[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:BBFO11:10961":3,"fii-documento:BBFO11":16,"seo:\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10961":218},{"id":4,"descricao":5,"assunto":6,"tipo":7,"situacao":8,"texto":9,"link_pdf":10,"estruturado":11,"link_original":12,"data_referencia":13,"data_entrega":14,"versao":15},10961,"(BBFO) Relatório Gerencial - 29\u002F05\u002F2026","Relatório Gerencial","Relatórios","(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>Maio\u002F2026\u003C\u002Fp>\u003Ch3>BB ASSET MANAGEMENT\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_1_image_2.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>\u003Ch3>Comentário do Gestor\u003C\u002Fh3>\u003Cp>Maio de 2026 foi marcado por uma divergência acentuada nos mercados globais, em um mês que combinou as indefinições nas negociações de paz entre Estados Unidos e Irã com uma ótima temporada de resultados corporativos do setor de tecnologia ligado à inteligência artificial. No plano geopolítico, o destaque foi a negociação de um memorando de entendimento para extensão do cessarfogo e início de tratativas sobre a reabertura do Estreito de Ormuz. A perspectiva de normalização dos fluxos de energia provocou forte correção no petróleo, que registrou uma das maiores quedas mensais desde 2020. Nos mercados acionários, o S&P 500 renovou máximas históricas e completou a mais longa sequência de altas semanais desde 2023, enquanto o Nasdaq avançou com força, impulsionado por resultados de empresas de infraestrutura de inteligência artificial. No âmbito da política monetária, a transição na presidência do Federal Reserve e o tom das atas do FOMC reforçaram a percepção de cautela no mercado. Nos emergentes, o MSCI Emerging Markets apresentou valorização expressiva, liderado por mercados asiáticos inseridos na cadeia de semicondutores.\u003C\u002Fp>\u003Cp>No ambiente doméstico, o cenário macroeconômico apresentou desafios pontuais, em um mês sem reunião do Copom. A inflação acumulada em doze meses se aproximou do teto da meta, com Alimentação e Habitação liderando as pressões, enquanto Transportes recuou, refletindo a queda dos combustíveis. As projeções do Boletim Focus passaram por revisões graduais, afastando-se da meta central, e a combinação de inflação ainda pressionada com atividade econômica resiliente moderou a percepção de espaço para cortes adicionais na Selic. O câmbio encerrou o mês com depreciação moderada, após ter atingido os menores patamares em mais de dois anos em meados de maio, ajustando-se na segunda quinzena ao movimento de realocação de capitais externos.\u003C\u002Fp>\u003Cp>Na bolsa, o Ibovespa recuou de forma expressiva, acumulando uma longa sequência de perdas semanais. A principal força foi a reversão do fluxo estrangeiro: investidores não residentes retiraram cerca de R$ 15 bilhões do mercado à vista, o primeiro mês de saldo negativo em 2026, após entradas acumuladas superiores a R$ 55 bilhões no primeiro quadrimestre. Enquanto o Brasil recuava, mercados americanos e asiáticos com exposição à cadeia de inteligência artificial renovavam recordes. Deterioração inflacionária e abertura da curva de juros ampliaram o prêmio de risco local. Setorialmente, Petrobras sofreu com a queda do petróleo, o setor bancário foi pressionado pela aversão a risco, e empresas de consumo lideraram as perdas. Na ponta positiva, o setor siderúrgico se destacou. Em síntese, maio reforçou que o desempenho da bolsa brasileira em 2026 segue estruturalmente dependente do apetite estrangeiro e da evolução do cenário geopolítico global.\u003C\u002Fp>\u003Cp>No mês, o IFIX apresentou desvalorização de 1,33%. No que se refere ao desempenho dos ativos, as maiores performances foram observadas em IRIM11 (6,03%), HSAF11 (3,08%) e RBRY11 (2,73%), ao passo que as maiores baixas foram em CACR11 (-70,53%), DEVA11 (-18,59%) e URPR11 (-17,47%).\u003C\u002Fp>\u003Cp>Desde janeiro, iniciamos um processo para destravar e distribuir lucros acumulados no portfólio. Neste mês, diminuímos as posições de CYCR11, RCRB11 e TVRI11, aos quais estavam com um preço médio de compra nos valores de R$ 8,55, R$ 128,50 e R$ 88,49, respectivamente. Essas operações geraram um ganho de capital acima de R$ 550 mil, o equivalente a R$ 0,1374 por cota. Retornamos com CPTS11 para a carteira (ativo que saiu do portfólio em outubro de 2024), com peso aproximado de 1% do PL e colocamos em torno de 3% de IRIM11, por estar com um preço atrativo. Ainda nesta reciclagem de ativos e aumentamos marginalmente o peso dos FIIs que, a nosso ver, estão descontados e tem potencial de valorização: BTCI11 (de 1% para 1,4%), RBRR11 (de 1,1% para 2,8%) e RBRL11 (de 1% para 1,3%).\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 abril de cada gestor e calculamos a seguinte distribuição para a carteira do BBFO11: 86,39% em IPCA, com uma taxa média de +10,19%; 12,39% em CDI, com taxa média de +3,84% e 1,35% de exposição a outros índices. Observando a rentabilidade dos ativos, as maiores valorizações do portfólio foram de IRIM11 (6,03%), RBRR11 (2,04%) e KNHF11 (0,83%), enquanto os principais detratores do mês foram TGAR11 (-11,22%), TRBL11 (-10,42%) e KORE11 (-6,95%).