Transcription
Everyone, you asked me and I recorded. In this video, I'm going to show you my entire portfolio of real estate investment funds and fiagros, including the values. For the first time in the channel's history, I'm going to show the values I have invested in all my real estate investment funds and fiagros. And I'll also show you, of course, how much these investments yield for me monthly.
Recently, I recorded a video for you saying that I retired with my real estate investment fund portfolio and also with the income from a physical property I own. If you haven't watched that video, I'll leave the link in the description and in the card. The video was very good. And then, after that video, everyone started asking me to show my portfolio in detail. So, let's go. This video is for that.
The first thing I want to show you before getting into the portfolio itself is the historical evolution of my dividends. You know that I've been investing for many years, I've been an investor for 15, 16 years. And this graph shows how much I receive in monthly dividends, not only from real estate investment funds and fiagros, but also from stocks, because I have a small stock investment portfolio that also generates dividends for me.
However, when you look at this graph that includes stocks, you see that the dividends change a lot from month to month. So, there are months when a huge payment comes in, like here, R$ 20,000 in March of this year, but there are many ups and downs. This happens because stocks, unlike real estate investment funds, don't pay dividends exactly every month. Sometimes they pay only once a year, and then when a stock pays, you get that big chunk of dividends. So, the graph looks like this.
What are we going to do? I'm going to filter for real estate investment funds only, which also includes fiagros. And then we already see a very nice graph, which is an upward trend line. Why is it an upward trend line? Because of the snowball effect, when you reinvest the dividends from your real estate investment funds. So, every month you will receive your dividends from the real estate investment funds, from the fiagros. You will take that amount, reinvest it by buying more shares. The following month, what will happen? You will receive more dividends and then you will buy more shares and you will receive more dividends.
There's also the issue of active income investment. So, I work every month, I have an income, a pro-labore, and I receive dividends from my company, and I also invest a portion of that in real estate investment funds. So, this explains why I started to have a very high evolution from here in 2023, which was when my company started to generate more profit. I resigned from my public office, started dedicating myself exclusively to Fonte da Fortuna here, and then it started to increase significantly due to the investment of part of my active income and also the reinvestment of dividends.
But if we look back, around 2019, which is the first data we have from the stock market, I was already investing in real estate investment funds before that, but we don't have data before that date, okay? But from that date onwards, look, I used to receive around R$ 179 per month. And then I gradually increased it over the years. In the last month, I received approximately R$ 11,000. And for this month of August, there's already a forecast of receiving even more than that, over R$ 11,000.
And what I want to show you with my personal evolution is that you have to start and you can't stop, because that's the mistake of most people. They start making their investments in real estate investment funds or even in fixed income, any type of investment, and then they stop halfway because they think they're not getting results. However, the result comes with time, whether in fixed income through compound interest, or here in real estate investment funds, by reinvesting dividends, creating the snowball effect, and also investing a part of your active income that you earn from your salary every month. This is a long-term project. No one will get rich quick, but you have to keep going. You can't stop.
So, everyone, let's go to my portfolio. First, I'll explain how it's divided in general terms, why I divided it this way, and then I'll talk about each asset I have.
Look, my portfolio today has 26 assets in total: 22 real estate investment funds and four fiagros. Fiagros are a type of real estate investment fund focused on agribusiness. It's a super diversified portfolio, yes. Why? Because I already have a considerable amount invested, which I will show you. If you are starting, five real estate investment funds are enough. Then, when you have more money, you can diversify a bit more, around 10, 15, up to 20, 20-something at most, okay? It's no use diversifying more than that, because you won't have additional protection, you'll just have more work to keep track of so many assets. I have a lot because I'm also from the financial market, I love investments, I have time to follow them. But a normal person, let's say, who is not from the financial market, if you have between 10 and 20 real estate investment funds, you will already have a very, very good portfolio, well diversified, provided, of course, that you choose these assets well.
