XP Malls (XPML11) is a real estate investment fund focused on the shopping mall segment that adopts an active management strategy aimed at acquiring and exploiting shares in high-quality assets. The portfolio focuses on resilient and dominant properties in their areas of influence, prioritizing premium locations and regions with strong purchasing power to capture consolidated consumption flows. Portfolio security is underpinned by a highly diversified retailer base and partnerships with leading managers in the sector, operating predominantly through typical retail lease contracts. The investment thesis seeks to generate long-term value from both real estate income and capital gain potential through strategic expansions and constant optimization of the store mix.