What Changed in the Recommended FII Portfolios for August 2026?
The seven portfolios were rebalanced on August 7, 2026, based on a review of 91 funds analyzed individually. The seventh is new: the Mixed portfolio, which demands both income and appreciation from the same fund. The other six dropped the floating-rate Kinea block, agricultural credit assets, and funds exceeding the payout ceiling.
This is an update to the portfolio originally published on August 7. The selection engine was improved between versions: indicators are now calculated from historical data at each round rather than pulled from a static field written when the fund analysis was first conducted; each fund is evaluated once per round, using the written analysis as a criterion alongside the quantitative panel; and the concentration cap now accounts for economic groups rather than corporate entities. With this new methodology, the composition changed—and that new lineup is detailed below.
Where to track them. All seven portfolios, including asset weightings, the rationale for each holding, daily performance against the IFIX, and the change history, are available at /fiis/recomendados. This article explains the period's results and the reasoning behind each adjustment.
The Selection Engine Added Three New Rules
This round's review introduced three new rules that previously did not exist—all three of which eliminated funds that had already passed the quantitative filter.
Funds with a "HOLD" verdict are excluded from recommended portfolios. The analysis of each fund concludes with a verdict: BUY, ACCUMULATE, or HOLD. A "HOLD" rating means existing investors can keep their positions, but it is not a call to initiate new ones. A recommended portfolio starts positions from scratch every month, so the verdict must be at least ACCUMULATE. This rule removed GZIT11 (score 6.0) and TVRI11 (score 6.3, with no calculated fair value), both of which had screen metrics strong enough to pass the filter.
The concentration cap now accounts for economic groups rather than corporate entities. KNCR11, KNIP11, and KNRI11 represent three different corporate CNPJs, three management teams, and three strategies—yet they all belong to a single house: Kinea, owned by Itaú. The conservative income portfolio in June held all three, totaling 32% of equity under the same manager; the moderate portfolio held two, totaling 20%. No concentration cap was triggered previously because the limits looked only at individual assets and sectors, never the parent group. Now they do. In the new composition, the largest exposure to a single group is 14% (KFOF11 and KNHY11 in the conservative income portfolio).
Fair value estimates based on outdated interest rate assumptions are no longer used as anchors. TRBL11 offered the highest upside potential in the entire reviewed universe—53.1% relative to its analytical fair value. However, that fair value assumed a recurring dividend of R$ 0.58 per unit per month, whereas the fund confirmed a distribution of R$ 0.44 in August following the structural cut it had previously warned about. A discount calculated on a payout that no longer exists cannot justify a heavy weighting. TRBL11 was included in all three capital-gain portfolios at 7%—its lowest weighting, tied with XPSF11 and classified as a satellite asset. Across the entire site, only one holding now serves as an anchor: BRCR11, with 16% in the aggressive capital portfolio and 10% in the conservative one.
A fourth rule is worth noting. While not entirely new, it now bites harder because metrics are calculated fresh each round rather than pulled from an outdated field: payouts exceeding 105% disqualify a fund. The payout ratio represents the share of cash generated that a fund returns to unitholders; above 100%, it distributes more than it earns, drawing down reserves. This rule kept CPSH11 out of the portfolios, as its payout ratio over the recent nine-month period stands at 110%.
The Seventh Portfolio: Income + Appreciation
The new portfolio answers a long-standing request from readers who do not want to choose between receiving monthly income and watching their unit prices rise. Income portfolios target the highest sustainable dividends, while capital-gain portfolios target the deepest discounts to fair value. The Mixed portfolio demands both attributes from the same fund, which is why it is not simply an average of the other two.
Assets are selected using the harmonic mean of the two scores. A standard arithmetic mean allows a weak metric to hide behind a strong one: a fund scoring 90 in income and 20 in appreciation achieves 55 on a simple average, which sounds acceptable. Under the harmonic mean, it scores 33. This formula intentionally penalizes imbalance—to score well, a fund must perform reasonably well across both axes, never exceptionally well on just one.
