[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:BTHF11:1881":3,"seo:\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1881":16,"fii-documento:BTHF11":96},{"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},1881,"(BTHF) Relatório Gerencial - 31\u002F07\u002F2026","Relatório Gerencial","Relatórios","(Ativo)","\u003Ch3>FII BTG Pactual Real Estate Hedge Fund\u003C\u002Fh3>\u003Cp>BTHF11\u003C\u002Fp>\u003Cp>Relatório Mensal\u003C\u002Fp>\u003Cp>Julho 2026\u003C\u002Fp>\u003Ch2>Informações Gerais\u003C\u002Fh2>\u003Ch3>Objetivo\u003C\u002Fh3>\u003Cp>O BTHF é um fundo imobiliário destinado ao público geral, negociado em bolsa, com um mandato que visa transitar entre carteiras de renda fixa e renda variável em produtos imobiliários, com uma carteira diversificada e previsibilidade de renda. Seu objetivo é proteger o patrimônio dos cotistas em períodos de maior volatilidade, ao mesmo tempo em que busca aproveitar ciclos favoráveis para destravar capital e gerar valor.\u003C\u002Fp>\u003Ch3>Comentário do Gestor\u003C\u002Fh3>\u003Cp>MERCADO: No Brasil, a atividade seguiu resiliente, com o PIB crescendo 1,1% no 1º trimestre de 2026. O IPCA-15 de julho subiu apenas 0,06%, abaixo do esperado, levando a inflação em 12 meses a 4,52%, ante 4,80% em junho. Com a Selic em 14,25% a.a. e o Copom reunido nos dias 4 e 5 de agosto, o Focus projeta um corte até o fim do ano, com a Selic encerrando 2026 em 13,75%.\u003C\u002Fp>\u003Cp>RESULTADO: No mês, o BTHF11 apresentou resultado de R$ 0,102 por cota, com destaque para a linha de resultado com operações em FIIs, que abordaremos especificamente nesse relatório. Mantivemos a distribuição em R$ 0,101 por cota, seguindo o guidance de distribuição anunciado para esse semestre, e anunciamos o guidance para o 2S26 também no intervalo de R$ 0,100 a R$ 0,105 por cota. O retorno total em 12 meses foi de 11%, frente aos 9% do IFIX.\u003C\u002Fp>\u003Cp>MOVIMENTAÇÃO: No mês, movimentamos aproximadamente R$ 123 milhões no mercado secundário, com recomposição líquida de R$ 52,2 milhões de caixa. O principal destaque foi o encerramento da posição em TRXF11, concluindo o ciclo de desinvestimento iniciado em dezembro de 2025, quando vendemos EZTB por cotas de TRXF11 — ciclo que trouxe ao fundo um lucro líquido de R$ 38 milhões. Com o caixa acumulado no mês, demos continuidade à estratégia de aumento de exposição a IPCA com duration mais alongada, integralizando R$ 30 milhões em cotas mezanino do fundo Itaú Log CP a IPCA + 11,8% a.a. e R$ 13 milhões no CRI JHSF a IPCA + 9,73% a.a.\u003C\u002Fp>\u003Cp>CARTEIRA: O Fundo encerrou o mês com 39% em FIIs tijolo, 24% em FIIs de papel, 20% em CRIs, 13% em Caixa , 2% em Ativos Reais e 1% em Ações.\u003C\u002Fp>\u003Ch3>Principais Indicadores\u003C\u002Fh3>\u003Cp>VALOR DE MERCADO R$ 1,836 bilhões\u003C\u002Fp>\u003Cp>COTA MERCADO\u003C\u002Fp>\u003Cp>R$ 8,82 por cota\u003C\u002Fp>\u003Cp>VALOR PATRIMONIAL\u003Csup>1\u003C\u002Fsup> R$ 2,053 bilhões\u003C\u002Fp>\u003Cp>COTA PATRIMONIAL\u003Csup>1\u003C\u002Fsup> R$ 9,86 por cota\u003C\u002Fp>\u003Cp>DIVIDEND YIELD\u003Csup>1\u003C\u002Fsup> 13,74%\u003C\u002Fp>\u003Cp>RENDIMENTO MENSAL R$ 0,101 por cota\u003C\u002Fp>\u003Cp>COTISTAS 316.633\u003C\u002Fp>\u003Cp>ADTV\u003Csup>1\u003C\u002Fsup> R$ 3,61 milhões\u003C\u002Fp>\u003Cp>RETORNO 12m- BTHF vs IFIX 11% vs 9%\u003C\u002Fp>\u003Cp>PREÇO\u002FVALOR PATRIMONIAL 0,89x\u003C\u002Fp>\u003Cp>No cenário internacional, os Estados Unidos seguiram apresentando sinais de resiliência econômica ao longo do segundo trimestre. Apesar da desaceleração do PIB, o crescimento permaneceu sustentado pelo consumo das famílias e pelo forte ciclo de investimentos, especialmente em inteligência artificial.\u003C\u002Fp>\u003Cp>O mercado de trabalho mostrou moderação na geração de vagas, mas continua compatível com uma economia em expansão, enquanto a inflação apresentou alívio em junho, sobretudo nos componentes de serviços, ainda insuficiente para caracterizar uma retomada consistente do processo de desinflação.\u003C\u002Fp>\u003Cp>A combinação de atividade resiliente, mercado de trabalho ainda apertado e inflação subjacente acima da meta levou o Fed a manter uma postura cautelosa. Nesse contexto, o cenário base continua apontando para a retomada gradual do ciclo de alta de juros nos próximos meses, condicionada à evolução dos dados de inflação e emprego.\u003C\u002Fp>\u003Cp>No Brasil, julho foi marcado por um ambiente marginalmente mais favorável para a política monetária. As leituras de inflação voltaram a surpreender positivamente, enquanto os indicadores de atividade passaram a sinalizar uma acomodação mais consistente do crescimento. O crédito continua resiliente, apesar do nível de taxas crescentes e elevado comprometimento de renda das famílias.\u003C\u002Fp>\u003Cp>O mercado de trabalho permanece apertado, mas também começou a mostrar sinais graduais de moderação, especialmente por meio do menor crescimento da renda e da perda de dinamismo em alguns indicadores de emprego. Apesar de persistirem desafios importantes, como expectativas de inflação desancoradas, hiato positivo da atividade e riscos ligados ao ambiente geopolítico e ao petróleo, a melhora recente dos dados reforçou a percepção de menor pressão inflacionária no curto prazo. Dessa forma, permanece a expectativa de continuidade do ciclo de flexibilização monetária, com projeção de mais dois cortes de 25 pontos-base na Selic até o final de 2026.\u003C\u002Fp>\u003Cp>Demonstração de Resultado\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"3\" colspan=\"2\">(R$ Mil)R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Abril\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Maio\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Junho\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>25.043.300 0,122\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>21.278.044 0,103\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>22.809.800 0,111\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>128.572.565 0,625\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de CRI\u003C\u002Ftd>\u003Ctd>4.349.339 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.314.004 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.387.183 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>22.281.408 0,108\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de Fll\u003C\u002Ftd>\u003Ctd>9.030.240 0,044\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>10.983.486 0,053\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>14.647.231 0,071\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>66.482.706 0,323\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita Ativo Real\u003C\u002Ftd>\u003Ctd>4.272.880 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2.995.122 0,015\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>11.117.683 0,054\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita com Renda Fixa\u003C\u002Ftd>\u003Ctd>3.145.263 0,015\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.583.730 0,008\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.770.702 0,009\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>13.046.532 0,063\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas Recorrentes\u003C\u002Ftd>\u003Ctd>20.797.721 0,101\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>19.876.342 0,097\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>20.805.116 0,101\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>112.928.328 0,549\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado operações CRIs\u003C\u002Ftd>\u003Ctd>63.209 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>20.134 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>367.602 0,002\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Operações Flls +Ações\u003C\u002Ftd>\u003Ctd>4.182.370 0,020\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.381.568 0,007\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2.004.684 0,010\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>15.276.635 0,074\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas Não Recorrentes\u003C\u002Ftd>\u003Ctd>4.245.579 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.401.702 0,007\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2.004.684 0,010\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>15.644.237 0,076\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de ADM + Gestão\u003C\u002Ftd>\u003Ctd>(1.687.278) (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(1.683.275) (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(1.667.515) (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(8.368.348) (0,041)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas do Fundo\u003C\u002Ftd>\u003Ctd>(40.239) (0,000)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(82.411) (0,000)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(155.166) (0,001)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(502.920) (0,002)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas Financeiras\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total de Despesas\u003C\u002Ftd>\u003Ctd>(1.727.517) (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(1.765.685) (0,009)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(1.822.681) (0,009)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(8.871.268) (0,043)\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Resultado Fundo\u003C\u002Fth>\u003Cth>23.315.782\u003C\u002Fth>\u003Cth>0,113\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribuição de Dividendos\u003C\u002Ftd>\u003Ctd>20.790.541\u003C\u002Ftd>\u003Ctd>0,101\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>19.512.359\u003C\u002Fth>\u003Cth>0,095\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>0,101 20.790.541\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>119.701.297 0,582\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>124.743.246\u003C\u002Ftd>\u003Ctd>0,606\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Composição do Resultado por Cota\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_3_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Histórico de Dividendos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_3_image_10.jpg\">\u003C\u002Fp>\u003Cp>Notas: (1) As bandas indicativas não configuram compromisso ou promessa de rentabilidade futura, sendo apenas referências com base nos atuais indicadores de receita e vacância do Fundo, podendo sofrer alterações sem aviso prévio. RENTABILIDADE PASSADA NÃO REPRESENTA GARANTIA DE RENTABILIDADE FUTURA. LEIA O PROSPECTO E O REGULAMENTO ANTES DE INVESTIR. FUNDOS DE INVESTIMENTO NÃO CONTAM COM GARANTIA DO ADMINISTRADOR, DO GESTOR, DE QUALQUER MECANISMO DE SEGURO OU FUNDO GARANTIDOR DE CRÉDITO – FGC.\u003C\u002Fp>\u003Ch3>Dividend Yield vs CDI\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd>BTHF11\u003C\u002Ftd>\u003Ctd>Jul.25\u003C\u002Ftd>\u003Ctd>Ago.25\u003C\u002Ftd>\u003Ctd>Set.25\u003C\u002Ftd>\u003Ctd>Out.25\u003C\u002Ftd>\u003Ctd>Nov.25\u003C\u002Ftd>\u003Ctd>Dez.25\u003C\u002Ftd>\u003Ctd>Jan.26\u003C\u002Ftd>\u003Ctd>Fev.26\u003C\u002Ftd>\u003Ctd>Mar.26\u003C\u002Ftd>\u003Ctd>Abr.26\u003C\u002Ftd>\u003Ctd>Mai.26\u003C\u002Ftd>\u003Ctd>Jun.26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DY book\u003C\u002Ftd>\u003Ctd>0,91%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>0,93%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>1,03%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>0,94%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>1,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"13\">DY mkt 1,11% 1,11% 1,06% 1,09% 1,10% 1,17% 1,03% 1,05% 1,04% 1,09% 1,09% 1,15%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CDI(\u003Csup>1\u003C\u002Fsup>)\u003C\u002Ftd>\u003Ctd>1,08%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>1,08%\u003C\u002Ftd>\u003Ctd>0,89%\u003C\u002Ftd>\u003Ctd>1,04%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,86%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Rentabilidade desde o IPO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_4_chart_5.jpg\">\u003C\u002Fp>\u003Ch3>Sensibilidade Carteira vs Cota Mercado\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Cota a mercado\u003C\u002Fth>\u003Cth>Dividend Yield\u003C\u002Fth>\u003Cth>Spread over NTNB (bps)\u003C\u002Fth>\u003Cth>Yield CDI líq(\u003Csup>1\u003C\u002Fsup>). +\u003C\u002Fth>\u003Cth>Upside to book\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>R$ 7,50\u003C\u002Ftd>\u003Ctd>16,16%\u003C\u002Ftd>\u003Ctd>863 bps\u003C\u002Ftd>\u003Ctd>3,49%\u003C\u002Ftd>\u003Ctd>36,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 7,75\u003C\u002Ftd>\u003Ctd>15,64%\u003C\u002Ftd>\u003Ctd>811 bps\u003C\u002Ftd>\u003Ctd>3,03%\u003C\u002Ftd>\u003Ctd>32,13%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,00\u003C\u002Ftd>\u003Ctd>15,15%\u003C\u002Ftd>\u003Ctd>762 bps\u003C\u002Ftd>\u003Ctd>2,59%\u003C\u002Ftd>\u003Ctd>28,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,25\u003C\u002Ftd>\u003Ctd>14,69%\u003C\u002Ftd>\u003Ctd>716 bps\u003C\u002Ftd>\u003Ctd>2,18%\u003C\u002Ftd>\u003Ctd>24,12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,50\u003C\u002Ftd>\u003Ctd>14,26%\u003C\u002Ftd>\u003Ctd>673 bps\u003C\u002Ftd>\u003Ctd>1,80%\u003C\u002Ftd>\u003Ctd>20,47%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,75\u003C\u002Ftd>\u003Ctd>13,85%\u003C\u002Ftd>\u003Ctd>632 bps\u003C\u002Ftd>\u003Ctd>1,44%\u003C\u002Ftd>\u003Ctd>17,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,00\u003C\u002Ftd>\u003Ctd>13,47%\u003C\u002Ftd>\u003Ctd>594 bps\u003C\u002Ftd>\u003Ctd>1,09%\u003C\u002Ftd>\u003Ctd>13,78%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,25\u003C\u002Ftd>\u003Ctd>13,10%\u003C\u002Ftd>\u003Ctd>557 bps\u003C\u002Ftd>\u003Ctd>0,77%\u003C\u002Ftd>\u003Ctd>10,70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,50\u003C\u002Ftd>\u003Ctd>12,76%\u003C\u002Ftd>\u003Ctd>523 bps\u003C\u002Ftd>\u003Ctd>0,46%\u003C\u002Ftd>\u003Ctd>7,79%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,75\u003C\u002Ftd>\u003Ctd>12,43%\u003C\u002Ftd>\u003Ctd>490 bps\u003C\u002Ftd>\u003Ctd>0,17%\u003C\u002Ftd>\u003Ctd>5,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 10,00\u003C\u002Ftd>\u003Ctd>12,12%\u003C\u002Ftd>\u003Ctd>459 bps\u003C\u002Ftd>\u003Ctd>-0,11%\u003C\u002Ftd>\u003Ctd>2,40%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 10,24\u003C\u002Ftd>\u003Ctd>11,84%\u003C\u002Ftd>\u003Ctd>431 bps\u003C\u002Ftd>\u003Ctd>-0,36%\u003C\u002Ftd>\u003Ctd>0,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>CRIs (\u003C\u002Fth>\u003Cth>20,%)\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Yield\u003C\u002Ftd>\u003Ctd>Spread\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(IPCA+)\u003C\u002Ftd>\u003Ctd>(CDI+)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14,06%\u003C\u002Ftd>\u003Ctd>4,23%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13,61%\u003C\u002Ftd>\u003Ctd>4,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13,18%\u003C\u002Ftd>\u003Ctd>3,97%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,78%\u003C\u002Ftd>\u003Ctd>3,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,41%\u003C\u002Ftd>\u003Ctd>3,73%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,05%\u003C\u002Ftd>\u003Ctd>3,63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,72%\u003C\u002Ftd>\u003Ctd>3,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,40%\u003C\u002Ftd>\u003Ctd>3,43%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,10%\u003C\u002Ftd>\u003Ctd>3,34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,82%\u003C\u002Ftd>\u003Ctd>3,26%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,55%\u003C\u002Ftd>\u003Ctd>3,17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,30%\u003C\u002Ftd>\u003Ctd>3,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctr>\u003Ctd colspan=\"2\">Flls Papel (24%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Upside dacarteira|DY\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>67%\u003C\u002Ftd>\u003Ctd>19% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>62%\u003C\u002Ftd>\u003Ctd>18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>57%\u003C\u002Ftd>\u003Ctd>18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>52%\u003C\u002Ftd>\u003Ctd>17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>48%\u003C\u002Ftd>\u003Ctd>17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>43%\u003C\u002Ftd>\u003Ctd>16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>39%\u003C\u002Ftd>\u003Ctd>16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>36%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ctable>\u003Ctr>\u003Ctd colspan=\"2\">Flls Tijolo (39%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Upside da carteira|DY\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>83%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>77%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>72%\u003C\u002Ftd>\u003Ctd>13% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>67%\u003C\u002Ftd>\u003Ctd>13% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>62%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>57%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>53%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>49%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>45%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>41%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>37%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34%\u003C\u002Ftd>\u003Ctd>10% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ch3>Duplo Desconto\u003C\u002Fh3>\u003Cp>O BTHF negocia com 8,0% de desconto patrimonial. Se considerarmos o “duplo desconto”, ou seja, o valor patrimonial dos FIIs investidos pelo fundo, esse upside chega a 33,2%.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_5_chart_4.jpg\">\u003C\u002Fp>\u003Cp>Cotação Histórica e Volume Mensal\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_5_chart_6.jpg\">\u003C\u002Fp>\u003Cp>Evolução ADTV\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_5_chart_8.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_5_chart_9.jpg\">\u003C\u002Fp>\u003Cp>CRIs\u003C\u002Fp>\u003Cp>42 #Ativos\u003C\u002Fp>\u003Cp>1R$ 410 milhões\u003C\u002Fp>\u003Cp>CDI + 2,7% IPCA + 10,6% Taxa Média (MTM)(\u003Csup>1\u003C\u002Fsup>)\u003C\u002Fp>\u003Cp>Classe de Ativo (% do PL)\u003C\u002Fp>\u003Cp>Setor (FIIs em % da carteira)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_6_chart_8.jpg\">\u003C\u002Fp>\u003Cp>FIIs & Ações\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_6_chart_10.jpg\">\u003C\u002Fp>\u003Cp>Indexador (CRIs em % do PL)\u003C\u002Fp>\u003Cp>48 #Ativos\u003C\u002Fp>\u003Cp>R$ 1,30 bilhões\u003C\u002Fp>\u003Cp>13,14% Dividend Yield\u003C\u002Fp>\u003Cp>Ativo Real\u003C\u002Fp>\u003Cp>1 #Imóveis\u003C\u002Fp>\u003Cp>R$ 21 milhões\u003C\u002Fp>\u003Cp>2.350 m² ABL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_6_chart_19.jpg\">\u003C\u002Fp>\u003Cp>Duration (CRIs em % do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_6_chart_21.jpg\">\u003C\u002Fp>\u003Ch3>Lista de Ativos - CRIs\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Nº\u003C\u002Fth>\u003Cth>CRIs Estruturais\u003C\u002Fth>\u003Cth>Código B3\u003C\u002Fth>\u003Cth>Índice\u003C\u002Fth>\u003Cth>Taxa de Emissão (a.a.)\u003C\u002Fth>\u003Cth>Taxa MTM (a.a.)\u003C\u002Fth>\u003Cth>Duration\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Saldo MTM (RS mm)\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>AtivosImob. Div.\u003C\u002Ftd>\u003Ctd>25H5079794\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11.85%\u003C\u002Ftd>\u003Ctd>11.85%\u003C\u002Ftd>\u003Ctd>2.10\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>52.13\u003C\u002Ftd>\u003Ctd>2.56%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>CRI logístico\u003C\u002Ftd>\u003Ctd>25D3788063\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>100.00%\u003C\u002Ftd>\u003Ctd>100.00%\u003C\u002Ftd>\u003Ctd>2.22\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>40.72\u003C\u002Ftd>\u003Ctd>2.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>CRI Visc\u003C\u002Ftd>\u003Ctd>22K1362572\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>7.65%\u003C\u002Ftd>\u003Ctd>7.99%\u003C\u002Ftd>\u003Ctd>5.70\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>35.02\u003C\u002Ftd>\u003Ctd>1.72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Emergent Cold\u003C\u002Ftd>\u003Ctd>22F0930128\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.36%\u003C\u002Ftd>\u003Ctd>10.67%\u003C\u002Ftd>\u003Ctd>4.96\u003C\u002Ftd>\u003Ctd>PR -SC - RS\u003C\u002Ftd>\u003Ctd>27.48\u003C\u002Ftd>\u003Ctd>1.35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>You Corporativo -SII\u003C\u002Ftd>\u003Ctd>22D0847835\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4.50%\u003C\u002Ftd>\u003Ctd>4.50%\u003C\u002Ftd>\u003Ctd>1.81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>25.81\u003C\u002Ftd>\u003Ctd>1.27%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>Rede Duque -S1\u003C\u002Ftd>\u003Ctd>21I0855537\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8.20%\u003C\u002Ftd>\u003Ctd>12.33%\u003C\u002Ftd>\u003Ctd>3.32\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>22.16\u003C\u002Ftd>\u003Ctd>1.09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>Rede Duque -S2\u003C\u002Ftd>\u003Ctd>21I0855623\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8.20%\u003C\u002Ftd>\u003Ctd>12.38%\u003C\u002Ftd>\u003Ctd>3.31\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>18.37\u003C\u002Ftd>\u003Ctd>0.90%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>Patriani I Vitra -S2\u003C\u002Ftd>\u003Ctd>23D1695281\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5.00%\u003C\u002Ftd>\u003Ctd>3.75%\u003C\u002Ftd>\u003Ctd>1.62\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>15.76\u003C\u002Ftd>\u003Ctd>0.77%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>Patriani I Vitra -S4\u003C\u002Ftd>\u003Ctd>23D1695285\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5.00%\u003C\u002Ftd>\u003Ctd>2.60%\u003C\u002Ftd>\u003Ctd>1.62\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>15.21\u003C\u002Ftd>\u003Ctd>0.74%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>CRI Balassiano II\u003C\u002Ftd>\u003Ctd>25K3416964\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4.50%\u003C\u002Ftd>\u003Ctd>4.50%\u003C\u002Ftd>\u003Ctd>2.60\u003C\u002Ftd>\u003Ctd>RJ\u003C\u002Ftd>\u003Ctd>14.70\u003C\u002Ftd>\u003Ctd>0.72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>You