\u003C\u002Fp>\u003Cp>Os rendimentos recebidos pelo Fundo apurados no mês de maio, totalizaram R$ 0,774 por cota. Em 15\u002F06\u002F2026, foi realizada a distribuição de R$ 0,95, já considerando o ganho de capital, o que corresponde a um retorno de 1,28% sobre a cota patrimonial. Este é o décimo oitavo mês consecutivo em que o Fundo distribui rendimentos superiores a 0,90% da cota patrimonial. A reserva acumulada apresentou o montante de R$ 0,1894 por cota, já descontando os valores pagos em junho. 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\">46,26%\u003C\u002Ftd>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>1,37%\u003C\u002Ftd>\u003Ctd>BTG Pactual Gestora de Recursos\u003C\u002Ftd>\u003Ctd>90,49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CLIN11\u003C\u002Ftd>\u003Ctd>5,37%\u003C\u002Ftd>\u003Ctd>Clave Capital\u003C\u002Ftd>\u003Ctd>93,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CPTS11\u003C\u002Ftd>\u003Ctd>1,08%\u003C\u002Ftd>\u003Ctd>Capitânia Investimentos\u003C\u002Ftd>\u003Ctd>86,91%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CYCR11\u003C\u002Ftd>\u003Ctd>1,16%\u003C\u002Ftd>\u003Ctd>Cy.Capital\u003C\u002Ftd>\u003Ctd>94,91%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HGCR11\u003C\u002Ftd>\u003Ctd>5,11%\u003C\u002Ftd>\u003Ctd>Patria Investimentos\u003C\u002Ftd>\u003Ctd>99,01%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ICRI11\u003C\u002Ftd>\u003Ctd>1,05%\u003C\u002Ftd>\u003Ctd>Itaú\u003C\u002Ftd>\u003Ctd>94,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNHY11\u003C\u002Ftd>\u003Ctd>2,85%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>101,81%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNIP11\u003C\u002Ftd>\u003Ctd>8,48%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>99,57%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MANA11\u003C\u002Ftd>\u003Ctd>3,38%\u003C\u002Ftd>\u003Ctd>MANATÍ CAPITAL MANAGEMENT\u003C\u002Ftd>\u003Ctd>98,95%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>5,96%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>90,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRR11\u003C\u002Ftd>\u003Ctd>2,80%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>90,49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RECR11\u003C\u002Ftd>\u003Ctd>2,38%\u003C\u002Ftd>\u003Ctd>BRL Trust Investimentos\u003C\u002Ftd>\u003Ctd>93,35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RPRI11\u003C\u002Ftd>\u003Ctd>0,35%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>79,84%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VCJR11\u003C\u002Ftd>\u003Ctd>4,92%\u003C\u002Ftd>\u003Ctd>Vectis Gestão de Recursos\u003C\u002Ftd>\u003Ctd>83,79%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"5\">Shoppings Centers\u003C\u002Ftd>\u003Ctd rowspan=\"5\">10,04%\u003C\u002Ftd>\u003Ctd>CPSH11\u003C\u002Ftd>\u003Ctd>1,60%\u003C\u002Ftd>\u003Ctd>Capitânia Investimentos\u003C\u002Ftd>\u003Ctd>87,30%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HGBS11\u003C\u002Ftd>\u003Ctd>2,33%\u003C\u002Ftd>\u003Ctd>Hedge Investments\u003C\u002Ftd>\u003Ctd>98,38%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HSML11\u003C\u002Ftd>\u003Ctd>0,75%\u003C\u002Ftd>\u003Ctd>Hemisfério Sul Investimentos\u003C\u002Ftd>\u003Ctd>88,98%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VISC11\u003C\u002Ftd>\u003Ctd>1,57%\u003C\u002Ftd>\u003Ctd>Vinci Partners\u003C\u002Ftd>\u003Ctd>92,46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>XPML11\u003C\u002Ftd>\u003Ctd>3,80%\u003C\u002Ftd>\u003Ctd>XP Asset Management\u003C\u002Ftd>\u003Ctd>97,82%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"6\">Lajes Corporativas\u003C\u002Ftd>\u003Ctd rowspan=\"6\">13,07%\u003C\u002Ftd>\u003Ctd>HGRE11\u003C\u002Ftd>\u003Ctd>3,12%\u003C\u002Ftd>\u003Ctd>Patria Investimentos\u003C\u002Ftd>\u003Ctd>88,21%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>3,04%\u003C\u002Ftd>\u003Ctd>Iridium Gestão de Recursos\u003C\u002Ftd>\u003Ctd>81,95%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KORE11\u003C\u002Ftd>\u003Ctd>2,43%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>63,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PVBI11\u003C\u002Ftd>\u003Ctd>1,87%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>68,77%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RCRB11\u003C\u002Ftd>\u003Ctd>1,44%\u003C\u002Ftd>\u003Ctd>Rio Bravo\u003C\u002Ftd>\u003Ctd>71,07%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TVRI11\u003C\u002Ftd>\u003Ctd>1,17%\u003C\u002Ftd>\u003Ctd>Tivio Capital\u003C\u002Ftd>\u003Ctd>89,37%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Incorporações\u003C\u002Ftd>\u003Ctd>2,77%\u003C\u002Ftd>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>2,77%\u003C\u002Ftd>\u003Ctd>TG