[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:SNME11:8592":3,"seo:\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8592":16,"fii-documento:SNME11":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},8592,"(SNME) Relatório gerencial em inglês - 31\u002F08\u002F2026","Relatório gerencial em inglês","Outras Informações","(Ativo)","\u003Ch3>SNME11 1\u003C\u002Fh3>\u003Cp>\u003Cstrong>M A N A G E M E N T R E P O R T\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>AUGUST 2026\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>TA B L E O F CO NTE NTS\u003C\u002Fh3>\u003Cul>\u003Cli>Executive Summary \u003Cstrong>03\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Manager's Letter \u003Cstrong>04\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Macroeconomic Scenario \u003Cstrong>06\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Portfolio Overview \u003Cstrong>07\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Asset Breakdown \u003Cstrong>09\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Asset Monitoring \u003Cstrong>10\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Accounting Information \u003Cstrong>11\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Performance \u003Cstrong>1 2\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>Suno Asset \u002F FAQ \u003Cstrong>13\u003C\u002Fstrong>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>SNME11 Management Report — August\u002F2026\u003C\u002Fp>\u003Ch2>EXECUTIVE SU M MARY\u003C\u002Fh2>\u003Cp>Manager Suno Gestora de Recursos LTDA Administrator BTG Pactual Serviços Financeiros S.A. Fund Inception October\u002F2021\u003C\u002Fp>\u003Cp>20% over excess of IPCA + IMA-B Yield\u003C\u002Fp>\u003Cp>0.79% p.a.\u003C\u002Fp>\u003Cp>0.20% p.a.\u003C\u002Fp>\u003Cp>The distribution for August was R$ 0.10\u002Fshare, representing an annualized Dividend Yield of 13.68%. The fund closed the month with a market share price of R$ 9.31 and a book value of R$ 9.59, resulting in a P\u002FBV of 0.97x. The average yield of the CRI portfolio is 19.27%, with a Duration of 0.1 years.\u003C\u002Fp>\u003Cp>In August, SNME11 launched its 3rd share issuance, continuing the consolidation process with SNFF11 and KISU11. Further details and timelines will be disclosed by the respective funds over the course of September and October.\u003C\u002Fp>\u003Cp>Distribution History (12 months) – R$\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_2_chart_9.jpg\">\u003C\u002Fp>\u003Cp>Shareholder Base\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_2_chart_11.jpg\">\u003C\u002Fp>\u003Cp>Distribution per Share\u003C\u002Fp>\u003Cp>D.Y. 12 months\u003C\u002Fp>\u003Cp>D.Y. Annualized\u003C\u002Fp>\u003Cp>R$ 0.10\u003C\u002Fp>\u003Cp>16.86%\u003C\u002Fp>\u003Cp>13.68%\u003C\u002Fp>\u003Cp>P\u002FBV\u003C\u002Fp>\u003Cp>Market Price per Share\u003C\u002Fp>\u003Cp>Book Value per Share\u003C\u002Fp>\u003Cp>0.97\u003C\u002Fp>\u003Cp>R$ 9.31\u003C\u002Fp>\u003Cp>R$ 9.59\u003C\u002Fp>\u003Cp>Average Portfolio Yield 19.27%\u003C\u002Fp>\u003Cp>Weighted Portfolio Duration\u003C\u002Fp>\u003Cp>0.1 years\u003C\u002Fp>\u003Cp>Weighted Average LTV\u003C\u002Fp>\u003Cp>55.68%\u003C\u002Fp>\u003Cp>Alpha vs Benchmark\u003C\u002Fp>\u003Cp>Net Asset Value\u003C\u002Fp>\u003Cp>Number of shareholders\u003C\u002Fp>\u003Cp>8.28%\u003C\u002Fp>\u003Cp>R$ 71.16 MM\u003C\u002Fp>\u003Cp>9,804\u003C\u002Fp>\u003Cp>$$ \\mathbb { W } \\triangle \\mathbb { W } \\triangle \\mathbb { C } \\mathsf { E } \\mathsf { R } ^ { 1 } \\mathsf { S } \\perp \\mathsf { E } \\sqsubset \\mathsf { E } \\mathsf { R } $$\u003C\u002Fp>\u003Cp>$$ \\textsf { S U N O } \\Big ( \\textsf { A S S E T } \\Big ) $$\u003C\u002Fp>\u003Cp>SNME11 closed the month of August with distributable income of R$ 0.0965 per share. \u003Cstrong>R$ 0.1000 per share was provisioned, distributed on 09\u002F25\u002F2026\u003C\u002Fstrong>, leaving R$ 0.3938 per share in accumulated distributable reserve. The annualized dividend yield stood at 13.68%.\u003C\u002Fp>\u003Cp>As noted in the previous report, the accumulated reserve will be maintained in order to support portfolio turnover ahead of the consolidation process that may generate accounting losses (which are, however, already reflected in the Fund’s book value per share), without compromising the recurring income distribution to SNME11 shareholders and making it possible to maintain portfolio quality.\u003C\u002Fp>\u003Cp>In August, SNME11 launched its 3rd share issuance, continuing the consolidation process with SNFF11 and KISU11. Further details and timelines will be disclosed by the respective funds over the course of September and October.