Corp. -S1\u003C\u002Ftd>\u003Ctd>22D0847833\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4.00%\u003C\u002Ftd>\u003Ctd>4.00%\u003C\u002Ftd>\u003Ctd>1.25\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>14.31\u003C\u002Ftd>\u003Ctd>0.70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>Higienópolis -Série II\u003C\u002Ftd>\u003Ctd>21L0329279\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4.25%\u003C\u002Ftd>\u003Ctd>3.50%\u003C\u002Ftd>\u003Ctd>1.04\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>14.29\u003C\u002Ftd>\u003Ctd>0.70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>JHSF Cidade Jardim -S2\u003C\u002Ftd>\u003Ctd>26F4335958\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.74%\u003C\u002Ftd>\u003Ctd>9.74%\u003C\u002Ftd>\u003Ctd>3.10\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>12.70\u003C\u002Ftd>\u003Ctd>0.62%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>CRI Latam\u003C\u002Ftd>\u003Ctd>19L0909256\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>12.80%\u003C\u002Ftd>\u003Ctd>8.38%\u003C\u002Ftd>\u003Ctd>3.04\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>10.81\u003C\u002Ftd>\u003Ctd>0.53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>BTLP Cajamar\u003C\u002Ftd>\u003Ctd>26D7086699\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8.70%\u003C\u002Ftd>\u003Ctd>8.70%\u003C\u002Ftd>\u003Ctd>5.00\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>9.94\u003C\u002Ftd>\u003Ctd>0.48%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>16\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SI\u003C\u002Ftd>\u003Ctd>21F0186815\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.00%\u003C\u002Ftd>\u003Ctd>12.28%\u003C\u002Ftd>\u003Ctd>6.60\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8.95\u003C\u002Ftd>\u003Ctd>0.44%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SII\u003C\u002Ftd>\u003Ctd>21F0137485\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.00%\u003C\u002Ftd>\u003Ctd>12.27%\u003C\u002Ftd>\u003Ctd>6.85\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8.56\u003C\u002Ftd>\u003Ctd>0.42%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>18\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SIII\u003C\u002Ftd>\u003Ctd>21F0097802\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8.50%\u003C\u002Ftd>\u003Ctd>11.91%\u003C\u002Ftd>\u003Ctd>6.68\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8.50\u003C\u002Ftd>\u003Ctd>0.41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>19\u003C\u002Ftd>\u003Ctd>Reserva Prado -SII\u003C\u002Ftd>\u003Ctd>24D3055861\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11.48%\u003C\u002Ftd>\u003Ctd>8.84%\u003C\u002Ftd>\u003Ctd>2.78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7.60\u003C\u002Ftd>\u003Ctd>0.37%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>CRI Brazilian Jr. I\u003C\u002Ftd>\u003Ctd>10D0018564\u003C\u002Ftd>\u003Ctd>IGPM\u003C\u002Ftd>\u003Ctd>12.00%\u003C\u002Ftd>\u003Ctd>12.00%\u003C\u002Ftd>\u003Ctd>0.48\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7.27\u003C\u002Ftd>\u003Ctd>0.35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>21\u003C\u002Ftd>\u003Ctd>CRI GTIS\u003C\u002Ftd>\u003Ctd>21J0043571\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>100.00%\u003C\u002Ftd>\u003Ctd>100.00%\u003C\u002Ftd>\u003Ctd>3.10\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>6.35\u003C\u002Ftd>\u003Ctd>0.31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SIV\u003C\u002Ftd>\u003Ctd>21F0186712\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.00%\u003C\u002Ftd>\u003Ctd>12.27%\u003C\u002Ftd>\u003Ctd>6.85\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>4.92\u003C\u002Ftd>\u003Ctd>0.24%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>Souza Cruz -S2\u003C\u002Ftd>\u003Ctd>17I0142635\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.73%\u003C\u002Ftd>\u003Ctd>8.81%\u003C\u002Ftd>\u003Ctd>0.80\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>4.49\u003C\u002Ftd>\u003Ctd>0.22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>Souza Cruz -S1\u003C\u002Ftd>\u003Ctd>17I0142307\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9.73%\u003C\u002Ftd>\u003Ctd>8.81%\u003C\u002Ftd>\u003Ctd>0.80\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>4.49\u003C\u002Ftd>\u003Ctd>0.22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SIII\u003C\u002Ftd>\u003Ctd>24D3055855\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>10.01%\u003C\u002Ftd>\u003Ctd>2.80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4.28\u003C\u002Ftd>\u003Ctd>0.21%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>26\u003C\u002Ftd>\u003Ctd>Passione -SII\u003C\u002Ftd>\u003Ctd>24D3055858\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11.48%\u003C\u002Ftd>\u003Ctd>9.92%\u003C\u002Ftd>\u003Ctd>2.78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4.19\u003C\u002Ftd>\u003Ctd>0.20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SII\u003C\u002Ftd>\u003Ctd>24D3055859\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11.48%\u003C\u002Ftd>\u003Ctd>9.92%\u003C\u002Ftd>\u003Ctd>2.78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3.29\u003C\u002Ftd>\u003Ctd>0.16%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SII\u003C\u002Ftd>\u003Ctd>24D3055862\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11.48%\u003C\u002Ftd>\u003Ctd>8.84%\u003C\u002Ftd>\u003Ctd>2.78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>2.34\u003C\u002Ftd>\u003Ctd>0.11%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\u003C\u002Ftd>\u003Ctd>Reserva Prado -SI\u003C\u002Ftd>\u003Ctd>24D3055807\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>9.91%\u003C\u002Ftd>\u003Ctd>2.81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1.68\u003C\u002Ftd>\u003Ctd>0.08%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>30\u003C\u002Ftd>\u003Ctd>Reserva Prado -SIII\u003C\u002Ftd>\u003Ctd>24D3055854\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>10.01%\u003C\u002Ftd>\u003Ctd>2.80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1.02\u003C\u002Ftd>\u003Ctd>0.05%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SI\u003C\u002Ftd>\u003Ctd>24D3055829\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>9.91%\u003C\u002Ftd>\u003Ctd>2.81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.97\u003C\u002Ftd>\u003Ctd>0.04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32\u003C\u002Ftd>\u003Ctd>CRI Brazilian Jr. II\u003C\u002Ftd>\u003Ctd>11F0031919\u003C\u002Ftd>\u003Ctd>TR\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003Ctd>6.25\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.66\u003C\u002Ftd>\u003Ctd>0.03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>33\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SI\u003C\u002Ftd>\u003Ctd>24D3055772\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>8.84%\u003C\u002Ftd>\u003Ctd>2.81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.65\u003C\u002Ftd>\u003Ctd>0.03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34\u003C\u002Ftd>\u003Ctd>Passione -SIII\u003C\u002Ftd>\u003Ctd>24D3055831\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>10.01%\u003C\u002Ftd>\u003Ctd>2.80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.55\u003C\u002Ftd>\u003Ctd>0.02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>35\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SIII\u003C\u002Ftd>\u003Ctd>24D3055834\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>10.01%\u003C\u002Ftd>\u003Ctd>2.80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.42\u003C\u002Ftd>\u003Ctd>0.02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>36\u003C\u002Ftd>\u003Ctd>Passione -SI\u003C\u002Ftd>\u003Ctd>24D3055754\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10.16%\u003C\u002Ftd>\u003Ctd>8.84%\u003C\u002Ftd>\u003Ctd>2.81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.22\u003C\u002Ftd>\u003Ctd>0.01%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>37\u003C\u002Ftd>\u003Ctd>Residencial BS\u003C\u002Ftd>\u003Ctd>11H0022430\u003C\u002Ftd>\u003Ctd>PRE\u003C\u002Ftd>\u003Ctd>12.50%\u003C\u002Ftd>\u003Ctd>12.50%\u003C\u002Ftd>\u003Ctd>1.74\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.07\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>38\u003C\u002Ftd>\u003Ctd>Helbor 2\u003C\u002Ftd>\u003Ctd>22H1104501\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2.30%\u003C\u002Ftd>\u003Ctd>2.71%\u003C\u002Ftd>\u003Ctd>1.10\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.03\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>39\u003C\u002Ftd>\u003Ctd>Patriani I Mistral-S3\u003C\u002Ftd>\u003Ctd>23D1695269\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3.50%\u003C\u002Ftd>\u003Ctd>2.60%\u003C\u002Ftd>\u003Ctd>1.63\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.00\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>40\u003C\u002Ftd>\u003Ctd>Patriani I Mistral -S1\u003C\u002Ftd>\u003Ctd>23D1695011\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3.50%\u003C\u002Ftd>\u003Ctd>2.40%\u003C\u002Ftd>\u003Ctd>1.63\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.00\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>41\u003C\u002Ftd>\u003Ctd>Residencial BS\u003C\u002Ftd>\u003Ctd>10D0018560\u003C\u002Ftd>\u003Ctd>IGPM\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003Ctd>6.88%\u003C\u002Ftd>\u003Ctd>4.82\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.00\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>42\u003C\u002Ftd>\u003Ctd>Residencial BS\u003C\u002Ftd>\u003Ctd>11K0018241\u003C\u002Ftd>\u003Ctd>IGPM\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003Ctd>6.88%\u003C\u002Ftd>\u003Ctd>4.82\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0.00\u003C\u002Ftd>\u003Ctd>0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3.11\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>410.94\u003C\u002Ftd>\u003Ctd>20.1%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos - FIIs\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>BTRU11\u003C\u002Ftd>\u003Ctd>11,9%\u003C\u002Ftd>\u003Ctd>0,99\u003C\u002Ftd>\u003Ctd>213.013,28\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>10,50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTHI11\u003C\u002Ftd>\u003Ctd>12,4%\u003C\u002Ftd>\u003Ctd>0,67\u003C\u002Ftd>\u003Ctd>118.673,75\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>5,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HTMX11\u003C\u002Ftd>\u003Ctd>10,6%\u003C\u002Ftd>\u003Ctd>0,91\u003C\u002Ftd>\u003Ctd>85.060,36\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>4,19%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BPML11\u003C\u002Ftd>\u003Ctd>12,9%\u003C\u002Ftd>\u003Ctd>0,72\u003C\u002Ftd>\u003Ctd>52.455,62\u003C\u002Ftd>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>2,58%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INLG11\u003C\u002Ftd>\u003Ctd>10,2%\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>40.512,74\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>2,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GARE11\u003C\u002Ftd>\u003Ctd>12,4%\u003C\u002Ftd>\u003Ctd>0,87\u003C\u002Ftd>\u003Ctd>35.624,61\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>1,76%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>17,2%\u003C\u002Ftd>\u003Ctd>0,78\u003C\u002Ftd>\u003Ctd>29.739,71\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1,47%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BRCR11\u003C\u002Ftd>\u003Ctd>11,8%\u003C\u002Ftd>\u003Ctd>0,51\u003C\u002Ftd>\u003Ctd>27.998,15\u003C\u002Ftd>\u003Ctd>Corporativo\u003C\u002Ftd>\u003Ctd>1,38%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTLG11\u003C\u002Ftd>\u003Ctd>9,6%\u003C\u002Ftd>\u003Ctd>0,95\u003C\u002Ftd>\u003Ctd>20.438,37\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1,01%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FAED11\u003C\u002Ftd>\u003Ctd>13,8%\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>20.330,50\u003C\u002Ftd>\u003Ctd>Educacional\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>8,4%\u003C\u002Ftd>\u003Ctd>0,54\u003C\u002Ftd>\u003Ctd>150.559,39\u003C\u002Ftd>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>7,42%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>11,4%\u003C\u002Ftd>\u003Ctd>0,77\u003C\u002Ftd>\u003Ctd>794.406\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>39,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>17,5%\u003C\u002Ftd>\u003Ctd>0,79\u003C\u002Ftd>\u003Ctd>212.594,96\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>10,47%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>14,0%\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>57.780,57\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>2,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INTER OPP FII SR\u003C\u002Ftd>\u003Ctd>14,4%\u003C\u002Ftd>\u003Ctd>1,00\u003C\u002Ftd>\u003Ctd>44.849,85\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>2,21%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTYU11\u003C\u002Ftd>\u003Ctd>14,8%\u003C\u002Ftd>\u003Ctd>0,72\u003C\u002Ftd>\u003Ctd>35.586,49\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>1,75%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ITAU LOG CP MEZA\u003C\u002Ftd>\u003Ctd>16,0%\u003C\u002Ftd>\u003Ctd>1,00\u003C\u002Ftd>\u003Ctd>30.015,36\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>1,48%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBHG11\u003C\u002Ftd>\u003Ctd>15,6%\u003C\u002Ftd>\u003Ctd>0,72\u003C\u002Ftd>\u003Ctd>29.726,86\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>1,46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CPTS11\u003C\u002Ftd>\u003Ctd>14,6%\u003C\u002Ftd>\u003Ctd>0,86\u003C\u002Ftd>\u003Ctd>14.616,57\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>0,72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>11,7%\u003C\u002Ftd>\u003Ctd>0,78\u003C\u002Ftd>\u003Ctd>11.765,84\u003C\u002Ftd>\u003Ctd>Hedge Fund\u003C\u002Ftd>\u003Ctd>0,58%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>13,8%15,81%\u003C\u002Ftd>\u003Ctd>0,840,80\u003C\u002Ftd>\u003Ctd>47.585,60532.108\u003C\u002Ftd>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>2,34%23,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Lista de Ativos - Ações\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Empresa\u003C\u002Fth>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>Estratégia\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>AllosAS\u003C\u002Ftd>\u003Ctd>ALOS3\u003C\u002Ftd>\u003Ctd>Tático\u003C\u002Ftd>\u003Ctd>26.152\u003C\u002Ftd>\u003Ctd>Shopping Center\u003C\u002Ftd>\u003Ctd>1,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>26.152\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos – Ativo Real\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ativo Real\u003C\u002Fth>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Ez Tower Torre B\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>19.003\u003C\u002Ftd>\u003Ctd>Laje\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>19.003\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Ez Tower Torre B: Investido via FII monoativo, controlado pelo BTHF11, detém 4% da EZ Tower Torre B. Atualmente, o edifício está 91% ocupado.