And what is the total amount I have invested in real estate investment funds? It's R$ 1,100,000. This is an approximation, it's around R$ 1,100,000, and this portfolio yields me approximately R$ 11,000 every month. This means a monthly profitability of 1% per month, exempt from income tax. Totally exempt from income tax.
So, you see that investing in real estate investment funds has a much higher profitability than physical real estate. If you buy an apartment, a house, and rent it out, the average profitability you get is 0.5% per month, and you still pay income tax. So, here in real estate investment funds, we are talking about a profitability, in the case of my portfolio, of course, of 1% per month, totally exempt from income tax. And that's why I prefer real estate investment funds to physical real estate. Not that physical real estate is a bad investment. I myself own a physical property for asset diversification, so as not to leave all my money only in the financial market, to also have something more tangible, let's say, a construction, a brick that is mine.
However, for those who are starting, physical real estate is very, very, very expensive. You will need a lot of money to buy a physical property, and you are concentrating all your assets, a good part of your assets, in that property. If you have a problem, you will be in trouble. Now, in the case of real estate investment funds, you can start with R$ 10 or R$ 100 and diversify very easily. So, it ends up being safer because you can diversify with little money.
Ah, Alê, but why would I invest in real estate investment funds and earn 1% per month in dividends if I can invest in fixed income, which I know is at 15%? Look, they are completely different investments for different purposes, for different profiles. But what you are forgetting is, first, the SELIC is currently at 15%, but it won't stay at 15% for the rest of your life. It goes up and down. Second, you have to deduct income tax. In real estate investment funds, you have no income tax on dividends. In fixed income, you will pay a rate of at least 15% for a standard investment that you leave for more than 2 years. So, if you deduct 15% from the SELIC rate of 15%, you will have 12.75%. So, just with that, you've already matched real estate investment funds, which will give you an approximate profitability of 1% per month.
However, in fixed income, you also have to deduct inflation. So, if we deduct about 5% of inflation from that profitability, doing a very rough calculation, you will have a profitability of about 7-8% per year. Whereas in real estate investment funds, you will have a profitability of approximately 12% per year, which is already automatically adjusted for inflation. Why? In the case of "brick" funds, I'm talking about "brick" funds here, the rents are automatically adjusted for inflation. Every year they are adjusted. So, your dividends are also adjusted for inflation. And the share price of the real estate investment fund, which reflects the value of the properties in the portfolio, also goes up in the long term, keeping pace with inflation, because the properties appreciate. Of course, it's variable income, so there are many ups and downs. You can buy today, tomorrow it depreciates, then it appreciates, and so on, but in the long term, the trend is to keep pace with inflation.
In the case of "paper" funds, it's a bit different. In "paper" funds, you have the correction of dividends, but not of the share price, which in the long term tends to have no appreciation at all. So, you have to take a portion of your dividends to reinvest, to buy more shares to protect yourself from inflation. But speaking of "brick" funds, which are the most common, you already have inflation protection built-in. So, in a long-term view, real estate investment funds tend to yield more than fixed income, okay? But I repeat, they are different investments, you definitely need to have fixed income in your portfolio. Real estate investment funds are investments focused on the very long term.
Now, let's see how my portfolio is divided, okay? It's divided as follows. My total investment today is approximately R$ 1,102,000, okay? This is 100%, the total of my real estate investment fund and fiagro portfolio. Then R$ 667,000, R$ 1,000, meaning 60% of the portfolio is in "brick" funds, divided as follows: logistics funds, R$ 300,000, 27%; urban income funds or hybrid funds, R$ 142,000, which is 12%; shopping mall funds, R$ 140,000, which is also 12%; office funds, R$ 79,000, which is about 7%. And in the category of "paper" funds, they represent 30% of the portfolio with R$ 329,000 invested. And Fiagros are 9% of the portfolio with R$ 104,000 invested.
