[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FAFHF11\u002Fdocumentos\u002F7799":3,"documento:AFHF11:7799":87,"fii-documento:AFHF11":96},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Relatório Gerencial AFHF11 de dezembro de 2025 | Kartac","Relatório Gerencial de dezembro de 2025 do AFHF11, entrega em 29\u002F01\u002F2026. DY 12 meses de 14,65% e P\u002FVP 0,98 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11\u002Fdocumentos\u002F7799","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,49,64],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11\u002Fdocumentos\u002F7799#pagina",{"@id":19},"2026-11-02",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11\u002Fdocumentos\u002F7799#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11\u002Fdocumentos\u002F7799#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"temporalCoverage":39,"author":40,"publisher":46,"isBasedOn":48},"Report","Relatório Gerencial AFHF11 de dezembro de 2025","(AFHF) Relatório Gerencial - 31\u002F12\u002F2025",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11#fundo","Relatórios","2026-01-29","2025-12",{"@type":12,"name":41,"identifier":42},"AF INVEST REAL ESTATE ADMINISTRACAO DE RECURSOS LT",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","43.946.902\u002F0001-28",{"@type":12,"name":47},".BANCO DAYCOVAL S\u002FA","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1095073",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","AF Invest Real Estate Multiestratégia",[53,54],"AFHF11","AF INVEST REAL ESTATE MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FAFHF11","Papel",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"60.077.386\u002F0001-61",{"@type":12,"name":41,"identifier":63},{"@type":43,"propertyID":44,"value":45},{"@type":65,"@id":30,"itemListElement":66},"BreadcrumbList",[67,71,75,77],{"@type":68,"position":69,"name":70,"item":15},"ListItem",1,"Início",{"@type":68,"position":72,"name":73,"item":74},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":68,"position":76,"name":53,"item":55},3,{"@type":68,"position":78,"name":34,"item":6},4,{"atualizado_em":80,"frases":81},"2026-11-05",[82,83,84,85,86],"Relatório Gerencial do AF Invest Real Estate Multiestratégia (AFHF11), fundo imobiliário de papel, referente a dezembro de 2025, com entrega no FundosNet (B3) em 29\u002F01\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do AFHF11 fechou a R$ 10,00, com P\u002FVP de 0,98 (valor patrimonial de R$ 10,20 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,12 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 14,65% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 51 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":88,"descricao":34,"assunto":89,"tipo":37,"situacao":90,"texto":91,"link_pdf":92,"estruturado":93,"link_original":48,"data_referencia":94,"data_entrega":95,"versao":69},7799,"Relatório Gerencial","(Ativo)","\u003Ch3>AF Invest Real Estate Multiestratégia FII - AFHF11 Relatório de Gestão\u003C\u002Fh3>\u003Cp>Administrador, Escriturador e Custodiante\u003C\u002Fp>\u003Ch3>OBJETIVO\u003C\u002Fh3>\u003Cp>BancoDaycoval\u003C\u002Fp>\u003Cp>Recebimento de rendimentos e apuração de ganhos de capital por meio de investimentos em Certificados de Recebíveis Imobiliários (CRIs), cotas de Fundos de Investimento Imobiliário (FIIs), ativos reais e ações listadas de companhias do setor imobiliário.\u003C\u002Fp>\u003Cp>\u003Cstrong>GESTORA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>INÍCIO DO FUNDO\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>AF Invest Real Estate\u003C\u002Fp>\u003Cp>01 de julho de 2025\u003C\u002Fp>\u003Cp>\u003Cstrong>ADMINISTRADOR\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>TAXAS DE ADM¹\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Banco Daycoval\u003C\u002Fp>\u003Cp>1,03% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>TAXA DE PERFOMANCE\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>PATRIMÔNIO LÍQUIDO\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>15% do que exceder 100% do CDI\u003C\u002Fp>\u003Cp>R$ 51,2 M\u003C\u002Fp>\u003Cp>\u003Cstrong>COTA PATRIMONIAL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>NÚMERO DE COTAS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>10,24\u003C\u002Fp>\u003Cp>5.000.000\u003C\u002Fp>\u003Cp>\u003Cstrong>COTA MERCADO\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>COTISTAS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>10,06\u003C\u002Fp>\u003Cp>526\u003C\u002Fp>\u003Cp>\u003Cstrong>CNPJ\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>60.077.386\u002F0001-61\u003C\u002Fp>\u003Ch3>Resultados do mês\u003C\u002Fh3>\u003Cp>\u003Cstrong>Resultado gerado no