{"id":2768,"date":"2025-06-25T21:11:26","date_gmt":"2025-06-26T00:11:26","guid":{"rendered":"https:\/\/www.gringoinvestor.com\/?page_id=2768"},"modified":"2025-07-05T12:06:22","modified_gmt":"2025-07-05T15:06:22","slug":"visc11","status":"publish","type":"page","link":"https:\/\/www.gringoinvestor.com\/pt\/fiis\/shoppings\/visc11\/","title":{"rendered":"VISC11: FII Vinci Shopping Centers"},"content":{"rendered":"<p>Lan\u00e7ado em 2014, o VISC11 \u00e9 o segundo maior fundo de investimento imobili\u00e1rio (FII) de shoppings do Brasil, ficando atr\u00e1s apenas do <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/shoppings\/xpml11\/\">XPML11<\/a>. Gerido pela <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/gestoras\/vinci-partners\/\">Vinci Partners<\/a>, uma das principais gestoras de ativos alternativos da Am\u00e9rica Latina, com US$53 bilh\u00f5es sob gest\u00e3o, o fundo possui valor de mercado de aproximadamente R$3,0 bilh\u00f5es. Ele representa 2,14% do <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/indice-ifix\/\">\u00edndice IFIX<\/a> e possui um peso de 4,97% no <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/etf-hert11\/\">ETF HERT11<\/a>.<\/p>\n\n\n\n<p>Observa\u00e7\u00e3o: esta p\u00e1gina foi atualizada pela \u00faltima vez em 25 de junho de 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fatos principais do VISC11<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>M\u00e9trica<\/strong><\/td><td><strong>Valor<\/strong><\/td><\/tr><tr><td>Nome do Fundo<\/td><td>Vinci Shopping Centers FII<\/td><\/tr><tr><td>Gestor<\/td><td>Vinci Partners<\/td><\/tr><tr><td>Taxa de administra\u00e7\u00e3o<\/td><td>1,05% do valor de mercado (&gt;R$2 bilh\u00f5es)<\/td><\/tr><tr><td>Site da gestora<\/td><td><a href=\"https:\/\/www.vincifundoslistados.com\/nossos-fundos\/vinci-shopping-centers-fii-visc11\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.vincifundoslistados.com\/nossos-fundos\/vinci-shopping-centers-fii-visc11\/<\/a><\/td><\/tr><tr><td>In\u00edcio<\/td><td>10\/03\/2014<\/td><\/tr><tr><td>Setor<\/td><td>Shoppings<\/td><\/tr><tr><td>Valor<\/td><td>R$3.0B<\/td><\/tr><tr><td>N\u00famero de im\u00f3veis<\/td><td>30 shoppings<\/td><\/tr><tr><td>\u00c1rea Bruta Loc\u00e1vel (ABL)<\/td><td>~288.000 metros quadrados<\/td><\/tr><tr><td>Pre\u00e7o atual<\/td><td>R$102.81<\/td><\/tr><tr><td>Pre\u00e7o sobre Valor Patrimonial (P\/VP)<\/td><td>0.84<\/td><\/tr><tr><td>Dividend Yield (12 meses)<\/td><td>9.28%<\/td><\/tr><tr><td>Inclus\u00e3o em \u00cdndices\/ETFs<\/td><td>IFIX, HERT11<br><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Entre outubro de 2017 e abril de 2025, o VISC11 gerou um retorno bruto total de 94,4%, superando o \u00edndice IFIX (55,5%) e apresentando resultados em linha com o CDI, principal refer\u00eancia do mercado brasileiro.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hist\u00f3rico de Desempenho<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"672\" height=\"231\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-12.png\" alt=\"\" class=\"wp-image-2773\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-12.png 672w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-12-300x103.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-12-18x6.png 18w\" sizes=\"(max-width: 672px) 100vw, 672px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Relat\u00f3rio Gerencial de maio de 2025<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Vis\u00e3o Geral do Portf\u00f3lio<\/h2>\n\n\n\n<p>O portf\u00f3lio do VISC11 inclui participa\u00e7\u00f5es em 30 shoppings centers, com uma \u00e1rea bruta loc\u00e1vel (ABL) proporcional total de aproximadamente 288.000 metros quadrados. Isso o torna um dos FIIs de shoppings mais diversificados geograficamente do Brasil. A receita de aluguel \u00e9 distribu\u00edda por 15 estados brasileiros, com a maior parte do lucro operacional l\u00edquido (NOI) concentrada em S\u00e3o Paulo (32%). Em compara\u00e7\u00e3o com pares como o XPML11 (~50% da ABL) e <a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/shoppings\/hgbs11\/\">HGBS11<\/a> (86%), o VISC11 \u00e9 significativamente menos concentrado na regi\u00e3o de S\u00e3o Paulo. <\/p>\n\n\n\n<p>Observa\u00e7\u00e3o: os dados de XPML11 e HGBS11 se referem \u00e0 ABL, n\u00e3o ao NOI.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"806\" height=\"653\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-13.png\" alt=\"\" class=\"wp-image-2775\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-13.png 806w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-13-300x243.