Why do I make this division? Why? I allocate the vast majority, as you saw, 60% of the portfolio to "brick" funds, which I generally consider, overall, safer, and they already have automatic inflation adjustment, you own a small part of physical properties. Then I allocate a smaller percentage, 30%, to "paper" funds, which are debts from the real estate segment. Generally, the risk is a bit higher, it depends on the fund, and so on, but generally, I consider them a bit riskier than "brick" funds. On the other hand, "paper" funds usually pay slightly higher dividends than "brick" funds. And I allocate a smaller portion, less than 10%, to Fiagros, which are agribusiness funds, which, incidentally, are suffering a lot this year due to all the problems that Brazilian agribusiness is facing. So, it's a category that I believe in a lot for the long term, but which is currently facing some difficulties, okay?
So, this is how I organized my portfolio, everyone. Remember that this video is not an investment recommendation, it's not for you to copy my portfolio. This portfolio is to inspire you to study, so that you can build your own portfolio that works for your reality, within your needs, your profile, and everything else, okay?
And now, everyone, I'm going to show you all the real estate investment funds. I'll list them one by one, all the ones I have in my portfolio. But first, I want to thank you, because this week I was elected one of the top financial influencers of 2025 by Infomoney, which is the largest economy and news channel on the internet. Infomoney elected 50 economy, investment, and finance influencers, and I am among them. And I thank you very much for accompanying me here for so many years. It's been 8 years of Fonte da Fortuna, 7 years on YouTube. We are getting close to 1 million subscribers here. By the way, if you're just arriving, take advantage and subscribe. Come and be part of one of the largest investor communities in our country. So, subscribe, leave your like, share the video with friends, with family, send it in WhatsApp groups, because this is very important, it helps us a lot. So, thank you from the bottom of my heart to all of you who follow me here, and let's go to the portfolio.
Starting with my "brick" real estate investment funds, I'll show the logistics category first, which is the category I like the most. It alone represents almost 30% of my portfolio. I think it's the safest category of all, which is why I put more money into it. So, the first real estate investment fund I have, the largest position in my portfolio, is BTLG11. I have R$ 83,000. R$ 1,000 invested. Here you see the main information about the fund.
Everyone, in this video, I won't go into detail on all of them, otherwise the video will be one or two hours long and will never end, okay? I'll just show fund by fund the amount I have invested and its basic information. So, you see that it has a P/VP of 0.94, it's discounted, there are many very good discounted funds, there are many opportunities in the real estate investment fund market, folks. Perhaps in 1 or 2 years, we might be seeing all these funds with P/VP above one, all expensive. And now we have this opportunity to enter and buy many good things at very discounted prices.
Look, PVP 0.94, dividend yield of over 9%. It's a very good fund, super diversified, over 30 warehouses. Then I have XPLG11 with R$ 70,000 invested. It's also discounted, with a P/VP of 0.9, a super diversified fund, pays a dividend yield of almost 10%, which is very good for a "brick" fund. Next, BRCO11 with R$ 59,000 invested. It's another fund I like a lot, also discounted, with a price-to-book ratio of 0.91. Let's even retrieve this video in 2 years to compare, see what the P/VP will be. I hope, of course, that it will be higher, because that means our economy will be better. It means that those who invested now will have made a lot of money, but time will tell. It's a variable income investment, we can't predict the future, can we? But look, also a dividend yield of almost 10%, very nice.
The next real estate investment fund is HGLG11, with R$ 49,000 that I have invested there. Also discounted, P/VP 0.94, a very fair dividend yield, almost 9%. And you observed that all these that I showed had appreciation this year, in the last 12 months, and are still discounted. Next, I have Vilg 11 with R$ 42,000 invested. This one had a small drop this year, it's super mega discounted. Price-to-book ratio of 0.71. It has a slightly higher vacancy rate, nothing too concerning. A very interesting dividend yield.
Now let's move on to the second most important "brick" category in my portfolio in terms of value, which are urban income funds or hybrid funds. I have a hybrid fund here that I placed in this category because there was no better place to fit it. Urban income funds are those that have properties rented out to stores located in cities, such as supermarkets, or it could be a gym, a hospital, any type of commercial establishment.