Core Asset\u003C\u002Ftd>\u003Ctd>54,94%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"4\">Híbrido\u003C\u002Ftd>\u003Ctd rowspan=\"4\">21,86%\u003C\u002Ftd>\u003Ctd>BTHF11\u003C\u002Ftd>\u003Ctd>3,99%\u003C\u002Ftd>\u003Ctd>BTG Pactual Gestora de Recursos\u003C\u002Ftd>\u003Ctd>93,55%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>JSAF11\u003C\u002Ftd>\u003Ctd>4,59%\u003C\u002Ftd>\u003Ctd>Safra Asset\u003C\u002Ftd>\u003Ctd>82,41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>KNHF11\u003C\u002Ftd>\u003Ctd>8,14%\u003C\u002Ftd>\u003Ctd>Kinea Investimentos\u003C\u002Ftd>\u003Ctd>98,98%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCRE11\u003C\u002Ftd>\u003Ctd>5,14%\u003C\u002Ftd>\u003Ctd>Mauá Capital\u003C\u002Ftd>\u003Ctd>90,75%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"5\">Galpões e Logísticos\u003C\u002Ftd>\u003Ctd rowspan=\"5\">6,00%\u003C\u002Ftd>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>1,95%\u003C\u002Ftd>\u003Ctd>VBI Real Estate\u003C\u002Ftd>\u003Ctd>90,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRL11\u003C\u002Ftd>\u003Ctd>1,31%\u003C\u002Ftd>\u003Ctd>RBR Asset Management\u003C\u002Ftd>\u003Ctd>84,64%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>0,63%\u003C\u002Ftd>\u003Ctd>Rio Bravo\u003C\u002Ftd>\u003Ctd>83,39%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VILG11\u003C\u002Ftd>\u003Ctd>1,54%\u003C\u002Ftd>\u003Ctd>Vinci Partners\u003C\u002Ftd>\u003Ctd>86,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>XPLG11\u003C\u002Ftd>\u003Ctd>0,57%\u003C\u002Ftd>\u003Ctd>XP Asset Management\u003C\u002Ftd>\u003Ctd>92,16%\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 1,29% no mês de maio, 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 14,41%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_5_chart_4.jpg\">\u003C\u002Fp>\u003Cp>Fonte: BB Asset\u003C\u002Fp>\u003Cp>Cota Patrimonial Cota Mercado\u003C\u002Fp>\u003Ch3>Dividendos\u003C\u002Fh3>\u003Cp>Nos últimos 12 meses, os dividendos distribuídos pelo fundo somam R$9,67\u002Fcota, o que equivale a um dividend yield de 13,03% a.a.\u003C\u002Fp>\u003Cp>Dividendos (mensal)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_5_chart_10.jpg\">\u003C\u002Fp>\u003Cp>Fonte: BB Asset\u003C\u002Fp>\u003Ch3>Dividend Yield (DY)\u003C\u002Fh3>\u003Cp>No mês de maio o dividend yield do fundo foi de 1,34% a.m. Anualizando este número temos um dividend yield de 17,32% a.a., comparando com o preço de fechamento do mês.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_6_chart_5.jpg\">\u003C\u002Fp>\u003Cp>Valores em %. Dividend Yield = Dividendo distribuído\u002Fcota de mercado do último dia útil do mês.\u003C\u002Fp>\u003Cp>Fonte: BB Asset, Banco do Brasil.\u003C\u002Fp>\u003Cp>Demonstrativo de Resultado\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>DRE (R$ Milhões)\u003C\u002Fth>\u003Cth>dez2025\u003C\u002Fth>\u003Cth>jan2026\u003C\u002Fth>\u003Cth>fev2026\u003C\u002Fth>\u003Cth>mar2026\u003C\u002Fth>\u003Cth>abr2026\u003C\u002Fth>\u003Cth>mai2026\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Receitas\u003C\u002Ftd>\u003Ctd>2,95\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas\u003C\u002Ftd>\u003Ctd>-0,14\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Administração\u003C\u002Ftd>\u003Ctd>-0,02\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>-0,12\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>\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>2,81\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribuição\u003C\u002Ftd>\u003Ctd>2,84\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>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Resultado por cota (R$)\u003C\u002Fth>\u003Cth>0,70\u003C\u002Fth>\u003Cth>1,09\u003C\u002Fth>\u003Cth>0,87\u003C\u002Fth>\u003Cth>0,95\u003C\u002Fth>\u003Cth>0,92\u003C\u002Fth>\u003Cth>0,85\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Distribuição por cota (R$)\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>\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 mai\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>\u003Cth>jun\u002F26\u003C\u002Fth>\u003Cth>jul\u002F26 ago\u002F26\u003C\u002Fth>\u003Cth>set\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>0,76\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\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>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85 0,85\u003C\u002Ftd>\u003Ctd>0,85\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>-0,18\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ganhos de capital (realizado)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,37\u003C\u002Ftd>\u003Ctd>0,18\u003C\u002Ftd>\u003Ctd>0,28\u003C\u002Ftd>\u003Ctd>0,23\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Lucros acumulados (a distribuir)\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>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>Apresentamos também nossas estimativas de rendimentos para os próximos meses. \u003Cstrong>Considerando apenas a geração recorrente do portfólio\u003C\u002Fstrong>, 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>\u003Cp>BBFO11: Expectativa de Rendimentos\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>por cota (R$) a.m.