Good wallet is not the one that never changes — it is the one that changes for the right reason, recorded and auditable. . This week we reviewed the entire database of FIIs from Rico to the Few (v3-rich schema, with prices of 02/06/2026) and, as a direct consequence, we reviewed the 6 recommended wallets: two goals (passive income and capital gain) crossed with three profiles (conservative, moderate and aggressive).
The result wasn't a twist. It was a surgical cleaning: take what stopped making sense and replace it with quality. Below, exactly what changed in each wallet — and why. Without invention: all motives come out of the history of changes recorded in the base itself.
The summary in 5 points
- Why now: the v3-rico base was updated with prices of 02/06/2026 — when the data from each fund changes, the portfolio needs to reflect the new photograph.
- Compulsory cleaning: They're out. CVBI11 (incorporated/inactive, was in 3 portfolios) and MALL11 (renamed for PMLL11). A fund that doesn't negotiate anymore is a ghost in the wallet.
- Quality exchange: weak or high-risk names came out (XPIN11 in liquidation, VGHF11, MFII11, BCRI11, RBHY11, JGPX11, VGIA11); COMPRA/ACUMULAR names entered with upside or Yield equivalent and better sustainability.
- Not much change where it was good: the moderate passive income had only one repeso; the conservative one did not change anything.
- Message: recommended portfolio is alive, but changes by reason — and each investor should adapt it to its profile.
1. Why review right now?
The selection of portfolios is part of a universe of more than 270 FIIs analyzed by Rico to the Few, filtered by verdict and quality. These numbers are not static: note, P/VP, dividend Yield, dividend sustainability and price direction change with each new document and with each quote movement. When we reviewed the entire base with current prices, it became clear that part of the portfolios carried names that They no longer supported themselves in today's photograph. — some because the fund simply ceased to exist, others because the note collapsed.
The revision was therefore not triggered by a fixed timetable. It was fired by the dice. That is the principle: the wallet changes when the new base requires, not on a date marked on the wall.
2. Compulsory cleaning: funds out of negotiation
The less "strategic" and more non-negotiable adjustment was to remove funds that no longer be negotiated. . Two names fit in:
Why does it matter so much? Because keeping an inactive fund in the portfolio is carry a ghost: it does not distribute new income, does not allow reinforcement or disinvestment, and distorts any calculation of return. The good news is that in both cases there is natural replacement — the PMLL11 simply inherits the place of the MALL11 in the same segment of malls, and the weight of the CVBI11 was redistributed to names of paper and brick of equivalent quality.
3. Quality exchange: drop out of low grade, enter BUY/CUMULAR
Solved hygiene, came the part of judgment: replace names with low grade, verdict KEEP or high risk by funds with BUY/ACUMULAR, keeping the same function in the portfolio (yield, upperside or protection) with better sustainability or governance. Let's get a wallet.
Capital Gain — Aggressive
Maximum exposure to discounted theses with discharge direction in the medium term.
Cleanup of inactives and weak names: exited CVBI11 (inactive), XPIN11 (in settlement), VGHF11 and MFII11 (MANTER, low grade); entered slabs and hybrids discounted BUY/ACUMULAR.
| Movement | Ticker | Weight | Reason |
|---|---|---|---|
| He's out. | CVBI11 | 9% → — | Embedded/inactive fund — exited the trading base. |
| He's out. | XPIN11 | 7% → — | Note 5,0, NEUTRO WITH HIGH RISK, in liquidation — incompatible with restitution thesis. |
| He's out. | VGHF11 | 6% → — | Note 5,9, Maintainer, short sustainability — replaced by better quality FoF. |
| He's out. | MFII11 | 5% → — | Note 5,5, Maintainer, no DPS status — exchanged for safer atypical sale-leaseback. |
| He's in. | BROF11 | — → 9% | AAA offices to P/VP 0,50 (highest discount), DY 11,8%, high steering — restores the inactive paper satellite. |
| He's in. | JSRE11 | — → 7% | AAA to P/VP slabs 0,59, long sustainability, high steering — restores quality discounted weight. |
| He's in. | GGRC11 | — → 8% | Logistics/industrial HG note 7,8, P/VP 0,90, high steering — replaces brick upside instead of XPIN11 and keeps offices below 35%. |
| He's in. | RBFM11 | — → 6% | FoF note 8,0, P/VP 0,80, DY 12,3% — beta discounted instead of VGHF11. |
| He's in. | RZAT11 | — → 5% | Sale-leaseback IPCA+10% to P/VP 0,93, DY 15,6% — upside contracted instead of MFII11. |
Capital Gain — Moderate
Upside controlled, top-tier managers, balance between thesis and protection.
exited CVBI11 (inactive); entered FATN11 (deleted HG slabs) and JSRE11 (AAA P/VP 0,59 slabs); TRXF11 You've gone up by quality.
