Sparta Infra Cdi Fd De Invest Em Cotas De Fd Incentivados De Inv Em Infraestrutura Renda Fixa Cr Pri

What it is

The Sparta Infra CDI is a fixed-income fund that invests primarily in infrastructure debentures issued by companies in sectors defined under Brazilian Law 12.431, and is open to the general public. A debenture is simply a bond — in this case a bond issued by an infrastructure company (power grid, toll road, sanitation utility, telecoms network) and blessed by law with a full income-tax exemption for individual investors.

The fund is a feeder vehicle: it acquires units in the Sparta Infra CDI Master funds, which in turn invest directly in the infrastructure debentures; and distributions of income are fully exempt from income tax for individual investors. These funds are regulated by CVM Instruction 606 of 2020 and trade on the B3 exchange in the secondary market, though they cannot be redeemed at will — investors exit by selling their units to another buyer.

At least 85% of assets must be kept in CDI-linked infrastructure debentures — that is, bonds whose coupon moves daily with Brazil’s overnight interest rate rather than with inflation. As of April 2026, the portfolio held roughly 84 individual debentures across energy generation, toll roads, sanitation, telecoms, logistics, and sugar-and-ethanol producers, spread across all investment-grade ratings.

Who owns it

CDII11 is a publicly-held closed-end fund with 70,589 unitholders as of 30 April 2026. There is no controlling shareholder in the usual sense: the fund is collectively owned by its unitholders, all of whom buy and sell freely on the B3 exchange.

The managing firm, Sparta Administradora de Recursos Ltda., is a privately-held partnership. Its direct controlling entity is Espartano Participações Ltda., which traces back to founding partner Victor Abou Nehmi Filho, the original force behind Sparta’s creation in 1993.

Named partners today include Artur Duarte Nehmi, Caio Barcellos Palma, Felipe Vidal, and several others, all registered as partners or administrator-partners.

Who runs it

The executive director of Sparta is Ulisses Duarte Nehmi, to whom all area heads report; the head of portfolio management is Leonardo Horta, who oversees the individual fund managers. The fund’s fiduciary administrator — the entity legally responsible for custody and compliance — is BTG Pactual Serviços Financeiros S.A. DTVM, headquartered in Botafogo, Rio de Janeiro.

The broader Sparta team today stands at 38 professionals, of whom 13 are partners. Across all strategies, Sparta manages assets of approximately R$ 24.2 billion (~US$ 4.6 billion) for around 280,000 unitholders.

The money, in plain words

Because this is an investment fund rather than an operating company, “revenue” and “net profit” do not apply in the usual sense. The right numbers to watch are net assets (the pool of capital), the income paid out each month, and the return since launch.

At the close of April 2026, net assets stood at R$ 2.8 billion (~US$ 537 million), the book value per unit was R$ 101.05, (US$19)and the market price on the B3 was R$ 103.90 (US$20)— a small premium of roughly 3%.

The fund paid out R$ 17.52 (US$3)per unit over the twelve months to April 2026, a trailing dividend yield of 17.9% p.a. — and because this income is tax-exempt for Brazilian individuals under Law 12.431, it is broadly equivalent to a taxable yield of roughly 21.7% (our calculation: 17.9% ÷ 0.825, the after-tax equivalent at the 17.5% withholding rate).

Since its February 2023 launch, the fund’s total return on book value has been 65.3%, or 139% of the CDI benchmark rate — meaning it has beaten the country’s base rate by a healthy margin for three consecutive years.

What it is doing now

In April 2026, Sparta’s managers added three new issuers to the portfolio — Telefônica, Isa Energia, and Taesa — as part of an active repositioning after infrastructure bond spreads widened by roughly 0.3 percentage points over the month, driven in part by rating concerns around sanitation group Aegea. The fund’s exposure to Aegea sits at 2.0% of net assets, concentrated in the operating subsidiaries rather than the holding company.

Management simultaneously revised its monthly distribution policy, lowering the near-term target payout from a level tied to book-value maintenance down to a floor of at least R$ 1.00 (US$0.19)/unit per month (~90% of CDI), giving the fund more flexibility to navigate volatile bond markets without forced selling. Daily secondary-market liquidity on the B3 averages approximately R$ 7.35 million (~US$ 1.4 million), the highest of any FI-Infra peer.

What to watch

• The Selic rate path. Because the debentures pay CDI-plus coupons, every cut to Brazil’s overnight rate directly reduces the monthly income unitholders receive. Market consensus projects the Selic falling toward 10–11% by 2027, which could cut the monthly distribution per unit from roughly R$ 2.00 (US$0.38)at the 2025 peak to around R$ 0.70 (US$0.13)–0.80 — a decline of 40–50%.
• Credit quality. The portfolio spans more than 80 issuers; any broad widening of infrastructure credit spreads — as seen in April 2026 — hits book value even if the coupons themselves hold.
• Fund size. Since inception, the fund has delivered a total return of CDI + 5.7% p.a. Further share issuances (a sixth offering was launched in late 2025) will test whether that edge can be maintained as assets grow.
• Tax law stability. The fund’s entire value proposition rests on income-tax exemption under Law 12.431 for individual holders; any change to that legislation would reshape the investment case overnight.

This is news, not investment advice.