\u003C\u002Fp>\u003Cp>On the transactions side, SNME11 carried out a further tranche of the arbitrage strategy with the asset HGRU11, a transaction that contributed \u003Cstrong>R$ 129,800 in capital gains for the month, or R$ 0.0174 per share\u003C\u002Fstrong>. In the second half of the year, the strategy generated approximately R$ 183,000 in capital gains, demonstrating Management’s ability to earn additional returns through structured transactions and reinforcing the Fund’s multi-strategy mandate.\u003C\u002Fp>\u003Cp>The Fund ended the month with approximately 26% of NAV in cash, a stance that has proved correct so far, protecting shareholders’ capital in a period of stress in which the prices of both credit assets and equity have experienced high volatility. We intend to allocate this cash to opportunities that combine, in our assessment, a margin of safety, differentiated return potential and adequate carry. Furthermore, with interest rates at current levels, the cash position remains well remunerated while awaiting allocation, ensuring attractive carry without giving up the liquidity needed to seize opportunities as they arise.\u003C\u002Fp>\u003Cp>SNME11 posted a total book value return of -0.29% for the month, versus -1.46% for the IFIX and 0.34% for IPCA + IMA-B Yield. Since Sep\u002F23, the Fund has accumulated alpha of 8.28% over IPCA + IMA-B Yield and of 30.75% over the IFIX. The portfolio ended the period allocated to CRIs (6.9%), FIIs (66.5%) and cash (26.3%).\u003C\u002Fp>\u003Ch3>MACRO SCENARIO\u003C\u002Fh3>\u003Cp>\u003Cstrong>Interest Rate (Selic)\u003C\u002Fstrong> Cut to 13.75% expected in Sep\u002F26\u003C\u002Fp>\u003Cp>4.22%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_4_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>IPCA (12 months)\u003C\u002Fstrong> Inflation at the top of the target range\u003C\u002Fp>\u003Cp>7.94%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_4_image_7.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>NTN-B 2035 Yield\u003C\u002Fstrong> Conservative CRI portfolio\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Interest Rate - Selic (current)\u003C\u002Fth>\u003Cth>14.00%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>IPCA (2026e)\u003C\u002Ftd>\u003Ctd>5.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FX (R$\u002FUSD average for the period)\u003C\u002Ftd>\u003Ctd>R$ 5.19\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brazil GDP (2026e)\u003C\u002Ftd>\u003Ctd>1.9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unemployment Rate (2026e)\u003C\u002Ftd>\u003Ctd>5.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Gross Debt (% of GDP)\u003C\u002Ftd>\u003Ctd>83.3%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Scenarios for the Selic Rate Path (% p.a.)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_4_chart_11.jpg\">\u003C\u002Fp>\u003Cp>Source: Gustavo Sung – Chief Economist at Suno Research\u003C\u002Fp>\u003Ch2>PORTFOLIO OVERVI EW\u003C\u002Fh2>\u003Ch3>Diversification per Issuer\u003C\u002Fh3>\u003Cp>The fund holds a portfolio of 28 assets, consisting of 2 CRIs and 26 FIIs\u002FEquities. The fund’s largest exposure is currently in FIIs, at 66% of the portfolio, followed by Cash at 26% and CRIs at 7%. We believe this positioning tends to benefit the fund in the event of a Selic rate cut. In addition, the fund has carried out selective portfolio turnover in order to unlock gains and generate liquidity.\u003C\u002Fp>\u003Cp>\u003Cstrong>28\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Assets in Portfolio\u003C\u002Fstrong> 2 CRIs + 26 FIIs\u002FEquities\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 71.16 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Asset Value\u003C\u002Fstrong> MV: R$ 69.06 MM\u003C\u002Fp>\u003Cp>\u003Cstrong>19.27%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Weighted CRI Yield\u003C\u002Fstrong> HTM: 19.27%\u003C\u002Fp>\u003Cp>\u003Cstrong>55.68%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Weighted Average LTV\u003C\u002Fstrong> Conservative portfolio\u003C\u002Fp>\u003Cp>\u003Cstrong>+7.25%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>0.97\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>+7.25%\u003C\u002Fstrong> IPCA + IMA-B Yield\u003C\u002Fp>\u003Cp>\u003Cstrong>P\u002FBV\u003C\u002Fstrong> Share R$ 9.31 \u002F BV R$ 9.59\u003C\u002Fp>\u003Cp>FII: \u003Cstrong>66%\u003C\u002Fstrong> | CRI: \u003Cstrong>7%\u003C\u002Fstrong> | Equities: \u003Cstrong>0.3%\u003C\u002Fstrong> | Cash: \u003Cstrong>26%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>ALLOCATION BY ASSET (% of NAV)\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>% NAV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Alianza