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-13-768x622.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-13-15x12.png 15w\" sizes=\"(max-width: 806px) 100vw, 806px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Apresenta\u00e7\u00e3o Gerencial de maio<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>O portf\u00f3lio do VISC11 \u00e9 administrado por 11 diferentes operadoras de shoppings, sendo que Ancar e Argo s\u00e3o respons\u00e1veis por 31% e 21% do NOI, respectivamente. O fundo frequentemente det\u00e9m participa\u00e7\u00f5es minorit\u00e1rias em seus ativos, com posi\u00e7\u00f5es de controle representando apenas 32% do NOI total.<\/p>\n\n\n\n<p>O gr\u00e1fico abaixo mostra que o NOI est\u00e1 bem distribu\u00eddo entre os 30 ativos do fundo, sendo que a participa\u00e7\u00e3o mais relevante representa apenas 12%, e as demais ficam abaixo de 10%.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"803\" height=\"356\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-14.png\" alt=\"\" class=\"wp-image-2777\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-14.png 803w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-14-300x133.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-14-768x340.png 768w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-14-18x8.png 18w\" sizes=\"(max-width: 803px) 100vw, 803px\" \/><\/figure>\n\n\n\n<p><em><em>Fonte: Relat\u00f3rio Gerencial de maio<\/em><\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Compara\u00e7\u00e3o Setorial e Indicadores-Chave (KPIs)<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcc8 Valor de Mercado e Yield<\/h3>\n\n\n\n<p>O VISC11 \u00e9 o segundo maior FII de shoppings do IFIX, com valor de mercado de R$3,0 bilh\u00f5es. Apresenta um dividend yield de 12 meses de 9,28%, abaixo da mediana dos FIIs de shoppings, que \u00e9 de 10,89%. Devido ao seu porte e hist\u00f3rico, \u00e9 mais adequado compar\u00e1-lo a pares de primeira linha como XPML11, HGBS11, HSML11 e MALL11.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\uddee Avalia\u00e7\u00e3o<\/h3>\n\n\n\n<p>O VISC11 \u00e9 negociado com um P\/VP de 0,84x, acima da mediana dos FIIs de shoppings do IFIX (0,80x), mas abaixo do XPML11 (0,89x) e do HGBS11 (0,91x), e acima do HSML11 (0,78x) e do MALL11 (0,83x).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcb8 Padr\u00e3o de Dividendos<\/h3>\n\n\n\n<p>Com exce\u00e7\u00e3o do per\u00edodo da COVID-19, o VISC11 tem distribu\u00eddo dividendos mensais consistentes, com crescimento de longo prazo aproximadamente acompanhando a infla\u00e7\u00e3o.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"overflow-x: auto; -webkit-overflow-scrolling: touch;\">\n  <div style=\"min-width: 660px;\">\n<iframe width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vTV3VCLpm5_CmujhG2YdKopUnmsU3FfrHg3ZrankJQ_WkTyR9ZdiRiNM6nbl_pGJ3ya86N_euXME9sw\/pubchart?oid=1035433710&amp;format=interactive\"><\/iframe>\n<p style=\"font-size: 0.75em; color: #888; text-align: left; padding-left: 0.5em; margin-top: 0.25em;\">\n      \ud83d\udc49 Deslize para o lado no celular para visualizar o gr\u00e1fico completo\n    <\/p>\n  <\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcc9 Vac\u00e2ncia e Outros Indicadores<\/h3>\n\n\n\n<p>Entre 2023 e 2024, as vendas nas mesmas lojas (SSS) cresceram 5,5%, em linha com os principais pares do VISC11 (HGBS11, XPML11, MALL11, HSML11). Abril de 2025 apresentou um desempenho mais forte, com alta de 11,1%, embora isso provavelmente tenha sido influenciado pela data da P\u00e1scoa.<\/p>\n\n\n\n<p>A vac\u00e2ncia se manteve relativamente est\u00e1vel, mas, aos 5,7%, continua bem acima da m\u00e9dia do grupo de pares, que gira em torno de 4%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"706\" height=\"222\" src=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-15.png\" alt=\"\" class=\"wp-image-2781\" srcset=\"https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-15.png 706w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-15-300x94.png 300w, https:\/\/www.gringoinvestor.com\/wp-content\/uploads\/2025\/06\/image-15-18x6.png 18w\" sizes=\"(max-width: 706px) 100vw, 706px\" \/><\/figure>\n\n\n\n<p><em>Fonte: Vinci Shopping Centers FII<\/em> <em>\u2013 Relat\u00f3rio Gerencial de Maio de 2025<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udcd8 Saiba Mais<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Se voc\u00ea \u00e9 novo no mercado de FIIs (REITs brasileiros), confira meu <a href=\"\/pt\/fiis\/\" style=\"color:#004aad; text-decoration:underline;\">Guia para Investidores Internacionais<\/a> ou <a href=\"\/pt\/como-escolher-fiis\/\" style=\"color:#004aad; text-decoration:underline;\">Como Eu Escolho FIIs<\/a><\/li>\n\n\n\n<li>Para gr\u00e1ficos e tabelas excelentes, confira a p\u00e1gina do VISC11 em <a href=\"https:\/\/www.fundsexplorer.com.br\/funds\/visc11\" target=\"_blank\" rel=\"noreferrer noopener\">O Funds Explorer.