[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10958":3,"documento:BBFO11:10958":87,"fii-documento:BBFO11":96},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Relatório Gerencial BBFO11 de junho de 2026 | Kartac","Relatório Gerencial de junho de 2026 do BBFO11 (BB Fundo de Fundos), entrega em 20\u002F07\u002F2026. DY 12 meses de 17,59% e P\u002FVP 0,90 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10958","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\u002FBBFO11\u002Fdocumentos\u002F10958#pagina",{"@id":19},"2026-11-01",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10958#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10958#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 BBFO11 de junho de 2026","(BBFO) Relatório Gerencial - 30\u002F06\u002F2026",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11#fundo","Relatórios","2026-07-20","2026-06",{"@type":12,"name":41,"identifier":42},"BB Gestão de Recursos DTVM S.A.",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","30.822.936\u002F0001-69",{"@type":12,"name":47},"BB GESTAO DE RECURSOS DTVM S.A.","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1260133",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","BB Fundo de Fundos",[53,54],"BBFO11","BB FUNDO DE FUNDOS - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11","Fundo de fundos",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"37.180.091\u002F0001-02",{"@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 BB Fundo de Fundos (BBFO11), fundo imobiliário de fundos (FoF), referente a junho de 2026, com entrega no FundosNet (B3) em 20\u002F07\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do BBFO11 fechou a R$ 60,10, com P\u002FVP de 0,90 (valor patrimonial de R$ 66,95 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,80 por cota, com pagamento em nov\u002F2026, e o dividend yield dos últimos 12 meses é de 17,59% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 268,1 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},10958,"Relatório Gerencial","(Ativo)","\u003Cp>BB ASSET MANAGEMENT\u003C\u002Fp>\u003Cp>Busque mais para os seus investimentos\u003C\u002Fp>\u003Cp>\u003Cstrong>BBFO11\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>10\u003C\u002Fp>\u003Cp>Relatório Gerencial \u003Cstrong>BB Fundo de Fundos Imobiliário\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Junho\u002F2026\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_1_image_1.jpg\">\u003C\u002Fp>\u003Ch3>Objetivo do Fundo\u003C\u002Fh3>\u003Cp>O fundo imobiliário BBFO11 busca compor uma carteira diversificada de cotas de fundos Imobiliários negociados na bolsa de valores brasileira, selecionados com base em metodologias quantitativas e avaliações qualitativas, explorando as melhores oportunidades no mercado de fundos imobiliários, com o objetivo de constituir uma carteira de investimentos capaz de entregar rendimentos, com controle dos riscos inerentes ao investimento em fundos imobiliários.\u003C\u002Fp>\u003Ch2>Comentário do Gestor\u003C\u002Fh2>\u003Cp>Junho de 2026 encerrou um semestre de transição nos mercados, com as agendas geopolítica e monetária voltando ao centro das decisões de alocação. O destaque do mês foi o memorando de entendimento entre Estados Unidos e Irã, que permitiu o restabelecimento gradual do tráfego marítimo no Estreito de Ormuz. O alívio geopolítico provocou uma das quedas mensais mais expressivas do petróleo desde 2020.\u003C\u002Fp>\u003Cp>No cenário monetário global, a estreia de Kevin Warsh na presidência do Federal Reserve trouxe uma inflexão relevante no tom de comunicação. O FOMC manteve a taxa de juros inalterada, mas retirou a sinalização de cortes futuros, revisou para cima as projeções de inflação e passou a admitir, no dot plot, a possibilidade de nova alta ainda em 2026, em resposta aos choques de oferta associados à energia. Nas bolsas americanas, o mês foi marcado por rotação setorial e questionamentos sobre custos e retorno dos investimentos em inteligência artificial. Ainda assim, o balanço do semestre permaneceu construtivo, com S&P 500 e Dow Jones registrando um ótimo semestre.\u003C\u002Fp>\u003Cp>No mercado de capitais, o Ibovespa acumulou o quarto mês consecutivo de queda, desvalorizando 1,01%, com desempenho descolado das principais praças internacionais. A dinâmica foi novamente ditada pelo fluxo estrangeiro, que registrou saldo negativo relevante no mês, refletindo a rotação de capital de volta para ações de tecnologia nos Estados Unidos e na Ásia, o estreitamento do diferencial de juros após o corte da Selic combinado a um Fed mais duro, e a percepção de piora fiscal doméstica. Setorialmente, Petrobras foi penalizada pela queda do petróleo, enquanto os setores financeiro e de consumo doméstico refletiram a maior aversão a risco e a abertura da curva longa. Empresas ligadas a mineração e commodities metálicas ofereceram algum contrapeso na margem. No câmbio, o real depreciou frente ao dólar, em movimento associado à rotação global e ao tom mais restritivo do Fed.\u003C\u002Fp>\u003Cp>Em síntese, o primeiro semestre de 2026 se encerra com a bolsa doméstica ainda preservando ganhos moderados no acumulado do ano e o real mantendo valorização relevante frente ao dólar, apesar da correção observada em junho. A leitura do período reforça que o desempenho dos ativos brasileiros segue sensível ao comportamento do fluxo estrangeiro, à evolução do cenário geopolítico e à interação entre política fiscal e monetária. Para o segundo semestre, em um ambiente externo marcado pela normalização gradual das commodities e por maior seletividade global, a diferenciação entre ativos e a disciplina na alocação tendem a ganhar ainda mais relevância na construção das teses de investimento.\u003C\u002Fp>\u003Cp>No mês, o IFIX apresentou desvalorização de 1,21%. No que se refere ao desempenho dos ativos, as maiores performances foram observadas em BROF11 (18,71%), CACR11 (15,16%) e HTMX11 (5,42%), ao passo que as maiores baixas foram em URPR11 (-17,97%), LIFE11 (-12,34%) e OUJP11 (- 12,34%).\u003C\u002Fp>\u003Cp>Desde janeiro, iniciamos um processo para destravar e distribuir lucros acumulados no portfólio. Neste mês, entretanto, optamos por não realizar ganhos de capital, pois as reservas acumuladas que o fundo possuía seriam suficientes para sustentar o pagamento de dividendos de fim de semestre. Retornamos com SNEL11 para a carteira (ativo que saiu do portfólio em abril de 2025), com peso aproximado de 1,2% do PL, por entendermos estar com um preço atrativo. Além disso, os recibos de ALZR adquiridos via oferta no mês de fevereiro se converteram em cotas neste mês, ficando com o peso de aproximadamente 3,30% da carteira.\u003C\u002Fp>\u003Ch3>Comentário do Gestor\u003C\u002Fh3>\u003Cp>Dentre os FIIs de papel, obtivemos as informações dos relatórios mensais com base no mês de maio de cada gestor e calculamos a seguinte distribuição para a carteira do BBFO11: 87,51% em IPCA, com uma taxa média de +10,25%; 11,27% em CDI, com taxa média de +3,79% e 1,24% de exposição a outros índices. Observando a rentabilidade dos ativos, as maiores valorizações do portfólio foram de CLIN11 (2,16%), MANA11 (2,11%) e KNHY11 (0,93%), enquanto os principais detratores do mês foram RBRL11 (-9,90%), TGAR11 (-9,77%) e HSML11 (-6,82%).