Renda+\u003C\u002Ftd>\u003Ctd>13.81%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNEL11\u003C\u002Ftd>\u003Ctd>7.95%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXY11\u003C\u002Ftd>\u003Ctd>5.61%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IBBP11\u003C\u002Ftd>\u003Ctd>4.31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNFZ11\u003C\u002Ftd>\u003Ctd>4.19%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI VANGUARDA\u003C\u002Ftd>\u003Ctd>3.73%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRP11\u003C\u002Ftd>\u003Ctd>3.59%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>3.44%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CXCO11\u003C\u002Ftd>\u003Ctd>3.34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT Series 2\u003C\u002Ftd>\u003Ctd>3.17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VRTM11\u003C\u002Ftd>\u003Ctd>2.83%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>2.54%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>1.85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CF4 FII SUB A\u003C\u002Ftd>\u003Ctd>1.76%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCMV18\u003C\u002Ftd>\u003Ctd>1.63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>1.41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INTER OPP FII SB\u003C\u002Ftd>\u003Ctd>0.82%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>0.75%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>EXPOSURE BY ASSET TYPE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_5_image_20.jpg\">\u003C\u002Fp>\u003Ch2>PORTFOLIO OVERVI EW\u003C\u002Fh2>\u003Cp>EXPOSURE BY SECTOR (% of NAV)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_6_chart_2.jpg\">\u003C\u002Fp>\u003Cp>CRI: EXPOSURE BY INDEX (% of NAV)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_6_image_4.jpg\">\u003C\u002Fp>\u003Cp>EXPOSURE BY RATING (% of NAV)\u003C\u002Fp>\u003Cp>AVERAGE CONCENTRATION OF SNME (CRIs)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_6_chart_7.jpg\">\u003C\u002Fp>\u003Cp>Sep\u002F25 Oct\u002F25 Nov\u002F25 Dec\u002F25 Jan\u002F26 Feb\u002F26 Mar\u002F26 Apr\u002F26 May\u002F26 Jun\u002F26 Jul\u002F26 Aug\u002F26\u003C\u002Fp>\u003Ch3>ASSET BREAKDOWN\u003C\u002Fh3>\u003Ch3>Portfolio of CRIs, FIIs and Equities — August\u002F2026\u003C\u002Fh3>\u003Cp>CRIs\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Profile\u003C\u002Fth>\u003Cth>Rating\u003C\u002Fth>\u003Cth>Index\u003C\u002Fth>\u003Cth>HTM Yield\u003C\u002Fth>\u003Cth>% NAV\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI VANGUARDA\u003C\u002Ftd>\u003Ctd>Granular\u003C\u002Ftd>\u003Ctd>D\u003C\u002Ftd>\u003Ctd>INCC + 11%\u003C\u002Ftd>\u003Ctd>11.00%\u003C\u002Ftd>\u003Ctd>3.73%\u003C\u002Ftd>\u003Ctd>52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT Series 2\u003C\u002Ftd>\u003Ctd>Granular\u003C\u002Ftd>\u003Ctd>A3\u003C\u002Ftd>\u003Ctd>CDI + 6%\u003C\u002Ftd>\u003Ctd>5.50%\u003C\u002Ftd>\u003Ctd>3.17%\u003C\u002Ftd>\u003Ctd>60%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>% NAV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Alianza Renda+\u003C\u002Ftd>\u003Ctd>Paper\u003C\u002Ftd>\u003Ctd>13.81%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNEL11\u003C\u002Ftd>\u003Ctd>Energy\u003C\u002Ftd>\u003Ctd>7.95%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXY11\u003C\u002Ftd>\u003Ctd>Paper\u003C\u002Ftd>\u003Ctd>5.61%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IBBP11\u003C\u002Ftd>\u003Ctd>Logistics\u003C\u002Ftd>\u003Ctd>4.31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNFZ11\u003C\u002Ftd>\u003Ctd>Agribusiness\u003C\u002Ftd>\u003Ctd>4.19%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRP11\u003C\u002Ftd>\u003Ctd>Corporate Offices\u003C\u002Ftd>\u003Ctd>3.59%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>3.44%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CXCO11\u003C\u002Ftd>\u003Ctd>Corporate Offices\u003C\u002Ftd>\u003Ctd>3.34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VRTM11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>2.83%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>Paper\u003C\u002Ftd>\u003Ctd>2.54%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>1.85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CF4 FII SUB A\u003C\u002Ftd>\u003Ctd>Corporate Offices\u003C\u002Ftd>\u003Ctd>1.76%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCMV18\u003C\u002Ftd>\u003Ctd>Development\u003C\u002Ftd>\u003Ctd>1.63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>1.41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INTER OPP FII SB\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>0.82%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>LVBI11\u003C\u002Ftd>\u003Ctd>Logistics\u003C\u002Ftd>\u003Ctd>0.75%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>ASSET MON ITORI NG\u003C\u002Fh3>\u003Cp>PHYSICAL CONSTRUCTION PROGRESS\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_8_chart_3.jpg\">\u003C\u002Fp>\u003Cp>RECEIVABLES