Largest CDI+-linked credit FII in Brazil — managed by Kinea/Itaú since 2012
Segment: FII de Papel — CRI pós-fixados (CDI+) · Price R$ 106.6 · P/BV 1.0398 · BV/unit R$ 102.52 · Net assets R$ 10,98 Bi · 578,802 unitholders · 88 assets
KNCR11 (Kinea Rendimentos Imobiliários FII Resp. Limitada) is a Brazilian REIT in the FII de Papel — CRI pós-fixados (CDI+) segment. Largest CDI+-linked credit FII in Brazil — managed by Kinea/Itaú since 2012
Finances office buildings, shopping malls, and warehouses by charging interest tied to the CDI rate and distributes monthly income exempt from income tax.
This page gathers the factual snapshot of KNCR11 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 (Itaú Unibanco Group).
Kinea Investimentos Ltda. (CNPJ 08.604.187/0001-44) is the asset manager of the Itaú Unibanco Group, founded in 2007 and considered one of the largest and most respected real-estate fund management platforms in Brazil. In paper FIIs, Kinea totals R$ 27.8 billion in AUM distributed across 7 funds — KNCR11 (R$ 11.0B), KNIP11 (R$ 7.5B, IPCA+), KNHY11 (R$ 3.1B, IPCA+ high yield), KNUQ11 (R$ 2.2B), KNHF11 (R$ 2.0B multi-strategy), KNSC11 (R$ 1.8B mixed), and KCRE11 (R$ 0.3B partnership with Creditas).
Administration is handled by Intrag DTVM Ltda. (CNPJ 62.418.140/0001-31, Itaú Unibanco), with custody within Itaú's own structure and auditing by PricewaterhouseCoopers. This vertical integration of Kinea + Intrag + Itaú Custody ensures privileged access to CRI origination, especially in major corporate real-estate financing operations (Brookfield BR12, JHSF Malls, Even Estoque, MRV pro-soluto). KNCR11 has navigated the pandemic, the 13.75% Selic cycle (2022-2023), and the 15% Selic cycle (2025-2026) without recording a single default event across its CRI holdings — a rare track record in the segment.
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
Portfolio of 88 CRIs (R$ 8.84B) + 1 FII (R$ 155M) + LCIs (R$ 1.57B) + Cash (R$ 855M). Predominantly CDI+ MTM at 2.05% with a 4-year average duration and zero defaults since IPO.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-26B4409996 | — | 3.9% | — |
| cri-19E0322333 | — | 3.0% | — |
| cri-22G0282370 | — | 2.8% | — |
| cri-24B1669805 | — | 2.7% | — |
| cri-25A2619772 | — | 2.8% | — |
| cri-17I0141606 | — | 2.7% | — |
| cri-17I0141643 | — | 2.7% | — |
| cri-22G0282332 | — | 2.5% | — |
| cri-22G0282297 | — | 2.2% | — |
| cri-22G0282284 | — | 2.0% | — |
| cri-23H1250138 | — | 1.9% | — |
| cri-19L0882476 | — | 1.9% | — |
| cri-26C3703914 | — | 1.8% | — |
| cri-22G0282145 | — | 1.7% | — |
| cri-25B3552756 | — | 1.6% | — |
| cri-25H3372118 | — | 1.5% | — |
| cri-23J2266232 | — | 1.4% | — |
| cri-22F1035289 | — | 1.4% | — |
| cri-25F2703942 | — | 1.4% | — |
| cri-25B3552755 | — | 1.3% | — |
| cri-24E1127893 | — | 1.2% | — |
| cri-25F2307094 | — | 1.2% | — |
| cri-24C1475908 | — | 1.1% | — |
| cri-25L3091365 | — | 1.1% | — |
| cri-20J0812325 | — | 1.1% | — |
| cri-22F0658610 | — | 1.0% | — |
| cri-23I1740395 | — | 1.0% | — |
| cri-25L2633387 | — | 1.0% | — |
| cri-22A0118041 | — | 1.0% | — |
| cri-19F0923004 | — | 1.0% | — |
| cri-23F2335074 | — | 0.9% | — |
| cri-19A1316808 | — | 0.9% | — |
| cri-16C0208472 | — | 0.9% | — |
| cri-20A0797060 | — | 0.8% | — |
| cri-24L2330958 | — | 0.8% | — |
| cri-25D2075129 | — | 0.8% | — |
| cri-24C1886299 | — | 0.8% | — |
| cri-25C4767379 | — | 0.8% | — |
| cri-24C1886292 | — | 0.8% | — |
| cri-15L0736524 | — | 0.8% | — |
HHI 0.0395 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI+ (HG) 77.8% · %CDI (LCIs/Cash) 22.1% · IPCA+ 0.2% · PreFixado 0.1% |
The unit trades at R$ 106.72 against a book value of R$ 102.36, a 4.3% premium. This premium reflects: (i) historical market confidence in Kinea management (zero defaults in 13 years); (ii) superior liquidity (R$ 22M/day); and (iii) a flight-to-quality in a still volatile scenario. Compared to peers (median P/BV of 0.98), the premium is justifiable, but there is no bargain margin—buyers today pay above book value.
last close R$ 106.6 · all-time low R$ 85.50 · high R$ 117.00 · book value per unit R$ 102.52.
