Fernando Crestana

BTG's head fund (fund of funds) BTHF captures two layers of discount – the fund's own market discount and the discounts embedded in its underlying FII portfolio. As market conditions improve, both discounts can compress, delivering outsized returns. The fund has a 16-year track record and has appreciated significantly recently.

Brazilian logistics real estate is structurally underbuilt. E-commerce penetration is only 10-12% of retail vs 20-25% in developed markets, vacancy has dropped from 25% to 8%, 60% of new developments in São Paulo are pre-leased, and the total modern logistics park (30M sqm) is small relative to Mexico and the US. Funding constraints from high interest rates and closed capital markets limit new supply, keeping vacancy low and supporting rental growth. BTG's flagship logistics fund BTLG11, concentrated in São Paulo with active management, is positioned to benefit from this structural trend.