<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udd17 P\u00e1ginas Relacionadas<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/shoppings\/\">Vis\u00e3o Geral dos FIIs de Shoppings no Brasil<\/a><\/li>\n\n\n\n<li><a style=\"color:#004aad; text-decoration:underline;\" href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/indice-ifix\/\">Composi\u00e7\u00e3o do \u00cdndice IFIX<\/a><\/li>\n\n\n\n<li><a style=\"color:#004aad; text-decoration:underline;\" href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/etf-hert11\/\">Posi\u00e7\u00f5es do ETF HERT11<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"disclosure\">Aviso de Conflito de Interesses<\/h2>\n\n\n\n<p>At\u00e9 o momento, n\u00e3o possuo posi\u00e7\u00e3o no VISC11, embora isso possa mudar no futuro. Este conte\u00fado \u00e9 apenas para fins informativos e n\u00e3o constitui aconselhamento financeiro. Sempre fa\u00e7a sua pr\u00f3pria pesquisa e consulte um profissional licenciado antes de tomar decis\u00f5es de investimento.<\/p>\n\n\n\n<p id=\"legal-disclaimer\"><strong>IMPORTANTE: AVISO LEGAL<\/strong><\/p>\n\n\n\n<p><strong>As informa\u00e7\u00f5es fornecidas neste site s\u00e3o apenas para fins informativos gerais. Todo o conte\u00fado se baseia em opini\u00f5es pessoais, experi\u00eancias ou dados publicamente dispon\u00edveis e n\u00e3o deve ser interpretado como aconselhamento financeiro, jur\u00eddico, tribut\u00e1rio ou de investimentos. Nada aqui deve ser entendido como uma recomenda\u00e7\u00e3o para comprar, vender ou manter qualquer instrumento financeiro.<\/strong><\/p>\n\n\n\n<p><strong>N\u00e3o sou consultor financeiro certificado e n\u00e3o conhe\u00e7o sua situa\u00e7\u00e3o financeira pessoal. Sempre consulte um profissional qualificado antes de tomar qualquer decis\u00e3o de investimento. O Gringo Investor e seu criador isentam-se de qualquer responsabilidade por perdas ou danos decorrentes do uso dessas informa\u00e7\u00f5es.<\/strong><\/p>\n\n\n\n<p><strong>Investir envolve riscos, incluindo a possibilidade de perda total do capital. Resultados passados n\u00e3o garantem retornos futuros.<\/strong><br><br><strong>Este site \u00e9 voltado para um p\u00fablico internacional e n\u00e3o se destina a cumprir regulamenta\u00e7\u00f5es da CVM ou fornecer recomenda\u00e7\u00f5es formais de investimento no Brasil.\n\nEste artigo foi originalmente escrito em ingl\u00eas. Para ler na vers\u00e3o original, mude o idioma do site para Ingl\u00eas usando o seletor de idiomas no menu.<\/strong><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Launched in 2014, VISC11 is Brazil\u2019s second largest shopping mall real estate investment fund (FII), ranking behind only XPML11. Managed by Vinci Partners, one of Latin America&#8217;s leading alternative asset managers overseeing US$53B, the fund has a market capitalization of approximately R$3.0 billion. It represents 2.14% of the IFIX index and carries a weight of [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"parent":2315,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-2768","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VISC11: Vinci Shopping Centers FII - Gringo Investor<\/title>\n<meta name=\"description\" content=\"VISC11 is Brazil\u2019s second largest shopping FII. This review covers its dividends, tenant mix, valuation, and long-term performance. Learn how Vinci compares to top Brazilian REITs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gringoinvestor.com\/pt\/fiis\/shoppings\/visc11\/\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VISC11: Vinci Shopping Centers FII - Gringo Investor\" \/>\n<meta property=\"og:description\" content=\"VISC11 is Brazil\u2019s second largest shopping FII. This review covers its dividends, tenant mix, valuation, and long-term performance. 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