\u003C\u002Fp>\u003Cp>Os rendimentos recebidos pelo Fundo apurados no mês de junho, totalizaram R$ 0,803 por cota e o resultado líquido (descontando as despesas) totalizou R$ 0,7648 por cota. Em 14\u002F07\u002F2026, foi realizada a distribuição de R$ 0,95, já considerando o ganho de capital acumulado no semestre, o que corresponde a um retorno de 1,32% sobre a cota patrimonial. Este é o sexto mês consecutivo em que o Fundo distribui rendimentos superiores a 1,10% da cota patrimonial. A reserva acumulada apresentou o montante de R$ 0,0042 por cota, já descontando os valores pagos em julho. Por fim, destacamos que o Fundo não possui qualquer tipo de alavancagem.\u003C\u002Fp>\u003Ch3>FIIs Investidos\u003C\u002Fh3>\u003Ctable>\u003Ctr>\u003Ctd>Setor\u003C\u002Ftd>\u003Ctd>Alocação %\u003C\u002Ftd>\u003Ctd>Fll\u003C\u002Ftd>\u003Ctd>Alocação %\u003C\u002Ftd>\u003Ctd>Gestor\u003C\u002Ftd>\u003Ctd>Prêmio(Preço\u002FCotaPatrimonial)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"14\">Títulos Privados\u003C\u002Ftd>\u003Ctd rowspan=\"14\">44,53%\u003C\u002Ftd>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>1,33%\u003C\u002Ftd>\u003Ctd>BTG Pactual Gestora de Recursos\u003C\u002Ftd>\u003Ctd>92,91%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CLIN11\u003C\u002Ftd>\u003Ctd>5,34%\u003C\u002Ftd>\u003Ctd>Clave Capital\u003C\u002Ftd>\u003Ctd>95,14%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CPTS11\u003C\u002Ftd>\u003Ctd>1,04%\u003C\u002Ftd>\u003Ctd>Capitânia Investimentos\u003C\u002Ftd>\u003Ctd>89,58%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CYCR11\u003C\u002Ftd>\u003Ctd>1,14%\u003C\u002Ftd>\u003Ctd>Cy.Capital\u003C\u002Ftd>\u003Ctd>96,11%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HGCR11\u003C\u002Ftd>\u003Ctd>4,74%\u003C\u002Ftd>\u003Ctd>Patria Investimentos\u003C\u002Ftd>\u003Ctd>101,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ICRI11\u003C\u002Ftd>\u003Ctd>1,03%\u003C\u002Ftd>\u003Ctd>Itaú\u003C\u002Ftd>\u003Ctd>97,74%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNHY11\u003C\u002Ftd>\u003Ctd>2,79%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>102,16%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNIP11\u003C\u002Ftd>\u003Ctd>8,31%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>100,93%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MANA11\u003C\u002Ftd>\u003Ctd>3,36%\u003C\u002Ftd>\u003Ctd>MANATÍ CAPITAL MANAGEMENT\u003C\u002Ftd>\u003Ctd>101,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>5,51%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>91,64%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRR11\u003C\u002Ftd>\u003Ctd>2,56%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>89,32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RECR11\u003C\u002Ftd>\u003Ctd>2,32%\u003C\u002Ftd>\u003Ctd>BRL Trust Investimentos\u003C\u002Ftd>\u003Ctd>93,82%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RPRI11\u003C\u002Ftd>\u003Ctd>0,34%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>84,63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VCJR11\u003C\u002Ftd>\u003Ctd>4,71%\u003C\u002Ftd>\u003Ctd>Vectis Gestão de Recursos\u003C\u002Ftd>\u003Ctd>85,56%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"5\">Shoppings Centers\u003C\u002Ftd>\u003Ctd rowspan=\"5\">9,64%\u003C\u002Ftd>\u003Ctd>CPSH11\u003C\u002Ftd>\u003Ctd>1,55%\u003C\u002Ftd>\u003Ctd>Capitânia Investimentos\u003C\u002Ftd>\u003Ctd>90,25%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HGBS11\u003C\u002Ftd>\u003Ctd>2,23%\u003C\u002Ftd>\u003Ctd>Hedge Investments\u003C\u002Ftd>\u003Ctd>100,63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HSML11\u003C\u002Ftd>\u003Ctd>0,68%\u003C\u002Ftd>\u003Ctd>Hemisfério Sul Investimentos\u003C\u002Ftd>\u003Ctd>92,39%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VISC11\u003C\u002Ftd>\u003Ctd>1,52%\u003C\u002Ftd>\u003Ctd>Vinci Partners\u003C\u002Ftd>\u003Ctd>94,88%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>XPML11\u003C\u002Ftd>\u003Ctd>3,66%\u003C\u002Ftd>\u003Ctd>XP Asset Management\u003C\u002Ftd>\u003Ctd>101,04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"7\">Lajes Corporativas\u003C\u002Ftd>\u003Ctd rowspan=\"7\">15,81%\u003C\u002Ftd>\u003Ctd>ALZR11\u003C\u002Ftd>\u003Ctd>3,27%\u003C\u002Ftd>\u003Ctd>Alianza Gestão de Recursos\u003C\u002Ftd>\u003Ctd>100,22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HGRE11\u003C\u002Ftd>\u003Ctd>3,05%\u003C\u002Ftd>\u003Ctd>Patria Investimentos\u003C\u002Ftd>\u003Ctd>88,45%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>2,89%\u003C\u002Ftd>\u003Ctd>Iridium Gestão de Recursos\u003C\u002Ftd>\u003Ctd>77,84%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KORE11\u003C\u002Ftd>\u003Ctd>2,26%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>68,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PVBI11\u003C\u002Ftd>\u003Ctd>1,82%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>70,50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RCRB11\u003C\u002Ftd>\u003Ctd>1,38%\u003C\u002Ftd>\u003Ctd>Rio Bravo\u003C\u002Ftd>\u003Ctd>71,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TVRI11\u003C\u002Ftd>\u003Ctd>1,14%\u003C\u002Ftd>\u003Ctd>Tivio Capital\u003C\u002Ftd>\u003Ctd>93,70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporações\u003C\u002Ftd>\u003Ctd>2,43%\u003C\u002Ftd>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>2,43%\u003C\u002Ftd>\u003Ctd>TG Core Asset\u003C\u002Ftd>\u003Ctd>62,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"5\">Híbrido\u003C\u002Ftd>\u003Ctd rowspan=\"5\">21,97%\u003C\u002Ftd>\u003Ctd>BTHF11\u003C\u002Ftd>\u003Ctd>3,76%\u003C\u002Ftd>\u003Ctd>BTG Pactual Gestora de Recursos\u003C\u002Ftd>\u003Ctd>93,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>JSAF11\u003C\u002Ftd>\u003Ctd>4,36%\u003C\u002Ftd>\u003Ctd>Safra Asset\u003C\u002Ftd>\u003Ctd>84,24%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNHF11\u003C\u002Ftd>\u003Ctd>7,69%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>98,84%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCRE11\u003C\u002Ftd>\u003Ctd>5,01%\u003C\u002Ftd>\u003Ctd>Mauá Capital\u003C\u002Ftd>\u003Ctd>95,48%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNEL11\u003C\u002Ftd>\u003Ctd>1,15%\u003C\u002Ftd>\u003Ctd>Suno Gestora de Recursos\u003C\u002Ftd>\u003Ctd>106,44%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"5\">Galpões e Logísticos\u003C\u002Ftd>\u003Ctd rowspan=\"5\">5,61%\u003C\u002Ftd>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>1,85%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>90,33%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRL11\u003C\u002Ftd>\u003Ctd>1,15%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>83,75%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>0,58%\u003C\u002Ftd>\u003Ctd>Rio Bravo\u003C\u002Ftd>\u003Ctd>93,41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VILG11\u003C\u002Ftd>\u003Ctd>1,48%\u003C\u002Ftd>\u003Ctd>Vinci Partners\u003C\u002Ftd>\u003Ctd>92,08%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>XPLG11\u003C\u002Ftd>\u003Ctd>0,55%\u003C\u002Ftd>\u003Ctd>XP Asset Management\u003C\u002Ftd>\u003Ctd>95,45%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ch3>Evolução da cota patrimonial x cota de mercado\u003C\u002Fh3>\u003Cp>O descasamento em relação à cota patrimonial foi de 3,14% no mês de junho, contribuindo para a margem de atratividade de negociação do fundo no mercado e para o nível de dividend yield distribuído aos investidores. Adicionalmente, considerando o \"duplo desconto\", temos uma margem de atratividade de 10,41%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_5_chart_4.jpg\">\u003C\u002Fp>\u003Cp>Fonte: BB Asset\u003C\u002Fp>\u003Ch3>Dividendos\u003C\u002Fh3>\u003Cp>Nos últimos 12 meses, os dividendos distribuídos pelo fundo somam R$9,84\u002Fcota, o que equivale a um dividend yield de 13,71% a.a.