[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:SNME11:8606":3,"seo:\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8606":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},8606,"(SNME) Relatório gerencial em inglês - 30\u002F06\u002F2026","Relatório gerencial em inglês","Outras Informações","(Ativo)","\u003Ch3>SNME11\u003C\u002Fh3>\u003Cp>\u003Cstrong>M A N A G E M E N T R E P O R T\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 — June\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>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_2_image_2.jpg\">\u003C\u002Fp>\u003Cp>The distribution for June was R$ 0.22\u002Fshare, representing an annualized Dividend Yield of 32%. The fund closed the month with a market share price of R$ 9.40 and a book value of R$ 9.63, resulting in a P\u002FBV of 0.98x. The average yield of the CRI portfolio is 19.24%, with a Duration of 0.5 years.\u003C\u002Fp>\u003Cp>The highlight of the month was the transaction involving RLGX11, resulting from the spin-off of RELG11, which \u003Cstrong>delivered an IRR of 52.5% and income of R$ 0.16 per SNME11 share for the month\u003C\u002Fstrong>. Further details on the transaction are described in the Manager's Letter.\u003C\u002Fp>\u003Cp>Distribution History (12 months)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_2_chart_6.jpg\">\u003C\u002Fp>\u003Cp>Shareholder Base\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_2_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Distribution per Share\u003C\u002Fp>\u003Cp>D.Y. 12 months\u003C\u002Fp>\u003Cp>D.Y. Annualized\u003C\u002Fp>\u003Cp>R$ 0.22\u003C\u002Fp>\u003Cp>16.91%\u003C\u002Fp>\u003Cp>32.00%\u003C\u002Fp>\u003Cp>P\u002FBV\u003C\u002Fp>\u003Cp>0.98\u003C\u002Fp>\u003Cp>Market Price per Share\u003C\u002Fp>\u003Cp>Book Value per Share\u003C\u002Fp>\u003Cp>R$ 9.40\u003C\u002Fp>\u003Cp>R$ 9.63\u003C\u002Fp>\u003Cp>Average Portfolio Yield\u003C\u002Fp>\u003Cp>Weighted Portfolio Duration\u003C\u002Fp>\u003Cp>Weighted Average LTV\u003C\u002Fp>\u003Cp>19.24%\u003C\u002Fp>\u003Cp>0.5 years\u003C\u002Fp>\u003Cp>55.30%\u003C\u002Fp>\u003Cp>Alpha vs Benchmark\u003C\u002Fp>\u003Cp>Net Asset Value\u003C\u002Fp>\u003Cp>Number of shareholders\u003C\u002Fp>\u003Cp>6.39%\u003C\u002Fp>\u003Cp>R$ 71.41 MM\u003C\u002Fp>\u003Cp>8,282\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 June with distributable income of R$ 0.2440 per share, and a \u003Cstrong>provision of R$ 0.2200 per share distributed on 07\u002F27\u002F2026\u003C\u002Fstrong>, leaving R$ 0.0669 in total accumulated distributable reserve. The annualized DY stood at 31.88%.\u003C\u002Fp>\u003Cp>Regarding income distribution, SNME11 is expected to distribute its recurring income over the coming months, with the entire accumulated reserve to be distributed prior to the completion of the merger\u002Fabsorption of SNFF11\u002FKISU11 by SNME11. Any new information will be promptly disclosed by the Administrator and Manager.\u003C\u002Fp>\u003Cp>On the transactions side, SNME11 carried out a further tranche of the arbitrage strategy with the asset RBVA11, \u003Cstrong>a transaction that contributed R$ 117,000 in capital gains\u003C\u002Fstrong>. Along the same lines, the Fund executed the same strategy with the asset SNEL11, acquiring in the secondary market, at a discount, a lot of approximately R$ 6 million, which \u003Cstrong>added R$ 102,000 to income for the month\u003C\u002Fstrong>. R$ 5 million of the security remains in the portfolio, and its gradual reduction should unlock additional income over the coming months. It is worth noting that the transaction was \u003Cstrong>executed entirely on the exchange\u003C\u002Fstrong>, without any subscription by SNME11 in the current SNEL11 offering. Over the first half of the year, \u003Cstrong>the strategy generated approximately R$ 869,000 in capital gains, or R$ 0.11 per share\u003C\u002Fstrong>, demonstrating Management’s ability to earn additional returns through structured transactions and reinforcing the Fund’s multi-strategy mandate.