PORTFOLIO DELINQUENCY\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_8_chart_5.jpg\">\u003C\u002Fp>\u003Cp>RECEIVABLES PORTFOLIO PROGRESS\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_8_chart_7.jpg\">\u003C\u002Fp>\u003Ch2>ACCOU NTI NG I N FORMATION\u003C\u002Fh2>\u003Cp>\u003Cstrong>R$ 0.83 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>-R$ 0.12 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Total Revenue\u003C\u002Fstrong> FIIs + Fixed Income + Equities in the month\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.0965\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Expenses\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Result\u002FShare\u003C\u002Fstrong> net result for the month fees + operating costs\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.10\u002Fshare\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Distribution\u003C\u002Fstrong> Distribution paid on 09\u002F25\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.72 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Result\u003C\u002Fstrong> R$ 0.0965\u002Fshare\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 2.92 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Accumulated Reserve\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>reserve: R$ 0.4938\u002Fshare\u003C\u002Fp>\u003Ch3>INCOME STATEMENT\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>JUN\u002F26\u003C\u002Fth>\u003Cth>JUL\u002F26\u003C\u002Fth>\u003Cth>AUG\u002F26\u003C\u002Fth>\u003Cth>R$\u002FShare (M0)\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>FII Book\u003C\u002Ftd>\u003Ctd>R$ 1,193,587\u003C\u002Ftd>\u003Ctd>R$ 584,619\u003C\u002Ftd>\u003Ctd>R$ 630,067\u003C\u002Ftd>\u003Ctd>R$ 0.085\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII Income\u003C\u002Ftd>\u003Ctd>R$ 362,103\u003C\u002Ftd>\u003Ctd>R$ 543,659\u003C\u002Ftd>\u003Ctd>R$ 526,397\u003C\u002Ftd>\u003Ctd>R$ 0.071\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>R$ 1,039,355\u003C\u002Ftd>\u003Ctd>R$ 51,575\u003C\u002Ftd>\u003Ctd>R$ 129,625\u003C\u002Ftd>\u003Ctd>R$ 0.017\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gains Tax\u003C\u002Ftd>\u003Ctd>-R$ 207,871\u003C\u002Ftd>\u003Ctd>-R$ 10,615\u003C\u002Ftd>\u003Ctd>-R$ 25,954\u003C\u002Ftd>\u003Ctd>-R$ 0.003\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Revenue\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Equity Book\u003C\u002Ftd>\u003Ctd>R$ 1,110\u003C\u002Ftd>\u003Ctd>R$ 2,033\u003C\u002Ftd>\u003Ctd>R$ 1,804\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Dividends and JCP\u003C\u002Ftd>\u003Ctd>R$ 1,110\u003C\u002Ftd>\u003Ctd>R$ 175\u003C\u002Ftd>\u003Ctd>R$ 1,804\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 1,858\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gains Tax\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fixed Income Book\u003C\u002Ftd>\u003Ctd>R$ 228,129\u003C\u002Ftd>\u003Ctd>R$ 3,152,966\u003C\u002Ftd>\u003Ctd>R$ 201,465\u003C\u002Ftd>\u003Ctd>R$ 0.027\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Interest\u003C\u002Ftd>\u003Ctd>R$ 105,191\u003C\u002Ftd>\u003Ctd>R$ 95,299\u003C\u002Ftd>\u003Ctd>R$ 34,906\u003C\u002Ftd>\u003Ctd>R$ 0.005\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>-R$ 2,207\u003C\u002Ftd>\u003Ctd>R$ 2,944,840\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>R$ 142,872\u003C\u002Ftd>\u003Ctd>R$ 162,081\u003C\u002Ftd>\u003Ctd>R$ 205,250\u003C\u002Ftd>\u003Ctd>R$ 0.028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Income Tax\u003C\u002Ftd>\u003Ctd>-R$ 17,728\u003C\u002Ftd>\u003Ctd>-R$ 49,254\u003C\u002Ftd>\u003Ctd>-R$ 38,691\u003C\u002Ftd>\u003Ctd>-R$ 0.005\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Expenses\u003C\u002Ftd>\u003Ctd>-R$ 92,583\u003C\u002Ftd>\u003Ctd>-R$ 66,954\u003C\u002Ftd>\u003Ctd>-R$ 117,445\u003C\u002Ftd>\u003Ctd>-R$ 0.016\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Administration Fee\u003C\u002Ftd>\u003Ctd>-R$ 21,999\u003C\u002Ftd>\u003Ctd>-R$ 21,998\u003C\u002Ftd>\u003Ctd>-R$ 21,997\u003C\u002Ftd>\u003Ctd>-R$ 0.003\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Management Fee\u003C\u002Ftd>\u003Ctd>-R$ 36,631\u003C\u002Ftd>\u003Ctd>-R$ 35,739\u003C\u002Ftd>\u003Ctd>-R$ 51,960\u003C\u002Ftd>\u003Ctd>-R$ 0.007\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Performance Fee\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Operating Revenue and Expenses\u003C\u002Ftd>\u003Ctd>-R$ 33,953\u003C\u002Ftd>\u003Ctd>-R$ 9,217\u003C\u002Ftd>\u003Ctd>-R$ 43,489\u003C\u002Ftd>\u003Ctd>-R$ 0.006\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RESULT\u003C\u002Ftd>\u003Ctd>R$ 1,330,243\u003C\u002Ftd>\u003Ctd>R$ 3,672,664\u003C\u002Ftd>\u003Ctd>R$ 715,891\u003C\u002Ftd>\u003Ctd>R$ 