mês\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 0,123\u003C\u002Fp>\u003Cp>\u003Cstrong>Resultado distribuído no mês\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 0,135\u003C\u002Fp>\u003Cp>\u003Cstrong>Resultado total acumulado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 0,036\u003C\u002Fp>\u003Cp>\u003Cstrong>Resultado acumulado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 0,036\u003C\u002Fp>\u003Cp>\u003Cstrong>Resultado acumulado de inflação não distribuído\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ -\u003C\u002Fp>\u003Ch3>RESULTADOS DO MÊS\u003C\u002Fh3>\u003Cp>Resultado gerado no mês\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_2_chart_14.jpg\">\u003C\u002Fp>\u003Cp>jul\u002F25 ago\u002F25 set\u002F25 out\u002F25 nov\u002F25 dez\u002F25 jan\u002F26 fev\u002F26 mar\u002F26 abr\u002F26 mai\u002F26 jun\u002F26\u003C\u002Fp>\u003Ch3>RESERVA ACUMULADA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_2_chart_17.jpg\">\u003C\u002Fp>\u003Ch3>Retorno de Investimentos\u003C\u002Fh3>\u003Cp>Apresentamos abaixo o retorno total (TIR anualizada) obtido pelo fundo com a amortização extraordinária total dos seguintes CRI’s: Almeida Júnior – Blumenau Norte e Almeida Júnior – Nações\u003C\u002Fp>\u003Ch3>ALMEIDA JUNIOR NAÇÕES\u003C\u002Fh3>\u003Ch3>ALMEIDA JUNIOR BLUMENAU NORTE\u003C\u002Fh3>\u003Cp>\u003Cstrong>TIR anualizada\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>21,10% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Valor investido\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Retorno\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 1.910.584,00\u003C\u002Fp>\u003Cp>R$ 149.560,91\u003C\u002Fp>\u003Cp>R$ 407.233,46\u003C\u002Fp>\u003Cp>6 meses\u003C\u002Fp>\u003Cp>\u003Cstrong>Prazo\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 4.762.259,05\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>6 meses\u003C\u002Fp>\u003Cp>23,87% a.a.\u003C\u002Fp>\u003Cp>0,56 anos\u003C\u002Fp>\u003Cp>CDI + 1,50% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa de aquisição\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,41 anos\u003C\u002Fp>\u003Cp>CDI + 1,50% a.a.\u003C\u002Fp>\u003Ch3>Palavra do Gestor\u003C\u002Fh3>\u003Ch3>RESULTADO\u003C\u002Fh3>\u003Cp>Em dezembro de 2025, o fundo auferiu lucro em regime de caixa de R$614.887,44. Somado ao saldo acumulado e não distribuído, de R$238.742,50, o resultado a distribuir do fundo em dezembro de 2025 totalizava R$853.629,94, ou R$0,17 por cota. A equipe de gestão optou por distribuir o valor de R$0,135 por cota. Desta forma, o resultado acumulado e não distribuído do fundo totaliza R$178.629,94, ou R$0,04 por cota.\u003C\u002Fp>\u003Cp>A cota patrimonial do fundo apresentou valorização de R$0,06, saindo de R$10,18, em novembro, para R$10,24 em dezembro, em virtude da marcação a mercado realizada pelo administrador na carteira do fundo no período, cujo critério adotado é o spread sobre a NTN-B correspondente à duration de cada um dos papéis.\u003C\u002Fp>\u003Cp>Destacamos que todas as operações do fundo estão adimplentes com suas respectivas obrigações.\u003C\u002Fp>\u003Ch3>RENDIMENTOS\u003C\u002Fh3>\u003Cp>A distribuição de rendimentos referente a dezembro, anunciados em 15\u002F01\u002F2026 e pagos em 22\u002F01\u002F2026, totalizou R$0,135 por cota. Este valor equivale a um dividend yield mensal de 1,34% e anual de 17,35%, considerando o preço de fechamento da cota em 15\u002F01\u002F2026, qual seja de R$10,06, e corresponde a uma remuneração bruta de imposto de renda de 1,58% a.m. e 20,68% a.a.\u003C\u002Fp>\u003Ch3>MOVIMENTAÇÕES\u003C\u002Fh3>\u003Cp>CRI GARE Atacadão: Em 15\u002F01\u002F2026, o fundo comprou, no mercado secundário, um volume de R$2.855.767,49, referente ao CRI GARE Atacadão, à taxa de IPCA + 9,37% a.a. Trata-se de uma operação de R$384.000.000,00 lastreada em recebíveis imobiliários devidos pelo Carrefour S.A., maior rede varejista do país, com presença em todo o país e 1.041 pontos de venda distribuídos por todos os estados. A operação foi estruturada para a aquisição de 15 lojas pelo Guardian Real Estate (GARE11), localizadas em Araraquara\u002FSP, Atibaia\u002FSP, Barretos\u002FSP, Caraguatatuba\u002FSP, Boa Vista\u002FRR, Presidente Prudente\u002FSP, Campo Grande\u002FMS, Maringá\u002FPR, Santa Bárbara D’Oeste\u002FSP, Anápolis\u002FGO, Fortaleza Eusébio\u002FCE, Lucas do Rio Verde\u002FMT, Cuiabá Tijuca\u002FMT, Barra do Garça\u002FMT e Três Lagoas\u002FMS. A operação conta com alienação fiduciária dos 15 imóveis, avaliados em R$ 768 milhões, cessão fiduciária dos contratos de locação e fundo de despesas.