(Kinea High Yield — managed by Kinea Investimentos, administered by Intrag DTVM/Itaú)
Segment: Paper Real Estate Fund (High Yield CRIs indexed to inflation) · Price R$ 95.12 · P/BV 0.969 · BV/unit R$ 98.16 · Net assets R$ 3,06 Bi · 30,050 unitholders
KNHY11 (Kinea High Yield CRI — Real Estate Investment Fund) is a Brazilian REIT in the Paper Real Estate Fund (High Yield CRIs indexed to inflation) segment. (Kinea High Yield — managed by Kinea Investimentos, administered by Intrag DTVM/Itaú)
Kinea (Itaú) fund that lends money to real estate developers and buyers with real estate collateral, passing on interest monthly tax-free to individual investors. Note: the profile carries high credit risk — monthly income fluctuates considerably with inflation.
This page gathers the factual snapshot of KNHY11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Kinea Investimentos Ltda..
Kinea Investimentos is the alternative investment manager of the Itaú Unibanco group and one of the largest and most respected real estate fund houses in Brazil. Its real estate fund lineup includes market heavyweights such as KNRI11 (hybrid), KNCR11 (floating-rate CRI), KNIP11 (high-grade IPCA CRI), and KNHY11 itself (high-yield CRI), alongside KNSC11, KNUQ11, and others.
Administration is handled by Intrag DTVM, also part of the Itaú group, with extensive experience in fund structuring and custody. The combination of Kinea (active credit management, robust origination, and monitoring team) + Intrag/Itaú (administration and distribution) is a core strength of the thesis: few firms possess the scale, deal access, and risk team required to manage a high yield portfolio of 112 CRIs with R$ 3 billion in net assets. Institutional reputation is a key differentiator in a segment where credit origination quality is paramount.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-cd-camacari | — | 3.5% | — |
| cri-autonomy-luna | — | 3.7% | — |
| cri-brasol | — | 3.4% | — |
| cri-galleria-125-mez | — | 3.2% | — |
| cri-mrv-prosoluto-297 | — | 2.9% | — |
| cri-gs-souto-iii | — | 2.8% | — |
| cri-bluecap-diadema | — | 2.6% | — |
| cri-portfolio-corp-ii | — | 2.6% | — |
| cri-galleria-100-mez | — | 2.6% | — |
| cri-gs-souto | — | 2.3% | — |
| fii-icone | — | 0.7% | — |
| cri-projeto-residencial-campinas | — | — | — |
HHI 0.0085 — muito baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/RJ/MG) 75.0% · Other regions / national pulverized 25.0% |
| By index | IPCA 92.8% · CDI 4.6% |
Market price of R$ 100.06 (06/01/2026) against a book value per unit of R$ 99.18 (Mar/2026). A ~1% premium — virtually at parity, with neither premium nor discount. It reflects a mature, liquid, and well-managed fund whose unit price closely tracks the mark-to-market book value of its CRIs.
last close R$ 95.12 · all-time low R$ 82.50 · high R$ 139.49 · book value per unit R$ 98.16.
High liquidity — liquidating R$ 100k without moving the price (capped at 20% of average daily trading volume) takes only a fraction of a trading session. Even R$ 1M positions can be exited in ~2 business days. It is one of the most liquid high-yield paper FIIs on the market.
KNHY11 has evolved from a niche fund (R$ 439M, 2k unitholders in 2019) into Brazil's largest high yield CRI real estate fund (R$ 3.09B, 28k unitholders in 2026). Its trajectory shows consistent growth through successive offerings while maintaining strict pulverization discipline — today holding 112 CRIs with the largest position at only 3.7% of net assets.
Recent history reveals the fund's signature: distributions highly sensitive to inflation. Between Nov/2025 and Feb/2026, months of lower IPCA dropped DPU to R$ 0.90–1.00; conversely, the inflation rebound in Feb–Mar/2026 lifted the May 2026 distribution to R$ 1.30. For investors, this means variable monthly income, but a potent long-term inflation hedge — precisely what is expected from a fund 98% invested in IPCA+ with an average rate of 12.32% p.a.
| Period | What happened |
|---|---|
| INÍCIO DO FUNDO | Kinea High Yield CRI Real Estate Fund commenced operations on June 20, 2018, with the strategy of investing in high-yield profile CRIs predominantly indexed to inflation. Managed by Kinea, administered by Intrag DTVM (Itaú group). |
| PRIMEIRAS EMISSÕES | Fund grows to R$ 439M in net assets (Sept/2019, 2,084 unitholders), consolidating a high yield CRI portfolio. Book value per unit exceeded R$ 109 in the initial period. |
| ESCALA — R$ 1 BI+ | New offerings push net assets above R$ 1 billion (R$ 1.18B in June/2020) and then to R$ 1.42B (Dec/2021). Unitholder base jumps to 10,755 by the end of 2021. |
| CONSOLIDAÇÃO — R$ 1,85 BI | Net assets reach R$ 1.85B (March/2023) with 14,404 unitholders. High Selic rate favors the carry of IPCA+ CRIs, with distributions recurringly above R$ 1.00/unit. |
| R$ 2,8 BI — MATURIDADE | Fund grows to R$ 2.84B in net assets (Sept/2024) and nearly 28.7 thousand unitholders. Portfolio exceeds 100 CRIs with extreme pulverization (largest position below 4% of net assets). |
| EVENTO PONTUAL DE DISTRIBUIÇÃO | Months with lower inflation compress earnings; distribution of R$ 0.97/unit (Nov/25). Lagged IPCA dynamics begin to appear more strongly in monthly income, highlighting DPU sensitivity to current inflation. |
| PISO DO DPS (R$ 0,90) | February 2026 marks the recent distribution floor (R$ 0.90/unit), reflecting months of lower inflation (lagged Nov/Dec IPCA). This is the flip side of the inflation hedge coin: in relative deflation, DPU declines. |
| PROVISIONAMENTO CAMPINAS + NOVA OPERAÇÃO | Management reports higher provisioning in the Campinas Residential Project (Habite-se obtained, amortization expected in coming months) and invests R$ 15.8M in a new CRI (Galleria – 140 – Mezzanine, IPCA+12.50% home equity). Net assets R$ 3.09B, book value R$ 98.97, 27,940 unitholders. |
| ATUAL (DATA ANÁLISE) | Inflation rebound (lagged Feb IPCA 0.70% + Mar 0.88%) raises the May 2026 distribution to R$ 1.30/unit (record date May 29, payment June 12) — the highest of the year. Unit price at R$ 100.06 (June 1), P/BV 1.01, 12m dividend yield 13.3%. |