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_5_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Fonte: BB Asset\u003C\u002Fp>\u003Ch3>Dividend Yield (DY)\u003C\u002Fh3>\u003Cp>No mês de junho o dividend yield do fundo foi de 1,37% a.m. Anualizando este número temos um dividend yield de 17,74% a.a., comparando com o preço de fechamento do mês.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_6_chart_5.jpg\">\u003C\u002Fp>\u003Cp>Valores em %. Dividend Yield = Dividendo distribuído\u002Fcota de mercado do último dia útil do mês.\u003C\u002Fp>\u003Cp>Fonte: BB Asset, Banco do Brasil.\u003C\u002Fp>\u003Cp>Demonstrativo de Resultado\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>DRE (R$ Milhões)\u003C\u002Fth>\u003Cth>jan2026\u003C\u002Fth>\u003Cth>fev2026\u003C\u002Fth>\u003Cth>mar2026\u003C\u002Fth>\u003Cth>abr2026\u003C\u002Fth>\u003Cth>mai2026\u003C\u002Fth>\u003Cth>jun2026\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Receitas\u003C\u002Ftd>\u003Ctd>4,54\u003C\u002Ftd>\u003Ctd>3,70\u003C\u002Ftd>\u003Ctd>3,97\u003C\u002Ftd>\u003Ctd>3,90\u003C\u002Ftd>\u003Ctd>3,65\u003C\u002Ftd>\u003Ctd>3,21\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas\u003C\u002Ftd>\u003Ctd>-0,16\u003C\u002Ftd>\u003Ctd>-0,20\u003C\u002Ftd>\u003Ctd>-0,17\u003C\u002Ftd>\u003Ctd>-0,21\u003C\u002Ftd>\u003Ctd>-0,23\u003C\u002Ftd>\u003Ctd>-0,15\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Administração\u003C\u002Ftd>\u003Ctd>-0,03\u003C\u002Ftd>\u003Ctd>-0,03\u003C\u002Ftd>\u003Ctd>-0,02\u003C\u002Ftd>\u003Ctd>-0,03\u003C\u002Ftd>\u003Ctd>-0,02\u003C\u002Ftd>\u003Ctd>-0,02\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>-0,14\u003C\u002Ftd>\u003Ctd>-0,17\u003C\u002Ftd>\u003Ctd>-0,14\u003C\u002Ftd>\u003Ctd>-0,18\u003C\u002Ftd>\u003Ctd>-0,20\u003C\u002Ftd>\u003Ctd>-0,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Receitas\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Líquido\u003C\u002Ftd>\u003Ctd>4,37\u003C\u002Ftd>\u003Ctd>3,50\u003C\u002Ftd>\u003Ctd>3,81\u003C\u002Ftd>\u003Ctd>3,69\u003C\u002Ftd>\u003Ctd>3,42\u003C\u002Ftd>\u003Ctd>3,06\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribuição\u003C\u002Ftd>\u003Ctd>3,48\u003C\u002Ftd>\u003Ctd>3,56\u003C\u002Ftd>\u003Ctd>3,64\u003C\u002Ftd>\u003Ctd>3,76\u003C\u002Ftd>\u003Ctd>3,80\u003C\u002Ftd>\u003Ctd>3,80\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Resultado por cota (R$)\u003C\u002Fth>\u003Cth>1,09\u003C\u002Fth>\u003Cth>0,87\u003C\u002Fth>\u003Cth>0,95\u003C\u002Fth>\u003Cth>0,92\u003C\u002Fth>\u003Cth>0,85\u003C\u002Fth>\u003Cth>0,76\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Distribuição por cota (R$)\u003C\u002Ftd>\u003Ctd>0,87\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>0,91\u003C\u002Ftd>\u003Ctd>0,94\u003C\u002Ftd>\u003Ctd>0,95\u003C\u002Ftd>\u003Ctd>0,95\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Análise do Consultor Imobiliário – Eleven Research\u003C\u002Fh3>\u003Cp>Para os próximos meses, nossa expectativa é de distribuições recorrentes ao redor de R$ 0,85 por cota entre iul\u002F26 e dez\u002F26. Essa projeção reflete a geração de caixa atual do portfólio e nossa busca por maior previsibilidade na renda distribuída aos cotistas ao longo do tempo.\u003C\u002Fp>\u003Ch3>BBFO11: Rendimentos\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>por cota (R$) a.m.\u003C\u002Fth>\u003Cth>out\u002F25\u003C\u002Fth>\u003Cth>nov\u002F25\u003C\u002Fth>\u003Cth>dez\u002F25\u003C\u002Fth>\u003Cth>jan\u002F26\u003C\u002Fth>\u003Cth>fev\u002F26\u003C\u002Fth>\u003Cth>mar\u002F26\u003C\u002Fth>\u003Cth>abr\u002F26\u003C\u002Fth>\u003Cth>mai\u002F26\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Resultado Líquido\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,71\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>1,09\u003C\u002Ftd>\u003Ctd>0,87\u003C\u002Ftd>\u003Ctd>0,95\u003C\u002Ftd>\u003Ctd>0,92\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribuição\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,71\u003C\u002Ftd>\u003Ctd>0,87\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>0,91\u003C\u002Ftd>\u003Ctd>0,94\u003C\u002Ftd>\u003Ctd>0,95\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Diferença (+\u002F-)\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>0,01\u003C\u002Ftd>\u003Ctd>-0,01\u003C\u002Ftd>\u003Ctd>0,22\u003C\u002Ftd>\u003Ctd>-0,02\u003C\u002Ftd>\u003Ctd>0,04\u003C\u002Ftd>\u003Ctd>-0,02\u003C\u002Ftd>\u003Ctd>-0,10\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ganhos de capital (realizado) Lucros acumulados (a distribuir)\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,71\u003C\u002Ftd>\u003Ctd>0,37 0,87\u003C\u002Ftd>\u003Ctd>0,18 0,89\u003C\u002Ftd>\u003Ctd>0,28 0,91\u003C\u002Ftd>\u003Ctd>0,23 0,94\u003C\u002Ftd>\u003Ctd>0,14 0,95\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Apresentamos também nossas estimativas de rendimentos para os próximos meses. Considerando apenas a geração recorrente do portfólio, trabalhamos com uma banda de distribuição entre R$ 0,66 e R$ 0,73 por cota ao mês, com valor base estimado em R$0,70 por cota.\u003C\u002Fp>\u003Cp>Essa faixa reflete a receita atual dos ativos do fundo e possíveis variações operacionais ao longo do período. Nosso objetivo é manter uma distribuição estável e compatível com o fluxo de caixa recorrente do portfólio.\u003C\u002Fp>\u003Cp>Adicionalmente, quando consideramos eventuais ganhos de capital provenientes da gestão ativa da carteira, a expectativa de distribuição pode alcançar cerca de R$ 0,85 por cota ao mês ao longo do período projetado. Esses ganhos dependem de oportunidades de mercado e, portanto, podem variar ao longo do tempo.\u003C\u002Fp>\u003Ch3>BBFO11: Expectativa de Rendimentos\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>por cota (R$) a.m.\u003C\u002Fth>\u003Cth>jul\u002F26\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>set\u002F26\u003C\u002Fth>\u003Cth>out\u002F26\u003C\u002Fth>\u003Cth>nov\u002F26\u003C\u002Fth>\u003Cth>dez\u002F26\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Banda Inferior\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Base\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Banda Superior\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Com ganhos de capital\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>A tabela abaixo apresenta a distribuição total de rendimentos por cota do BBFO11 desde o início do fundo, mostrando os valores efetívamente pagos no período, além da projeção esperada com base no prospecto definitivo da oferta. Observã-se que os rendimentos efetivos variaram ao longo dos anos, com destaque para 2022, que registrou o maior valor distribuído, enquanto 2024 apresentou uma redução em relação aos anos anteriores.