| Movement | Ticker | Weight | Reason |
|---|---|---|---|
| He's out. | CVBI11 | 10% → — | Embedded/inactive fund — exited the trading base. |
| He's in. | FATN11 | — → 6% | BTS slabs note 7,8, P/VP 0,88, long sustainability, high direction — restores satellite with HG upside and protection. |
| He's in. | JSRE11 | — → 8% | AAA P/VP slabs 0,59, long sustainability, high direction — second name most discounted from the base. |
| Retired | TRXF11 | 6% → 9% | Urban income note 8,5, long sustainability — high by quality/discount by reallocating the weight of CVBI11. |
| Retired | KNRI11 | 3% → 4% | Small backup of the defensive blue chip floor. |
Capital Gain — Conservative
Expected restitution, with full protection of the principal nominal.
MALL11 (inactive); PMLL11 (Malls country, same segment of malls with equivalent quality); GARE11 It goes up slightly.
| Movement | Ticker | Weight | Reason |
|---|---|---|---|
| He's out. | MALL11 | 6% → — | Embedded/inactive fund (renamed PMLL11) — exited trading base. |
| He's in. | PMLL11 | — → 6% | Active management malls note 7,6, P/VP 0,90, high driving — restores the MALL11 in the same segment with equivalent quality. |
| Retired | GARE11 | 3% → 4% | Small reinforcement of the opportunistic optional position. |
Passive Income — Aggressive
Maximizes the monthly dividend by accepting DPS volatility.
Exchange of HY/low note fiagre papers (BCRI11, RBHY11, JGPX11, VGIA11) by equivalent yield names and better sustainability/governance.
| Movement | Ticker | Weight | Reason |
|---|---|---|---|
| He's out. | BCRI11 | 10% → — | Note 5,9, MANTER, short sustainability — high but fragile Yield; replaced by RZLC11. |
| He's out. | RBHY11 | 7% → — | Note 5,5, KEEPER — replaced by VRTM11 (note 6,9, long sustainability) with similar DY. |
| He's out. | JGPX11 | 6% → — | Note 5,0, NEUTRO WITH HIGH RISK — disproportionate credit risk; replaced by CDII11. |
| He's out. | VGIA11 | 5% → — | Note 6,2, MANTER, lateral/low direction — exchanged for RZAT11, reducing concentration in agro. |
| He's in. | RZLC11 | — → 9% | DY 14,4%, long sustainability, role calibrated to CDI — HY of better governance instead of BCRI11. |
| He's in. | VRTM11 | — → 7% | DY 14,7%, long sustainability, 6,9 note — restores HY with higher sustainability than RBHY11. |
| He's in. | CDII11 | — → 6% | DY 16,5%, FI-Infra CDI+ — diversifys the cash out of the agro, IR-free. |
| He's in. | RZAT11 | — → 5% | DY 15,6%, long sustainability, sale-leaseback IPCA+10% — adds atypical income-brick. |
4. Where almost nothing has changed — and why this is good
Not every wallet needed a trade. Two of them went through the same re-analysis and left almost intact — and that's not careless, it's the system working.
Passive Income — Moderate
Yield above the median, balance between HG paper and quality.
Reviewed — all 12 funds follow BUY/ACUMULAR with thesis intact; only a small weight adjustment in KNIP11.
| Movement | Ticker | Weight | Reason |
|---|---|---|---|
| Retired | KNIP11 | 4% → 5% | IPCA+ long note 8,5, high direction — marginal reinforcement of real protection. |
Passive Income — Conservative
Retirement profile — stable DPS, top-tier managers, total shielding.
Reviewed — no adjustments: all funds follow with long sustainability and top-tier managers; maintained composition.
This is whose wallet lives of the monthly dividend — which cannot oscillate more than 8% month to month. Precisely for this reason, she was born demanding: all funds with long sustainability, payout under control, low leverage, first-line fund manager and history of at least five years. In the reanalysis, the 12 names passed. Result: 0 amendments.
5. What does that mean for your wallet?
The central lesson of this rebalancing is simple: recommended wallet is alive, but only changes for reasons — and the reason is recorded, item by item, in the history of each wallet. Inactive background output is hygiene. Exchange of low grade for BREAK/ACUMULAR is quality judgment. Keeping what's good is discipline. Nothing here was a whim or a spin.
But attention: none of these six wallets is a purchase order for you to blindly copy. They're one transparent starting point — with weights, rationality and open verdicts. Your goal, your term, your tolerance to nominal loss and your tax situation are unique. Use wallets as a selection and reasoning reference, and adapt to your profile.
Do you want to see the complete composition, the updated weights and the rationalness of each asset? Explore 6 recommended wallets from Rico to Few and compare income and capital gain profiles side by side.