Average daily volume (21 sessions) of R$ 22,410,000 · 12-month average of R$ 18,000,000.
Exceptional liquidity — R$ 22.4M/day places KNCR11 among the 5 most liquid FIIs on the exchange. A R$ 1 million position liquidates in ~0.2 business days (a few hours) without moving the price.
O KNCR11 nasceu em outubro de 2012 como um dos primeiros FIIs de papel CDI+ do Brasil, sob a gestão pioneira da Kinea Investimentos, braço de gestão de recursos do Grupo Itaú Unibanco. Em 13 anos e meio, atravessou o ciclo Selic 14,25% → 2% → 13,75% → 15% → 14,75% sem registrar um único evento de default em sua carteira de CRI — algo raro no segmento. Realizou 12 emissões públicas ao longo desse período, partindo de algumas centenas de milhões para o atual R$ 10,96 bilhões de PL, mantendo-se sempre como o maior FII de papel pós-fixado do mercado.
A trajetória é marcada por consistência institucional rara: mesma gestora desde o IPO (Kinea), mesmo administrador (Intrag/Itaú), mesmo custodiante (Itaú), e taxa de administração inalterada de 1,00% a.a. — sem performance. A 12ª emissão (encerrada em fev/2026) captou R$ 3,2 bilhões, sinal claro de confiança do mercado mesmo num momento em que o ciclo de juros começa a inverter. Com o início do afrouxamento monetário em mar/2026 (Selic 15% → 14,75%), o fundo entra numa fase em que a tese mudará de captura de Selic alta para qualidade de gestão, originação proprietária e disciplina na alocação dos R$ 2,4 bilhões de caixa+LCI em estágio final de diligência.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on Aug 2, 2012 as a closed-end partnership with an indefinite term, administered by Intrag DTVM (Itaú Unibanco) and managed by Kinea Investimentos. |
| IPO | Operations commenced on Oct 23, 2012 (CVM registration on Oct 15, 2012). The 1st unit offering at R$ 100.00 marked Kinea's entry into the floating-rate credit FII market. |
| EMISSÕES INICIAIS | A sequence of offerings in the first 5 years (2nd, 3rd, 4th, and 5th offerings) grew the fund from approximately R$ 200 million to over R$ 2 billion in NAV, cementing its status as the market's largest CDI+ credit FII. |
| 6TH AND 7TH OFFERINGS | Continuation of the fundraising cycle leveraging the decline in the Selic rate (from 14.25% in 2016 to 6.50% in 2018). NAV surpasses R$ 4 billion. In Oct/2018, a notable amendment to the bylaws took place. |
| PANDEMIA | Selic rate at historic lows (2.00% in Aug/2020) impacted the fund's dividend yield (CDI+2% with a 2% CDI yields ~4% p.a. nominal). Units traded at a discount of up to 12% to NAV at the peak of volatility. Portfolio navigated the pandemic with zero defaults. |
| CICLO DE ALTA SELIC | Strong recovery in dividend yield alongside rising Selic rates (from 2% to 13.75% in 2022). Monthly distribution rises to R$ 1.00-1.15/unit. KNCR11 trades back at a premium to NAV as one of the top vehicles to capture high Selic rates. |
| 10ª EMISSÃO | 10th offering between Jun 11, 2024 and Jun 28, 2024 raised R$ 780.8 million. NAV jumps to R$ 6.55B (Jun/2024) with 6.62 million units and over 350k unitholders. |
| 11ª EMISSÃO | 11th offering launched on Nov 4, 2024 and concluded on Apr 29, 2025, raising R$ 1,187.9 million. NAV reaches R$ 7.79B on Jun 30, 2025. Adaptation to CVM Resolution 175/2022 is also completed during the fiscal year. |
| RESPONSABILIDADE LIMITADA | Fund renamed 'Kinea Rendimentos Imobiliários FII Responsabilidade Limitada' (formerly just 'FII'), under a single unit class and bylaws adapted to CVM 175. |
| PICO DE DY | A 15% Selic rate generates the highest historical distribution level: R$ 1.33-1.35/unit monthly between Jul-Oct/2025 (134% of grossed-up CDI in Aug/2025). Portfolio remains free of negative credit events despite monetary tightening. |
| 12ª EMISSÃO | 12th unit offering concluded on Mar 2, 2026, raising R$ 3,185.2 million (subscription of 30.58 million units). NAV exceeds R$ 10.95B and the number of unitholders reaches 542k. Announcement published on Mar 2, 2026. |
| INÍCIO DO CICLO DE QUEDA | Copom cuts the Selic rate by 0.25 pp to 14.75% in mid-March 2026. Distribution drops to R$ 1.15/unit (109% of grossed-up CDI). New CRI investments total R$ 320.5M during the month (Brookfield Passeio Paulista, VISC BH Shopping, Huma CD Santana, Crediblue 159). |
| ATUAL | Unit trades at R$ 106.72 (P/BV 1.04) on May 8, 2026. Portfolio of 88 CRIs at CDI+2.05% MTM, 14.3% in LCIs, and 7.8% in cash. 542k unitholders, R$ 22.4M in daily liquidity. Undistributed retained earnings: R$ 0.25/unit. April/2026 distribution announced: R$ 1.10/unit (payment on May 14, 2026). |