\u003C\u002Fp>\u003Cp>BBFO11: Rendimentos desde o início\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>por cota (R$) a.a.\u003C\u002Fth>\u003Cth>2021\u003C\u002Fth>\u003Cth>2022\u003C\u002Fth>\u003Cth>2023\u003C\u002Fth>\u003Cth>2024\u003C\u002Fth>\u003Cth>2025\u003C\u002Fth>\u003Cth>2026\u003C\u002Fth>\u003Cth>Média\u003C\u002Fth>\u003Cth>Total\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Esperada\u003C\u002Ftd>\u003Ctd>5,03\u003C\u002Ftd>\u003Ctd>6,24\u003C\u002Ftd>\u003Ctd>6,53\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>5,93\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Efetiva\u003C\u002Ftd>\u003Ctd>6,66\u003C\u002Ftd>\u003Ctd>8,96\u003C\u002Ftd>\u003Ctd>8,10\u003C\u002Ftd>\u003Ctd>7,78\u003C\u002Ftd>\u003Ctd>8,66\u003C\u002Ftd>\u003Ctd>5,51\u003C\u002Ftd>\u003Ctd>8,03\u003C\u002Ftd>\u003Ctd>45,67\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Diferença (+)\u003C\u002Ftd>\u003Ctd>1,63\u003C\u002Ftd>\u003Ctd>2,72\u003C\u002Ftd>\u003Ctd>1,57\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Média (a.m.)\u003C\u002Ftd>\u003Ctd>0,56\u003C\u002Ftd>\u003Ctd>0.75\u003C\u002Ftd>\u003Ctd>0.68\u003C\u002Ftd>\u003Ctd>0.65\u003C\u002Ftd>\u003Ctd>0.72\u003C\u002Ftd>\u003Ctd>0.92\u003C\u002Ftd>\u003Ctd>0.71\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Variação (%) ) a.a.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>34,5%\u003C\u002Ftd>\u003Ctd>-9,6%\u003C\u002Ftd>\u003Ctd>-4,0%\u003C\u002Ftd>\u003Ctd>11,3%\u003C\u002Ftd>\u003Ctd>=\u003C\u002Ftd>\u003Ctd>8,1%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>Atualmente, a cota do fundo é negociada em aproximadamente R$69,00, enquanto o valor patrimonial por cota é de R$ 74,21, refletindo um desconto relevante em relação ao valor dos ativos da carteira. Ao analisarmos a carteira consolidada, considerando os descontos atualmente observados em relação ao valor patrimonial, estimamos um potencial de valorização adicional caso esses ativos passem a negociar em níveis mais próximos de seus fundamentos.\u003C\u002Fp>\u003Cp>Com base nessa análise, o portfólio apresenta um potencial de valorização estimado de 16,3%, o que representa aproximadamente R$ 6,32 por cota. Nesse cenário, o preço potencial estimado seria de cerca de R$ 8026 por cota.\u003C\u002Fp>\u003Cp>Esse potencial reflete a qualidade e a diversificação dos ativos presentes na carteira, além da assimetria gerada pelos níveis atuais de desconto observado no mercado secundário.\u003C\u002Fp>\u003Cp>BBFO11: Potencial de Valorização\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd>Segmento\u003C\u002Ftd>\u003Ctd>Exposição\u003C\u002Ftd>\u003Ctd>Desconto do Segmento\u003C\u002Ftd>\u003Ctd>Desconto BBFO11 (cota mercado)\u003C\u002Ftd>\u003Ctd>Potencial de Valorização\u003C\u002Ftd>\u003Ctd>Parcela do Potencial de Valorização\u003C\u002Ftd>\u003Ctd>Preço Potencial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"3\">(%)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"2\">(R$) cota\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"2\">Total 45,5%\u003C\u002Ftd>\u003Ctd>Recebíveis IPCA\u003C\u002Ftd>\u003Ctd>42,3%\u003C\u002Ftd>\u003Ctd>-4,9%6\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>13,0%\u003C\u002Ftd>\u003Ctd>2,20\u003C\u002Ftd>\u003Ctd>78,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Recebíveis CDI\u003C\u002Ftd>\u003Ctd>3,2%\u003C\u002Ftd>\u003Ctd>-0,7%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>8,3%\u003C\u002Ftd>\u003Ctd>0,17\u003C\u002Ftd>\u003Ctd>74,72\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"6\">\u003C\u002Ftd>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>24,2%\u003C\u002Ftd>\u003Ctd>-6,3%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>14,8%\u003C\u002Ftd>\u003Ctd>1,26\u003C\u002Ftd>\u003Ctd>79,20\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>9,0%\u003C\u002Ftd>\u003Ctd>-22,5%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>38,8%\u003C\u002Ftd>\u003Ctd>0,47\u003C\u002Ftd>\u003Ctd>95,77\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>7,7%\u003C\u002Ftd>\u003Ctd>-2,4%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>10,2%\u003C\u002Ftd>\u003Ctd>0,40\u003C\u002Ftd>\u003Ctd>76,07\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>6,6%\u003C\u002Ftd>\u003Ctd>-7,4%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>16,2%\u003C\u002Ftd>\u003Ctd>0,34\u003C\u002Ftd>\u003Ctd>80,17\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>3,6%\u003C\u002Ftd>\u003Ctd>-30,3%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>54,3%\u003C\u002Ftd>\u003Ctd>0,19\u003C\u002Ftd>\u003Ctd>106,50\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003Ctd>-4,2%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003Ctd>0,18\u003C\u002Ftd>\u003Ctd>77,43\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>100,0%\u003C\u002Ftd>\u003Ctd>-7,5%\u003C\u002Ftd>\u003Ctd>-7,0%\u003C\u002Ftd>\u003Ctd>16,3%\u003C\u002Ftd>\u003Ctd>5,21\u003C\u002Ftd>\u003Ctd>80,26\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>Potencial cotação do fundo.\u003C\u002Fp>\u003Cp>A tabela abaixo apresenta uma simulação que mostra como o retorno do fundo pode variar conforme dois fatores principais, o valor da cota no mercado e o nível de rendimento mensal distribuído. A lógica é que, quando a cota está mais baixa, o investidor tende a obter um retorno proporcionalmente maior para o mesmo nível de distribuição, enquanto cotações mais altas\u003C\u002Fp>\u003Ch2>BB ASSET MANAGEMENT\u003C\u002Fh2>\u003Cp>reduzem esse efeito. Ao mesmo tempo, a tabela compara diferentes cenários de rendimento, permitindo observar como aumentos ou reduções na distribuição mensal impactam diretamente o potencial de retorno ao longo do tempo. Dessa forma,o quadro funciona como uma ferramenta de sensibilidade, ajudando a entender como mudanças no preço de compra e na capacidade de geração de renda do fundo influenciam a atratividade do investimento.\u003C\u002Fp>\u003Ch3>BBFO11: Análise de Sensibilidade\u003C\u002Fh3>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"2\" colspan=\"2\">\u003C\u002Ftd>\u003Ctd colspan=\"5\">Rendimentos por cota (R$) a.m.\u003C\u002Ftd>\u003Ctd rowspan=\"2\" colspan=\"2\">\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,68\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,72\u003C\u002Ftd>\u003Ctd>0,74\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"4\">Cotação (RS)\u003C\u002Ftd>\u003Ctd>65\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003Ctd>12,6%\u003C\u002Ftd>\u003Ctd>12,9%\u003C\u002Ftd>\u003Ctd>13,3%\u003C\u002Ftd>\u003Ctd>13,7%\u003C\u002Ftd>\u003Ctd>0.88x\u003C\u002Ftd>\u003Ctd rowspan=\"4\">PVP\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>67\u003C\u002Ftd>\u003Ctd>11,8%\u003C\u002Ftd>\u003Ctd>12.2%\u003C\u002Ftd>\u003Ctd>12,5%\u003C\u002Ftd>\u003Ctd>12,9%\u003C\u002Ftd>\u003Ctd>13,3%\u003C\u002Ftd>\u003Ctd>0,90x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>69\u003C\u002Ftd>\u003Ctd>11,5%\u003C\u002Ftd>\u003Ctd>11,8%\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003Ctd>12,5%\u003C\u002Ftd>\u003Ctd>12,9%\u003C\u002Ftd>\u003Ctd>0,93x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>71\u003C\u002Ftd>\u003Ctd>11,2%\u003C\u002Ftd>\u003Ctd>11,5%\u003C\u002Ftd>\u003Ctd>11,8%\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003Ctd>12,5%\u003C\u002Ftd>\u003Ctd>0,96x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>73 74\u003C\u002Ftd>\u003Ctd>10.8%\u003C\u002Ftd>\u003Ctd>11.2%\u003C\u002Ftd>\u003Ctd>11.5%\u003C\u002Ftd>\u003Ctd>11.8%\u003C\u002Ftd>\u003Ctd>12.2%\u003C\u002Ftd>\u003Ctd>0.98x\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Valor Patrimonial (R$)\u003C\u002Ftd>\u003Ctd>10,7%\u003C\u002Ftd>\u003Ctd>11,0%\u003C\u002Ftd>\u003Ctd>11,3%\u003C\u002Ftd>\u003Ctd>11,6% Dividend Yield projetado (a.a.)