- Net assets of R$ 1.94 billion and book value of R$ 120.53 per unit in the September 2026 report
- Current unit price of R$ 102.92 yields a P/BV ratio of 0.85x (a 15% discount)
- The distribution held steady at R$ 0.75 per unit, delivering a monthly dividend yield of 0.91%
No negative surprises. The September 2026 monthly report for the LVBI11 real estate fund confirmed the financial and operational stability of its logistics portfolio.
What Did the September 2026 LVBI11 Report Reveal?
Everything is on track. The official report released on October 14, 2026, shows that the LVBI11 real estate fund closed the ninth month of the year with net assets of R$ 1.94 billion and a book value per unit of R$ 120.53—exactly in line with previous months.
For investors looking at current market pricing, the fund closed at R$ 102.92 on October 13, 2026, widening its discount to book value.
Is LVBI11 a Good Investment with a P/BV of 0.85x?
Yes, for investors targeting structural gains. With units trading at R$ 102.92 against a book value of R$ 120.53, the 0.85x P/BV ratio represents a 15.0% discount—meaning you can buy AAA logistics assets below replacement cost.
The reported monthly dividend yield came in at 0.91% (based on the regular distribution of R$ 0.75 per unit), maintaining an attractive cash flow for the 125,693 unitholders registered in the report.
What Happened to Distributions and the Managerial Report?
Payouts remain unchanged. The fund continued distributing R$ 0.75 per unit, repeating the level seen in recent months. The fund's book return for the month was -0.38%, a natural reflection of short-term accounting adjustments, while market returns followed broader exchange trading.
The managerial report and consolidated data show that Patria's management remains focused on the operational efficiency of its logistics warehouses and preparations for its upcoming merger into HGLG11.
Is LVBI11 Worth It as a Standalone Fund?
Not exactly. As noted in our previous thesis, LVBI11 functions today primarily as a discounted gateway to HGLG11 given the approved merger process. Buying the fund at R$ 102.92 allows investors to capture this discount before the corporate transaction is finalized.
Fund liquidity remains supported by R$ 1.48 million in cash and cash equivalents, alongside fixed-income holdings totaling over R$ 43.4 million, ensuring complete operational comfort.
Whether you already hold LVBI11 or are considering a purchase, the September 2026 report shows that the discount has widened to 15% (0.85x P/BV). The arbitrage thesis and discounted access to HGLG11 remain firmly intact.
What to Monitor in the Coming Months
P/BV Trend — monitor whether the 15% discount holds or narrows as CVM advances the merger review.
Distribution Stability — track whether the R$ 0.75 per unit payout continues until the final consolidation.
Management Updates — watch for announcements from Patria regarding the timeline and regulatory steps for the HGLG11 merger.