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Caixa\u003C\u002Fth>\u003Cth>Estrátegia\u003C\u002Fth>\u003Cth>Índice\u003C\u002Fth>\u003Cth>R$ (`000)\u003C\u002Fth>\u003Cth>Rentabilidade (% CDI)\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Tesouro Selic\u003C\u002Ftd>\u003Ctd>Liquidez\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>181.386\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Compromissada\u003C\u002Ftd>\u003Ctd>Liquidez\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>70.243\u003C\u002Ftd>\u003Ctd>116,00%\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>251.630\u003C\u002Ftd>\u003Ctd>105,72%\u003C\u002Ftd>\u003Ctd>15,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>R$ 2.052.861.600,57\u003C\u002Fp>\u003Cp>Lista de Ativos – FIIs (% do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_10_chart_3.jpg\">\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor\u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Higienópolis – Sí\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento dos empreendimentos Park Mariana e Vista Madalena, localizados na Vila Mariana e Vila Madalena em São Paulo, respectivamente.\u003C\u002Ftd>\u003Ctd>09\u002F11\u002F2026\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e fiança\u003C\u002Ftd>\u003Ctd>50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Patriani I S1, S3,ⅡI & IV\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI foi constituído para financiar a exposição de obras dos empreendimentos Mistral e Vitra, ativos residenciais de alto padrão na grande São Paulo e que já foram 100% vendidos.\u003C\u002Ftd>\u003Ctd>26\u002F04\u002F2027\u003C\u002Ftd>\u003Ctd>Fiança, Alienação Fiduciária de Terrenos, Promessa de Alienação Fiduciária do estoque, Cessão Fiduciária de Recebíveis, Alienação Fiduciária de cotas das SPEs, Seguro de Obras.\u003C\u002Ftd>\u003Ctd>46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>You Corporativo SI e SII\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Destinado ao reforço de caixa da companhia para ampliação da operação.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2026\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de ações da holding, alienação fiduciária de cotas e dividendos de SPE desenvolvedora, fundo de reserva e fiança\u003C\u002Ftd>\u003Ctd>50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Passione Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Passione em São Caetano.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Platina Norte Sul Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Platina Norte Sul em Campinas.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>40%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor\u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI Reservado Prado Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Reserva Prado em Campinas.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Soberano Sta. Paula Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Soberano Santa Paula em São Caetano\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>43%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Logístico\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor \u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Emergent Cold\u003C\u002Ftd>\u003Ctd>Diverso S\u003C\u002Ftd>\u003Ctd>A Emergent Cold é a sétima maior companhia de logística refrigerada do mundo, tendo a Lineage Logistics (REIT que possui mais de 400 galpões logísticos) como investidora. Os recursos captados na operação foram destinados para expansão da operação em Paranaguá (PR), Itajai (SC) e Rio Grande (RS).\u003C\u002Ftd>\u003Ctd>22\u002F03\u002F2034\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpões logísticos, cessão fiduciária de contratos de locação, fundo de reserva e aval da holding\u003C\u002Ftd>\u003Ctd>66%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Emergent Cold II\u003C\u002Ftd>\u003Ctd>PE\u003C\u002Ftd>\u003Ctd>A Emergent Cold é a sétima maior companhia de logística refrigerada do mundo, sendo investida da Lineage Logistics (REIT que possui mais de 400 galpões logísticos). Os recursos captados na operação foram destinados para expansão da operação no Brasil e contam com locatários com bom risco de crédito, como BRF, JBS e Yara.\u003C\u002Ftd>\u003Ctd>19\u002F12\u002F2029\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpões logísticos, cessão fiduciária de contratos de locação, fundo de reserva e aval da holding\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Logístico\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>O CRI foi constituído com intuito de reforço de caixa do tomador.\u003C\u002Ftd>\u003Ctd>17\u002F07\u002F2029\u003C\u002Ftd>\u003Ctd>Cessão dos contratos de locação, alienação fiduciária e fundo de reserva\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Outros\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor \u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI Rede Duque\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>A devedora da operação é a Rede Duque, uma rede de postos de combustíveis que possui mais de 80 pontos nas principais regiões da Grande São Paulo, ocupando posição de liderança no segmento. Os recursos captados foram destinados para expansão da operação e capital de giro.\u003C\u002Ftd>\u003Ctd>19\u002F09\u002F2033\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de terrenos e postos de gasolina, fundo de reserva e fiança (holding e sócios)\u003C\u002Ftd>\u003Ctd>67%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RZK Solar I a IV\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>O CRI foi constituído para financiar projetos solares.\u003C\u002Ftd>\u003Ctd>29\u002F07\u002F2036\u003C\u002Ftd>\u003Ctd>Cessão Fiduciária de Direitos de Crédito, Fiança e Fundo de Despesas\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Latam\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Os recursos desse CRI têm como destino a construção do centro de manutenção da Latam no Aeroporto de Guarulhos, localizado em São Paulo. Ressalta-se que a Latam possui um contrato de cessão de área que foi cedido para a RB Capital, com o intuito de otimizar a construção. Por sua vez, a RB Capital contratou a Libercon para executar as obras via contrato de Built-toSuit (BTS) atípico.\u003C\u002Ftd>\u003Ctd>18\u002F08\u002F2032\u003C\u002Ftd>\u003Ctd>(i) Fiança bancária do Bradesco S.A.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Souza Cruz Séries 1 e 2\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>Operação lastreada em um contrato de locação atípico pela Souza Cruz (atual BAT). A BAT é uma multinacional inglesa, com faturamento acima de £25,8 bilhões e resultado operacional de £2,7 bi. Como garantia, temos a alienação fiduciária de um galpão em Cachoeirinhas - RS, que resulta num LTV de 22%.\u003C\u002Ftd>\u003Ctd>05\u002F09\u002F2027\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpão\u003C\u002Ftd>\u003Ctd>22%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>2026:\u003C\u002Fp>\u003Cp>05\u002F08\u002F2026 – Fato Relevante\u003C\u002Fp>\u003Cp>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fp>\u003Cp>13\u002F07\u002F2026 – Informe Mensal Estruturado\u003C\u002Fp>\u003Cp>07\u002F07\u002F2026 – Rendimentos e Amortizações\u003C\u002Fp>\u003Cp>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fp>\u003Ch3>Contato:\u003C\u002Fh3>\u003Cp>Mais informações sobre o fundo, incluindo documentos e comunicados oficiais, estão disponíveis no site oficial: BTHF11.