\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>1,00x\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Apresentamos a evolução histórica da precificação do fundo com base na relação Preço sobre Valor Patrimonial (P\u002FVP). Observa-se que o fundo tem sido negociado com um desconto significativo em relação ao seu valor patrimonial, o que indica uma possível assimetria em relação ao seu valor justo.\u003C\u002Fp>\u003Cp>BBFO11: Preço sobre valor patrimonial (P\u002FVP)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_9_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Complementando o gráfico anterior, buscamos demonstrar ao investidor que, ao adquirir hoje uma cota do BBFO11 com desconto em relação ao seu valor patrimonial, existe um potencial de ganho de capital caso o fundo volte a ser negociado próximo à paridade com esse valor. Esta análise considera exclusivamente a valorização da cota, desconsiderando os rendimentos mensais distribuídos, os quais, se incluídos, ampliariam ainda mais o retorno total do investidor.\u003C\u002Fp>\u003Cp>BBFO11: Potencial ganho de capital para o investidor (%)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_10_chart_3.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>A seguir, apresentamos a evolução do número de cotistas, evidenciando o crescimento contínuo no número de investidores e o aumento do interesse pelo fundo no mercado secundário.\u003C\u002Fp>\u003Cp>BBFO11: Total de Investidores\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_10_chart_7.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>A seguir, apresentamos a evolução das distribuições de rendimentos do fundo, destacando sua previsibilidade, recorrência e a geração de um fluxo de caixa constante ao investidor. Nosso objetivo é ampliar esses rendimentos e garantir sua sustentabilidade no longo prazo.\u003C\u002Fp>\u003Ch3>BBFO11: Rendimentos distribuídos por cota (R$)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Na tabela a seguir, detalhamos a composição da carteira do BBFO11 por segmento, exposição e relação preço sobre valor patrimonial (P\u002FVP). O objetivo é evidenciar que, ão adquirir uma cota do BBFÓ11 no valor patrimonial, o investidor está comprando indiretamente toda a carteira do BBFO11 com um desconto médio ponderado de 13%, ou seja, a um P\u002FVP de 0,87x.\u003C\u002Fp>\u003Ch3>BBFO11: Negociando no valor patrimonial\u003C\u002Fh3>\u003Cp>BBFO11: Composição Atual da Carteira\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Segmento\u003C\u002Fth>\u003Cth>Exposição\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Recebiveis IPCA\u003C\u002Ftd>\u003Ctd>41,0%\u003C\u002Ftd>\u003Ctd>0,92x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>26,3%\u003C\u002Ftd>\u003Ctd>0,90x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>10,9%\u003C\u002Ftd>\u003Ctd>0,71x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>10,4%\u003C\u002Ftd>\u003Ctd>0,92x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>4,9%\u003C\u002Ftd>\u003Ctd>0,84x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Hibrido\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003Ctd>0,48x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>3,2%\u003C\u002Ftd>\u003Ctd>0,88x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>Média Ponderada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>100,0%\u003C\u002Ftd>\u003Ctd>0,87x\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Ao considerar o desconto da carteira de Flls do BBFO11 e o desconto atual em relação ao valor patrimonial que o próprio BBFO11 é negociado atualmente no mercado secundário, observa-se que o investidor que compra uma cota do BBFO11 está adquirindo indiretamente essa carteira de Flls com um desconto médio ponderado de 20%, ou seja, a um P\u002FVP de 0,80x.\u003C\u002Fp>\u003Ch3>BBFO11: Negociando com desconto\u003C\u002Fh3>\u003Cp>BBF011: P\u002FVP Atual 0,92x\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Segmento\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>P\u002FVP Ajustado\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Recebíveis IPCA\u003C\u002Ftd>\u003Ctd>0,92x\u003C\u002Ftd>\u003Ctd>0,85x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>0,90x\u003C\u002Ftd>\u003Ctd>0,83x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>0,71x\u003C\u002Ftd>\u003Ctd>0,65x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>0,92x\u003C\u002Ftd>\u003Ctd>0,85x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>0,84x\u003C\u002Ftd>\u003Ctd>0,77x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>0,48x\u003C\u002Ftd>\u003Ctd>0,44x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>0,88x\u003C\u002Ftd>\u003Ctd>0,81x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Média Ponderada 0,80x\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>O gráfico a seguir apresenta o retorno total do BBFO11 em comparação ao IFIX, índice de referência dos Fundos Imobiliários nos últimos 4 anos. O retorno total considera tanto a valorização da cota no mercado secundário quanto os rendimentos distribuídos ao longo do período. Em termos práticos, o investidor que manteve suas cotas do fundo durante esse intervalo obteve um retorno superior ao do IFIX, evidenciando a capacidade do gestor de gerar valor de forma consistente ao longo do tempo.\u003C\u002Fp>\u003Ch3>Retorno Total: 4 anos (base 100)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_12_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Na tabela abaixo, apresentamos um levantamento comparativo entre os principais Fundos de Fundos (FoFs) do mercado, destacando suas respectivas taxas. O objetivo é evidenciar que o BBFO11 se posiciona entre os veículos com menor custo para o cotista, refletindo-se em uma\u003C\u002Fp>\u003Ch2>BB ASSET MANAGEMENT\u003C\u002Fh2>\u003Cp>estrutura de despesas recorrentes mais enxuta. Mesmo adotando uma gestão ativa, o fundo não cobra taxa de performance, característica rara nesse segmento.\u003C\u002Fp>\u003Cp>Além disso, o BBFO11 é o únicoFoE que conta com uma consultoria imobiliária independente, responsável por apoiar tecnicamente o gestor nas decisões de alocação em Fundos Imobiliários. Importante ressaltar que o custo dessa consultoria é abatido da taxa de administração já prevista, sem representar um encargo adicional aos investidores.\u003C\u002Fp>\u003Ch3>Custos entre os pares\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Fundo\u003C\u002Fth>\u003Cth>Consultor Imobiliário\u003C\u002Fth>\u003Cth>Taxa de Adm. e Gestão (a.a.)