0.097\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Result (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.18\u003C\u002Ftd>\u003Ctd>R$ 0.50\u003C\u002Ftd>\u003Ctd>R$ 0.10\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DISTRIBUTION\u003C\u002Ftd>\u003Ctd>R$ 1,632,013\u003C\u002Ftd>\u003Ctd>R$ 741,824\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DISTRIBUTION (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.22\u003C\u002Ftd>\u003Ctd>R$ 0.10\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Accumulated Result (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.00\u003C\u002Ftd>\u003Ctd>R$ 0.40\u003C\u002Ftd>\u003Ctd>R$ 0.39\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>TOTAL RETU RN 47.63%\u003C\u002Fstrong> Since the inception of the fund\u003C\u002Fp>\u003Cp>\u003Cstrong>ALPHA VS I PCA + I MA-B YI ELD 8.28%\u003C\u002Fstrong> Benchmark of the fund\u003C\u002Fp>\u003Cp>\u003Cstrong>ALPHA VS I FIX 30.75%\u003C\u002Fstrong> Main index for FII performance\u003C\u002Fp>\u003Ch3>FUND PERFORMANCE\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_10_chart_6.jpg\">\u003C\u002Fp>\u003Ch3>FUND ALPHA\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_10_chart_8.jpg\">\u003C\u002Fp>\u003Cp>SNAG11\u003C\u002Fp>\u003Cp>SNFZ11\u003C\u002Fp>\u003Cp>SNCI1\u003C\u002Fp>\u003Cp>SNEL11\u003C\u002Fp>\u003Cp>▲SNID11\u003C\u002Fp>\u003Cp>三 SNME11\u003C\u002Fp>\u003Cp>SNFF11\u003C\u002Fp>\u003Cp>SUNO PREV\u003C\u002Fp>\u003Cp>FIC FIA\u003C\u002Fp>\u003Cp>SUNO GLOBAL EQUITIES\u003C\u002Fp>\u003Cp>LEARN MORE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_11_image_13.jpg\">\u003C\u002Fp>\u003Cp>IG SUNO ASSET\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_11_image_15.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_11_image_16.jpg\">\u003C\u002Fp>\u003Cp>YT SUNO ASSET\u003C\u002Fp>\u003Cp>SNME11 - SUNO ASSET WEBSITE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_11_image_19.jpg\">\u003C\u002Fp>\u003Ch3>What is SNME11?\u003C\u002Fh3>\u003Cp>A multi-strategy FII by Suno Asset that combines structured real estate credit (CRIs), FII shares and equities, seeking recurring income with inflation protection.\u003C\u002Fp>\u003Ch3>How does the fund generate income?\u003C\u002Fh3>\u003Cp>Interest and monetary adjustment on CRIs (IPCA, CDI, INCC), income from the FIIs held, and occasional capital gains.\u003C\u002Fp>\u003Ch3>Is the income taxed?\u003C\u002Fh3>\u003Cp>For individual investors, income is exempt from income tax under FII legislation. Capital gains on sale are taxed at 20%.\u003C\u002Fp>\u003Ch3>What is the fund's current strategy?\u003C\u002Fh3>\u003Cp>CRIs (weighted HTM yield of 19.27% p.a.) and FIIs (66% of NAV), focused on alpha over IPCA + IMA-B Yield. Average LTV of 55.68%.\u003C\u002Fp>\u003Ch3>What is the merger with SNFF11 and KISU11?\u003C\u002Fh3>\u003Cp>Approved at an AGE, the consolidation of KISU11 and SNFF11 into SNME11 will raise NAV to more than R$ 800 MM. Expected in 2H26.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8592\u002Fpage_11_image_30.jpg\">\u003C\u002Fp>\u003Ch3>Where does the fund invest?\u003C\u002Fh3>\u003Cp>In 2 granular CRIs indexed to inflation and to the CDI, plus 26 FIIs and equities from segments such as logistics, paper, hybrid, corporate offices and shopping malls.\u003C\u002Fp>\u003Ch3>Are the shares liquid?\u003C\u002Fh3>\u003Cp>Yes. Traded daily on B3 (ticker: SNME11), with an average daily volume of R$ 415,000 and 9,804 shareholders as of Aug\u002F26.\u003C\u002Fp>\u003Ch3>How does income distribution work?\u003C\u002Fh3>\u003Cp>Monthly payments. In Aug\u002F26, the distribution was R$ 0.10\u002Fshare, with an annualized DY of 13.68% and a 12-month DY of 16.86%.\u003C\u002Fp>\u003Ch3>What does P\u002FBV mean?\u003C\u002Fh3>\u003Cp>The ratio between the market price and the book value of the share. In Aug\u002F26, the fund traded at 0.97x (market price R$ 9.31 vs. book value R$ 9.59), with no material premium or discount.\u003C\u002Fp>\u003Ch3>Where to access official reports and information?\u003C\u002Fh3>\u003Cp>On the Suno Asset website: suno.com.br\u002Fasset\u002Ffundos\u002Fsnme11\u003C\u002Fp>\u003Ch3>GLOSSARY\u003C\u002Fh3>\u003Cp>Key Brazilian market and regulatory terms for the international investor.\u003C\u002Fp>\u003Ch3>FII (Fundo de Investimento Imobiliário)\u003C\u002Fh3>\u003Cp>Brazilian real-estate investment fund, broadly comparable to a REIT. Listed on B3 and, for individuals, income-tax exempt on monthly distributions.\u003C\u002Fp>\u003Ch3>CRI (Certificado de Recebíveis Imobiliários)\u003C\u002Fh3>\u003Cp>Real-estate receivables certificate: a securitized fixed-income instrument backed by propertyrelated cash flows, similar to a CMBS\u002FABS note.