The result is a 12-fund portfolio yielding 12.33% per year and trading at 0.79 times its net asset value (P/NAV)—meaning R$ 0.79 is paid for every R$ 1.00 of net asset value per unit. The variation across the last twelve payouts, weighted by portfolio weight, is 4.6%.
| Asset | Weight | Annual Yield | Discount vs. Fair Value |
|---|---|---|---|
| BRCR11 | 10% | 12.4% | 15.0% |
| RBRR11 | 9% | 14.8% | 19.8% |
| CPTS11 | 9% | 14.3% | 13.7% |
| ITRI11 | 9% | 13.9% | 17.1% |
| HSLG11 | 9% | 10.2% | 4.3% |
| HSML11 | 8% | 10.8% | 15.5% |
| GARE11 | 8% | 12.2% | 11.9% |
| JSRE11 | 8% | 10.0% | 0.8% |
| RBVA11 | 8% | 12.1% | 3.8% |
| KFOF11 | 8% | 12.4% | 10.2% |
| XPSF11 | 7% | 14.1% | 19.3% |
| ALZR11 | 7% | 10.1% | 17.4% |
This serves as the featured portfolio on the page and closely matches what most people envision when asking for "an FII portfolio to get started." Its stated risk lies in its two largest asset blocks: multi-strategy hybrids account for 18% and funds of funds (FOFs) account for 15%. Furthermore, XPSF11—which entered with one of the steepest discounts on the list—carries an explicit note in its analysis stating that its core thesis (falling Selic rates closing the double discount) is "threatened" by deteriorating fiscal conditions, with its payout already operating between 97% and 99.8%.
What Changed in Each of the Six Legacy Portfolios
| Portfolio | Assets | Annual Yield | P/NAV | Dividend Volatility |
|---|---|---|---|---|
| Income + Appreciation — Mixed | 12 | 12.33% | 0.79 | 4.6% |
| Passive Income — Conservative | 14 | 13.44% | 0.86 | 3.6% |
| Passive Income — Moderate | 12 | 13.79% | 0.85 | 2.5% |
| Passive Income — Aggressive | 9 | 15.09% | 0.90 | 6.9% |
| Capital Appreciation — Conservative | 14 | 15.59% | 0.80 | 13.2% |
| Capital Appreciation — Moderate | 12 | 14.68% | 0.76 | 10.1% |
| Capital Appreciation — Aggressive | 9 | 14.84% | 0.73 | 9.8% |
The dividend volatility column measures the standard deviation across the last twelve payouts, weighted by asset weights: the lower the figure, the more consistent the monthly payout. Notice that volatility is low in the income portfolios, where consistency matters, and high in the conservative capital-appreciation portfolio—where the mandate prioritizes asset discounts and capital preservation over steady income.
Passive Income — Conservative · 14 assets · 13.44% per year
Exits: KNCR11 (14%), KNIP11 (12%), MCCI11 (10%), AFHI11 (9%), BTLG11 (8%), TRXF11 (7%), KNRI11 (6%), HGLG11 (5%), and MCRE11 (4%).
Additions: MANA11 (8%), GGRC11, BRCR11, FATN11, CYCR11, VISC11, RBVA11, KFOF11, CLIN11, KNHY11, and PMLL11 (7% each). CPTS11 decreased from 11% to 8%, HSAF11 from 9% to 7%, and ICRI11 increased from 5% to 7%.
The departure of the Kinea block stems from two compounding factors. First is the economic group concentration cap, which all three funds breached simultaneously. Second is the yield profile of KNCR11: it distributes the CDI rate plus a spread, and its dividend fell 18.5% over twelve months. With the Selic rate at 14.00% and Copom cutting rates, its income shrinks every month—precisely the risk a retirement portfolio should avoid. This is not a flaw in the fund itself: KNCR11 is the largest floating-rate credit FII in the country, trades tens of millions of reais daily, and holds an 8.4 score. Rather, it is a portfolio fit issue.