\u003C\u002Fth>\u003Cth>Taxa de Perfomance\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Fundo 1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>20% sobre o IFIX\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fundo 2\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>20% sobre o IFIX\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fundo 3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,70%\u003C\u002Ftd>\u003Ctd>20% sobre o IFIX\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fundo 4\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,60%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fundo 5\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,60%\u003C\u002Ftd>\u003Ctd>20% sobre o IFIX\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fundo 6\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,50%\u003C\u002Ftd>\u003Ctd>20% sobre o IFIX\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BBF011 Eleven\u003C\u002Ftd>\u003Ctd>Research\u003C\u002Ftd>\u003Ctd>,50%\u003C\u002Ftd>\u003Ctd>- - - - - - - - - - - - - -\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>A seguir, destacamos a evolução do volume negociado do fundo no mercado secundário, desmembrado por mês e por dia, no qual os investidores podem comprar e vender cotas livremente. A liquidez atual é considerada aceitável, o que possibilita movimentações eficientes, permitindo entradas e saídas no fundo por parte dos investidores. o volume médio diário negociado nos últimos 30 dias foi de R$ 500 mil.\u003C\u002Fp>\u003Ch3>BBFO11: Volume negociado por dia (R$ mm)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_13_chart_9.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Ch3>BBFO11: Volume negociado por mês (R$ mm)\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_14_chart_3.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>Por fim, apresentamos a composição da carteira atual e as movimentações realizadas no primeiro trimestre de 2026, onde é possível observar a variação de cotas e o volume financeiro.\u003C\u002Fp>\u003Ch3>Destaques do Trimestre\u003C\u002Fh3>\u003Cp>• Redução nos segmentos de Recebíveis e Logística: KNHY11, HGCR11 e XPLG11.\u003C\u002Fp>\u003Cp>• Posições zeradas nos segmentos de Recebíveis e LogÍstica: MCCI11, LVBI11, RBRY11, KNCR11, AFHI11 e BTLG11.\u003C\u002Fp>\u003Cp>Aumento da exposição no segmento de Multiestratégia: JSAF11 e BTHF11.\u003C\u002Fp>\u003Cp>Novas posições inseridas nos segmentos de Logística, Shoppings, Escritórios, Recebíveis e Multicategoria: ALZR11, KORE11, CPSH11, ICRI11, TRBL11, BTCI11 e RPRI11.\u003C\u002Fp>\u003Cp>BBFO11: Movimentações da carteira de Flls\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd colspan=\"2\">4T25\u003C\u002Ftd>\u003Ctd colspan=\"2\">1T26\u003C\u002Ftd>\u003Ctd colspan=\"3\">Variação (%) Exposição\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>#Cotas (mil)\u003C\u002Ftd>\u003Ctd>Valor (R$ mm)\u003C\u002Ftd>\u003Ctd>#Cotas (mil)\u003C\u002Ftd>\u003Ctd>Valor (R$ mm)\u003C\u002Ftd>\u003Ctd>Cotas\u003C\u002Ftd>\u003Ctd>Valor\u003C\u002Ftd>\u003Ctd>Atual\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>Ticker KNIP11\u003C\u002Ftd>\u003Ctd>257\u003C\u002Ftd>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>260\u003C\u002Ftd>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>1%\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>8,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>KNHF11\u003C\u002Ftd>\u003Ctd>232\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>232\u003C\u002Ftd>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>8,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>202\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>203\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>1%\u003C\u002Ftd>\u003Ctd>6,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>CLIN11\u003C\u002Ftd>\u003Ctd>162\u003C\u002Ftd>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>167\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>6%\u003C\u002Ftd>\u003Ctd>5,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>MCRE11\u003C\u002Ftd>\u003Ctd>1.587\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>1.587\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>5,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>HGCR11\u003C\u002Ftd>\u003Ctd>150\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>149\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>-1%\u003C\u002Ftd>\u003Ctd>-1%\u003C\u002Ftd>\u003Ctd>5,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>JSAF11\u003C\u002Ftd>\u003Ctd>1.678\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>1.708\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>4,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>VCJR11\u003C\u002Ftd>\u003Ctd>148\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>168\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>13%\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003Ctd>4,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>RCRB11\u003C\u002Ftd>\u003Ctd>83\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>83\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>1%\u003C\u002Ftd>\u003Ctd>4,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>BTHF11\u003C\u002Ftd>\u003Ctd>1.186\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>1.217\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>5%\u003C\u002Ftd>\u003Ctd>3,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>XPML11\u003C\u002Ftd>\u003Ctd>86\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>101\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>18%\u003C\u002Ftd>\u003Ctd>18%\u003C\u002Ftd>\u003Ctd>3,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>TVRI11\u003C\u002Ftd>\u003Ctd>100\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>102\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>3,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>ALZR11\u003C\u002Ftd>\u003Ctd>=\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>939\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>MANA11\u003C\u002Ftd>\u003Ctd>1.038\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>1.038\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>CYCR11\u003C\u002Ftd>\u003Ctd>1.055\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>1.055\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>16\u003C\u002Ftd>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>129\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>132\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>-22%\u003C\u002Ftd>\u003Ctd>3,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>HGRE11\u003C\u002Ftd>\u003Ctd>66\u003C\u002Ftd>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>68\u003C\u002Ftd>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>2,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>18\u003C\u002Ftd>\u003Ctd>KNHY11\u003C\u002Ftd>\u003Ctd>86\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>81\u003C\u002Ftd>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>-6%\u003C\u002Ftd>\u003Ctd>-7%\u003C\u002Ftd>\u003Ctd>2,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>19\u003C\u002Ftd>\u003Ctd>HGBS11\u003C\u002Ftd>\u003Ctd>331\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>331\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>2,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>RECR11\u003