\u003C\u002Fp>\u003Ch3>PROJEÇÕES\u003C\u002Fh3>\u003Cp>Ao final de dezembro de 2025, o AFHF11 completou seis meses desde o IPO, a equipe de gestão gostaria de agradecer a confiança dos cotistas que participaram da oferta. Neste período, o fundo movimentou, entre compras e vendas, mais de R$87 milhões, equivalente a 1,76x o patrimônio líquido, demonstrando estratégia de gestão ativa do veículo. Abaixo alguns highlights do período.\u003C\u002Fp>\u003Ch3>RENTABILIDADE ¹\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_6_chart_4.jpg\">\u003C\u002Fp>\u003Cp>RETORNO DOS INVESTIMENTOS\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Data\u003C\u002Fth>\u003Cth>Setembro\u003C\u002Fth>\u003Cth>Outubro\u003C\u002Fth>\u003Cth>Dezembro\u003C\u002Fth>\u003Cth>Dezembro\u003C\u002Fth>\u003Cth>Consolidado\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Devedor\u003C\u002Ftd>\u003Ctd>GR\u003C\u002Ftd>\u003Ctd>Pernambuco Construtora\u003C\u002Ftd>\u003Ctd>ALMEIDA JUNIOR NAÇÕES\u003C\u002Ftd>\u003Ctd>ALMEIDA JUNIOR BLUMENAU\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TIR\u003C\u002Ftd>\u003Ctd>33,09%\u003C\u002Ftd>\u003Ctd>22,04%\u003C\u002Ftd>\u003Ctd>21,10%\u003C\u002Ftd>\u003Ctd>23,87%\u003C\u002Ftd>\u003Ctd>23,72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor Investido\u003C\u002Ftd>\u003Ctd>3.284.461\u003C\u002Ftd>\u003Ctd>516.654\u003C\u002Ftd>\u003Ctd>1.910.584\u003C\u002Ftd>\u003Ctd>4.762.259\u003C\u002Ftd>\u003Ctd>10.473.958\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Retorno\u003C\u002Ftd>\u003Ctd>157.438\u003C\u002Ftd>\u003Ctd>17.092\u003C\u002Ftd>\u003Ctd>149.561\u003C\u002Ftd>\u003Ctd>407.233\u003C\u002Ftd>\u003Ctd>731.324\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Duration\u003C\u002Ftd>\u003Ctd>0,56 anos\u003C\u002Ftd>\u003Ctd>0,37 anos\u003C\u002Ftd>\u003Ctd>0,56 anos\u003C\u002Ftd>\u003Ctd>0,41 anos\u003C\u002Ftd>\u003Ctd>0,54 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>¹ Devido à baixa liquidez, foi considerada a rentabilidade do fundo com a Cota a Valor Patrimonial.\u003C\u002Fp>\u003Ch3>DRE Gerencial\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>DRE\u003C\u002Fth>\u003Cth>caixa\u003C\u002Fth>\u003Cth>Outubro\u003C\u002Fth>\u003Cth>Novembro\u003C\u002Fth>\u003Cth>Dezembro\u003C\u002Fth>\u003Cth>Últimos 6 meses\u003C\u002Fth>\u003Cth>2025\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Receitas (R$)\u003C\u002Ftd>\u003Ctd>849.065,76\u003C\u002Ftd>\u003Ctd>675.819,35\u003C\u002Ftd>\u003Ctd>660.823,49\u003C\u002Ftd>\u003Ctd>4.311.075,07\u003C\u002Ftd>\u003Ctd>4.311.075,07\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Juros\u003C\u002Ftd>\u003Ctd>538.405,22\u003C\u002Ftd>\u003Ctd>576.290,07\u003C\u002Ftd>\u003Ctd>510.709,95\u003C\u002Ftd>\u003Ctd>3.442.622,93\u003C\u002Ftd>\u003Ctd>3.442.622,93\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Correção Monetária\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>776,63\u003C\u002Ftd>\u003Ctd>5.110,66\u003C\u002Ftd>\u003Ctd>56.325,61\u003C\u002Ftd>\u003Ctd>56.325,61\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Negociação CRI\u003C\u002Ftd>\u003Ctd>223.328,81\u003C\u002Ftd>\u003Ctd>11.571,47\u003C\u002Ftd>\u003Ctd>52.315,72\u003C\u002Ftd>\u003Ctd>331.678,09\u003C\u002Ftd>\u003Ctd>331.678,09\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Negociação FII\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Rendimentos de Fundo Imobiliários\u003C\u002Ftd>\u003Ctd>50.397,18\u003C\u002Ftd>\u003Ctd>77.660,82\u003C\u002Ftd>\u003Ctd>65.837,49\u003C\u002Ftd>\u003Ctd>193.895,49\u003C\u002Ftd>\u003Ctd>193.895,49\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(+)\u003C\u002Ftd>\u003Ctd>Renda Fixa\u003C\u002Ftd>\u003Ctd>36.934,55\u003C\u002Ftd>\u003Ctd>9.520,36\u003C\u002Ftd>\u003Ctd>26.849,67\u003C\u002Ftd>\u003Ctd>286.552,95\u003C\u002Ftd>\u003Ctd>286.552,95\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(-)\u003C\u002Ftd>\u003Ctd>Despesas (R$)\u003C\u002Ftd>\u003Ctd>50.909,52\u003C\u002Ftd>\u003Ctd>53.052,26\u003C\u002Ftd>\u003Ctd>45.936,05\u003C\u002Ftd>\u003Ctd>257.445,13\u003C\u002Ftd>\u003Ctd>257.445,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Resultado (R$)\u003C\u002Ftd>\u003Ctd>798.156,24\u003C\u002Ftd>\u003Ctd>622.767,09\u003C\u002Ftd>\u003Ctd>614.887,44\u003C\u002Ftd>\u003Ctd>4.053.629,94\u003C\u002Ftd>\u003Ctd>4.053.629,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Resultado\u002FCota\u003C\u002Ftd>\u003Ctd>0,1596\u003C\u002Ftd>\u003Ctd>0,1246\u003C\u002Ftd>\u003Ctd>0,1230\u003C\u002Ftd>\u003Ctd>0,8107\u003C\u002Ftd>\u003Ctd>0,8107\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Rendimento (R$)\u003C\u002Ftd>\u003Ctd>650.000,00\u003C\u002Ftd>\u003Ctd>650.000,00\u003C\u002Ftd>\u003Ctd>675.000,00\u003C\u002Ftd>\u003Ctd>3.875.000,00\u003C\u002Ftd>\u003Ctd>3.875.000,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Rendimento\u002FCota\u003C\u002Ftd>\u003Ctd>0,1300\u003C\u002Ftd>\u003Ctd>0,1300\u003C\u002Ftd>\u003Ctd>0,1350\u003C\u002Ftd>\u003Ctd>0,7750\u003C\u002Ftd>\u003Ctd>0,7750\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Resultado Acumulado (R$)\u003C\u002Ftd>\u003Ctd>265.975,41\u003C\u002Ftd>\u003Ctd>238.742,50\u003C\u002Ftd>\u003Ctd>178.629,94\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(=)\u003C\u002Ftd>\u003Ctd>Resultado Acumulado\u002FCota\u003C\u002Ftd>\u003Ctd>0,0532\u003C\u002Ftd>\u003Ctd>0,0477\u003C\u002Ftd>\u003Ctd>0,0357\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(#)\u003C\u002Ftd>\u003Ctd>Cotas\u003C\u002Ftd>\u003Ctd>5.000.000\u003C\u002Ftd>\u003Ctd>5.000.000\u003C\u002Ftd>\u003Ctd>5.000.000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Histórico do Fundo\u003C\u002Fh3>\u003Ch3>ÚLTIMOS RENDIMENTOS DO AFHF11\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Data base\u003C\u002Fth>\u003Cth>Cotação\u003C\u002Fth>\u003Cth>Rendimento\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>Rentabilidade gross-up\u003C\u002Fth>\u003Cth>Rentabilidade gross-up CDI%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>ago\u002F25\u003C\u002Ftd>\u003Ctd>10,05\u003C\u002Ftd>\u003Ctd>0,120\u003C\u002Ftd>\u003Ctd>1,19%\u003C\u002Ftd>\u003Ctd>1,40%\u003C\u002Ftd>\u003Ctd>109,75%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>set\u002F25\u003C\u002Ftd>\u003Ctd>10,10\u003C\u002Ftd>\u003Ctd>0,130\u003C\u002Ftd>\u003Ctd>1,29%\u003C\u002Ftd>\u003Ctd>1,51%\u003C\u002Ftd>\u003Ctd>130,54%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>out\u002F25\u003C\u002Ftd>\u003Ctd>10,10\u003C\u002Ftd>\u003Ctd>0,130\u003C\u002Ftd>\u003Ctd>1,29%\u003C\u002Ftd>\u003Ctd>1,51%\u003C\u002Ftd>\u003Ctd>124,12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>nov\u002F25\u003C\u002Ftd>\u003Ctd>10,00\u003C\u002Ftd>\u003Ctd>0,130\u003C\u002Ftd>\u003Ctd>1,30%\u003C\u002Ftd>\u003Ctd>1,53%\u003C\u002Ftd>\u003Ctd>119,49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>dez\u002F25\u003C\u002Ftd>\u003Ctd>10,02\u003C\u002Ftd>\u003Ctd>0,130\u003C\u002Ftd>\u003Ctd>1,30%\u003C\u002Ftd>\u003Ctd>1,53%\u003C\u002Ftd>\u003Ctd>145,37%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jan\u002F26\u003C\u002Ftd>\u003Ctd>10,06\u003C\u002Ftd>\u003Ctd>0,135\u003C\u002Ftd>\u003Ctd>1,34%\u003C\u002Ftd>\u003Ctd>1,58%\u003C\u002Ftd>\u003Ctd>129,41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>fev\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>mar\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>abr\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>mai\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jun\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jul\u002F26\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Retorno desde o início\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,78\u003C\u002Ftd>\u003Ctd>8,35%\u003C\u002Ftd>\u003Ctd>9,82%\u003C\u002Ftd>\u003Ctd>132,22%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>HISTÓRICO DE COTISTAS\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_8_chart_5.jpg\">\u003C\u002Fp>\u003Cp>HISTÓRICO DE COTA PATRIMONIAL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_8_chart_7.jpg\">\u003C\u002Fp>\u003Ch3>Composição da Carteira | 15\u002F01\u002F2026\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd>#\u003C\u002Ftd>\u003Ctd>Ativo\u003C\u002Ftd>\u003Ctd>Devedor\u003C\u002Ftd>\u003Ctd>Segmento\u003C\u002Ftd>\u003Ctd>Tipo de risco\u003C\u002Ftd>\u003Ctd>Código\u003C\u002Ftd>\u003Ctd>Série\u003C\u002Ftd>\u003Ctd>Emissor\u003C\u002Ftd>\u003Ctd>Indexador\u003C\u002Ftd>\u003Ctd>Spread\u003C\u002Ftd>\u003Ctd>Duration\u003C\u002Ftd>\u003Ctd>Vencimento\u003C\u002Ftd>\u003Ctd>Risco\u003C\u002Ftd>\u003Ctd>%\u003C\u002Ftd>\u003Ctd>Valor\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">1 CRI Muffato Varejo Essencial Contratual 25F2703942 Única Artesanal CDI 2,50% 5,34 21\u002F06\u002F2035 High Grade 9,83% 5.045.371,64\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>Ed. Rochaverá\u003C\u002Ftd>\u003Ctd>Lajes Corporativas\u003C\u002Ftd>\u003Ctd>Corporativo\u003C\u002Ftd>\u003Ctd>24A2983450\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>Vert\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,60%\u003C\u002Ftd>\u003Ctd>2,45\u003C\u002Ftd>\u003Ctd>09\u002F02\u002F2029\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>9,73%\u003C\u002Ftd>\u003Ctd>4.990.551,30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">4 FII LPLP15 9,51% 4.881.124,50\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>Cahima - Direcional\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>Contratual\u003C\u002Ftd>\u003Ctd>25J2486442\u003C\u002Ftd>\u003Ctd>Sênior\u003C\u002Ftd>\u003Ctd>Opea\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,00%\u003C\u002Ftd>\u003Ctd>1,84\u003C\u002Ftd>\u003Ctd>20\u002F10\u002F2031\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>9,14%\u003C\u002Ftd>\u003Ctd>4.691.065,21\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">5 CRI Tibério Incorporação Pulverizado 20K0777893 Única True CDI 2,70% 1,27 27\u002F11\u002F2028 High Grade 9,11% 4.675.261,09\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>RNI\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>Pulverizado\u003C\u002Ftd>\u003Ctd>19B0177968\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>Virgo\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>1,70%\u003C\u002Ftd>\u003Ctd>1,33\u003C\u002Ftd>\u003Ctd>15\u002F02\u002F2029\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>8,27%\u003C\u002Ftd>\u003Ctd>4.244.640,62\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">7 CRI TRX Mateus Varejo Essencial Contratual 24K0003803 Única BariSec IPCA 9,10% 5,54 09\u002F11\u002F2039 High Grade 6,09% 3.126.836,35\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>MRV\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>Pulverizado\u003C\u002Ftd>\u003Ctd>22I1423539\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>Opea\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,00%\u003C\u002Ftd>\u003Ctd>2,49\u003C\u002Ftd>\u003Ctd>15\u002F09\u002F2027\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>5,97%\u003C\u002Ftd>\u003Ctd>3.064.150,31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">9 CRI GARE Atacadão Varejo Essencial Contratual 24K2582816 Única Virgo IPCA 9,37% 4,91 15\u002F12\u002F2037 High Grade 5,57% 2.855.767,27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>VIC Engenharia\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>Pulverizado\u003C\u002Ftd>\u003Ctd>25G5321935\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>Opea\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,90%\u003C\u002Ftd>\u003Ctd>2,33\u003C\u002Ftd>\u003Ctd>22\u002F07\u002F2030\u003C\u002Ftd>\u003Ctd>High Yield\u003C\u002Ftd>\u003Ctd>4,93%\u003C\u002Ftd>\u003Ctd>2.530.827,81\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">11 CRI Grupo Comporte Logístico Contratual 23I1270600 Única Opea CDI 3,50% 1,99 18\u002F09\u002F2030 High Yield 4,72% 2.423.891,58\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>Creditas\u003C\u002Ftd>\u003Ctd>Home Equity\u003C\u002Ftd>\u003Ctd>Pulverizado\u003C\u002Ftd>\u003Ctd>20J0837185\u003C\u002Ftd>\u003Ctd>Sênior\u003C\u002Ftd>\u003Ctd>Vert\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,64%\u003C\u002Ftd>\u003Ctd>5,05\u003C\u002Ftd>\u003Ctd>15\u002F10\u002F2040\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>3,05%\u003C\u002Ftd>\u003Ctd>1.562.520,55\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"15\">13 CRI Embraed Incorporação Pulverizado 23E1295288 Única Canal CDI 3,50% 1,13 22\u002F05\u002F2028 High Yield 1,38% 708.636,73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>CashMe II\u003C\u002Ftd>\u003Ctd>Home Equity\u003C\u002Ftd>\u003Ctd>Pulverizado\u003C\u002Ftd>\u003Ctd>24A1781654\u003C\u002Ftd>\u003Ctd>Sênior\u003C\u002Ftd>\u003Ctd>Provincia\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,20%\u003C\u002Ftd>\u003Ctd>2,20\u003C\u002Ftd>\u003Ctd>15\u002F01\u002F2031\u003C\u002Ftd>\u003Ctd>High Grade\u003C\u002Ftd>\u003Ctd>0,69%\u003C\u002Ftd>\u003Ctd>355.269,44\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>FII\u003C\u002Ftd>\u003Ctd>FII 1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,25%\u003C\u002Ftd>\u003Ctd>126.150,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>16\u003C\u002Ftd>\u003Ctd>FII\u003C\u002Ftd>\u003Ctd>FII 2\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,17%\u003C\u002Ftd>\u003Ctd>89.020,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>FII\u003C\u002Ftd>\u003Ctd>FII 3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,09%\u003C\u002Ftd>\u003Ctd>44.850,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Caixa\u003C\u002Ftd>\u003Ctd>Daycoval\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>11,49%\u003C\u002Ftd>\u003Ctd>5.895.057,62\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Alocação do Fundo\u003C\u002Fh3>\u003Ch3>RESUMO DA CARTEIRA\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ativo\u003C\u002Fth>\u003Cth>% Alocado\u003C\u002Fth>\u003Cth>Indexador\u003C\u002Fth>\u003Cth>Taxa média\u003C\u002Fth>\u003Cth>Durationmédia\u003C\u002Fth>\u003Cth>Spreadtesouro\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>63,09%\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,70%\u003C\u002Ftd>\u003Ctd>2,43\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>15,40%\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,75%\u003C\u002Ftd>\u003Ctd>5,07\u003C\u002Ftd>\u003Ctd>240 