In their place, the portfolio added income sources unlinked to the CDI. MANA11 enters with an upward-trending dividend (rising from R$ 0.11 to R$ 0.125 per unit in June, the highest in the fund's history) and an 88% payout ratio, allowing it to build reserves. CYCR11 maintains zero default rates across 30 real estate credit notes (CRIs) with its payout steady at R$ 0.106 for eleven months. KNHY11 holds a portfolio indexed to inflation (IPCA) plus 12.32% with a 6.4-year duration, providing income that rises with inflation rather than falling with the Selic. Stated risks for this portfolio include VISC11, whose 32% leverage-to-equity ratio is the highest in the group and forces management to sell assets, issue units, or take on more debt, as well as PMLL11, which faces active litigation regarding preferential acquisition rights for a fraction of Pátio Higienópolis.
Passive Income — Moderate · 12 assets · 13.79% per year
Exits: KNCR11 (15%), VRTM11 (9%), AFHI11 (8%), MCCI11 (8%), MCRE11 (6%), RBFM11 (6%), RECR11 (6%), and KNIP11 (5%).
Additions: MANA11, BRCR11, CYCR11, FATN11, and KFOF11 (9% each), RBVA11 and PORD11 (8%), GGRC11 (7%). CLIN11 increased from 5% to 9%; CPTS11 decreased from 12% to 9%, and HSAF11 from 13% to 7%.
MCRE11 was dropped from both income portfolios based on new data unavailable in the previous twelve-month trailing series: management cut its dividend guidance from R$ 0.11 to R$ 0.10 per unit for the second half of 2026, representing a roughly 9% reduction. The stability measured by the filter was real but retrospective. The same fund remains in all three capital-appreciation portfolios, where the investment thesis differs—it enters there based on a 16.8% discount to fair value and a credit portfolio with a 0% default rate.
HSAF11 is no longer the portfolio's largest position, dropping to its minimum weight because its payout ratio over the recent nine-month period stands at 92%—returning 92 cents of every real of cash generated to unitholders, leaving too narrow a buffer to anchor 13% of an income portfolio. It remains in the portfolio because it yields 15.0% annually and showed zero dividend variance across the last twelve payouts. Notable risk points include 27% of its equity exposed to floating-rate CDI debt (making it vulnerable to falling interest rates) and its top four CRI positions accounting for 41% of total equity.
Passive Income — Aggressive · 9 assets · 15.09% per year
Exits: VCRA11 (15%), EGAF11 (13%), LIFE11 (12%), RZAG11 (12%), RZLC11 (9%), VRTM11 (7%), AAZQ11 (6%), CDII11 (6%), RZAT11 (5%), and RBRY11 (3%).
Additions: MANA11 (15%), CLIN11, CYCR11, and RBRR11 (14% each), ICRI11, VGIP11, and RINV11 (7% each). CPTS11 increased from 4% to 15%, while HSAF11 decreased from 8% to 7%.
This portfolio suffered a 9.75% decline during the quarter—8.10 percentage points below the IFIX—prompting a near-total overhaul. In June, it held 46% of its equity in agricultural credit spread across four funds (VCRA11, EGAF11, RZAG11, and AAZQ11), as risk-class concentration limits did not yet exist. The three worst performers of the entire quarter originated here: AAZQ11 dropped 12.2% including dividends, VCRA11 fell 10.3%, and LIFE11 lost 6.6%. The agricultural credit limit for this profile is now capped at 20%.
Each exit has specific reasons. For VCRA11, confirmed dividends dropped from R$ 0.97 to R$ 0.75 per unit, assets under watchlist status rose to 10.19% of equity, and a new debtor (Grupo Ruiz Coffees, representing 4.78% of equity) defaulted, entering judicial restructuring in July. For LIFE11, the CRI backed by EMA Planejamento (8.6% of equity) has been in bankruptcy proceedings since July 2025, and the Residence Club FIDC (10% of equity) is undergoing restructuring, with the discount to net asset value widening from 11% to 29% in three months.
New additions focus on inflation-linked debt with regular payouts, with CPTS11 becoming the largest position alongside MANA11. This position requires the closest monitoring: reverse repurchase agreement leverage stands at 21.6% of equity and is rising, with a negative spread against debt costs of roughly 1.3% per year. It is included because this profile accepts credit and unit price volatility risks—not because those risks have disappeared.