C\u002Ftd>\u003Ctd>82\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>82\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>-2%\u003C\u002Ftd>\u003Ctd>2,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>21\u003C\u002Ftd>\u003Ctd>KORE11\u003C\u002Ftd>\u003Ctd>=\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>80\u003C\u002Ftd>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>PVBI11\u003C\u002Ftd>\u003Ctd>156\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>72\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-54% -57%\u003C\u002Ftd>\u003Ctd>1,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>VISC11\u003C\u002Ftd>\u003Ctd>42\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>42\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>1,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>VILG11\u003C\u002Ftd>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>46\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>89%\u003C\u002Ftd>\u003Ctd>88%\u003C\u002Ftd>\u003Ctd>1,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25\u003C\u002Ftd>\u003Ctd>CPSH11\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003Ctd>354\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>26\u003C\u002Ftd>\u003Ctd>ICRI11\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>=\u003C\u002Ftd>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>HSML11\u003C\u002Ftd>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-18% -16%\u003C\u002Ftd>\u003Ctd>0,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\u003C\u002Ftd>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>227\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>30\u003C\u002Ftd>\u003Ctd>RBRL11\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>144% 139%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>XPLG11\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-23% -27%\u003C\u002Ftd>\u003Ctd>0,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32\u003C\u002Ftd>\u003Ctd>RPRI11\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>=\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>33\u003C\u002Ftd>\u003Ctd>MCCI11\u003C\u002Ftd>\u003Ctd>182\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34\u003C\u002Ftd>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>120\u003C\u002Ftd>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>35\u003C\u002Ftd>\u003Ctd>RBRY11\u003C\u002Ftd>\u003Ctd>121\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>36\u003C\u002Ftd>\u003Ctd>KNCR11\u003C\u002Ftd>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>37\u003C\u002Ftd>\u003Ctd>AFHI11\u003C\u002Ftd>\u003Ctd>29\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>38\u003C\u002Ftd>\u003Ctd>BTLG11\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>一\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>309\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>286\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>100,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Fonte: Eleven Research\u003C\u002Fp>\u003Cp>BBFO11: Movimentações por segmentos da Carteira de Flls\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"2\">Segmento\u003C\u002Ftd>\u003Ctd colspan=\"2\">4T25\u003C\u002Ftd>\u003Ctd colspan=\"2\">1T26\u003C\u002Ftd>\u003Ctd colspan=\"2\">Variação (%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Exposição\u003C\u002Ftd>\u003Ctd>Valor (R$ mm)\u003C\u002Ftd>\u003Ctd>Exposição\u003C\u002Ftd>\u003Ctd>Valor (R$ mm)\u003C\u002Ftd>\u003Ctd>Exposição\u003C\u002Ftd>\u003Ctd>Valor\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Recebíveis\u003C\u002Ftd>\u003Ctd>46%\u003C\u002Ftd>\u003Ctd>141\u003C\u002Ftd>\u003Ctd>40%\u003C\u002Ftd>\u003Ctd>114\u003C\u002Ftd>\u003Ctd>-6%\u003C\u002Ftd>\u003Ctd>-19%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>23%\u003C\u002Ftd>\u003Ctd>70\u003C\u002Ftd>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>72\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>11%\u003C\u002Ftd>\u003Ctd>33\u003C\u002Ftd>\u003Ctd>11%\u003C\u002Ftd>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>-4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>7%\u003C\u002Ftd>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003Ctd>22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>7%\u003C\u002Ftd>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>4%\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>-3%\u003C\u002Ftd>\u003Ctd>-49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>4%\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>-1%\u003C\u002Ftd>\u003Ctd>-22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>4%\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003Ctd>2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multicategoria\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3%\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>309\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>286\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Fonte: Eleven Research\u003C\u002Fp>\u003Cp>Seguiremos promovendo transparência aos cotistas por meio da divulgação contínua de indicadores e dados do fundo. Também convidamos novos investidores a conhecerem o fundo, seja como uma forma de delegar a gestão da carteira de Flls a um gestor e consultor imobiliário especializado, seja como uma oportunidade de capturar a atual distorção entre o valor de mercado e o valor patrimonial com que o fundo vem sendo negociado no mercado secundário.\u003C\u002Fp>\u003Ch3>Disclaimer\u003C\u002Fh3>\u003Cp>LEIA O FORMULÁRIO DE INFORMAÇÕES COMPLEMENTARES, A LÂMINA DE INFORMAÇÕES ESSENCIAIS, SE HOUVER, E O REGULAMENTO ANTES DE INVESTIR.\u003C\u002Fp>\u003Cp>▪ DESCRIÇÃO DO TIPO ANBIMA DISPONÍVEL NO FORMULÁRIO DE INFORMAÇÕES COMPLEMENTARES.\u003C\u002Fp>\u003Cp>▪ RENTABILIDADE OBTIDA NO PASSADO NÃO REPRESENTA GARANTIA DE RESULTADOS FUTUROS.\u003C\u002Fp>\u003Cp>▪ O INVESTIMENTO EM FUNDO NÃO É GARANTIDO PELO FUNDO GARANTIDOR DE CRÉDITO - FGC.\u003C\u002Fp>\u003Cp>▪ A RENTABILIDADE DIVULGADA NÃO É LÍQUIDA DE IMPOSTOS.\u003C\u002Fp>\u003Cp>PARA AVALIAÇÃO DA PERFORMANCE DE UM FUNDO DE INVESTIMENTO, É RECOMENDÁVEL A ANÁLISE DE, NO MÍNIMO, 12 (DOZE) MESES.\u003C\u002Fp>\u003Cp>A BB ASSET SE EXIME DE QUALQUER RESPONSABILIDADE POR QUAISQUER PREJUÍZOS, DIRETOS OU INDIRETOS, QUE VENHAM A DECORRER DA UTILIZAÇÃO INDEVIDA DESTE MATERIAL OU SEU CONTEÚDO.\u003C\u002Fp>\u003Cp>ESTE MATERIAL É DISTRIBUÍDO UNICAMENTE A TÍTULO INFORMATIVO, E NÃO DEVE SER CONSIDERADO ISOLADAMENTE PARA TOMADA DE DECISÃO DE INVESTIMENTO. TEM COMO OBJETIVO AUXILIAR O CLIENTE EM SUAS DECISÕES DE INVESTIMENTO, NÃO CONSTITUINDO QUALQUER TIPO DE OFERTA OU SOLICITAÇÃO DE COMPRA E\u002FOU VENDA DE QUALQUER PRODUTO. ANTES DE QUALQUER DECISÃO, O CLIENTE DEVERÁ REALIZAR O PROCESSO DE SUITABILITY E CONFIRMAR SE OS PRODUTOS APRESENTADOS SÃO INDICADOS PARA O SEU PERFIL DE INVESTIDOR. ESTE DOCUMENTO NÃO LEVA EM CONSIDERAÇÃO OS OBJETIVOS DE INVESTIMENTOS, SITUAÇÃO FINANCEIRA OU NECESSIDADES ESPECÍFICAS DOS INVESTIDORES, DE FORMA PARTICULAR.\u003C\u002Fp>\u003Cp>ESTE MATERIAL NÃO SUGERE QUALQUER ALTERAÇÃO DE CARTEIRA, MAS SOMENTE ORIENTAÇÃO SOBRE PRODUTOS ADEQUADOS A DETERMINADO PERFIL DE INVESTIDOR. A BB ASSET MANAGEMENT NÃO SE RESPONSABILIZA POR QUALQUER DECISÃO TOMADA PELO CLIENTE COM BASE NAS ORIENTAÇÕES AQUI CONTIDAS.