\u003C\u002Fth>\u003Cth>jun\u002F26\u003C\u002Fth>\u003Cth>jul\u002F26\u003C\u002Fth>\u003Cth>ago\u002F26\u003C\u002Fth>\u003Cth>set\u002F26\u003C\u002Fth>\u003Cth>out\u002F26\u003C\u002Fth>\u003Cth>nov\u002F26\u003C\u002Fth>\u003Cth>dez\u002F26\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Banda Inferior\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Base\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003Ctd>0,70\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Banda Superior\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Com ganhos de capital\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003Ctd>0,85\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>A tabela abaixo apresenta a distribuição total de rendimentos por cota do BBFO11 desde o início do fundo, mostrando os valores efetivamente pagos no período, além da projeção esperada com base no prospecto definitivo da oferta. Observa-se que os rendimentos efetivos variaram ao longo dos anos, com destaque para 2022, que registrou o maior valor distribuído, enquanto 2024 apresentou uma redução em relação aos anos anteriores.\u003C\u002Fp>\u003Cp>BBFO11: Rendimentos desde o início\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd>por cota (R$) a.a.\u003C\u002Ftd>\u003Ctd>2021\u003C\u002Ftd>\u003Ctd>2022\u003C\u002Ftd>\u003Ctd>2023\u003C\u002Ftd>\u003Ctd>2024\u003C\u002Ftd>\u003Ctd>2025\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003Ctd>Média\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Esperada\u003C\u002Ftd>\u003Ctd>5,03\u003C\u002Ftd>\u003Ctd>6,24\u003C\u002Ftd>\u003Ctd>6,53\u003C\u002Ftd>\u003Ctd>\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>4,56\u003C\u002Ftd>\u003Ctd>8,03\u003C\u002Ftd>\u003Ctd>44,72\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>0,91\u003C\u002Ftd>\u003Ctd>0,71\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"7\">-9,6% -4,0% Variação (%) a.a. 34,5% 11,3%\u003C\u002Ftd>\u003Ctd>8,1%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Fonte: BB Asset, Eleven Research\u003C\u002Fp>\u003Cp>Atualmente, a cota do fundo é negociada em aproximadamente R$ 70,00, enquanto o valor patrimonial por cota é de R$ 76,32, 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 17,9%, o que representa aproximadamente R$ 6,32 por cota. Nesse cenário, o preço potencial estimado seria de cerca de R$ 82,54 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 BBF011 (cota mercado)\u003C\u002Ftd>\u003Ctd>Potencial de Valorização\u003C\u002Ftd>\u003Ctd>Parcela do Potencial de\u003C\u002Ftd>\u003Ctd>Preço Potencial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(%)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Valorização (R$) cota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>Recebíveis IPCA\u003C\u002Ftd>\u003Ctd>42,3%\u003C\u002Ftd>\u003Ctd>-4,9%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>14,6%\u003C\u002Ftd>\u003Ctd>2,67\u003C\u002Ftd>\u003Ctd>80,22\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>45,5%\u003C\u002Ftd>\u003Ctd>Recebíveis CDI\u003C\u002Ftd>\u003Ctd>3,2%\u003C\u002Ftd>\u003Ctd>-0,7%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>9,8%\u003C\u002Ftd>\u003Ctd>0,20\u003C\u002Ftd>\u003Ctd>76,85\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd rowspan=\"7\">\u003C\u002Ftd>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>24,2%\u003C\u002Ftd>\u003Ctd>-6,3%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>16,4%\u003C\u002Ftd>\u003Ctd>1,53\u003C\u002Ftd>\u003Ctd>81,45\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>9,0%\u003C\u002Ftd>\u003Ctd>-22,5%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>40,7%\u003C\u002Ftd>\u003Ctd>0,57\u003C\u002Ftd>\u003Ctd>98,49\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>7,7%\u003C\u002Ftd>\u003Ctd>-2,4%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>11,8%\u003C\u002Ftd>\u003Ctd>0,48\u003C\u002Ftd>\u003Ctd>78,23\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>6,6%\u003C\u002Ftd>\u003Ctd>-7,4%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>17,8%\u003C\u002Ftd>\u003Ctd>0,42\u003C\u002Ftd>\u003Ctd>82,45\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>3,6%\u003C\u002Ftd>\u003Ctd>-30,3%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>56,5%\u003C\u002Ftd>\u003Ctd>0,23\u003C\u002Ftd>\u003Ctd>109,52\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003Ctd>-4,2%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>13,8%\u003C\u002Ftd>\u003Ctd>0,22\u003C\u002Ftd>\u003Ctd>79,63\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>100,0%\u003C\u002Ftd>\u003Ctd>-7,5%\u003C\u002Ftd>\u003Ctd>-8,3%\u003C\u002Ftd>\u003Ctd>17,9%\u003C\u002Ftd>\u003Ctd>6,32\u003C\u002Ftd>\u003Ctd>82,54\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Cp>Potencial cotação do fundo.