\u003C\u002Fp>\u003Ch3>Cota \u002F Cotista\u003C\u002Fh3>\u003Cp>Cota = the fund's share\u002Funit; Cotista = the shareholder\u002Funitholder.\u003C\u002Fp>\u003Ch3>P\u002FVP (Preço \u002F Valor Patrimonial)\u003C\u002Fh3>\u003Cp>Price-to-book ratio: market price per share divided by net asset (book) value per share. Above 1.0x = premium, below = discount.\u003C\u002Fp>\u003Ch3>DY (Dividend Yield)\u003C\u002Fh3>\u003Cp>Distributions per share over a period divided by the share price; shown here annualized and on a trailing 12-month basis.\u003C\u002Fp>\u003Ch3>IFIX\u003C\u002Fh3>\u003Cp>B3's benchmark index of listed FIIs — the main reference index for Brazilian real-estate fund performance.\u003C\u002Fp>\u003Ch3>Selic\u003C\u002Fh3>\u003Cp>Brazil's central bank policy interest rate, set by the Copom (the monetary policy committee).\u003C\u002Fp>\u003Ch3>IPCA\u003C\u002Fh3>\u003Cp>Brazil's official consumer price index (broad inflation gauge) published by IBGE.\u003C\u002Fp>\u003Ch3>CDI\u003C\u002Fh3>\u003Cp>Interbank deposit rate; the standard Brazilian floating-rate benchmark, tracking the Selic closely.\u003C\u002Fp>\u003Ch3>INCC\u003C\u002Fh3>\u003Cp>National Construction Cost Index — an inflation index used to adjust development-linked receivables.\u003C\u002Fp>\u003Ch3>IMA-B \u002F NTN-B\u003C\u002Fh3>\u003Cp>IMA-B is an index of IPCA-linked government bonds (NTN-B). “IPCA + IMA-B Yield” is the fund's inflation-plus-real-yield benchmark.\u003C\u002Fp>\u003Ch3>LTV (Loan-to-Value)\u003C\u002Fh3>\u003Cp>Outstanding debt divided by the appraised value of the underlying collateral; lower is more conservative.\u003C\u002Fp>\u003Ch3>HTM (Held-to-Maturity)\u003C\u002Fh3>\u003Cp>Yield expected if a CRI is held to maturity, as opposed to a mark-to-market yield.\u003C\u002Fp>\u003Ch3>Duration\u003C\u002Fh3>\u003Cp>Weighted-average time to receive a portfolio's cash flows; a measure of interest-rate sensitivity.\u003C\u002Fp>\u003Ch3>Alpha vs Benchmark\u003C\u002Fh3>\u003Cp>Excess return generated above the fund's reference benchmark (IPCA + IMA-B Yield, and the IFIX).\u003C\u002Fp>\u003Ch3>AGE \u002F Edital\u003C\u002Fh3>\u003Cp>AGE = Extraordinary General Meeting of shareholders; Edital = the official convening notice \u002F call document.\u003C\u002Fp>\u003Ch3>JCP\u003C\u002Fh3>\u003Cp>Interest on equity (juros sobre capital próprio) — a Brazilian shareholder-remuneration mechanism distinct from dividends.\u003C\u002Fp>\u003Ch3>Gestora \u002F Administrador\u003C\u002Fh3>\u003Cp>Gestora = investment manager (Suno); Administrador = the administrator\u002Ffiduciary responsible for the fund's operation (BTG Pactual).\u003C\u002Fp>\u003Ch2>NOTICES AN D DISCLAI M ERS\u003C\u002Fh2>\u003Cp>This document is a free English translation of the management report (Relatório Gerencial) of Suno Multiestratégia Fundo De Investimento Imobiliário (SNME11), prepared solely for the convenience of readers who do not read Portuguese. The Portuguese version is the sole official version, is the one filed with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) and disclosed under applicable Brazilian regulation and ANBIMA self-regulation, and prevails over this translation in the event of any divergence, omission or doubt as to interpretation. It does not replace or amend the Portuguese version, the Fund's bylaws (regulamento) or any other document of the Fund.\u003C\u002Fp>\u003Cp>All figures refer to the same reference date as the Portuguese version and are stated in Brazilian reais (R$), the Fund's functional currency, in which its assets, liabilities and results are recorded and reported to CVM and ANBIMA. Suno Asset assumes no obligation to update this translation.\u003C\u002Fp>\u003Cp>This document is informational only and does not constitute an offer, solicitation, advertisement or recommendation to buy, sell or subscribe for any security, nor legal, tax or investment advice. SNME11 is a Brazilian real estate investment fund (Fundo de Investimento Imobiliário – FII), regulated and supervised by CVM, registered for public distribution and admitted to trading exclusively in Brazil, on B3 S.A. – Brasil, Bolsa, Balcão. It is not registered for offer or distribution in any other jurisdiction.\u003C\u002Fp>\u003Cp>This document is not directed at any person in any jurisdiction where its distribution or use would be contrary to applicable law or would require any registration or authorisation not already obtained. Readers access it on their own initiative and are responsible for observing the rules applicable in their own jurisdiction, including tax and exchange control rules.\u003C\u002Fp>\u003Cp>Estimates, projections and distribution guidance herein reflect the current judgement of Suno Asset as at the date of disclosure and are subject to change without notice. They are not free from error, offer no assurance that the scenarios described will occur, and do not constitute a promise or guarantee of return, of any future distribution or of capital preservation.