\u003C\u002Fp>\u003Cp>▪ AS INFORMAÇÕES DO CONSULTOR NÃO REFLETEM NECESSARIAMENTE PROJEÇÕES E\u002FOU EXPECTATIVAS DA BB ASSET\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_17_image_12.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_17_image_13.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10958\u002Fpage_17_image_14.jpg\">\u003C\u002Fp>\u003Cp>BB ASSET MANAGEMENT\u003C\u002Fp>\u003Cp>Busque mais para os seus investimentos\u003C\u002Fp>\u003Cp>www.bbasset.com.brlinkedin.com\u002Fshowcase\u002Fbbasset\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FBBFO11\u002Fdocumentos\u002F10958\u002Fpdf",false,"2026-06-30","2026-07-20 17:51:00",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":222,"vpa":223,"p_vpa":224,"tipo_gestao":225,"mandato":226,"segmento":227,"categoria":56,"grupo":56,"preco_atual":220,"cotacao_atualizada_em":228,"ultima_variacao_cotacao_24h":229,"variacao_cotacao_7d":230,"variacao_cotacao_1m":231,"variacao_cotacao_3m":232,"variacao_cotacao_6m":233,"variacao_cotacao_12m":234,"vacancia_fisica":226,"liquidez_atual":235,"ultimo_dividendo":236,"ultimo_dividend_yield":237,"mes_pagamento_ultimo_dividendo":238,"dividend_yield_3m":239,"dividend_yield_6m":240,"dividend_yield_12m":241,"dividend_yield_medio_12m":242,"qtd_dividendos_pagos_ano_passado":243,"data_ultima_cotacao":219,"pregoes_com_negocio_21":244,"alertas":245,"updated_at":246,"liquidez_media_reais":247,"administrador":47,"taxa_administracao_paga":248,"balanco":249,"resultado_distribuido":256,"publico_alvo":260,"mercados_negociacao_cotas":261,"data_funcionamento":263,"data_final":226,"quantidade_cotas":264,"quantidade_cotistas":265,"detalhes_cotistas":266,"total_investido":269,"investimentos_fundo":270,"imoveis":273,"contratos":226,"custodiante":226,"auditor_independente":226,"formador_mercado":226,"distribuidor_cotas":226,"consultor_especializado":275,"administrador_locacoes":226,"relatorio_anual":282,"analise_administrador":285},685,{"nome":54,"nome_simplificado":99,"nome_comercial":51,"ticker":53,"nome_ticker":100,"nome_pregao":101,"cnpj":61},"BB FUNDO DE FUNDOS   RESPONSABILIDADE LIMITADA","BBFO11 - BB FUNDO DE FUNDOS - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII BB FOF",{"id":103,"nome":41,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},121,"30822936000169","Avenida chile, 330 - 8º andar - Rio de Janeiro - RJ","(21) 3808-7500","2026-10-03T19:02:44.000000Z",[109,115,121,127,133,139,145,151,157,162,168,174,179,183,189,195,200,206,211,217],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288880,"2026-10-06",67.04,68.34,5223,{"id":116,"data":117,"abertura":118,"ultimo":119,"volume":120},3289671,"2026-10-07",68.33,68.35,2669,{"id":122,"data":123,"abertura":124,"ultimo":125,"volume":126},3290116,"2026-10-08",67.79,68.26,1040,{"id":128,"data":129,"abertura":130,"ultimo":131,"volume":132},3291101,"2026-10-09",68.24,68.5,3879,{"id":134,"data":135,"abertura":136,"ultimo":137,"volume":138},3357217,"2026-10-13",69.19,68.9,2638,{"id":140,"data":141,"abertura":142,"ultimo":143,"volume":144},3375661,"2026-10-14",68.75,68.63,3563,{"id":146,"data":147,"abertura":148,"ultimo":149,"volume":150},3376530,"2026-10-15",68.89,68.66,2205,{"id":152,"data":153,"abertura":154,"ultimo":155,"volume":156},3377155,"2026-10-16",68.7,68.4,1449,{"id":158,"data":159,"abertura":160,"ultimo":119,"volume":161},3444858,"2026-10-19",69.09,3568,{"id":163,"data":164,"abertura":165,"ultimo":166,"volume":167},3446635,"2026-10-20",68.97,68.8,2309,{"id":169,"data":170,"abertura":171,"ultimo":172,"volume":173},3459657,"2026-10-21",69.29,68.88,1900,{"id":175,"data":176,"abertura":137,"ultimo":177,"volume":178},3473673,"2026-10-22",68.74,2490,{"id":180,"data":181,"abertura":154,"ultimo":166,"volume":182},3488206,"2026-10-23",4643,{"id":184,"data":185,"abertura":186,"ultimo":187,"volume":188},3566124,"2026-10-26",67.5,64.98,9994,{"id":190,"data":191,"abertura":192,"ultimo":193,"volume":194},3580250,"2026-10-27",64.97,64.79,6924,{"id":196,"data":197,"abertura":193,"ultimo":198,"volume":199},3594362,"2026-10-28",61.99,7860,{"id":201,"data":202,"abertura":203,"ultimo":204,"volume":205},3609133,"2026-10-29",62.61,62.6,2888,{"id":207,"data":208,"abertura":203,"ultimo":209,"volume":210},3624688,"2026-10-30",62.27,8278,{"id":212,"data":213,"abertura":214,"ultimo":215,"volume":216},3682156,"2026-11-03",60.85,60,5246,{"id":218,"data":219,"abertura":215,"ultimo":220,"volume":221},3695717,"2026-11-04",60.1,4210,268053648.19,66.95,"0.90","Ativa",null,"Multicategoria","2026-11-05 09:00","0.0017","-0.0399","-0.1206","-0.1219","-0.1619","-0.0382",277,"0.8000","0.0128","Nov\u002F2026","0.0449","0.0923","0.1759","0.0129",12,21,[],"05\u002F11\u002F2026 06:00",271535.09,0.0047,{"data_referencia":250,"ativo":251,"passivo":252,"obrigacoes_imoveis":253,"obrigacoes_securitizacao":253,"liquidez":254,"valores_receber":255},"2026-09-01",272211632.29,4157984.1,0,44679032.52,69248.23,{"data_referencia":94,"resultado":257,"rendimentos":258,"percentual":259},21864341.15,22061489.0025,1.0090168668311326,"Investidores em Geral",[262],"Bolsa","2020-12-22",4003900,11006,{"Pessoa Física":267,"Pessoa jurídica não financeira":268,"Fundos de investimento imobiliário":78,"Corretora ou distribuidora":69,"Investidores não residentes":69,"Outros fundos de investimento":69},10972,27,227463351.54,{"Cotas de FIIs":271,"Bônus e recibos de subscrição":272},227453132.66,10218.88,{"vacancia_total":253,"lista_imoveis":274,"data_referencia":94,"vacancia_suspeita":93},[],{"id":276,"nome":277,"cnpj":278,"endereco":279,"telefone":280,"created_at":281,"updated_at":281},182,"Eleven Serviços de Consultoria e Análise S.A.","20820211000188","Av. Engenheiro Luís Carlos Berrini, 550 - 3º andar - São Paulo - SP","(11) 4302-3340","2026-10-03T19:18:42.000000Z",{"ano_referencia":283,"data_disponibilizacao":284},"2025","2026-03-23",{"ResultadoFundo":286,"ConjunturaEconomica":287,"PerspectivaPeriodoSeguinte":288},"Em relação a cota patrimonial , ocorreu a variação de +7,58%","Em 2025, o mercado de fundos imobiliários teve forte recuperação, com o IFIX avançando cerca de 21%, registrando o melhor desempenho anual desde 2019. O movimento foi sustentado pela expectativa de início do ciclo de queda da Selic em 2026, levando investidores a se anteciparem e recompor posições em FIIs ainda negociados com desconto. Fundos de tijolo, especialmente de shoppings, lajes corporativas e logística, ganharam tração ao longo do ano, enquanto os FIIs de papel mantiveram rendimentos elevados. Mesmo com a Selic em 15%, o setor fechou o ano com vacância controlada, melhora operacional e retomada do interesse estrutural por renda imobiliária.","Para 2026, a perspectiva do mercado de FIIs é construtiva, ancorada principalmente na expectativa de início do ciclo de queda da Selic ao longo do ano. A redução gradual dos juros tende a destravar reprecificação dos fundos, especialmente os de tijolo, que ainda negociam com desconto em relação ao valor patrimonial. Segmentos como shoppings, logística e lajes corporativas devem seguir em recuperação operacional, com vacância em queda e reajustes reais de aluguel. O principal risco segue sendo fiscal e político, mas, no cenário-base, 2026 aponta para continuidade de valorização e manutenção de rendimentos atrativos na classe."]