\u003C\u002Fp>\u003Cp>The main source of income for the month was the liquidation and amortization of RLGX11, a fund originating from the spin-off of RELG11, which \u003Cstrong>delivered an IRR of 52.5% p.a. and distributable profit of R$ 0.16 per SNME11 share\u003C\u002Fstrong>. The investment began on 07\u002F15\u002F2024, with a thesis grounded in the acquisition of a portfolio substantially discounted relative to its fair value, providing a satisfactory margin of safety and considerable potential for capital gains. Since then, part of SNME11’s transaction flow was allocated to acquiring the asset over the following months, making it one of the largest positions in the portfolio. The thesis reached maturity in June 2026, 23 months after the first allocation.\u003C\u002Fp>\u003Cp>It is also worth noting that part of the RLGX11 liquidation was settled in GGRC11 shares. Accordingly, with the aim of anticipating the sale of the asset, SNME11 initiated a short (shortselling) strategy on the security, disposing of the entire position to be received at an average price of R$ 10.00 per share, 3.0% above the closing price on the date the amortization was received. \u003Cstrong>The transaction increased income by R$ 146,000 and locked in the exit price of the position, eliminating exposure to market risk over the period\u003C\u002Fstrong>.\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>Still in the context of the transaction, it is worth highlighting that good investment opportunities often arise in temporarily distressed vehicles. In such cases, the market tends to penalize secondary market prices excessively, creating attractive conditions for investments with an adequate margin of safety. It is up to the Manager to identify and analyze these opportunities in order to build a diversified portfolio with a solid risk\u002Freturn profile.\u003C\u002Fp>\u003Ch3>All transactions during the month contributed R$ 1,519,000 in gross income, or R$ 0.20 per share.\u003C\u002Fh3>\u003Cp>SNME11 posted a total book value return of 3.92% for the month, versus -1.21% for the IFIX and 0.84% for IPCA + IMA-B Yield. The fund closed the period with accumulated Alpha of 6.39% vs IPCA + IMA-B Yield and +25.14% vs IFIX since Sep\u002F23. The portfolio ended the month with CRIs (13.0%), FIIs (68.8%), Equities (2.0%) and Cash (16.3%).\u003C\u002Fp>\u003Cp>In Management’s view, the cash position will be important over the coming months, given the volatility observed in the equity market in 1H26. With a robust level of liquidity, SNME11 is expected to take advantage of this environment for attractive new allocations, while also reducing net asset value volatility in the short term.\u003C\u002Fp>\u003Ch3>MACRO SCENARIO\u003C\u002Fh3>\u003Cp>\u003Cstrong>Interest Rate (Selic)\u003C\u002Fstrong> 0.25 p.p. cut expected in Jun\u002F26\u003C\u002Fp>\u003Cp>\u003Cstrong>4.64% IPCA 12 months\u003C\u002Fstrong> Inflation still above target\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_5_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>NTN-B 2035 Yield\u003C\u002Fstrong> Conservative CRI portfolio\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_5_image_6.jpg\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Interest Rate - Selic\u003C\u002Fth>\u003Cth>14.25%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>IPCA (2026e)\u003C\u002Ftd>\u003Ctd>5.15%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FX (R$\u002FUSD average for the period)\u003C\u002Ftd>\u003Ctd>R$ 5.15\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brazil GDP (2026e)\u003C\u002Ftd>\u003Ctd>1.99%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Unemployment Rate (2026e)\u003C\u002Ftd>\u003Ctd>5.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Gross Debt (% of GDP)\u003C\u002Ftd>\u003Ctd>83.2%\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\u002F8606\u002Fpage_5_chart_9.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 29 assets, consisting of 4 CRIs and 25 FIIs\u002FEquities. The fund’s largest exposure is currently in FIIs, at 63% of the portfolio, followed by Cash at 16% and CRIs at 12%. 