bps\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII\u003C\u002Ftd>\u003Ctd>10,02%\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Caixa\u003C\u002Ftd>\u003Ctd>11,49%\u003C\u002Ftd>\u003Ctd>%CDI\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>MOVIMENTAÇÕES DO MÊS\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Operação\u003C\u002Fth>\u003Cth>#\u003C\u002Fth>\u003Cth>Data\u003C\u002Fth>\u003Cth>Ativo\u003C\u002Fth>\u003Cth>Indexador\u003C\u002Fth>\u003Cth>Taxa\u003C\u002Fth>\u003Cth>Quantidade\u003C\u002Fth>\u003Cth>PU\u003C\u002Fth>\u003Cth>Financeiro\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Compra\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>15\u002F01\u002F2025\u003C\u002Ftd>\u003Ctd>GARE Atacadão\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,37%\u003C\u002Ftd>\u003Ctd>3.000\u003C\u002Ftd>\u003Ctd>951,92\u003C\u002Ftd>\u003Ctd>R$ 2.855.767,49\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Alocação do Fundo\u003C\u002Fh3>\u003Cp>POR INDEXADOR\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>POR INSTRUMENTO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_11_chart_5.jpg\">\u003C\u002Fp>\u003Cp>POR TIPO DE RISCO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_11_chart_7.jpg\">\u003C\u002Fp>\u003Cp>POR RISCO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_11_chart_9.jpg\">\u003C\u002Fp>\u003Ch3>Alocação do Fundo\u003C\u002Fh3>\u003Cp>POR SEGMENTO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_12_chart_3.jpg\">\u003C\u002Fp>\u003Cp>POR SECURITIZADORA\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_12_chart_5.jpg\">\u003C\u002Fp>\u003Cp>POR SÉRIE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_12_chart_7.jpg\">\u003C\u002Fp>\u003Ch3>Operações Adquiridas\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_13_image_2.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F7799\u002Fpage_13_image_3.jpg\">\u003C\u002Fp>\u003Ch3>ATACADÃO\u003C\u002Fh3>\u003Ch3>GARE Atacadão\u003C\u002Fh3>\u003Ch3>1ªSérieda230ªEmissãoda Virgo\u003C\u002Fh3>\u003Cp>O fundo adquiriu \u003Cstrong>R$2.855.767,49\u003C\u002Fstrong> à taxa de IPCA +9,37% a.a.\u003C\u002Fp>\u003Ch3>HighGrade\u003C\u002Fh3>\u003Ch3>Tipode Risco:Contratual.\u003C\u002Fh3>\u003Ch3>Garantiasda Operação:\u003C\u002Fh3>\u003Cp>Alienação Fiduciária de 15 Imóveis, localizados em (Araraquara\u002FSP, Atibaia\u002FSP, Barretos\u002FSP, Caraguatatuba\u002FSP, Boa Vista\u002FRR, Presidente Prudente\u002FSP, Campo Grande\u002FMS, Maringá\u002FPR, Santa Bárbara D’Oeste\u002FSP, Anápolis\u002FGO, Fortaleza\u002FCE, Lucas do Rio Verde\u002FMT, Cuiabá\u002FMT, Barra do Garça\u002FMT, Três Lagoas\u002FMS);\u003C\u002Fp>\u003Cp>Cessão Fiduciária dos Recebíveis de aluguéis dos ativos; e\u003C\u002Fp>\u003Cp>Fundo de Despesas com valor mínimo de R$140.000,00\u003C\u002Fp>\u003Ch3>Alto Desempenho, Alinhamento e Segurança\u003C\u002Fh3>\u003Cp>Fundada em 2006, a AF Invest é a maior gestora de recursos independente de Minas Gerais. Dedicada a investimentos em crédito privado e renda variável no mercado de Wealth e Asset Management. Possui especializado e sólido time de análise e gestão, com rígido compliance e controle de riscos.\u003C\u002Fp>\u003Ch3>SÃO PAULO\u003C\u002Fh3>\u003Cp>RUA TABAPUA 1123, CONJ 94\u003C\u002Fp>\u003Cp>EDIFÍCIO SPAZIO DEL SOLE\u003C\u002Fp>\u003Cp>ITAIM BIBI, SÃO PAULO, SP\u003C\u002Fp>\u003Cp>04.533-014\u003C\u002Fp>\u003Cp>FAX: + 55 (16)3620-8786\u003C\u002Fp>\u003Ch3>BELO HORIZONTE\u003C\u002Fh3>\u003Cp>TEL: + 55 (11) 3078-7314\u003C\u002Fp>\u003Cp>RUA SERGIPE, 1440, 6º ANDAR\u003C\u002Fp>\u003Cp>SAVASSI, BELO HORIZONTE, MG\u003C\u002Fp>\u003Cp>30130-174\u003C\u002Fp>\u003Cp>TEL: + 55 (31)2103-6000\u003C\u002Fp>\u003Cp>FAX: + 55 (31)2103-6001\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FAFHF11\u002Fdocumentos\u002F7799\u002Fpdf",false,"2025-12-31","2026-01-29 08:53:00",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":214,"vpa":215,"p_vpa":216,"tipo_gestao":217,"mandato":218,"segmento":219,"categoria":56,"grupo":56,"preco_atual":208,"cotacao_atualizada_em":220,"ultima_variacao_cotacao_24h":221,"variacao_cotacao_7d":222,"variacao_cotacao_1m":223,"variacao_cotacao_3m":224,"variacao_cotacao_6m":225,"variacao_cotacao_12m":226,"vacancia_fisica":218,"liquidez_atual":227,"ultimo_dividendo":228,"ultimo_dividend_yield":229,"mes_pagamento_ultimo_dividendo":230,"dividend_yield_3m":231,"dividend_yield_6m":232,"dividend_yield_12m":233,"dividend_yield_medio_12m":234,"qtd_dividendos_pagos_ano_passado":235,"data_ultima_cotacao":212,"pregoes_com_negocio_21":236,"alertas":237,"updated_at":238,"liquidez_media_reais":239,"administrador":47,"taxa_administracao_paga":218,"balanco":240,"resultado_distribuido":247,"publico_alvo":252,"mercados_negociacao_cotas":253,"data_funcionamento":256,"data_final":218,"quantidade_cotas":257,"quantidade_cotistas":258,"detalhes_cotistas":259,"total_investido":262,"investimentos_fundo":263,"imoveis":267,"contratos":218,"custodiante":269,"auditor_independente":276,"formador_mercado":218,"distribuidor_cotas":283,"consultor_especializado":218,"administrador_locacoes":218,"relatorio_anual":284,"analise_administrador":287},354,{"nome":54,"nome_simplificado":99,"nome_comercial":51,"ticker":53,"nome_ticker":100,"nome_pregao":101,"cnpj":61},"AF