A significant valuation gap has opened between Brazil’s most-traded real estate investment fund (FII) and a key multi-strategy peer. The Valora Hedge Fund FII, or **VGHF11**, is trading at a Price-to-Book Value (**P/VP**) of just 0.71, representing a substantial **Discount to NAV** (Net Asset Value) against the Maxi Renda FII (**MXRF11**), which trades at a slight premium with a P/VP of 1.04. This discrepancy comes despite VGHF11 having a materially higher trailing 12-month **Dividend Yield** of 15.29%, compared to MXRF11’s 12.47%.