\u003C\u002Fp>\u003Cp>Fonte: BB Asset, Eleven Research\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 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>\u003Cp>BBFO11: Análise de Sensibilidade\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd colspan=\"5\">Rendimentos por cota (R$) a.m.\u003C\u002Ftd>\u003Ctd rowspan=\"2\">\u003C\u002Ftd>\u003Ctd rowspan=\"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=\"5\">Cotação (R$)\u003C\u002Ftd>\u003Ctd>66\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>12,4%\u003C\u002Ftd>\u003Ctd>12,7%\u003C\u002Ftd>\u003Ctd>13,1%\u003C\u002Ftd>\u003Ctd>13,5%\u003C\u002Ftd>\u003Ctd>0,86x\u003C\u002Ftd>\u003Ctd rowspan=\"5\">PIVP\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>68\u003C\u002Ftd>\u003Ctd>11,6%\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>12,4%\u003C\u002Ftd>\u003Ctd>12,7%\u003C\u002Ftd>\u003Ctd>13,1%\u003C\u002Ftd>\u003Ctd>0,89x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>70\u003C\u002Ftd>\u003Ctd>11,3%\u003C\u002Ftd>\u003Ctd>11,7%\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>12,3%\u003C\u002Ftd>\u003Ctd>12,7%\u003C\u002Ftd>\u003Ctd>0,92x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>72\u003C\u002Ftd>\u003Ctd>11,0%\u003C\u002Ftd>\u003Ctd>11,3%\u003C\u002Ftd>\u003Ctd>11,7%\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>12,3%\u003C\u002Ftd>\u003Ctd>0,94x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>74\u003C\u002Ftd>\u003Ctd>10,7%\u003C\u002Ftd>\u003Ctd>11,0%\u003C\u002Ftd>\u003Ctd>11,4%\u003C\u002Ftd>\u003Ctd>11,7%\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>0,97x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor Patrimonial (R$)\u003C\u002Ftd>\u003Ctd>76\u003C\u002Ftd>\u003Ctd>10,4%\u003C\u002Ftd>\u003Ctd>10,7%\u003C\u002Ftd>\u003Ctd>11,0%\u003C\u002Ftd>\u003Ctd>11,3%\u003C\u002Ftd>\u003Ctd>11,6%\u003C\u002Ftd>\u003Ctd>1,00x\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Dividend Yield projetado (a.a.)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\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\u002F10961\u002Fpage_9_chart_9.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 \u003Cu>ganho de capital caso o fundo volte a se\u003C\u002Fu>r negociado próximo à paridade com esse valor. Esta\u003C\u002Fp>\u003Cp>BBFO11: Potencial ganho de capital para o investidor (%)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\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\u002F10961\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>\u003Cp>BBFO11: Rendimentos distribuídos por cota (R$)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\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, ao adquirir uma cota do BBFO11 no valor patrimonial, o investidor está comprando indiretamente toda a carteira do BBFO11 com um \u003Cstrong>desconto médio ponderado de 9%, ou seja, a um P\u002FVP de 0,91x\u003C\u002Fstrong>.\u003C\u002Fp>\u003Ch3>BBFO11: Negociando no valor patrimonial\u003C\u002Fh3>\u003Cp>BBF011: 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>Recebíveis IPCA\u003C\u002Ftd>\u003Ctd>41,0%\u003C\u002Ftd>\u003Ctd>0,95x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>26,3%\u003C\u002Ftd>\u003Ctd>0,94x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>10,9%\u003C\u002Ftd>\u003Ctd>0,75x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>10,4%\u003C\u002Ftd>\u003Ctd>0,97x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>4,9%\u003C\u002Ftd>\u003Ctd>0,91x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003Ctd>0,58x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>3,2%\u003C\u002Ftd>\u003Ctd>0,91x\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>0,91x\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 \u003Cstrong>desconto médio ponderado de 16%, ou seja, a um P\u002FVP de 0,84x\u003C\u002Fstrong>.\u003C\u002Fp>\u003Ch3>BBFO11: Negociando com desconto\u003C\u002Fh3>\u003Cp>BBF011: P\u002FVP Atual 0,95x\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>0,95x\u003C\u002Ftd>\u003Ctd>0,87x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Multiestratégia\u003C\u002Ftd>\u003Ctd>0,94x\u003C\u002Ftd>\u003Ctd>0,86x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritórios\u003C\u002Ftd>\u003Ctd>0,75x\u003C\u002Ftd>\u003Ctd>0,69x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>0,97x\u003C\u002Ftd>\u003Ctd>0,90x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>0,91x\u003C\u002Ftd>\u003Ctd>0,84x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Híbrido\u003C\u002Ftd>\u003Ctd>0,58x\u003C\u002Ftd>\u003Ctd>0,54x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>0,91x\u003C\u002Ftd>\u003Ctd>0,83x\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Média