INVEST REAL ESTATE MULTIESTRATÉGIA   RESPONSABILIDADE LIMITADA","AFHF11 - AF INVEST REAL ESTATE MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","FII AFHF",{"id":103,"nome":41,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},33,"43946902000128","R TABAPUA, 1123, AND 1 CONJ 18 EDIF SPAZIO DEL SOLE - ITAIM BIBI, SAO PAULO - SP - 04533-014","(31) 21036000","2026-10-03T18:52:05.000000Z",[109,115,121,126,132,137,141,146,152,157,163,167,172,177,183,187,193,199,204,210],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288846,"2026-10-06",10.29,10.3,9111,{"id":116,"data":117,"abertura":118,"ultimo":119,"volume":120},3289346,"2026-10-07",10.32,10.49,4105,{"id":122,"data":123,"abertura":124,"ultimo":113,"volume":125},3290500,"2026-10-08",10.5,17053,{"id":127,"data":128,"abertura":129,"ultimo":130,"volume":131},3291056,"2026-10-09",10.36,10.35,3778,{"id":133,"data":134,"abertura":135,"ultimo":135,"volume":136},3357266,"2026-10-13",10.37,7165,{"id":138,"data":139,"abertura":135,"ultimo":118,"volume":140},3375589,"2026-10-14",2230,{"id":142,"data":143,"abertura":118,"ultimo":144,"volume":145},3376216,"2026-10-15",10.43,8753,{"id":147,"data":148,"abertura":149,"ultimo":150,"volume":151},3377092,"2026-10-16",10.39,10.34,4417,{"id":153,"data":154,"abertura":155,"ultimo":113,"volume":156},3444821,"2026-10-19",10.45,2870,{"id":158,"data":159,"abertura":160,"ultimo":161,"volume":162},3446557,"2026-10-20",10.41,10.4,533,{"id":164,"data":165,"abertura":135,"ultimo":155,"volume":166},3459704,"2026-10-21",1459,{"id":168,"data":169,"abertura":170,"ultimo":155,"volume":171},3473739,"2026-10-22",10.48,1876,{"id":173,"data":174,"abertura":144,"ultimo":175,"volume":176},3488136,"2026-10-23",10.57,9834,{"id":178,"data":179,"abertura":180,"ultimo":181,"volume":182},3566028,"2026-10-26",10.05,10.18,14549,{"id":184,"data":185,"abertura":181,"ultimo":180,"volume":186},3580280,"2026-10-27",13065,{"id":188,"data":189,"abertura":190,"ultimo":191,"volume":192},3594259,"2026-10-28",10.16,10.21,12049,{"id":194,"data":195,"abertura":196,"ultimo":197,"volume":198},3609102,"2026-10-29",10.27,10.09,2713,{"id":200,"data":201,"abertura":197,"ultimo":202,"volume":203},3624635,"2026-10-30",10.1,4084,{"id":205,"data":206,"abertura":207,"ultimo":208,"volume":209},3682038,"2026-11-03",10.06,10,15736,{"id":211,"data":212,"abertura":208,"ultimo":208,"volume":213},3695550,"2026-11-04",7186,51010238.59,10.2,"0.98","Ativa",null,"Outros","2026-11-04 09:00","0.0000","-0.0089","-0.0291","-0.0030","-0.0020","-0.0050",67,"0.1200","0.0115","Out\u002F2026","0.0240","0.0710","0.1465","0.0121",5,21,[],"05\u002F11\u002F2026 08:05",72894.47,{"data_referencia":241,"ativo":242,"passivo":243,"obrigacoes_imoveis":244,"obrigacoes_securitizacao":244,"liquidez":245,"valores_receber":246},"2026-09-01",51209211.24,198972.65,0,6478033.9,12203.52,{"data_referencia":248,"resultado":249,"rendimentos":250,"percentual":251},"2026-06-30",4393124.84,4199999.998,0.9560393002626348,"Investidores em Geral",[254,255],"Bolsa","MBO","2025-07-01",5000000,1890,{"Pessoa Física":260,"Outros tipos de cotistas não relacionados":261,"Investidores não residentes":69},1205,684,44718973.82,{"CRI \u002F CRA":264,"Cotas de FIIs":265,"Ações":266},37837934.32,5112814.5,1768225,{"vacancia_total":244,"lista_imoveis":268,"data_referencia":248,"vacancia_suspeita":93},[],{"id":270,"nome":271,"cnpj":272,"endereco":273,"telefone":274,"created_at":275,"updated_at":275},54,"BANCO DAYCOVAL S.A","62232889000190","Avenida Paulista 1793, Bela Vista, São Paulo SP - 01311-200","(11) 3563-4389","2026-10-03T18:53:48.000000Z",{"id":277,"nome":278,"cnpj":279,"endereco":280,"telefone":281,"created_at":282,"updated_at":282},24,"ERNST & YOUNG AUDITORES INDEPENDENTES S\u002FS LTDA","61366936000125","AV PRESIDENTE JUSCELINO KUBITSCHEK 1909, SP CORP TOWER TORRE NORTE ANDAR 8 CONJ 81 – VILA NOVA CONCEIÇÃO – SÃO PAULO\u002FSP – 04.543-907","(11) 2573-3000","2026-10-03T18:51:30.000000Z",{"id":270,"nome":271,"cnpj":272,"endereco":273,"telefone":274,"created_at":275,"updated_at":275},{"ano_referencia":285,"data_disponibilizacao":286},"2026","2026-09-29",{"ResultadoFundo":288,"ConjunturaEconomica":289,"PerspectivaPeriodoSeguinte":290},"Os