First is TRXF11, I have R$ 42,000 invested. Let's take a look at its information, also discounted. Price below one, a very high dividend yield, 13.60%, it appreciated this year. Next is Gare 11 with R$ 42,000 invested as well. Gare 11 is an urban income fund that also has some logistics warehouses. This one has a price-to-book ratio of exactly one, it's being traded at its fair value. When it's above one, it starts to get expensive. And also a very interesting dividend yield, 11.44%, it appreciated a lot this year. Then I have HGRU11 with R$ 31,000 invested in it, also discounted. Price-to-book ratio 0.95. You see that everything is discounted in the real estate investment fund market. Many cool opportunities, as I said, dividend yield of over 10%, very nice. And KNR11, actually, is a hybrid fund. It has offices and logistics warehouses in its composition. I placed it in this urban income group because there was no better place to put it. P/VP 0.85, it's very discounted. Dividend yield of 8.71%.
Now, everyone, let's move on to shopping mall funds. In shopping mall funds, I have the largest position in XPML11, R$ 62,000. It's also quite discounted, 0.86 P/VP, a very good dividend yield, over 10%, and it's practically stable in the last 12 months. Then I have Visc 11 with R$ 41,000 invested. This is a fund that has suffered a lot in recent years. I'm in the red with this one. P/VP of 0.83 and a dividend yield of 9.39%. Then comes HGBS11, a smaller position of around R$ 20,000, also very discounted, a very interesting dividend yield. And to close out shopping malls, I have HSML11 with R$ 15,000, also quite discounted, 0.77, dividend yield in the same range as the others, around 10%.
Before continuing, that question everyone has: Alê, how do I invest in real estate investment funds? Which brokerage do you use? Which bank do you use? Everyone, you can invest through any bank, any brokerage. Today it's very easy, they all offer this investment. The one I use, where my entire portfolio of real estate investment funds and fiagros is, is XP through the IHub Investimentos office, which is the office I am a partner of. It's one of XP's over 400 accredited offices. If you want to open your account there, you will be very well attended by our team of advisors, okay? There is no fee to invest in real estate investment funds, no brokerage fee, nothing. There is also no account opening fee, no maintenance fee, nothing. You can open it and try it. If you like it, you use it. If you don't like it, you don't use it. To open your account, just click on the link in the description or scan the QR code on the screen, and fill out a quick registration. If you don't have an account with XP, open your account, start making your investments.
Now let's move on to office funds. This is the complicated part of my portfolio, where I'm losing a bit of money, because office funds, with the pandemic, experienced a very significant drop and haven't recovered yet. It's a shame, because I consider them good funds, with excellent fundamentals. Some have a slightly higher vacancy rate, a bit above 10%, but I still have a lot of faith that they will recover over the years. They continue to pay excellent dividends. So, I keep them in my portfolio. My portfolio is for the very long term. What interests me is whether the real estate investment fund has quality, has fundamentals, and is paying good dividends. It doesn't matter to me if it fell or rose, because I look at how much it's paying in dividends and if it maintains, of course, its fundamentals, its quality.
So, the first one is JSRE 11. I have R$ 30,000. You see here that it's ultra mega discounted, office funds are almost free, not just this one, practically all of them. 0.62 P/VP. A very good dividend yield, over 9%, it had appreciation this year, but it's still quite discounted. Next, BRCR11. This is one of the biggest red spots in my real estate investment fund portfolio. This fund has depreciated a lot in recent years, folks. R$ 29,000 I have invested today. You see here the P/VP, 0.48. It's even heartbreaking. And its vacancy rate isn't that high either, a bit above 10%, but I believe it will recover in the coming years. See that its dividend yield is quite high, also explained by the sharp drop it had in the last 12 months. The dividend yield is also correlated with the share price. So, when this share price falls a lot, the dividend increases a bit, but I still keep it in my portfolio, I believe in the long-term fundamentals. And to finish, VINO 11. This one was also a bloodbath, a bloodbath in my portfolio and in all investors' portfolios. I have R$ 19,000 today. And if we look here, P/VP is also 0.48, right? It took a hit. A very interesting dividend yield, a vacancy rate that is also okay. So, it remains in my portfolio.