\u003C\u002Fp>\u003Cp>ADTV (Average Daily Trading Volume): Média diária de negociação das cotas de um FII na bolsa. Um ADTV alto indica que há mais facilidade para comprar ou vender cotas sem impactar o preço de mercado.\u003C\u002Fp>\u003Cp>Alocação Estrutural: Alocações que priorizam a tese fundamentalista, exposições setoriais e com geração de valor a médio\u002Flongo prazo.\u003C\u002Fp>\u003Cp>Alocação tática: Alocações que vislumbram oportunidades de arbitragem e ganhos de capital no curto prazo.\u003C\u002Fp>\u003Cp>Cota Patrimonial: Representação do valor financeiro de uma cota dentro do patrimônio líquido do Fundo. (arredondada em duas casas decimais).\u003C\u002Fp>\u003Cp>CRI (Certificado de Recebíveis Imobiliários): Título de renda fixa lastreado em recebíveis do setor imobiliário, como financiamentos, aluguéis ou contratos de compra e venda. É o principal ativo dos FIIs de papel.\u003C\u002Fp>\u003Cp>Dividend Yield (DY): Representa a rentabilidade relativa dos rendimentos pagos aos cotistas do Fundo. Calculado pela divisão do rendimento anualizado sobre a cota valor de mercado.\u003C\u002Fp>\u003Cp>Duration: Mede o prazo médio ponderado dos fluxos de um título e sua sensibilidade às variações de juros. Em FIIs de papel, durations mais longas significam maior exposição à volatilidade das taxas.\u003C\u002Fp>\u003Cp>FII de Papel: Fundo imobiliário que investe em ativos financeiros do setor imobiliário, principalmente CRIs, mas também cotas de outros FIIs. Diferente dos FIIs de tijolo, que investem em imóveis físicos.\u003C\u002Fp>\u003Cp>High Grade: Classificação de CRIs de baixo risco de crédito, geralmente atrelados a emissores mais sólidos e garantias de maior qualidade. Costumam oferecer menor retorno, mas maior segurança.\u003C\u002Fp>\u003Cp>High Yield: Classificação de CRIs de maior risco de crédito, geralmente emitidos por empresas menos consolidadas ou com garantias mais frágeis. Compensam o risco com expectativa de retorno mais elevado.\u003C\u002Fp>\u003Cp>Indexador: Índice de referência que corrige o valor dos CRIs e define sua remuneração ou utilizado como base para um contrato. Exemplos: CDI, IPCA ou IGP-M.\u003C\u002Fp>\u003Cp>Liquidez: Capacidade de converter um ativo (como cotas de FIIs) em dinheiro.\u003C\u002Fp>\u003Cp>LTV (Loan-to↓alue): Relação entre o valor do empréstimo (CRI) e o valor da garantia atrelada. Quanto menor o LTV, maior a segurança para o investidor em caso de inadimplência.\u003C\u002Fp>\u003Cp>Marcação a Mercado: Atualização do preço dos ativos do fundo (como CRIs) de acordo com o valor de mercado. Essa prática pode gerar oscilações no preço da cota patrimonial.\u003C\u002Fp>\u003Cp>Preço\u002Fvalor patrimonial (P\u002FVP): Preço da cota do Fundo no mercado secundário dividido pelo valor patrimonial da cota, calculado utilizando valores na data-base do relatório.\u003C\u002Fp>\u003Cp>Risco de Crédito: Possibilidade de inadimplência dos devedores dos CRIs.\u003C\u002Fp>\u003Cp>Risco de Mercado: Impacto que mudanças na taxa de juros ou no cenário econômico podem causar no valor da cota e na atratividade dos ativos do fundo.\u003C\u002Fp>\u003Cp>Spread: Diferença entre a taxa de remuneração paga e o custo de captação do emissor.\u003C\u002Fp>\u003Cp>Subordinação: Estrutura que define níveis de prioridade nos pagamentos de um CRI. Investidores com cotas subordinadas recebem por último, assumindo mais risco em troca de retorno potencial maior.\u003C\u002Fp>\u003Ch3>Principais Características\u003C\u002Fh3>\u003Cp>Código de negociação: BTHF11 Administrador: BTG Pactual Serviços Financeiros Gestor: BTG Pactual Gestora de Recursos Quantidade de Emissões: 3 Periodicidade dos Rendimentos: Mensal Prazo de Duração: Indeterminado Taxa Global: 1,05% a.a. Quantidade cotas: 205.846.940\u003C\u002Fp>\u003Cp>BTG Pactual Asset Management: eleita a melhor gestora de Real Estate da América Latina.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1881\u002Fpage_16_image_4.jpg\">\u003C\u002Fp>\u003Ch3>Disclaimer\u003C\u002Fh3>\u003Cp>Fundos de investimento imobiliários não contam com garantia do administrador do fundo, do gestor da carteira, de qualquer mecanismo de seguro ou, ainda, do Fundo Garantidor de Créditos - FGC. A rentabilidade obtida no passado não representa garantia de rentabilidade futura. É recomendada a leitura cuidadosa do prospecto e do regulamento do fundo de investimento pelo investidor ao aplicar seus recursos. Os investidores devem estar preparados para aceitar os riscos inerentes aos diversos mercados em que os fundos de investimento atuam e, consequentemente, possíveis variações no patrimônio investido.\u003C\u002Fp>\u003Cp>O Administrador não se responsabiliza por erros ou omissões neste material, bem como pelo uso das informações nele contidas. Adicionalmente, o Administrador não se responsabiliza por decisões dos investidores acerca do tema contido neste material nem por ato ou fato de profissionais e especialistas por ele consultados.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FBTHF11\u002Fdocumentos\u002F1881\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1278004","2026-07-31","2026-08-05 20:02:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":88},"Relatório Gerencial BTHF11 de julho de 2026 | Kartac","Relatório Gerencial de julho de 2026 do BTHF11, entrega em 05\u002F08\u002F2026. DY 12 meses de 13,80% e P\u002FVP 0,85 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1881","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,59,74],{"@type":25,"@id":26,"name":27,"url":28,"logo":29},"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":31,"@id":32,"name":27,"url":28,"inLanguage":33,"publisher":34},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":26},{"@type":36,"@id":37,"url":19,"name":17,"description":18,"inLanguage":33,"isPartOf":38,"dateModified":39,"mainEntity":40,"breadcrumb":42},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1881#pagina",{"@id":32},"2026-11-01",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1881#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1881#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"temporalCoverage":50,"author":51,"publisher":57,"isBasedOn":12},"Report","Relatório Gerencial BTHF11 de julho de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11#fundo","2026-08-05","2026-07",{"@type":25,"name":52,"identifier":53},"BTG PACTUAL GESTORA DE RECURSOS LTDA.",{"@type":54,"propertyID":55,"value":56},"PropertyValue","CNPJ","09.631.542\u002F0001-37",{"@type":25,"name":58},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR",{"@type":60,"@id":48,"name":61,"alternateName":62,"url":65,"category":66,"identifier":67,"provider":72},"InvestmentFund","BTG Pactual Real Estate Hedge Fund",[63,64],"BTHF11","BTG PACTUAL REAL ESTATE HEDGE FUND FII - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11","Fundo de fundos",[68,70],{"@type":54,"propertyID":69,"value":63},"Ticker B3",{"@type":54,"propertyID":55,"value":71},"45.188.176\u002F0001-57",{"@type":25,"name":52,"identifier":73},{"@type":54,"propertyID":55,"value":56},{"@type":75,"@id":43,"itemListElement":76},"BreadcrumbList",[77,80,84,86],{"@type":78,"position":15,"name":79,"item":28},"ListItem","Início",{"@type":78,"position":81,"name":82,"item":83},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":78,"position":85,"name":63,"item":65},3,{"@type":78,"position":87,"name":5,"item":19},4,{"atualizado_em":89,"frases":90},"2026-11-05",[91,92,93,94,95],"Relatório