SNID11 dividends hit record high and could rise even further

FI-Infra SNID11 reinforced its solidity by maintaining the monthly distribution of R$0.12 per share in May, a result that represents the highest level of payment since the fund's inception. Management indicates that this amount may grow even further, reaching R$0.13, if the macroeconomic scenario evolves as expected and new allocation opportunities arise.

Even with the Selic rate stabilized between 14.75% and 15% per year, management remains comfortable with the current strategy. According to the fund's analysts, they have not changed the execution of the distribution policy.

João Comine, an analyst at Suno Asset, points out that the fund is closely monitoring monetary policy developments, but expects interest rate cuts to occur only towards the end of the year. "With the Selic rate stable, we are able to meet the guidance and assess the adjustments month by month. Today, we are working with an estimate of up to R$0.13 per share," he said.

SNID11 portfolio resilience

SNID11 continues to have significant exposure to infrastructure debentures, focusing on assets with longer duration and higher risk premium. The absence of defaults since the fund was created is one of the indicators of the robustness of credit selection.

Even with the high Selic rate, the fund has stood out for delivering annualized returns above the CDI in all months — with the exception of April 2025 — and surpassing the average net CDI, considering the 15% IR rate levied on traditional investments.

Mark-to-market boosts results

The April result was significantly contributed by the marking to market of the securities, benefiting from the closing of the debenture spreads in the portfolio. As a result, the fund delivered R$0.15 per share in the month, reinforcing its capacity to generate additional gains beyond the traditional carry.

Another highlight was the improvement in the rating and risk perception of the invested assets, which, according to the manager, shows the quality of the allocations made and the monitoring of the portfolio.

Incentivized credit maintains strong pace in 2025

The primary market for incentivized debentures remains buoyant in 2025 , with the first quarter recording a collection of R$46 billion, according to Anbima. This environment has offered opportunities for specific operations, even though the window for large movements is more restricted.

Given this scenario, Suno Asset has been using repurchase agreements as a tool for fine-tuning the portfolio. According to the manager, the focus is not on aggressively increasing profitability, but rather optimizing the carry without changing the risk profile of SNID11 .