HILG11

What it is

Hire Log I began operating on 3 May 2021 and is a physical-property (“tijolo”) real-estate fund focused on logistics, open only to qualified investors — the Brazilian regulatory category for professional and high-net-worth participants.

Its disclosed portfolio includes at least one large logistics warehouse — the “IMOVLOG” property on the Rodovia Dom Gabriel Paulino Bueno Couto in Cabreúva, São Paulo state, with 33,138 m² of rentable floor space.

Who owns it

The fund has approximately 526,253 units distributed among only about 50 unitholders, giving it an extraordinarily concentrated ownership structure; the book value per unit works out to roughly R$187. (US$36)This is a private-placement vehicle, not a mass-market fund.

The structured data shows institutional holders at roughly 63% of units; the identities of specific controlling unitholders are not disclosed in available public sources.

Who runs it

The fund’s administrator — the entity responsible for fiduciary oversight and regulatory compliance — is Vortx Distribuidora de Títulos e Valores Mobiliários Ltda. (CNPJ 22.610.500/0001-88), a specialist fund-services firm.

The name of the portfolio manager (gestor) and any individual fund directors are not disclosed in available public sources; Brazilian regulations require that entity-level, not individual-level, management be identified in public filings for funds of this type.

The money, in plain words

The fund collects rent, and the rent is growing fast: cash rental income doubled from R$5.4m (≈US$1.0m) in 2022 to R$10.8m (≈US$2.1m) in 2024 — a gain of just over 100% in two years (our calculation). The 2023-to-2024 step alone was +26% (our calculation).

Reported net income of R$17.9m (≈US$3.5m) in 2024 is higher than rental income because Brazilian accounting rules require funds to mark their properties to market value each year; gains from rising warehouse valuations flow through the income statement alongside cash rent. Strip those out and look only at the operating income line — R$8.7m (US$2 mn) in 2024 — for the cash-generating picture.

The balance sheet is almost surreally clean: total liabilities of just R$67,000 (US$13 k)against R$108.5m (US$21 mn) of assets — a loan-to-value ratio of essentially zero (our calculation). For every real of equity invested, the fund earned roughly 16.5 cents of reported net profit in 2024 — a return on equity of 16.5% (our calculation), strong for a property vehicle in a high-interest-rate environment.

At a price-to-earnings ratio of 7.3×, the market values the fund at about seven times one year’s reported earnings — modest, reflecting both its illiquidity and the fact that part of those earnings are paper gains rather than cash.

What it is doing now

The most recent income distribution on record was R$1.46 (US$0.28)per unit, paid in December 2025. Over the full year 2025, total distributions reached approximately R$17.12 (US$3)per unit.

The unit price has drifted lower: starting 2025 at R$197.24 (US$38)and finishing at R$184.96, (US$36)a decline of about 6% — a pattern common across Brazilian logistics funds as high domestic interest rates make fixed-income alternatives more attractive relative to real-estate yields.

What to watch

• Occupancy at Cabreúva. With so few assets, a single tenant departure would hit income materially; vacancy data are not publicly granular for this fund.
• Brazil’s interest-rate cycle. Brazilian benchmark rates (Selic) remain elevated; a sustained cut would reprice the whole logistics-FII sector upward and make the fund’s ~9% trailing yield less competitive with government bonds.
• Ownership concentration. With only ~50 unitholders and no publicly named controlling investor, any large redemption or ownership change could move the price sharply in a thinly traded vehicle.
• Transparency. The fund discloses less than its larger B3 peers — no public website, minimal press coverage. Investors depend entirely on CVM filings and administrator reports for information.

This is news, not investment advice.