NEXG11

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What it is

NEXG11 is a listed agricultural investment fund (FIAGRO) whose objective is the acquisition of Certificados de Recebíveis do Agronegócio (CRAs), Letras de Crédito do Agronegócio (LCAs), and Certificados de Recebíveis Imobiliários (CRIs) — all backed by the agribusiness productive chain. In plain terms: rather than buying farmland, the fund lends money to agribusiness companies through structured credit securities, then passes the interest it collects to unitholders every month.

NEXG11 allocates predominantly to CRAs indexed to the CDI rate — Brazil’s overnight interbank benchmark — with attractive yields, robust guarantee structures, and a diversified portfolio. As at September 2025, the portfolio carried an average rate of CDI + 2.70% per year, with about 91% of net assets deployed across 32 named borrowers spanning soy, corn, beef, coffee, and sugar production.

Who owns it

As a publicly traded FIAGRO, NEXG11 has no single controlling shareholder. The fund was registered with the CVM under automatic offer number CVM/SRE/AUT/FAI/PRI/2023/027, with GUIDE Investimentos S.A. as lead coordinator.

Ownership is spread across a small, concentrated unitholding base: the September 2025 management report shows just 649 unitholders in total — meaning the typical holder is an institution or high-net-worth individual, not a retail investor.

There is no disclosed controlling quotaholder above a reporting threshold. NEX Gestão de Recursos Ltda, as manager, is the economic beneficiary of the management fee stream but holds no disclosed equity stake in the fund itself.

Who runs it

NEX Gestão de Recursos is an independent asset manager specialising in financial solutions for regional agribusiness challenges that scale nationally; it is headquartered in Goiânia, positioned at the geographic midpoint of Brazil’s main agricultural production belts. Vórtx Distribuidora de Títulos e Valores Mobiliários Ltda.

acts as administrator and legal representative of the fund, based in Pinheiros, São Paulo.

The primary contact and operational lead named in the B3 offering document is Lincoln Guabajara Silva Santos, of NEX Gestão, at [email protected]. A named CEO or CFO of the management firm is not separately disclosed in available public filings; the firm operates as a boutique with a flat structure focused on a single fund.

The money, in plain words

The fund raised its first batch of units at R$100 (US$19)per unit in November 2023. By September 2025, the market was paying R$133.30 (US$26)per unit — a gain of about 33% in price alone — while the book value per unit stood at R$100.67.

(US$19)The total return including all dividends paid since launch reached +90.89%, equivalent to 271% of the CDI benchmark — meaning investors earned nearly three times what they would have earned sitting in Brazil’s overnight money-market rate, with the tax exemption for individual investors making the effective advantage even larger.

Over the trailing twelve months the fund paid R$11.13 (US$2)in dividends per unit, a dividend yield of 8.50%. That income arrives monthly; the payout date falls on a business day each month.

The annualised yield on the October 2025 declared dividend reached 9.54%. For individual Brazilian taxpayers, those distributions are income-tax-exempt under current legislation, lifting the effective after-tax return above a taxable fixed-income instrument earning the same gross rate.

At a market capitalisation of R$93.1 million (~US$17.9 million), this is a micro-cap fund. Daily trading liquidity is thin — averaging around R$0.5 million (US$96 k) — so large orders can move the price.

The 32% premium of market price over net asset value (P/VP of ~1.32x) reflects the market’s confidence in the manager’s ability to continue generating returns above CDI, but it also means a new buyer is paying roughly R$33 (US$6)of goodwill for every R$100 (US$19)of underlying assets.

What it is doing now

September 2025 saw no new credit acquisitions, as the team focused on fully deploying the capital raised in the second unit issuance. By end of September, 90.89% of net assets were allocated, at a portfolio average rate of CDI + 2.70%.

The portfolio’s average remaining duration — how long, on average, before each loan matures — was 2.52 years, skewed toward 2027–2029 maturities. The largest individual borrowers included Ubyfol, ACP, Uniggel, Pisani, and Vamos, diversified across soy, beef, grain trading, and machinery lending.

At the end of March 2026, the adjusted unit return since inception reached +90.89%, equivalent to 271.29% of CDI, confirming the trend continued into early 2026. The April 2026 investor sheet shows the annualised yield stood at 11.36% — strong relative to the Brazilian fixed-income benchmark at the time.

What to watch

• CDI trajectory. Nearly 88% of the portfolio is indexed to CDI. If Brazil’s central bank cuts rates aggressively, the fund’s income falls with them — and the premium of unit price over NAV could compress sharply.
• Credit quality of borrowers. The portfolio is diversified across 32 names, but the fund is small enough that a single default among the larger positions (5%+ of NAV) would be material. Borrowers are mostly mid-size agribusiness operators, not investment-grade names.
• Liquidity risk. With under 650 unitholders and daily trading volumes around R$0.5 million (US$96 k), any investor wishing to exit quickly may have to accept a price discount.
• Scale ambition. At R$70 million (US$13 mn) in net assets, NEX Gestão has room to grow through further unit issuances. A third emission would bring fresh capital but could dilute returns if deployment proves slower than past rounds.
• Tax-exemption rules. The income-tax exemption for individual investors is a key selling point; any change in Brazilian tax legislation covering FIAGROs would alter the fund’s comparative appeal overnight.

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This is news, not investment advice.