Beyond the more favorable macro environment, Leonardo highlights that many funds continue to trade below their net asset value or below replacement cost. In the case of brick-and-mortar funds, this means that market prices are lower than the cost of building a similar property today. 

“If you tried to develop the same asset now, you wouldn’t be able to replicate it at the price funds are trading at. The discount is clear,” he says. 

This mismatch, he adds, creates opportunities for investors looking to strengthen their positions ahead of the next cycle. 

Among the segments expected to stand out in 2026, Eleven points to two main categories: 

IPCA-linked credit funds. 

These funds were hit by mark-to-market adjustments and, more recently, by lower inflation, which reduced distributed yields. That drove unit prices down, but Leonardo sees the movement as temporary. 
“As inflation normalizes, investors should begin to see value in this class again,” he says. 

Multi-strategy funds — the ‘FOFs 2.0’. 

With a more flexible mandate, these portfolios combine FIIs, CRIs, equities, and even direct real estate — a structure that allows them to capture different phases of the economic cycle. “We like this format a lot for next year. It offers breadth and the ability to adjust the portfolio more freely.” 

Leonardo stresses that while the Selic remains high, many investors stay parked in CDI-linked products, especially with yields near 1% per month. But that advantage is expected to disappear. 

“It’s comfortable to earn over 1% a month with low volatility. But that won’t last. And for anyone looking to enter equities, waiting for the Selic to fall may mean arriving too late,” he says. 

He believes the migration will be gradual — and suited to investors with risk tolerance. 
“You don’t need to move everything at once. But looking ahead, fixed income won’t deliver what it did in recent years.” 

Despite recent pressures, the specialist reinforces that FIIs operate under a fundamentally long-term logic. 

“The property is there, the rent gets paid. The market works in cycles. We’ve had tough cycles, but things change,” he says. Eleven estimates that the next positive cycle — if confirmed — could last five to seven years, depending on economic and political conditions. 

“The last three years were difficult. But eventually things improve. We believe 2026 will be better than 2025,” he concludes.