BPI Imofomento
Real Estate · Europe · Direct Real Estate
Figures refer to the share class ISIN PTYSOAHM0001, currency EUR.
Key facts
- Associated firm
- BPI Gestão de Activos SGOIC SA
- Asset class
- Real Estate
- Geography
- Europe
- Strategy
- Direct Real Estate
- Share class currency
- EUR
- Share class inception
- 02.05.1994
- Fund size
- 813 million (as at 31.08.2026)
- Performance fee
- No
- UCITS
- No
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 30.09.2025 | 102.0 | 05.10.2025 | 104.0 |
| 3Y | 30.09.2023 | 103.2 | 30.09.2023 | 115.4 |
| 5Y | 30.09.2021 | 106.5 | 30.09.2021 | 122.6 |
| Since 2020 | 31.05.2020 | 109.0 | 31.05.2020 | 125.0 |
NAV per share, distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In EUR, the currency of the share class shown.
Comparison: Compounded cash-rate comparison.
Assigned benchmark: EUR 3-month deposit + 2%. The comparison shows a compounded cash rate.
Fund history to 30.09.2026.
Benchmark history to 29.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Monthly NAV source: APFIPP.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
Data as of 31.08.2026.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN PTYSOAHM0001, currency EUR | 0.20 | 0.96 | 2.11 | 2.63 | 2.38 | 2.96 | 3.31 | 3.15 | 3.01 | 3.25 | 0.67 | 0.28 | -0.65 |
| BenchmarkEUR 3-month deposit + 2% | 0.36 | 1.05 | 2.06 | 2.71 | 4.27 | 5.82 | 5.35 | 4.06 | 4.94 | 4.12 | – | – | – |
| Differencefund minus benchmark, in percentage points | -0.16 | -0.09 | 0.05 | -0.07 | -1.89 | -2.86 | -2.03 | -0.91 | -1.93 | -0.87 | – | – | – |
Within the list: OpenList — Private Markets
Compared with the real estate funds on OpenList — Private Markets (9 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 3.15 | 3.10 | 4 of 8 |
| Return 3Y p.a. | 3.01 | 2.87 | 4 of 8 |
| 3Y p.a. over its own benchmark | -1.93 | -2.07 | 4 of 8 |
| