The real estate investment fund Maxi Renda FII (MXRF11) surpassed 1.5 million shareholders as it closed July with net assets of R$ 5.25 billion. This growth came after the completion of its 12th share issuance, which raised about R$ 1 billion and increased the number of shares outstanding.
According to the month’s management report, the fund ended July with 1,509,087 investors and 567,206,273 shares. Book value per share reached R$ 9.2625, reflecting the increase from the offering. Compared with June, when there were 460,269,531 shares, net assets of R$ 4.248 billion and 1,485,336 shareholders, the figures show significant expansion in a short time.
Financial results and income distribution
Between June and July, MXRF11’s net assets grew by about R$ 1 billion, with an addition of approximately 106.9 million shares and an increase of about 23,800 shareholders. During the month, the fund maintained its payout of R$ 0.10 per share, with the July distribution paid on August 14 to investors of record as of July 31.
With the share price closing at R$ 9.58 at the end of the month, the distribution provided a monthly dividend yield of 1.04% and an annualized return of 13.17%. Adjusted to compare the income tax-exempt yield with the CDI, the return reached 100.31% of the index for the period.
July’s financial result totaled R$ 42.30 million, below the R$ 46.48 million distributed. Revenue came to R$ 46.07 million and expenses to R$ 3.78 million. In June, the result was R$ 50.48 million, with distributions of R$ 46.03 million. The month-over-month comparison should take into account the significant increase in shares after the issuance, which grew by about 23%.
Portfolio composition and recent moves
MXRF11 invests mainly in real estate financial assets, notably Real Estate Receivables Certificates (CRIs), as well as shares of other real estate funds and financial swap transactions. The portfolio is diversified both in indexes and in market segments.
In July, 91.69% of the CRIs were linked to the IPCA and 8.21% to the CDI. By sector, the residential segment accounted for 31.01% of the portfolio, followed by food retail at 19.01%. Inflation plays an important role in the returns on these securities. The report mentioned the slowdown in July’s IPCA-15 and noted that the environment of high real interest rates continued to affect real estate credit, influencing the origination and performance of transactions.
The fund also maintained significant exposure to other FIIs, totaling R$ 631.2 million at the end of July. During the month, MCLO11 shares worth R$ 5 million were sold, generating a capital gain of R$ 500,000.
In the financial swap portfolio, which allows financial participation in real estate projects, there was an initial investment of R$ 1.9 million in the Pinheiros 2 project, located in São Paulo. The development has an estimated Gross Sales Value (VGV) of about R$ 384 million, and MXRF11 holds a stake equivalent to 60% of that amount.
Secondary market activity
The fund’s market value on the secondary market closed July at close to R$ 5.43 billion. During the month, R$ 321.7 million was traded in 927,445 transactions, with trading in 100% of sessions.
With net assets exceeding R$ 5.2 billion and the 12th share issuance completed, upcoming reports should detail the allocation of the funds raised, especially in CRIs, FIIs and real estate market-related transactions.
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