\u003C\u002Fp>\u003Cp>Investment funds are not guaranteed by the fund's administrator, by the portfolio manager, by any insurance mechanism or by the Brazilian credit guarantee fund (Fundo Garantidor de Créditos in Portuguese, or “FGC”). Past performance is not a guarantee of future results. Investors are advised to carefully read the Fund's prospectus and bylaws (regulamento) before investing. Investors must be prepared to accept the risks inherent to the various markets in which investment funds operate and, consequently, possible fluctuations in the invested capital. The Administrator is not liable for any errors or omissions in this material, nor for the use of the information contained herein. In addition, the Administrator is not liable for investors' decisions regarding the matters addressed in this material, nor for the acts or facts of professionals and specialists consulted by the investor.\u003C\u002Fp>\u003Cp>This material does not relate to the specific investment objectives, financial situation or particular needs of any specific recipient and should not be relied upon as the sole source of information in the investor's decisionmaking process. Before deciding, the investor should carry out — preferably with the assistance of a duly qualified professional — a careful assessment of the product and its respective risks against his or her personal objectives and risk tolerance (suitability). The Portuguese version of this report and the Fund's other official documents are available at suno.com.br\u002Fasset\u002Ffundos\u002Fsnme11.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FSNME11\u002Fdocumentos\u002F8592\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1331257","2026-08-31","2026-09-28 18:30:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":88},"Relatório gerencial em inglês SNME11 de agosto de 2026 | Kartac","Relatório gerencial em inglês de agosto de 2026 do SNME11 (Suno Multiestratégia), entrega em 28\u002F09\u002F2026. DY 12 meses de 14,73% e P\u002FVP 0,95 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8592","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\u002FSNME11\u002Fdocumentos\u002F8592#pagina",{"@id":32},"2026-10-31",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8592#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8592#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 em inglês SNME11 de agosto de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11#fundo","2026-09-28","2026-08",{"@type":25,"name":52,"identifier":53},"SUNO GESTORA DE RECURSOS LTDA",{"@type":54,"propertyID":55,"value":56},"PropertyValue","CNPJ","11.304.223\u002F0001-69",{"@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","Suno Multiestratégia",[63,64],"SNME11","SUNO MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11","Fundo de fundos",[68,70],{"@type":54,"propertyID":69,"value":63},"Ticker B3",{"@type":54,"propertyID":55,"value":71},"52.227.760\u002F0001-30",{"@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 em inglês do Suno Multiestratégia (SNME11), fundo imobiliário de fundos (FoF), referente a agosto de 2026, com entrega no FundosNet (B3) em 28\u002F09\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do SNME11 fechou a R$ 9,30, com P\u002FVP de 0,95 (valor patrimonial de R$ 9,78 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,10 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 14,73% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 170,7 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":216,"vpa":217,"p_vpa":218,"tipo_gestao":219,"mandato":220,"segmento":221,"categoria":66,"grupo":66,"preco_atual":192,"cotacao_atualizada_em":222,"ultima_variacao_cotacao_24h":223,"variacao_cotacao_7d":224,"variacao_cotacao_1m":225,"variacao_cotacao_3m":226,"variacao_cotacao_6m":227,"variacao_cotacao_12m":228,"vacancia_fisica":220,"liquidez_atual":229,"ultimo_dividendo":230,"ultimo_dividend_yield":231,"mes_pagamento_ultimo_dividendo":232,"dividend_yield_3m":233,"dividend_yield_6m":234,"dividend_yield_12m":235,"dividend_yield_medio_12m":236,"qtd_dividendos_pagos_ano_passado":237,"data_ultima_cotacao":214,"pregoes_com_negocio_21":238,"alertas":239,"updated_at":240,"liquidez_media_reais":241,"administrador":58,"taxa_administracao_paga":242,"balanco":243,"resultado_distribuido":249,"publico_alvo":254,"mercados_negociacao_cotas":255,"data_funcionamento":257,"data_final":220,"quantidade_cotas":258,"quantidade_cotistas":259,"detalhes_cotistas":260,"total_investido":264,"investimentos_fundo":265,"imoveis":268,"contratos":220,"custodiante":270,"auditor_independente":276,"formador_mercado":220,"distribuidor_cotas":220,"consultor_especializado":220,"administrador_locacoes":220,"relatorio_anual":283,"analise_administrador":286},450,{"nome":64,"nome_simplificado":99,"nome_comercial":61,"ticker":63,"nome_ticker":100,"nome_pregao":101,"cnpj":71},"SUNO