 27%: opportunity or trap?
We have come to the question that matters. At R$ 57 with VP of R$ 78.45, you buy R$ 1.00 of equity paying R$ 0.73. It looks like a bargain — and it might be. But discount is not present: it exists for reasons that the market price.
In that case, the discount is the discount. Structural Structure, not accidental. A small, low liquidity fund, with no active management that "works" the portfolio and — now — with no liquidity catalyst in sight, tends to trade below equity persistently. The liquidation was just the event that would close that gap at once. Rejected, the gap remains open indefinitely.
Think critically: a discount of 27% only turns profit if something happens. Hearings this discount — a new settlement proposal, a share buyback, a general high of the brick segment. Without a trigger, you can spend years carrying a cheap paper that remains cheap, earning "only" the dividends. Not bad — 10.37% DY remunerates waiting — but it is different from capturing 37% premium that settlement promised. Whoever enters here today needs to be buying it. Thesis of the bottom thesis, not the bet in the next assembly.
Conclusion: for who is the ITIT11 now?
The July 2 event took the quick exit off the table and returned the ITIT11 to its nature: a passive FoF, cheap, small, big discount and no rush. From here, three scenarios open up.
(a) Inter reconvokes the assembly with better terms. — keeping the prize on the heritage but addressing the criticisms of tax and philosophy. In this case, whoever is positioned in the current discount captures the upside. It is the most favorable scenario, and the least likely in the short term, because better terms cost management.
(b) The fund manager gives up and the fund remains in limbo. — without catalyst, the discount of 27% persists or worsens, and the return essentially turns the flow of dividends. It is the basic scenario: no tragedy, no party.
(c) Frustration turns mass output into mass output. — if dissatisfied shareholders run to the door at the same time, the sales pressure deepens the discount and, in an already small and illiquid fund, the price can take off ugly from the equity. It is the risk scenario.
The ITIT11X The ITIT11 for those who entered betting on the quick liquidation money — this thesis died in the assembly, and being held by stubbornness is like waiting for a train that has already left. It's been a while. For whom? whether diversified and cheap exposure to brick, accepts low liquidity, understands that the discount may take a while to close and sees in DY of 10.37% a fair remuneration for patience. Buying for that reason, today's price is attractive. Buying for the next assembly, is betting — and betting is not thesis. The analysis score follows in 6.0/10 — "Keep": a competent passive diversification vehicle, now even more discounted, but without a catalyst that forces the account to close in its time.