Capital Appreciation — Conservative · 14 assets · P/NAV 0.80
Exits: BTLG11 (13%), HGLG11 (12%), KNRI11 (12%), TRXF11 (11%), XPML11 (10%), BRCO11 (9%), HSLG11 (8%), ALZR11 (7%), PMLL11 (6%), HGBS11 (5%), and LVBI11 (3%).
Additions: BRCR11 (10%), RBRR11, HSML11, and MCRE11 (8%), TRBL11, IRIM11, CPTS11, RCRB11, and RBRY11 (7%), RZAT11, CLIN11, PORD11, and KFOF11 (6%). GARE11 increased from 4% to 7%.
The turnover here was nearly complete, driven by a shift in mandate: the legacy portfolio consisted of top-tier logistics and office assets bought close to net asset value, whereas the new lineup features positions selected for measured discounts against analytical fair value. BRCR11 enters as the largest weighting, trading at half its net asset value (P/NAV 0.50), with its dividend steady at R$ 0.41 per unit for nearly a year and operational results covering 98% of distributions. This steep discount is not unearned: the Almirante Tower sits at 43.8% vacancy, and Petrobras—representing 18% of revenue—is migrating to its own corporate headquarters by 2028.
Capital Appreciation — Moderate · 12 assets · P/NAV 0.76
Exits: ALZR11 (12%), BTLG11 (11%), HGLG11 (9%), TRXF11 (9%), XPML11 (7%), FATN11 (6%), BTHF11 (5%), KNRI11 (4%), and RBFM11 (3%).
Additions: RBRR11, ITRI11, HSML11 (9%), HSLG11, MCRE11, CPTS11 (8%), TRBL11, XPSF11, IRIM11 (7%). BRCR11 decreased from 14% to 11%, GARE11 from 12% to 8%, while JSRE11 increased from 8% to 9%.
IRIM11 illustrates why the same evaluation engine produces different outcomes across mandates. It was rejected for the income portfolios due to hard numbers: a payout ratio of 113.5% in May and 122.0% in June, implying a cash burn of R$ 4.0 million to R$ 7.5 million per month to sustain distributions—defying the analysis's projection that payments would return to a recurring range of R$ 0.75 to R$ 0.80 per unit. For income strategies, this disqualifies the asset. For capital appreciation, where the focus is a 13.9% discount to fair value following a 17% price drop post-merger, it qualifies—entering at 7%, the portfolio's lowest weight, as current payouts do not anchor the investment thesis.
Capital Appreciation — Aggressive · 9 assets · P/NAV 0.73
Exits: GARE11 (13%), BROF11 (9%), BTHF11 (9%), GGRC11 (8%), RPRI11 (7%), GRUL11 (6%), RBFM11 (6%), BRCO11 (5%), and RZAT11 (5%).
Additions: ITRI11, RBRR11 (13%), HSML11, MCRE11 (12%), TRBL11, XPSF11 (7%). BRCR11 settled at 16%, JSRE11 increased from 7% to 13%, and IRIM11 decreased from 9% to 7%.
This portfolio commands the steepest discount among the seven: its nine holdings trade at a weighted average of 73% of net asset value. JSRE11 stands out as the most widely supported selection—held by 15 professional fund-of-funds managers—maintaining its dividend at R$ 0.48 per unit for over two years (rising to R$ 0.50 in July) and operating un-leveraged following the prepayment of the Rochaverá CRI. Its stated risk involves governance: increasing reliance on the JSRI subordinated structure and a 60% downward adjustment in rentable area reported by Safra.
HSML11 enters with a 12% weighting, presenting a different profile: guidance was revised upward following the sale of Pátio Maceió, but its monthly payout surged to between 131% and 148% of earnings from April to June, burning R$ 3.8 million to R$ 4.9 million per month. In a capital-appreciation mandate, this is tolerable—dividends are not the primary objective. In an income portfolio, it would not be, which is why it is excluded from all income strategies.