MULTIESTRATÉGIA  RESPONSABILIDADE LIMITADA","SNME11 - SUNO MULTIESTRATÉGIA FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII SNME",{"id":103,"nome":52,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},152,"11304223000169","AV PRES JUSCELINO KUBITSCHEK, 2041, BL D AND 23 COND W TORRE JK - VILA NOVA CONCEICA, SAO PAULO - SP - 04543-011","(11) 996648349","2026-10-03T19:10:40.000000Z",[109,115,120,125,130,135,140,144,149,155,161,167,172,178,183,189,195,201,207,212],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288932,"2026-10-06",9.42,9.5,15970,{"id":116,"data":117,"abertura":113,"ultimo":118,"volume":119},3289852,"2026-10-07",9.44,28785,{"id":121,"data":122,"abertura":113,"ultimo":123,"volume":124},3290299,"2026-10-08",9.52,15123,{"id":126,"data":127,"abertura":128,"ultimo":113,"volume":129},3291147,"2026-10-09",9.58,17287,{"id":131,"data":132,"abertura":128,"ultimo":133,"volume":134},3356997,"2026-10-13",9.53,14591,{"id":136,"data":137,"abertura":138,"ultimo":128,"volume":139},3375730,"2026-10-14",9.61,11831,{"id":141,"data":142,"abertura":128,"ultimo":138,"volume":143},3376173,"2026-10-15",21788,{"id":145,"data":146,"abertura":133,"ultimo":147,"volume":148},3377188,"2026-10-16",9.56,8765,{"id":150,"data":151,"abertura":152,"ultimo":153,"volume":154},3445214,"2026-10-19",9.55,9.76,47445,{"id":156,"data":157,"abertura":158,"ultimo":159,"volume":160},3446578,"2026-10-20",9.72,9.71,12374,{"id":162,"data":163,"abertura":164,"ultimo":165,"volume":166},3459376,"2026-10-21",9.81,9.67,10338,{"id":168,"data":169,"abertura":170,"ultimo":138,"volume":171},3473765,"2026-10-22",9.7,19300,{"id":173,"data":174,"abertura":175,"ultimo":176,"volume":177},3488274,"2026-10-23",9.68,9.64,16896,{"id":179,"data":180,"abertura":113,"ultimo":181,"volume":182},3566274,"2026-10-26",9.31,32963,{"id":184,"data":185,"abertura":186,"ultimo":187,"volume":188},3580136,"2026-10-27",9.33,9.41,14329,{"id":190,"data":191,"abertura":192,"ultimo":193,"volume":194},3594478,"2026-10-28",9.3,9.22,15456,{"id":196,"data":197,"abertura":198,"ultimo":199,"volume":200},3609079,"2026-10-29",9.32,9.16,12253,{"id":202,"data":203,"abertura":204,"ultimo":205,"volume":206},3624870,"2026-10-30",9.1,9.05,9637,{"id":208,"data":209,"abertura":210,"ultimo":205,"volume":211},3682272,"2026-11-03",9.12,10676,{"id":213,"data":214,"abertura":205,"ultimo":192,"volume":215},3695610,"2026-11-04",21801,170695136.04,9.78,"0.95","Ativa",null,"Multicategoria","2026-11-05 09:00","0.0276","0.0153","-0.0211","-0.0148","-0.0106","-0.0064",586,"0.1000","0.0104","Out\u002F2026","0.0215","0.0720","0.1473","0.0119",12,21,[],"05\u002F11\u002F2026 08:09",169613.5,0.00961309146711298,{"data_referencia":244,"ativo":245,"passivo":246,"obrigacoes_imoveis":247,"obrigacoes_securitizacao":247,"liquidez":248,"valores_receber":247},"2026-09-01",183917155.22,13222019.18,0,80126399.87,{"data_referencia":250,"resultado":251,"rendimentos":252,"percentual":253},"2026-06-30",5728313.34,5712047.11,0.9971603805458031,"Investidores em Geral",[256],"Bolsa","2023-09-29",17452102,9880,{"Pessoa Física":261,"Pessoa jurídica não financeira":262,"Fundos de investimento imobiliário":263,"Investidores não residentes":81,"Outros fundos de investimento":81},9856,15,5,103790755.35,{"Cotas de FIIs":266,"CRI \u002F CRA":267},76819563.5,26971191.85,{"vacancia_total":247,"lista_imoveis":269,"data_referencia":250,"vacancia_suspeita":11},[],{"id":263,"nome":271,"cnpj":272,"endereco":273,"telefone":274,"created_at":275,"updated_at":275},"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":277,"nome":278,"cnpj":279,"endereco":280,"telefone":281,"created_at":282,"updated_at":282},32,"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA","61562112000201","RUA DO RUSSEL, 00804, GLORIA, Rio de Janeiro – RJ","(11) 4004-8000","2026-10-03T18:52:00.000000Z",{"ano_referencia":284,"data_disponibilizacao":285},"2025","2026-03-30",{"ResultadoFundo":287,"ConjunturaEconomica":288,"PerspectivaPeriodoSeguinte":289},"O Fundo encerrou o exercício social com o valor da cota patrimonial em R$ 98,85.","Em 2025, o mercado imobiliário brasileiro apresentou um crescimento moderado, influenciado por juros ainda elevados, que limitaram o crédito, enquanto a demanda seguiu aquecida em função de políticas públicas, valorização dos imóveis acima da inflação e maior interesse dos compradores.","As perspectivas para 2026 apontam um mercado imobiliário ainda positivo, com tendência de aquecimento moderado, impulsionado sobretudo pela provável queda da Selic, maior acesso ao crédito e continuidade da demanda."]