ARTE11

What it is

ARTE11 is the Ártemis Fundo de Investimento Imobiliário Responsabilidade Limitada, a Brazilian real-estate investment fund (FII) listed on the B3 exchange under CNPJ 53.193.237/0001-00. Think of it as a pooled vehicle that buys residential mortgage bonds rather than physical properties — it owns the debt, not the bricks.

The fund pursues opportunities by buying diversified credit portfolios — structured as CRI bonds (certificados de recebíveis imobiliários, essentially securitised home-loan receivables) — tied to completed residential land-development projects focused on affordable, first-home buyers in cities across Brazil’s South and in São Paulo. Its stated aim is to deliver capital appreciation and income to unitholders through investment in CRI bonds and complementary real-estate assets permitted under CVM Resolution 175.

Who owns it

The fund was established and is managed by Ártemis de Recursos Ltda. (“Gestora”), in a purely advisory and portfolio-management capacity.

As a Brazilian closed-end FII, there is no single controlling shareholder in the conventional sense: ownership is spread across the fund’s unitholders — the public investors who hold its 9.5 million traded units on B3.

Income distributions are tax-exempt for individual Brazilian residents, provided each unitholder holds no more than 10% of units, the fund has at least 100 unitholders, and its units are traded on a regulated exchange or organised market. The founding manager and its principals are not individually named in publicly available CVM or B3 filings reviewed for this profile.

Who runs it

Day-to-day fund administration — custody, regulatory filings, and unitholder services — is the responsibility of BTG Pactual Serviços Financeiros S/A DTVM, Brazil’s largest private investment bank group, which took over the administrative role in October 2025. Portfolio decisions — which mortgage bonds to buy and at what price — remain with the independent manager, Ártemis de Recursos Ltda.

Individual names of the fund’s portfolio managers or the BTG administrative officers responsible for ARTE11 are not disclosed in available public sources.

The money, in plain words

As of Q1 2026, the fund’s total assets stand at R$98.97 million (~US$19.1 million), its net equity at R$98.84 million (~US$19.1 million), and 9.5 million units are in issue at a book value of R$10.40 (US$2)each. Net equity has grown from R$66.8 million (US$13 mn) at inception (end-2024) to R$88.2 million (US$17 mn) at end-2025 and R$98.8 million (US$19 mn) by Q1 2026 — a 32% rise in 2025 alone and a further 12% in just the first quarter of 2026 (our calculations).

Nearly all of that — R$97.2 million, or about US$18.8 million — is invested directly in CRI bonds, chiefly issued through Logos Companhia Securitizadora and one position via Travessia Securitizadora; a small liquidity reserve of R$1.7 million (US$329 k) sits in a Treasury Selic money-market fund. The portfolio is therefore almost entirely concentrated in one type of credit instrument tied to residential land development.

Despite the growing asset base, the market price per unit — around R$6.88 (US$1)— sits 34% below the book value of R$10.40, (US$2)giving a price-to-NAV ratio of 0.66. That gap is wide even by the standards of small-cap Brazilian FIIs, and it translates into a trailing twelve-month dividend yield of 15.19%, high precisely because income is measured against a depressed market price.

By regulation, the fund must distribute at least 95% of its cash earnings to unitholders, paid out on the 11th business day of the month following the period in which results are recognised.

What it is doing now

The most significant recent event was a change of administrator. CVM and B3 filings dated 17 October 2025 record an extraordinary general meeting of unitholders, a change of administrator, and an updated fund regulation — all pointing to a structural overhaul in which BTG Pactual Serviços Financeiros took over the administrative function.

The manager, Ártemis de Recursos Ltda., remained in place to run the portfolio.

In March 2026, the fund completed a new public offering of units (Anúncio de Encerramento dated 19 March 2026), which pushed the unit count from 8.5 million to 9.5 million and added roughly R$10 million (US$2 mn) in fresh equity. The proceeds went into new CRI positions, continuing the strategy of buying affordable-housing credit parcels across southern Brazil and São Paulo.

What to watch

• Discount closure. At 0.66× book value, ARTE11 is cheap on paper — but a discount this wide in a 17-month-old fund suggests limited liquidity, thin analyst coverage, or unease about CRI credit quality. Watch whether secondary-market volume expands as the fund grows.
• Credit concentration. Nearly the entire portfolio is CRI bonds from a single securitiser, Logos Companhia Securitizadora. If underlying borrowers in the affordable-housing segment run into payment difficulties during Brazil’s current high-interest-rate environment, distributions could fall sharply.
• The fund targets a real return of IPCA + 9% per year — ambitious when Brazilian base rates are already elevated. Whether the portfolio actually achieves that and whether the manager can deploy new capital at similar yields are the key performance tests.
• Scale. At R$98.8 million (US$19 mn) in net equity (~US$19 million), ARTE11 remains very small. Another equity offering — or a failure to raise capital — will determine whether it achieves the critical mass needed to improve liquidity and reduce per-unit costs.

This is news, not investment advice.