12 Top FIIs to Hold in Your Portfolio This December 2025, According to Santander
- Why Did Santander Adjust Its FII Portfolio?
- Key Changes in the December 2025 Portfolio
- Performance Snapshot: How Did the Portfolio Fare?
- Deep Dive: Top 3 FIIs to Watch
- FAQs: Your Questions Answered
Santander has updated its recommended portfolio of real estate investment funds (FIIs) for December 2025, making strategic adjustments to optimize returns. The bank removed Valora Hedge Fund (VGHF11) due to expected volatility but increased exposure to Pátria Recebíveis (HGCR11) and Vinci Logística (VILG11). This article breaks down the full list of 12 FIIs, their performance metrics, and the rationale behind Santander’s picks.
Why Did Santander Adjust Its FII Portfolio?
Santander’s latest portfolio tweaks reflect a cautious yet opportunistic approach. The removal of VGHF11 stems from concerns over its sensitivity to inflation fluctuations and lack of a robust earnings reserve. Meanwhile, HGCR11 and VILG11 saw increased allocations due to their strong fundamentals—HGCR11 for its diversified assets and 13% dividend yield projection, and VILG11 for its discounted P/VP ratio and prime logistics assets. "We believe these adjustments balance risk and reward," noted the BTCC team.
Key Changes in the December 2025 Portfolio
The bank’s revised portfolio now includes:
| FII | Segment | Weight | P/VP | DY (12M est.) |
|---|---|---|---|---|
| Mauá Capital Recebíveis (MCCI11) | Receivables | 12% | -7% | 13.4% |
| Pátria Recebíveis (HGCR11) | Receivables | 10% | -5% | 13.2% |
*Data sourced from TradingView as of December 2025.
Performance Snapshot: How Did the Portfolio Fare?
In November 2025, Santander’s picks gained 1.22%, trailing the IFIX’s 1.86% rise. However, year-to-date, the portfolio outperformed with an 18.8% return vs. the index’s 17.5%. "Logistics and receivables funds drove most gains," observed an analyst.
Deep Dive: Top 3 FIIs to Watch
Trading at a 15% P/VP discount, this logistics FII owns 15 well-located warehouses. Its 9.6% yield and management expertise make it a standout.
With a projected 13% dividend and solid guarantees, it’s a defensive play in volatile markets.
A hybrid fund offering an 11.2% yield, ideal for diversification.
FAQs: Your Questions Answered
Why was VGHF11 removed?
Santander cited volatility risks and inflation sensitivity as key reasons, though it maintains a neutral long-term view.
What’s the outlook for logistics FIIs?
With e-commerce growth, funds like VILG11 and BRCO11 are poised to benefit from rising warehouse demand.