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>29\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Assets in Portfolio\u003C\u002Fstrong> 4 CRIs + 25 FIIs\u002FEquities\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 71.41 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Asset Value\u003C\u002Fstrong> MV: R$ 69.73 MM\u003C\u002Fp>\u003Cp>\u003Cstrong>19.24%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Weighted CRI Yield\u003C\u002Fstrong> HTM: 7.21%\u003C\u002Fp>\u003Cp>\u003Cstrong>55.30%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Weighted Average LTV\u003C\u002Fstrong> Conservative portfolio\u003C\u002Fp>\u003Cp>\u003Cstrong>+6.39%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>+6.39%\u003C\u002Fstrong> IPCA + IMA-B Yield\u003C\u002Fp>\u003Cp>\u003Cstrong>0.98\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>P\u002FBV\u003C\u002Fstrong> Share R$ 9.40 \u002F BV R$ 9.63\u003C\u002Fp>\u003Cp>FII: \u003Cstrong>63%\u003C\u002Fstrong> | CRI: \u003Cstrong>12%\u003C\u002Fstrong> | Equities: \u003Cstrong>4%\u003C\u002Fstrong> | Cash: \u003Cstrong>16%\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>13.94%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNEL11\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXY11\u003C\u002Ftd>\u003Ctd>6.31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNFZ11\u003C\u002Ftd>\u003Ctd>4.25%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IBBP11\u003C\u002Ftd>\u003Ctd>4.17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRP11\u003C\u002Ftd>\u003Ctd>3.73%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>3.72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI VANGUARDA\u003C\u002Ftd>\u003Ctd>3.71%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT\u003C\u002Ftd>\u003Ctd>3.64%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CXCO11\u003C\u002Ftd>\u003Ctd>3.32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT Series 2\u003C\u002Ftd>\u003Ctd>3.16%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VRTM11\u003C\u002Ftd>\u003Ctd>3.02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>2.66%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>2.12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCMV18\u003C\u002Ftd>\u003Ctd>1.63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI ARPOADOR (SENIOR)\u003C\u002Ftd>\u003Ctd>1.60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INOI11\u003C\u002Ftd>\u003Ctd>1.56%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>1.55%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PATL11\u003C\u002Ftd>\u003Ctd>0.97%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>EXPOSURE BY ASSET TYPE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_6_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\u002F8606\u002Fpage_7_chart_2.jpg\">\u003C\u002Fp>\u003Cp>CRI: EXPOSURE BY INDEX (% of NAV)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_7_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\u002F8606\u002Fpage_7_chart_7.jpg\">\u003C\u002Fp>\u003Cp>Jul\u002F25 Aug\u002F25 Sep\u002F25 Oct\u002F25 Nov\u002F25 Dec\u002F25 Jan\u002F26 Feb\u002F26 Mar\u002F26 Apr\u002F26 May\u002F26 Jun\u002F26\u003C\u002Fp>\u003Ch2>Portfolio of CRIs, FIIs and Equities — June\u002F2026\u003C\u002Fh2>\u003Cp>CRI PORTFOLIO\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 + 12%\u003C\u002Ftd>\u003Ctd>11.50%\u003C\u002Ftd>\u003Ctd>3.71%\u003C\u002Ftd>\u003Ctd>52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT\u003C\u002Ftd>\u003Ctd>Granular\u003C\u002Ftd>\u003Ctd>A3\u003C\u002Ftd>\u003Ctd>CDI + 6%\u003C\u002Ftd>\u003Ctd>5.50%\u003C\u002Ftd>\u003Ctd>3.64%\u003C\u002Ftd>\u003Ctd>60%\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>3.16%\u003C\u002Ftd>\u003Ctd>60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI ARPOADOR (SENIOR)\u003C\u002Ftd>\u003Ctd>Granular\u003C\u002Ftd>\u003Ctd>A1\u003C\u002Ftd>\u003Ctd>CDI + 5%\u003C\u002Ftd>\u003Ctd>4.50%\u003C\u002Ftd>\u003Ctd>1.60%\u003C\u002Ftd>\u003Ctd>43%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>FII PORTFOLIO\u003C\u002Fp>\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>13.94%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNEL11\u003C\u002Ftd>\u003Ctd>Energy\u003C\u002Ftd>\u003Ctd>8.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXY11\u003C\u002Ftd>\u003Ctd>Paper\u003C\u002Ftd>\u003Ctd>6.31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNFZ11\u003C\u002Ftd>\u003Ctd>Agribusiness\u003C\u002Ftd>\u003Ctd>4.25%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IBBP11\u003C\u002Ftd>\u003Ctd>Logistics\u003C\u002Ftd>\u003Ctd>4.17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBRP11\u003C\u002Ftd>\u003Ctd>Corporate Offices\u003C\u002Ftd>\u003Ctd>3.73%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>3.72%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CXCO11\u003C\u002Ftd>\u003Ctd>Commercial Offices\u003C\u002Ftd>\u003Ctd>3.32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VRTM11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>3.02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>Paper\u003C\u002Ftd>\u003Ctd>2.66%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>2.12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>MCMV18\u003C\u002Ftd>\u003Ctd>Development\u003C\u002Ftd>\u003Ctd>1.63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INOI11\u003C\u002Ftd>\u003Ctd>Development\u003C\u002Ftd>\u003Ctd>1.56%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>Hybrid\u003C\u002Ftd>\u003Ctd>1.55%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PATL\u003C\u002Ftd>\u003Ctd>Logistics\u003C\u002Ftd>\u003Ctd>0.97%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>EQUITY PORTFOLIO\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>% NAV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>EZTC3\u003C\u002Ftd>\u003Ctd>Real Estate Dev.\u003C\u002Ftd>\u003Ctd>0.35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ALOS3\u003C\u002Ftd>\u003Ctd>Real Estate Dev.\u003C\u002Ftd>\u003Ctd>0.02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRIS3\u003C\u002Ftd>\u003Ctd>Real Estate Dev.\u003C\u002Ftd>\u003Ctd>0.03%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>ASSET MON ITORI NG\u003C\u002Fh3>\u003Cp>$$ \\textsf { S U N O } \\Big ( \\textsf { A S S E T } \\Big ) $$\u003C\u002Fp>\u003Cp>PHYSICAL CONSTRUCTION PROGRESS\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_9_chart_3.jpg\">\u003C\u002Fp>\u003Cp>RECEIVABLES PORTFOLIO DELINQUENCY\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_9_chart_5.jpg\">\u003C\u002Fp>\u003Cp>RECEIVABLES PORTFOLIO PROGRESS\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_9_chart_7.jpg\">\u003C\u002Fp>\u003Ch2>ACCOU NTI NG I N FORMATION\u003C\u002Fh2>\u003Cp>\u003Cstrong>R$ 1.90 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Total Revenue\u003C\u002Fstrong> FIIs + Fixed Income + Equities in the month\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.2440\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Result\u002FShare\u003C\u002Fstrong> net result for the month \u003Cstrong>-R$ 0.09 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Expenses\u003C\u002Fstrong> fees + operating costs\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.22\u002Fshare\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Distribution\u003C\u002Fstrong> Distribution paid on 06\u002F25\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 1.81 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Net Result\u003C\u002Fstrong> R$ 0.2440\u002Fshare\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 0.07 MM\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Accumulated Reserve\u003C\u002Fstrong> reserve: R$ 0.0669\u002Fshare\u003C\u002Fp>\u003Ch3>INCOME STATEMENT\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>APR\u002F26\u003C\u002Fth>\u003Cth>MAY\u002F26\u003C\u002Fth>\u003Cth>JUN\u002F26\u003C\u002Fth>\u003Cth>R$\u002FShare (M0)\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>FII Book\u003C\u002Ftd>\u003Ctd>R$ 876,673\u003C\u002Ftd>\u003Ctd>R$ 559,800\u003C\u002Ftd>\u003Ctd>R$ 1,737,670\u003C\u002Ftd>\u003Ctd>R$ 0.234\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII Income\u003C\u002Ftd>\u003Ctd>R$ 534,038\u003C\u002Ftd>\u003Ctd>R$ 581,347\u003C\u002Ftd>\u003Ctd>R$ 362,103\u003C\u002Ftd>\u003Ctd>R$ 0.049\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>R$ 391,352\u003C\u002Ftd>\u003Ctd>-R$ 54,636\u003C\u002Ftd>\u003Ctd>R$ 1,519,355\u003C\u002Ftd>\u003Ctd>R$ 0.205\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gains Tax\u003C\u002Ftd>\u003Ctd>-R$ 76,612\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-R$ 207,871\u003C\u002Ftd>\u003Ctd>-R$ 0.028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Revenue\u003C\u002Ftd>\u003Ctd>R$ 27,896\u003C\u002Ftd>\u003Ctd>R$ 33,089\u003C\u002Ftd>\u003Ctd>R$ 64,082\u003C\u002Ftd>\u003Ctd>R$ 0.009\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Equity Book\u003C\u002Ftd>\u003Ctd>R$ 123,903\u003C\u002Ftd>\u003Ctd>R$ 3,065\u003C\u002Ftd>\u003Ctd>R$ 1,110\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Dividends and JCP\u003C\u002Ftd>\u003Ctd>R$ 1,442\u003C\u002Ftd>\u003Ctd>R$ 3,065\u003C\u002Ftd>\u003Ctd>R$ 1,110\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>R$ 144,072\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gains Tax\u003C\u002Ftd>\u003Ctd>-R$ 21,611\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fixed Income Book\u003C\u002Ftd>\u003Ctd>R$ 150,701\u003C\u002Ftd>\u003Ctd>R$ 158,841\u003C\u002Ftd>\u003Ctd>R$ 164,047\u003C\u002Ftd>\u003Ctd>R$ 0.022\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Interest\u003C\u002Ftd>\u003Ctd>R$ 100,486\u003C\u002Ftd>\u003Ctd>R$ 91,195\u003C\u002Ftd>\u003Ctd>R$ 105,191\u003C\u002Ftd>\u003Ctd>R$ 0.014\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Capital Gain\u003C\u002Ftd>\u003Ctd>-R$ 1,350\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-R$ 2,207\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>R$ 66,535\u003C\u002Ftd>\u003Ctd>R$ 87,286\u003C\u002Ftd>\u003Ctd>R$ 78,790\u003C\u002Ftd>\u003Ctd>R$ 0.011\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Income Tax\u003C\u002Ftd>\u003Ctd>-R$ 14,970\u003C\u002Ftd>\u003Ctd>-R$ 19,639\u003C\u002Ftd>\u003Ctd>-R$ 17,728\u003C\u002Ftd>\u003Ctd>-R$ 0.002\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Expenses\u003C\u002Ftd>\u003Ctd>-R$ 65,548\u003C\u002Ftd>\u003Ctd>-R$ 66,569\u003C\u002Ftd>\u003Ctd>-R$ 92,583\u003C\u002Ftd>\u003Ctd>-R$ 0.012\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Administration Fee\u003C\u002Ftd>\u003Ctd>-R$ 22,000\u003C\u002Ftd>\u003Ctd>-R$ 22,000\u003C\u002Ftd>\u003Ctd>-R$ 21,999\u003C\u002Ftd>\u003Ctd>-R$ 0.003\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Management Fee\u003C\u002Ftd>\u003Ctd>-R$ 36,681\u003C\u002Ftd>\u003Ctd>-R$ 36,110\u003C\u002Ftd>\u003Ctd>-R$ 36,631\u003C\u002Ftd>\u003Ctd>-R$ 0.005\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$ 6,867\u003C\u002Ftd>\u003Ctd>-R$ 8,459\u003C\u002Ftd>\u003Ctd>-R$ 33,953\u003C\u002Ftd>\u003Ctd>-R$ 0.005\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RESULT\u003C\u002Ftd>\u003Ctd>R$ 1,085,729\u003C\u002Ftd>\u003Ctd>R$ 655,137\u003C\u002Ftd>\u003Ctd>R$ 1,810,243\u003C\u002Ftd>\u003Ctd>R$ 0.244\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Result (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.15\u003C\u002Ftd>\u003Ctd>R$ 0.09\u003C\u002Ftd>\u003Ctd>R$ 0.24\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DISTRIBUTION\u003C\u002Ftd>\u003Ctd>R$ 741,824\u003C\u002Ftd>\u003Ctd>R$ 1,112,736\u003C\u002Ftd>\u003Ctd>R$ 1,632,013\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DISTRIBUTION (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.10\u003C\u002Ftd>\u003Ctd>R$ 0.15\u003C\u002Ftd>\u003Ctd>R$ 0.22\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Accumulated Result (R$\u002FShare)\u003C\u002Ftd>\u003Ctd>R$ 0.10\u003C\u002Ftd>\u003Ctd>R$ 0.04\u003C\u002Ftd>\u003Ctd>R$ 0.07\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>TOTAL RETU RN 44.13%\u003C\u002Fstrong> Since the inception of the fund\u003C\u002Fp>\u003Cp>\u003Cstrong>ALPHA VS I PCA + I MA-B YI ELD 6.39%\u003C\u002Fstrong> Benchmark of the fund\u003C\u002Fp>\u003Cp>\u003Cstrong>ALPHA VS I FIX 25.14%\u003C\u002Fstrong> Main index for FII performance\u003C\u002Fp>\u003Cp>FUND PERFORMANCE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_11_chart_6.jpg\">\u003C\u002Fp>\u003Cp>FUND ALPHA\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_11_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>FIC FIA\u003C\u002Fp>\u003Cp>SUNO PREV\u003C\u002Fp>\u003Cp>SUNO GLOBAL EQUITIES\u003C\u002Fp>\u003Cp>LEARN MORE\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_12_image_13.jpg\">\u003C\u002Fp>\u003Cp>IG SUNO ASSET\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_12_image_15.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_12_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\u002F8606\u002Fpage_12_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 19.24% p.a.) and FIIs (63% of NAV), focused on alpha over IPCA + IMA-B Yield. Average LTV of 55.30%.\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\u002F8606\u002Fpage_12_image_30.jpg\">\u003C\u002Fp>\u003Ch3>Where does the fund invest?\u003C\u002Fh3>\u003Cp>In 4 granular CRIs indexed to inflation and to the CDI, plus 25 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 8,282 shareholders as of Jun\u002F26.\u003C\u002Fp>\u003Ch3>How does income distribution work?\u003C\u002Fh3>\u003Cp>Monthly payments. In Jun\u002F26, the distribution was R$ 0.22\u002Fshare, with an annualized DY of 32.00% and a 12-month DY of 16.91%.\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 Jun\u002F26, the fund traded at 0.98x (market price R$ 9.40 vs. book value R$ 9.63), 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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8606\u002Fpage_13_image_0.jpg\">\u003C\u002Fp>\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 property-related 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 FII (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 decision-making 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\u002F8606\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1268613","2026-06-30","2026-07-29 19:44:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":88},"Relatório gerencial em inglês SNME11 de junho de 2026 | Kartac","Relatório gerencial em inglês de junho de 2026 do SNME11 (Suno Multiestratégia), entrega em 29\u002F07\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\u002F8606","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\u002F8606#pagina",{"@id":32},"2026-11-01",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8606#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11\u002Fdocumentos\u002F8606#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 junho de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNME11#fundo","2026-07-29","2026-06",{"@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 junho de 2026, com entrega no FundosNet (B3) em 29\u002F07\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":253,"mercados_negociacao_cotas":254,"data_funcionamento":256,"data_final":220,"quantidade_cotas":257,"quantidade_cotistas":258,"detalhes_cotistas":259,"total_investido":263,"investimentos_fundo":264,"imoveis":267,"contratos":220,"custodiante":269,"auditor_independente":275,"formador_mercado":220,"distribuidor_cotas":220,"consultor_especializado":220,"administrador_locacoes":220,"relatorio_anual":282,"analise_administrador":285},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 07:00",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":13,"resultado":250,"rendimentos":251,"percentual":252},5728313.34,5712047.11,0.9971603805458031,"Investidores em Geral",[255],"Bolsa","2023-09-29",17452102,9880,{"Pessoa Física":260,"Pessoa jurídica não financeira":261,"Fundos de investimento imobiliário":262,"Investidores não residentes":81,"Outros fundos de investimento":81},9856,15,5,103790755.35,{"Cotas de FIIs":265,"CRI \u002F CRA":266},76819563.5,26971191.85,{"vacancia_total":247,"lista_imoveis":268,"data_referencia":13,"vacancia_suspeita":11},[],{"id":262,"nome":270,"cnpj":271,"endereco":272,"telefone":273,"created_at":274,"updated_at":274},"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":276,"nome":277,"cnpj":278,"endereco":279,"telefone":280,"created_at":281,"updated_at":281},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":283,"data_disponibilizacao":284},"2025","2026-03-30",{"ResultadoFundo":286,"ConjunturaEconomica":287,"PerspectivaPeriodoSeguinte":288},"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."]