Ponderada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,84x\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>\u003Cp>Retorno Total: 4 anos (base 100)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\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\u003C\u002Fp>\u003Ch2>BB ASSET MANAGEMENT\u003C\u002Fh2>\u003Cp>BBFO11 se posiciona entre os veículos com menor custo para o cotista, refletindo-se em uma 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, \u003Cstrong>o BBFO11 é o único FoF que conta com uma consultoria imobiliária independente\u003C\u002Fstrong>, 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\u003C\u002Ftd>\u003Ctd>Eleven 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 \u003Cstrong>diário negociado nos últimos 30 dias foi de R$ 500 mil\u003C\u002Fstrong>.\u003C\u002Fp>\u003Cp>BBFO11: Volume negociado por dia (R$ mm)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_13_chart_9.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Economatica, Eleven Research\u003C\u002Fp>\u003Cp>BBFO11: Volume negociado por mês (R$ mm)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\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 \u003Cstrong>primeiro trimestre de 2026\u003C\u002Fstrong>, 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: \u003Cstrong>KNHY11\u003C\u002Fstrong>, \u003Cstrong>HGCR11 e XPLG11\u003C\u002Fstrong>.\u003C\u002Fp>\u003Cp>Posições zeradas nos segmentos de Recebíveis e Logística: \u003Cstrong>MCCI11\u003C\u002Fstrong>, \u003Cstrong>LVBI11\u003C\u002Fstrong>, \u003Cstrong>RBRY11\u003C\u002Fstrong>, \u003Cstrong>KNCR11\u003C\u002Fstrong>, \u003Cstrong>AFHI11\u003C\u002Fstrong> e \u003Cstrong>BTLG11\u003C\u002Fstrong>.\u003C\u002Fp>\u003Cp>Aumento da exposição no segmento de Multiestratégia: \u003Cstrong>JSAF11 e BTHF11\u003C\u002Fstrong>.\u003C\u002Fp>\u003Cp>Novas posições inseridas nos segmentos de Logística, Shoppings, Escritórios, Recebíveis e Multicategoria: \u003Cstrong>ALZR11\u003C\u002Fstrong>, \u003Cstrong>KORE11\u003C\u002Fstrong>, \u003Cstrong>CPSH11\u003C\u002Fstrong>, \u003Cstrong>ICRI11\u003C\u002Fstrong>, \u003Cstrong>TRBL11\u003C\u002Fstrong>, \u003Cstrong>BTCI11\u003C\u002Fstrong> e \u003Cstrong>RPRI11\u003C\u002Fstrong>.\u003C\u002Fp>\u003Cp>BBFO11: Movimentações da carteira de Flls\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"3\">4 T25\u003C\u002Ftd>\u003Ctd colspan=\"2\">1 T26\u003C\u002Ftd>\u003Ctd colspan=\"2\">Variação (%)\u003C\u002Ftd>\u003Ctd>Exposição\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Ticker #\u003C\u002Ftd>\u003Ctd>Cotas (mil) Valo\u003C\u002Ftd>\u003Ctd>r (R$ mm)\u003C\u002Ftd>\u003Ctd>#Cotas (mil) Valo\u003C\u002Ftd>\u003Ctd>r (R$ mm\u003C\u002Ftd>\u003Ctd>) Cotas\u003C\u002Ftd>\u003Ctd>Valor\u003C\u002Ftd>\u003Ctd>Atual\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>KN I P11\u003C\u002Ftd>\u003Ctd>2 5 7\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>KN H F11\u003C\u002Ftd>\u003Ctd>23 2\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>23 2\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>PCI P11\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>CLI N 11\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>M CR E11\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>H GCR11\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>VCJ R11\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>RCR B11\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>BTH F11\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>XPM L11\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>-\u003C\u002Ftd>\u003Ctd>93 9\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3, 5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>MANA11\u003C\u002Ftd>\u003Ctd>1. 03 8\u003C\u002Ftd>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>1. 03 8\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. 05 5\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>1. 05 5\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>13 2\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>H G R E11\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>KN HY11\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>H G BS11\u003C\u002Ftd>\u003Ctd>33 1\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>33 1\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>R ECR11\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>KO R E11\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>7 2\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>- 54%\u003C\u002Ftd>\u003Ctd>- 5 7 %\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>VI LG11\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>2 5\u003C\u002Ftd>\u003Ctd>CPS H 11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3 54\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>3 1\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>HS M L11\u003C\u002Ftd>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>-18%\u003C\u002Ftd>\u003Ctd>-16%\u003C\u002Ftd>\u003Ctd>0, 