Now, everyone, let's move on to "paper" real estate investment funds and take the opportunity to leave a comment on the video. I want to know if you prefer "brick" or "paper" real estate investment funds. Tell me in the comments so we can see what your preference is, my followers. You've already seen mine, which are "brick" funds. So, let's go to the "paper" funds.
KNSC11. I have R$ 70,000. R$ 1,000 invested in it. It has a small discount, P/VP 0.96, a very high dividend yield, 13%, higher than the average of "brick" funds, because paper funds usually pay a bit more, but there's the issue that you necessarily need to reinvest a part of what you receive to protect yourself from inflation, which doesn't happen with "brick" funds. Of course, whether it's paper, brick, or fiagro, it's always important to reinvest your dividends to create that snowball effect and also to always take a part of your income, from your work, and allocate it to investments. This way, you will increasingly increase your income, as I showed at the beginning of the video, I showed you my dividend graph.
Next, I have RBRR11 with R$ 70,000. Both are high-grade funds, meaning they are safer paper funds. I try to invest mainly in safer funds to avoid too many scares, too many problems. And P/VP 0.93, also with a small discount, and a dividend yield of over 12%, very interesting. In third place, with R$ 69,000, I have KNCR11, which is currently the largest traded fund on our stock exchange in terms of net asset value. It's a paper fund, and this one is a bit expensive, look. Price-to-book ratio 1.01, so pay attention, and a dividend yield of 12%, over 12%, also very interesting.
Then I have three real estate investment funds that are considered middle risk. They are not as safe as the first three, which is why I have less money invested in them, but they are funds that I like. First, RCR11, in which I have R$ 46,000. R$ 1,000 as well, it's a bit discounted, P/VP 0.92, a dividend yield of over 14%, very nice. Then there's the famous MXRF11. It was certainly the entry point for many people into the real estate investment fund market. In it, I have R$ 40,000. It's almost at its fair value. P/VP 0.99, paying around 12%. And finally, BCRI11, which some even classify as high yield, meaning riskier, but I consider it middle risk. It has R$ 31,000. A very high dividend yield of 15%, folks!
And to finish, the fiagros, there are only four fiagros in my portfolio. The first one is Sneg 11, with 27, almost R$ 28,000. R$ 1,000. A bit discounted as well, P/VP 0.94, paying an excellent dividend yield of over 14%, and look, it appreciated a lot this year. So, it's a respectable dividend yield. Next, I have BBGO11. This one suffered a lot with the agricultural crisis. So much so that if you look at the P/VP 0.77, a high dividend yield, but with a significant drop in the last 12 months. Then I have RZAG 11, where I have R$ 26,000. R$ 1,000 invested. P/VP 0.91, a very high dividend yield, over 16%. And look, it had a very high appreciation in the last 12 months. And finally, CPTR11, where I have R$ 22,000. P/VP very low, 0.77, it suffered a lot as well and has a dividend yield of 10.13%.
For those of you who want to delve deeper into the topic of real estate investment funds, I invite you to check out my Financial Freedom course, where I teach you to invest not only in real estate investment funds but in all possible and imaginable investments in the market. All the most important investments, fixed income, variable income, international investments, cryptocurrencies, everything is in the course. We have a super promotional price, cheaper than a Netflix subscription. There's a link in the description and a QR code for you to check out the course.
And for you to continue studying this topic of real estate investment funds, I'll leave in the card another video where I talk about some very cool real estate investment funds, real estate investment funds to invest in and never sell again, which can be interesting for those starting a portfolio from scratch to study, and who knows, if it makes sense for you, to invest in them.
A big hug. I wish you much success and see you next time.