Quarterly Performance Versus the IFIX
The portfolios function as an auditable simulation: each started with a hypothetical R$ 100,000 on May 13, 2026, with dividends pooled as cash for subsequent rebalancing, free of brokerage fees. Between May 13 and August 7, the IFIX fell 1.65%, moving from 3,834.34 to 3,771.15 points. The Mixed portfolio is excluded from this scorecard, having launched on August 7 with a one-day track record.
| Portfolio | Return | vs. IFIX | Dividends Received |
|---|---|---|---|
| Passive Income — Moderate | +0.32% | +1.97 pp | R$ 3,472.90 |
| Passive Income — Conservative | +0.24% | +1.89 pp | R$ 3,186.96 |
| Capital Appreciation — Conservative | −1.16% | +0.49 pp | R$ 2,439.17 |
| Capital Appreciation — Moderate | −1.66% | −0.01 pp | R$ 2,523.35 |
| Capital Appreciation — Aggressive | −4.01% | −2.36 pp | R$ 3,032.43 |
| Passive Income — Aggressive | −9.75% | −8.10 pp | R$ 3,464.70 |
Three of the six portfolios outperformed the index while three lagged—one significantly so. Two finished the quarter with positive absolute returns during a period when the benchmark fell: Moderate Income gained +0.32% and Conservative Income added +0.24%. Conservative Capital Appreciation declined 1.16%, outperforming the index. Combined dividends across all six portfolios reached R$ 18,119.51 over 86 days—averaging 3.02% of each portfolio's initial capital. Dividends sustained the overall score: in terms of unit price alone, nearly every FII in the market declined during the period.
The positions that weighed heaviest on performance, including dividends, were AAZQ11 (−12.2%), VCRA11 (−10.3%), BRCR11 (−9.4% in the aggressive capital portfolio), LIFE11 (−6.6%), and RBRY11 (−6.3%). Conversely, KNCR11 (+5.0% in moderate income, +5.2% in conservative), KNIP11 (+3.0%), CPTS11 (+2.2%), and GARE11 (+1.9%) delivered the strongest gains—three of which are now excluded from the portfolios where they performed well, highlighting the cost of adjusting for strategic fit rather than recent returns.
Performance of the 43 June Exits Versus the Index
During the June rebalancing, 43 positions were sold. From the sale date through August 7, the IFIX fell 1.88%, serving as the benchmark against which each exit is measured. Most exits proved correct, with the largest underperformers standing out by wide margins:
| Sold in June | Return Post-Sale | Vs. IFIX |
|---|---|---|
| CACR11 | −42.6% | −40.7 pp |
| BBIG11 | −24.8% | −22.9 pp |
| TGAR11 | −15.4% | −13.5 pp |
| BRCR11 | −10.3% | −8.4 pp |
| CRAA11 | −7.9% | −6.1 pp |
| HSML11 | −7.4% | −5.5 pp |
Six exits proved incorrect:
| Sold in June | Return Post-Sale | Vs. IFIX |
|---|---|---|
| BTRA11 | +18.3% | +20.2 pp |
| BROF11 | +6.2% | +8.1 pp |
| CXCO11 | +5.4% | +7.3 pp |
| ARRI11 | +3.1% | +4.9 pp |
| EXES11 | +1.4% | +3.3 pp |
| CPTR11 | +0.5% | +2.4 pp |
Two assets returned to the portfolios: BRCR11 and HSML11 were dropped in June, fell further than the index thereafter, and have been reinstated in August within the appreciation portfolios at lower prices than when sold. BROF11, which gained 6.2% after being sold, had remained in the aggressive capital portfolio until being removed in this round.
Tax Implications
Tax rules for FIIs differ from those for equities: capital gains on unit sales are taxed at a flat 20%, without the R$ 20,000 monthly exemption applicable to stocks. Dividends are tax-exempt. Capital losses can only offset capital gains within FII investments, but they carry forward indefinitely.
