LTMT11

What it is

Speciale Blue Real Asset is a Brazilian listed property fund — a fundo de investimento imobiliário — registered under CNPJ 46.449.786/0001-20, which began operating on 11 September 2023. It operates in the development segment, meaning it funds the construction of residential properties rather than collecting rent from standing buildings.

The fund targets qualified and professional investors only — in Brazilian law, those with at least R$ 1 million (US$194 k) invested in financial assets, or licensed finance professionals. It is not open to retail savers.

Who owns it

Institutional investors hold about 33.8% of the units (EODHD data); the remaining free float sits with qualified individuals. Approximately 124,960 units have been issued, giving the fund a net asset value of roughly R$ 12 million (US$2 mn).

No single controlling shareholder, family, or state entity is disclosed in available sources.

Who runs it

Banco Daycoval S.A. acts as the fund’s administrator — the regulated institution responsible for custody, compliance, and reporting to Brazil’s securities regulator, the CVM. The fund manager (gestor) responsible for investment decisions is not publicly named in available filings.

The annualised administration fee last paid was 8.05% — a notably high drag on a fund of this size, and a figure any professional investor will want to scrutinise closely before committing capital.

The money, in plain words

This is a micro-vehicle: its entire market value of R$ 14.7 million (about US$ 2.85 million) is smaller than many single commercial properties in São Paulo. The fund’s balance sheet (EODHD) shows total assets of R$ 14.8 million (US$ 2.87 million) against liabilities of just R$ 153,000 (US$ 29,700) — essentially no debt at all, so owners bear almost pure property risk with no leverage.

In 2024 the fund recognised R$ 212,000 (US$ 41,200) in income and kept R$ 141,000 (US$27 k)of it as profit — a net margin of 66.5% (our calculation), high but misleading at this scale, where a single fee or write-off can swing the result. In the 2025 period to date, revenue has fallen to zero and the fund is running a small net loss of R$ 89,000 (US$ 17,300), consistent with a development fund still deploying capital rather than harvesting returns.

The last income distribution was R$ 8.38 (US$2)per unit, paid in October 2024, representing a dividend yield of 8.80% based on the then-current unit price of R$ 95.19. (US$18)No further distributions have been reported since, which aligns with the zero-revenue 2025 data.

What it is doing now

The unit price has drifted lower in 2025, falling roughly 5.5% from R$ 100 (US$19)at the start of the year to around R$ 94.53. (US$18)With revenue at zero and no new distribution announced, the fund appears to be in a capital-deployment phase — putting money to work in development projects rather than generating income.

The unit price and its net asset value per unit of R$ 94.75 (US$18)are nearly identical, meaning the market is pricing the fund at close to book value — a price-to-book ratio of 1.0.

What to watch

• First project completion. A development fund produces almost no income until buildings are sold or tenanted; the moment of first material revenue recognition will test whether the fund’s structure can deliver on its promise.
• The 8.05% administration fee. On a R$ 14.7 million (US$3 mn) fund, that fee alone consumes roughly R$ 1.2 million (US$233 k) a year — far more than the R$ 212,000 (US$41 k)in revenue recorded in all of 2024. Unitholders need to see assets under management grow substantially or returns will be structurally eroded.
• Liquidity. Average daily trading volume is around R$ 2,826 (US$549)— thin enough that any investor seeking to exit a meaningful position could move the price against themselves.
• Disclosure. The fund has no public website, and its investment manager is unnamed in available filings; investors relying on transparency should press Banco Daycoval for fuller reporting through the CVM’s FNET system.

This is news, not investment advice.