Gerencial do BTG Pactual Real Estate Hedge Fund (BTHF11), fundo imobiliário de fundos (FoF), referente a julho de 2026, com entrega no FundosNet (B3) em 05\u002F08\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do BTHF11 fechou a R$ 8,02, com P\u002FVP de 0,85 (valor patrimonial de R$ 9,40 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,101 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 13,80% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 1,9 bilhão no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":218,"vpa":219,"p_vpa":220,"tipo_gestao":221,"mandato":222,"segmento":223,"categoria":66,"grupo":66,"preco_atual":216,"cotacao_atualizada_em":224,"ultima_variacao_cotacao_24h":225,"variacao_cotacao_7d":226,"variacao_cotacao_1m":227,"variacao_cotacao_3m":228,"variacao_cotacao_6m":229,"variacao_cotacao_12m":230,"vacancia_fisica":222,"liquidez_atual":231,"ultimo_dividendo":232,"ultimo_dividend_yield":233,"mes_pagamento_ultimo_dividendo":234,"dividend_yield_3m":235,"dividend_yield_6m":236,"dividend_yield_12m":237,"dividend_yield_medio_12m":238,"qtd_dividendos_pagos_ano_passado":239,"data_ultima_cotacao":215,"pregoes_com_negocio_21":240,"alertas":241,"updated_at":242,"liquidez_media_reais":243,"administrador":58,"taxa_administracao_paga":244,"balanco":245,"resultado_distribuido":252,"publico_alvo":257,"mercados_negociacao_cotas":258,"data_funcionamento":260,"data_final":222,"quantidade_cotas":261,"quantidade_cotistas":262,"detalhes_cotistas":263,"total_investido":269,"investimentos_fundo":270,"imoveis":274,"contratos":222,"custodiante":276,"auditor_independente":283,"formador_mercado":222,"distribuidor_cotas":289,"consultor_especializado":222,"administrador_locacoes":222,"relatorio_anual":292,"analise_administrador":295},342,{"nome":64,"nome_simplificado":99,"nome_comercial":61,"ticker":63,"nome_ticker":100,"nome_pregao":101,"cnpj":71},"BTG PACTUAL REAL ESTATE HEDGE FUND   RESPONSABILIDADE LIMITADA","BTHF11 - BTG PACTUAL REAL ESTATE HEDGE FUND FII - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII BTHF",{"id":103,"nome":52,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},19,"09631542000137","AV BRIG FARIA LIMA, 3477, 14 AND - PARTE - ITAIM BIBI, SAO PAULO - SP - 04538-133","(11) 25269958","2026-10-03T18:51:20.000000Z",[109,115,120,126,131,137,142,148,154,160,165,170,175,179,185,191,196,202,207,213],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288835,"2026-10-06",8.9,9.12,756981,{"id":116,"data":117,"abertura":113,"ultimo":118,"volume":119},3289818,"2026-10-07",9.22,464779,{"id":121,"data":122,"abertura":123,"ultimo":124,"volume":125},3290355,"2026-10-08",9.07,9.08,605875,{"id":127,"data":128,"abertura":113,"ultimo":129,"volume":130},3291104,"2026-10-09",9.2,473017,{"id":132,"data":133,"abertura":134,"ultimo":135,"volume":136},3357024,"2026-10-13",9.18,8.95,425455,{"id":138,"data":139,"abertura":135,"ultimo":140,"volume":141},3375646,"2026-10-14",8.89,443670,{"id":143,"data":144,"abertura":145,"ultimo":146,"volume":147},3376538,"2026-10-15",9.01,9.03,480005,{"id":149,"data":150,"abertura":151,"ultimo":152,"volume":153},3377140,"2026-10-16",9.05,8.94,317123,{"id":155,"data":156,"abertura":157,"ultimo":158,"volume":159},3445276,"2026-10-19",8.98,8.92,392340,{"id":161,"data":162,"abertura":163,"ultimo":158,"volume":164},3446527,"2026-10-20",8.97,433995,{"id":166,"data":167,"abertura":168,"ultimo":140,"volume":169},3460022,"2026-10-21",8.96,392200,{"id":171,"data":172,"abertura":112,"ultimo":173,"volume":174},3473806,"2026-10-22",9.02,942026,{"id":176,"data":177,"abertura":173,"ultimo":113,"volume":178},3488060,"2026-10-23",998503,{"id":180,"data":181,"abertura":182,"ultimo":183,"volume":184},3566080,"2026-10-26",8.65,8.63,1114243,{"id":186,"data":187,"abertura":188,"ultimo":189,"volume":190},3580115,"2026-10-27",8.74,8.52,659362,{"id":192,"data":193,"abertura":189,"ultimo":194,"volume":195},3594359,"2026-10-28",8.31,707716,{"id":197,"data":198,"abertura":199,"ultimo":200,"volume":201},3609051,"2026-10-29",8.3,8.22,379523,{"id":203,"data":204,"abertura":200,"ultimo":205,"volume":206},3624642,"2026-10-30",8.26,553800,{"id":208,"data":209,"abertura":210,"ultimo":211,"volume":212},3682294,"2026-11-03",8.28,7.85,734677,{"id":214,"data":215,"abertura":211,"ultimo":216,"volume":217},3695735,"2026-11-04",8.02,554387,1935382440.88,9.4,"0.85","Ativa",null,"Outros","2026-11-05 09:00","0.0217","-0.0243","-0.1206","-0.0979","-0.1413","-0.0598",7156,"0.1010","0.0110","Out\u002F2026","0.0252","0.0630","0.1380","0.0101",12,21,[],"05\u002F11\u002F2026 08:15",5155750.27,0.00944566411976558,{"data_referencia":246,"ativo":247,"passivo":248,"obrigacoes_imoveis":249,"obrigacoes_securitizacao":249,"liquidez":250,"valores_receber":251},"2026-09-01",1937387027,2004586.12,0,60943644.82,30357534.92,{"data_referencia":253,"resultado":254,"rendimentos":255,"percentual":256},"2026-06-30",122517191.2,124743245.64,1.0181693231635236,"Investidores em Geral",[259],"MBO","2023-01-31",205846940,310520,{"Pessoa Física":264,"Pessoa jurídica não financeira":265,"Investidores não residentes":266,"Outros fundos de investimento":267,"Fundos de investimento imobiliário":268,"Entidade fechada de previdência complementar":85,"Entidade aberta de previdência complementar":15,"SSociedade de capitalização e de arrendamento mercantil":15,"Outros tipos de cotistas não relacionados":15},310190,280,20,14,10,1846085847.26,{"Cotas de FIIs":271,"CRI \u002F CRA":272,"Ações de sociedades imobiliárias":273},1455698463.11,368189723.63,22197660.52,{"vacancia_total":249,"lista_imoveis":275,"data_referencia":253,"vacancia_suspeita":11},[],{"id":277,"nome":278,"cnpj":279,"endereco":280,"telefone":281,"created_at":282,"updated_at":282},5,"BANCO BTG PACTUAL S A","30306294000145","PR BOTAFOGO, 501, BLII SLO 501 BLC II SAL 601 - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-911","(21) 32629600","2026-10-03T18:47:06.000000Z",{"id":85,"nome":284,"cnpj":285,"endereco":286,"telefone":287,"created_at":288,"updated_at":288},"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA.","61562112000120","Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16º andar - Itaim Bibi, São Paulo - SP, 04538-132","(11) 4004-8000","2026-06-07T17:17:20.000000Z",{"id":266,"nome":58,"cnpj":290,"endereco":291,"telefone":281,"created_at":107,"updated_at":107},"59281253000123","PR BOTAFOGO, 501, 5 AND - PARTE - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-040",{"ano_referencia":293,"data_disponibilizacao":294},"2026","2026-09-28",{"ResultadoFundo":296,"ConjunturaEconomica":297,"PerspectivaPeriodoSeguinte":298},"O Fundo encerrou o exercício social em linha com sua estratégia de investimentos, conforme detalhado no informe mensal de junho de 2026","No período, o mercado imobiliário e os fundos de investimento imobiliário (FIIs) operaram em um ambiente desafiador, marcado pela manutenção de taxas de juros em patamares elevados, o que impactou a atratividade relativa do setor e levou os investidores a adotarem uma postura mais cautelosa e seletiva. Apesar desse cenário, os fundamentos do mercado imobiliário permaneceram resilientes, especialmente em ativos com capacidade de geração recorrente de renda e características de maior qualidade.","Para o próximo período, espera-se que o mercado imobiliário mantenha desempenho resiliente, embora ainda influenciado pelo cenário de juros elevados e condições de crédito mais restritivas. A expectativa é de gradual melhora das condições de mercado, o que poderá favorecer a atividade do setor e a valorização dos ativos imobiliários."]