Across the 126 sales executed in the June and August rebalancings, gains totaled R$ 1,833.12 and losses reached R$ 29,301.66, resulting in a realized net loss of R$ 27,468.54 across the six portfolios. Tax due: R$ 0.00 across all portfolios for both months. This entire amount converts into a tax credit to offset taxes on future profitable sales—until exhausted, none of these portfolios will incur capital gains tax.
| Portfolio | Realized Gains | Realized Losses | Accumulated Credit | Tax Due |
|---|---|---|---|---|
| Passive Income — Aggressive | R$ 2.98 | R$ 12,779.21 | R$ 12,776.23 | R$ 0.00 |
| Capital Appreciation — Aggressive | R$ 108.61 | R$ 4,512.25 | R$ 4,403.64 | R$ 0.00 |
| Capital Appreciation — Conservative | R$ 176.37 | R$ 3,736.43 | R$ 3,560.06 | R$ 0.00 |
| Capital Appreciation — Moderate | R$ 620.39 | R$ 3,064.42 | R$ 2,444.03 | R$ 0.00 |
| Passive Income — Conservative | R$ 370.84 | R$ 2,547.89 | R$ 2,177.05 | R$ 0.00 |
| Passive Income — Moderate | R$ 553.93 | R$ 2,661.46 | R$ 2,107.53 | R$ 0.00 |
Realized losses differ from period losses. Much of this figure reflects unrealized price declines already embedded in unit prices that the sales merely materialized in exchange for another asset. True performance is reflected in the scorecard above, inclusive of dividends; the tax table simply records the tax credits preserved. Monthly tax calculations are tracked on each portfolio's performance tab. Details regarding dividend tax exemptions are available in how FII dividend taxation works.
Macroeconomic Context Behind the Seven Portfolios
The Selic, Brazil's benchmark interest rate, stands at 14.00% following a 25-basis-point rate cut decided on August 6—its fourth consecutive 25-basis-point reduction since March, when the rate was 15.00%. Accumulated twelve-month IPCA inflation stands at 5.15%. The central bank's Focus survey projects the benchmark rate at 14.00% by the end of 2026 and 12.00% by the end of 2027. Copom's next meeting is scheduled for September 15 and 16. Details on the latest rate cut are covered in Selic at 14%: What Copom's Cautious Stance Means for FIIs.
This macro backdrop pulls the two portfolio mandates in opposite directions. For income portfolios, every 25-basis-point rate cut directly reduces yields on floating-rate assets the very next month—an immediate effect that prompted the removal of KNCR11 from these portfolios and shifted selection toward inflation-linked yields. For capital-appreciation portfolios, rate cuts alone do not immediately unlock sectors at this pace; discounted FIIs reprice when the long-term yield curve stops demanding premiums, and unit prices typically react before those shifts appear in the base rate. Both strategies must still navigate electoral volatility between August and October.
What to Monitor Moving Forward
- CPTS11 leverage. Standing at 21.6% of equity per the July 29 report, up from 16.5% in April, with a negative financial spread of roughly 1.3% per year. It shares the largest position in the aggressive income portfolio (15%) with MANA11 and appears in four other portfolios. Upcoming management reports will indicate whether this trajectory continues.
- HSML11 and IRIM11 payout ratios. Both entered appreciation portfolios with payouts exceeding earnings—ranging from 131% to 148% for HSML11 between April and June, and 113.5% to 122.0% for IRIM11 in May and June. Monitoring will focus on their return to the recurring payout levels projected in their respective analyses.
- TRBL11 recurring dividends. The dividend reduction to R$ 0.44 per unit was confirmed in August. The Contagem asset revaluation scheduled for December 2026 and the Guarulhos rent revision in 2027 are key scheduled events that could alter fair value estimates—higher or lower.
- LIFE11 restructuring progress. The discount to NAV for the Residence Club FIDC widened from 11% to 29% in three months, while EMA Planejamento's bankruptcy proceedings have been ongoing since July 2025. The fund has been removed from the portfolio; the eventual outcome will test the validity of the initial analysis.
- The pace of Copom rate cuts in September. Rate reductions of 25 basis points keep monetary easing active but gradual. A game-changer for capital portfolios would require an acceleration in the pace of cuts or a drop in long-term yields; absent either, asset discounts will take longer to translate into total returns.
Published Data and Verification. All seven portfolios, including weightings, asset rationales, daily performance against the IFIX, monthly tax tracking, and change histories, are available at /fiis/recomendados. The figures in this article derive from closing-price simulations per trading session and individual fund assessments as of the August 7 round. Previous round: the June 2026 portfolio rebalancing.