8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>TR B L11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>-\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>3 0\u003C\u002Ftd>\u003Ctd>R B R L11\u003C\u002Ftd>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>144%\u003C\u002Ftd>\u003Ctd>13 9%\u003C\u002Ftd>\u003Ctd>0, 7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3 1\u003C\u002Ftd>\u003Ctd>XPLG11\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>-23 %\u003C\u002Ftd>\u003Ctd>-27 %\u003C\u002Ftd>\u003Ctd>0, 6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3 2\u003C\u002Ftd>\u003Ctd>R PRI11\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>M CCI11\u003C\u002Ftd>\u003Ctd>182\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34\u003C\u002Ftd>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>120\u003C\u002Ftd>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3 5\u003C\u002Ftd>\u003Ctd>R B RY11\u003C\u002Ftd>\u003Ctd>121\u003C\u002Ftd>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3 6\u003C\u002Ftd>\u003Ctd>KN CR11\u003C\u002Ftd>\u003Ctd>3 1\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>3 7\u003C\u002Ftd>\u003Ctd>AFH I11\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>3 8\u003C\u002Ftd>\u003Ctd>BTLG11Total\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>1309\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-286\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-100,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\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>\u003Cstrong>Seguiremos promovendo transparência aos cotistas\u003C\u002Fstrong> 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\u002F10961\u002Fpage_17_image_12.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\u002Fpage_17_image_13.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F10961\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\u002F10961\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1227033","2026-05-29","2026-06-24 11:31:00",1,{"id":17,"empresa":18,"gestor":26,"cotacoes":33,"patrimonio":147,"vpa":148,"p_vpa":149,"tipo_gestao":150,"mandato":151,"segmento":152,"categoria":153,"grupo":153,"preco_atual":145,"cotacao_atualizada_em":154,"ultima_variacao_cotacao_24h":155,"variacao_cotacao_7d":156,"variacao_cotacao_1m":157,"variacao_cotacao_3m":158,"variacao_cotacao_6m":159,"variacao_cotacao_12m":160,"vacancia_fisica":151,"liquidez_atual":161,"ultimo_dividendo":162,"ultimo_dividend_yield":163,"mes_pagamento_ultimo_dividendo":164,"dividend_yield_3m":165,"dividend_yield_6m":166,"dividend_yield_12m":167,"dividend_yield_medio_12m":168,"qtd_dividendos_pagos_ano_passado":169,"data_ultima_cotacao":144,"pregoes_com_negocio_21":170,"alertas":171,"updated_at":172,"liquidez_media_reais":173,"administrador":174,"taxa_administracao_paga":175,"balanco":176,"resultado_distribuido":183,"publico_alvo":188,"mercados_negociacao_cotas":189,"data_funcionamento":191,"data_final":151,"quantidade_cotas":192,"quantidade_cotistas":193,"detalhes_cotistas":194,"total_investido":198,"investimentos_fundo":199,"imoveis":202,"contratos":151,"custodiante":151,"auditor_independente":151,"formador_mercado":151,"distribuidor_cotas":151,"consultor_especializado":204,"administrador_locacoes":151,"relatorio_anual":211,"analise_administrador":214},685,{"nome":19,"nome_simplificado":20,"nome_comercial":21,"ticker":22,"nome_ticker":23,"nome_pregao":24,"cnpj":25},"BB FUNDO DE FUNDOS - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","BB FUNDO DE FUNDOS   RESPONSABILIDADE LIMITADA","BB Fundo de Fundos","BBFO11","BBFO11 - BB FUNDO DE FUNDOS - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII BB FOF","37.180.091\u002F0001-02",{"id":27,"nome":28,"cnpj":29,"endereco":30,"telefone":31,"created_at":32,"updated_at":32},121,"BB Gestão de Recursos DTVM S.A.","30822936000169","Avenida chile, 330 - 8º andar - Rio de Janeiro - RJ","(21) 3808-7500","2026-10-03T19:02:44.000000Z",[34,40,46,52,58,64,70,76,82,87,93,99,104,108,114,120,125,131,136,142],{"id":35,"data":36,"abertura":37,"ultimo":38,"volume":39},3288880,"2026-10-06",67.04,68.34,5223,{"id":41,"data":42,"abertura":43,"ultimo":44,"volume":45},3289671,"2026-10-07",68.33,68.35,2669,{"id":47,"data":48,"abertura":49,"ultimo":50,"volume":51},3290116,"2026-10-08",67.79,68.26,1040,{"id":53,"data":54,"abertura":55,"ultimo":56,"volume":57},3291101,"2026-10-09",68.24,68.5,3879,{"id":59,"data":60,"abertura":61,"ultimo":62,"volume":63},3357217,"2026-10-13",69.19,68.9,2638,{"id":65,"data":66,"abertura":67,"ultimo":68,"volume":69},3375661,"2026-10-14",68.75,68.63,3563,{"id":71,"data":72,"abertura":73,"ultimo":74,"volume":75},3376530,"2026-10-15",68.89,68.66,2205,{"id":77,"data":78,"abertura":79,"ultimo":80,"volume":81},3377155,"2026-10-16",68.7,68.4,1449,{"id":83,"data":84,"abertura":85,"ultimo":44,"volume":86},3444858,"2026-10-19",69.09,3568,{"id":88,"data":89,"abertura":90,"ultimo":91,"volume":92},3446635,"2026-10-20",68.97,68.8,2309,{"id":94,"data":95,"abertura":96,"ultimo":97,"volume":98},3459657,"2026-10-21",69.29,68.88,1900,{"id":100,"data":101,"abertura":62,"ultimo":102,"volume":103},3473673,"2026-10-22",68.74,2490,{"id":105,"data":106,"abertura":79,"ultimo":91,"volume":107},3488206,"2026-10-23",4643,{"id":109,"data":110,"abertura":111,"ultimo":112,"volume":113},3566124,"2026-10-26",67.5,64.98,9994,{"id":115,"data":116,"abertura":117,"ultimo":118,"volume":119},3580250,"2026-10-27",64.97,64.79,6924,{"id":121,"data":122,"abertura":118,"ultimo":123,"volume":124},3594362,"2026-10-28",61.99,7860,{"id":126,"data":127,"abertura":128,"ultimo":129,"volume":130},3609133,"2026-10-29",62.61,62.6,2888,{"id":132,"data":133,"abertura":128,"ultimo":134,"volume":135},3624688,"2026-10-30",62.27,8278,{"id":137,"data":138,"abertura":139,"ultimo":140,"volume":141},3682156,"2026-11-03",60.85,60,5246,{"id":143,"data":144,"abertura":140,"ultimo":145,"volume":146},3695717,"2026-11-04",60.1,4210,268053648.19,66.95,"0.90","Ativa",null,"Multicategoria","Fundo de fundos","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,"BB GESTAO DE RECURSOS DTVM S.A.",0.0047,{"data_referencia":177,"ativo":178,"passivo":179,"obrigacoes_imoveis":180,"obrigacoes_securitizacao":180,"liquidez":181,"valores_receber":182},"2026-09-01",272211632.29,4157984.1,0,44679032.52,69248.23,{"data_referencia":184,"resultado":185,"rendimentos":186,"percentual":187},"2026-06-30",21864341.15,22061489.0025,1.0090168668311326,"Investidores em Geral",[190],"Bolsa","2020-12-22",4003900,11006,{"Pessoa Física":195,"Pessoa jurídica não financeira":196,"Fundos de investimento imobiliário":197,"Corretora ou distribuidora":15,"Investidores não residentes":15,"Outros fundos de investimento":15},10972,27,4,227463351.54,{"Cotas de FIIs":200,"Bônus e recibos de subscrição":201},227453132.66,10218.88,{"vacancia_total":180,"lista_imoveis":203,"data_referencia":184,"vacancia_suspeita":11},[],{"id":205,"nome":206,"cnpj":207,"endereco":208,"telefone":209,"created_at":210,"updated_at":210},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":212,"data_disponibilizacao":213},"2025","2026-03-23",{"ResultadoFundo":215,"ConjunturaEconomica":216,"PerspectivaPeriodoSeguinte":217},"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.",{"title":219,"description":220,"canonical":221,"image":222,"json_ld":223,"nome":248,"resumo":282},"Relatório Gerencial BBFO11 de maio de 2026 | Kartac","Relatório Gerencial de maio de 2026 do BBFO11 (BB Fundo de Fundos), entrega em 24\u002F06\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\u002F10961","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":224,"@graph":225},"https:\u002F\u002Fschema.org",[226,232,237,246,259,269],{"@type":227,"@id":228,"name":229,"url":230,"logo":231},"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":233,"@id":234,"name":229,"url":230,"inLanguage":235,"publisher":236},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":228},{"@type":238,"@id":239,"url":221,"name":219,"description":220,"inLanguage":235,"isPartOf":240,"dateModified":241,"mainEntity":242,"breadcrumb":244},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10961#pagina",{"@id":234},"2026-11-01",{"@id":243},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10961#documento",{"@id":245},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11\u002Fdocumentos\u002F10961#migalhas",{"@type":247,"@id":243,"name":248,"alternateName":5,"url":221,"inLanguage":235,"about":249,"genre":7,"datePublished":251,"temporalCoverage":252,"author":253,"publisher":258,"isBasedOn":12},"Report","Relatório Gerencial BBFO11 de maio de 2026",{"@id":250},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11#fundo","2026-06-24","2026-05",{"@type":227,"name":28,"identifier":254},{"@type":255,"propertyID":256,"value":257},"PropertyValue","CNPJ","30.822.936\u002F0001-69",{"@type":227,"name":174},{"@type":260,"@id":250,"name":21,"alternateName":261,"url":262,"category":153,"identifier":263,"provider":267},"InvestmentFund",[22,19],"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBBFO11",[264,266],{"@type":255,"propertyID":265,"value":22},"Ticker B3",{"@type":255,"propertyID":256,"value":25},{"@type":227,"name":28,"identifier":268},{"@type":255,"propertyID":256,"value":257},{"@type":270,"@id":245,"itemListElement":271},"BreadcrumbList",[272,275,279,281],{"@type":273,"position":15,"name":274,"item":230},"ListItem","Início",{"@type":273,"position":276,"name":277,"item":278},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":273,"position":280,"name":22,"item":262},3,{"@type":273,"position":197,"name":5,"item":221},{"atualizado_em":283,"frases":284},"2026-11-05",[285,286,287,288,289],"Relatório Gerencial do BB Fundo de Fundos (BBFO11), fundo imobiliário de fundos (FoF), referente a maio de 2026, com entrega no FundosNet (B3) em 24\u002F06\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."]