resultados do fundo de investimento podem ser consultados diretamente na demonstração financeira do fundo (DF). Esta documentação estara disponível para consulta em: (https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FabrirGerenciadorDocumentosCVM), e proporciona uma visão detalhada do desempenho e das operações realizadas ao longo do período.","O exercício de julho de 2025 a junho de 2026 foi marcado por juros elevados por período prolongado. A Selic permaneceu em 15% a.a., maior patamar em quase duas décadas, de junho de 2025 a março de 2026, quando o Banco Central iniciou um ciclo gradual de cortes de 0,25 p.p. por reunião (14,75% em março, 14,50% em abril e 14,25% em junho de 2026). A inflação, que vinha em acomodação em 2025, voltou a acelerar no primeiro semestre de 2026 com o choque de commodities decorrente do conflito no Oriente Médio, e as expectativas para o IPCA de 2026 passaram a superar o teto da meta (4,5%), levando o Copom a adotar postura cautelosa, sem sinalização sobre o ritmo do ciclo. As expectativas para a Selic ao final de 2026 subiram ao longo do semestre, de cerca de 12% para cerca de 14%, pressionando os ativos sensíveis a juros.\n\nPara os fundos imobiliários, o período teve duas fases distintas. No segundo semestre de 2025, o IFIX deu continuidade à recuperação iniciada no início daquele ano e encerrou 2025 com alta de 21,15%. No primeiro semestre de 2026, com a reprecificação dos juros e a saída de investidores estrangeiros da bolsa, o índice avançou apenas 0,83%, o pior primeiro semestre desde 2022, com maior pressão sobre os fundos de tijolo e desempenho relativo melhor dos fundos de papel, que passaram a ser o segmento preferido das carteiras recomendadas. O mercado primário, contudo, seguiu aquecido: as emissões de FII somaram R$ 39,5 bilhões no primeiro semestre de 2026 (+103,9% em 12 meses, recorde), com a participação de pessoas físicas mais que dobrando.\n\nNo crédito imobiliário estruturado, segmento central da estratégia do Fundo, as emissões de CRI totalizaram R$ 20,3 bilhões no primeiro semestre de 2026, queda de 15,8% frente ao mesmo período de 2025, refletindo o custo elevado de captação para os devedores e a maior seletividade dos investidores","O cenário-base contempla a continuidade gradual do ciclo de cortes da Selic, condicionada à convergência da inflação, com juros reais ainda elevados em 2026 e volatilidade adicional pela proximidade do período eleitoral. No mercado de CRI, a expectativa é de manutenção de carrego elevado: os papéis em CDI seguem se beneficiando do patamar da taxa básica, enquanto os indexados a índices de preços tendem a capturar a inflação corrente acima da meta, com possibilidade de ganho de marcação a mercado à medida que a curva de juros recue. Do lado do crédito, o custo de capital elevado continua pressionando incorporadoras e projetos alavancados, o que deve manter a seletividade dos investidores, spreads atrativos nas novas emissões e a importância da análise de garantias e do monitoramento contínuo das operações.\nNo mercado de fundos imobiliários, o exercício começa com o setor negociando descontos relevantes sobre o valor patrimonial, sobretudo nos fundos de tijolo, após o pior primeiro semestre do IFIX desde 2022. Os fundos de papel tendem a seguir favorecidos enquanto a Selic permanecer elevada, pelo carrego e pela menor sensibilidade a juros, ao passo que os fundos de tijolo com ativos de qualidade e contratos resilientes são os principais candidatos à reprecificação quando o afrouxamento monetário ganhar tração. Nos fundos de desenvolvimento, a perspectiva está ligada ao ritmo de vendas e de execução dos projetos, favorecidos pela demanda nos segmentos econômicos e pela gradual redução do custo de financiamento, com atenção à evolução dos custos de construção e à liquidez dos estoques. O mercado primário aquecido e a ampliação da base de investidores pessoas físicas sustentam a liquidez do segmento, ainda que com dispersão crescente entre fundos.\nNas ações do setor imobiliário, os múltiplos das companhias do IMOB foram comprimidos pelo ciclo de juros. As incorporadoras voltadas ao Minha Casa, Minha Vida têm demonstrado maior resiliência operacional, com lançamentos e vendas sustentados pelo programa habitacional, enquanto os segmentos de média e alta renda e as administradoras de shoppings e propriedades comerciais seguem mais sensíveis ao custo de capital e tendem a ser os principais beneficiados por um ciclo consistente de queda dos juros. A volatilidade do ano eleitoral deve seguir influenciando o segmento no curto prazo."]