Hedge Investments is a specialist real estate asset manager known for its research-driven approach, creative structuring, and commitment to expanding Brazil’s REIT market globally. The firm was an early pioneer in the FII space and remains one of the few Brazilian managers with a meaningful international footprint. While Hedge is best known for its deep specialization in real estate, the firm also manages a selection of multimarket and credit funds, reflecting a broader approach to alternative investments.
Hedge manages HGBS11, the third-largest shopping FII in Brazil and currently the only one rated by S&P, a distinction that enhances credibility with global investors. It also oversees HFOF11, a multi-strategy Fund of Funds, with both funds being components of the IFIX.
In 2025, the firm launched HERT11, Brazil’s first ETF designed to track a broad index of brick-and-mortar REITs, aiming to increase accessibility for foreign investors. Together, these vehicles reflect Hedge’s emphasis on quality portfolios, macroeconomic analysis, and global best practices in governance and disclosure.
In addition to its more prominent IFIX-listed funds like HGBS11 and HFOF11, Hedge manages a broader range of real estate vehicles, including single-asset funds such as FLRP11, which holds a significant stake in a shopping mall in Florianópolis, and CJCT11, focused on the Cidade Jardim complex in São Paulo. These funds offer investors a way to make targeted bets on specific assets or markets, but typically offer more concentrated exposure and less liquidity than Hedge’s flagship products.
Hedge is one of the few Brazilian REIT managers actively engaging with international investors, combining local expertise with global standards in transparency and governance.
You can visit Hedge Investments’ website here.
Last updated June 28, 2025.
🔍 Key FIIs Managed by Hedge
| Ticker | Fund Name | Segment | Market Capitalization |
|---|---|---|---|
| HGBS11 | Hedge Brasil Shopping | Shopping | R$2.5B |
| HFOF11 | Hedge Top FOF | Fund of Funds | R$1.4B |
Note: Hedge manages a large number of additional FIIs not included in this list. Only major publicly traded funds with material AUM and liquidity are shown.
📊 Real Estate Investment Strategy
Hedge Investments focuses on brick-and-mortar real estate, employing a strategy that varies across its diverse lineup of funds. The firm blends top-down macroeconomic insights with bottom-up property selection, offering exposure to both diversified portfolios and targeted, high-conviction assets.
Some strategies, such as the HERT11 ETF, reflect Hedge’s macro perspective and its commitment to expanding access for international investors. Others, like FLRP11 and CJCT11, are built around specific assets or localized investment theses.
Across its products, Hedge emphasizes governance, transparency, and alignment with global real estate best practices, positioning itself as a bridge between Brazilian real estate and international capital.
HERT11 encapsulates this philosophy by offering diversified exposure in a format tailored to international REIT investors.