(Paper FII — IPCA-linked CRIs, management by Kinea Investimentos / Itaú Unibanco Group)
Segment: Paper FII (Inflation-linked CRIs) · Price R$ 89.3 · P/BV 0.9618 · BV/unit R$ 92.85 · Net assets R$ 7,44 Bi · 73,168 unitholders · 117 assets
KNIP11 (Kinea Índices de Preços Fundo de Investimento Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the Paper FII (Inflation-linked CRIs) segment. (Paper FII — IPCA-linked CRIs, management by Kinea Investimentos / Itaú Unibanco Group)
A fund that lends to companies backed by real estate collateral through debt instruments (CRIs) adjusted for inflation, forming a large, well-pulverized portfolio that serves as a hedge against rising prices. Please note: unit prices fluctuate with interest rates, even without default risk.
This page gathers the factual snapshot of KNIP11 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 is the alternative asset management arm of the Itaú Unibanco Group and one of the largest and most respected real estate fund managers in Brazil. Kinea's family of paper real estate funds totals R$ 27.9 billion under management (KNCR11 R$ 11.0B, KNIP11 R$ 7.5B, KNHY11 R$ 3.1B, KNUQ11 R$ 2.2B, KNHF11 R$ 2.0B, KNSC11 R$ 1.8B, KCRE11 R$ 0.3B), supported by a robust origination, credit, and risk team.
KNIP11 occupies the lowest-risk, inflation-linked tier of the product lineup (alongside the floating-rate KNCR11). Administration is handled by Intrag DTVM (also part of Itaú), with the fiscal year ending on June 30. The combination of scale, backing by Itaú, and a track record dating back to 2016 gives KNIP11 an institutional standard that is difficult to match among CRI real estate funds.
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-gazit-malls | — | 5.2% | — |
| cri-jhsf-malls | — | 4.0% | — |
| cri-galpao-cajamar | — | 3.4% | — |
| cri-hglg-cds | — | 3.2% | — |
| cri-shp-balneario | — | 2.8% | — |
| cri-hsml-uberaba | — | 2.4% | — |
| cri-partage-faria-lima-218 | — | 2.4% | — |
| cri-partage-faria-lima-217 | — | 2.1% | — |
| cri-blog-nordeste | — | 1.9% | — |
| cri-partage-cosmopolitano | — | 1.9% | — |
| cri-xpml-bahia | — | 1.9% | — |
| cri-creditas-151-senior | — | 1.1% | — |
| cri-rede-dor | — | 1.2% | — |
| cri-hilton-copacabana | — | 1.2% | — |
HHI 0.012 — muito baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (São Paulo/Rio de Janeiro/Minas Gerais) 78.0% · South (Santa Catarina/Paraná/Rio Grande do Sul) 8.0% · Northeast (Bahia/Pernambuco/Ceará/Maranhão/Pará) 10.0% · Midwest/North (Mato Grosso/Amazonas/Federal District/Rondônia) 4.0% |
| By index | IPCA 90.8% · SELIC/CDI (cash) 9.2% |
Unit price of R$ 91.80 (June 1, 2026) compared to BV per unit of R$ 93.93 (Apr/2026). Slight discount of ~2% — neither a deep premium nor a deep discount. A P/BV of 0.98 indicates re-equilibration following the curve-steepening cycle of 2022-2025.
last close R$ 89.3 · all-time low R$ 83.79 · high R$ 122.60 · book value per unit R$ 92.85.
Extremely high liquidity: a R$ 100k position can be exited in a fraction of a trading session without moving the price. Even multi-million-dollar positions are absorbed easily — one of Brazil's most liquid paper real estate funds.
O KNIP11 é o FII de CRI indexado à inflação pioneiro e de referência da Kinea, listado desde 2016. Sua trajetória de preço espelha a curva de juros reais brasileira: ágio e máxima histórica (R$ 122,60) no ciclo de juros baixos de 2017-2019, e deságio com mínima de R$ 83,79 (fev/2025) na abertura da curva de 2022-2025.
O fundo nunca perdeu o que importa: a qualidade do crédito. A carteira pulverizada de 117 CRIs com garantias reais atravessou todo o ciclo sem inadimplência relevante. Hoje, a IPCA+10,06% MTM, o KNIP11 carrega um dos prêmios reais mais altos da sua história — e o repique recente do IPCA (proventos de R$ 1,10 e R$ 1,25 em abr-mai/2026) mostra a tese funcionando na prática.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund incepted on September 16, 2016, as Kinea Índices de Preços, dedicated to inflation-linked CRIs with low credit risk. Administration by Intrag DTVM, management by Kinea (Itaú Unibanco Group). |
| CRESCIMENTO E ÁGIO | During a declining real-interest-rate cycle, units traded at a significant premium, reaching an all-time high of R$ 122.60 on June 25, 2019. Successive offerings expanded net assets into the billions. |
| ABERTURA DA CURVA | The rise in real interest rates (NTN-B bonds) steepened the yield curve and depressed the mark-to-market value of CRIs, causing units to trade at a discount. The average acquisition yield (IPCA+~6.9%) fell below the market rate, compressing book value. |
| MÍNIMA HISTÓRICA | With the real interest rate curve peaking, the unit price touched an all-time low of R$ 83.79 on February 5, 2025 — marking the highest implied real premium in the portfolio's history. |
| REPIQUE DO IPCA | Current inflation accelerates (Feb 0.70% + Mar 0.88%) and boosts earnings: earnings per unit rise to R$ 1.12 (Mar) and R$ 1.22 (Apr), with distributions of R$ 1.05 and R$ 1.10. Undistributed retained reserves reach R$ 0.85/unit. |
| PROVENTO R$ 1,25 | May 2026 distribution announced at R$ 1.25/unit (payable on June 12, 2026), reflecting higher inflation from recent windows. Bylaws updated to comply with CVM 175 fee segregation rules on May 8, 2026. |
| ATUAL (DATA ANÁLISE) | Unit price R$ 91.80 (June 1, 2026), P/BV 0.98, BV per unit R$ 93.93 (Apr/26). Portfolio yielding IPCA+10.06% MTM, 4.1-year duration, 117 CRIs, 72,303 unitholders, net assets R$ 7.52B. |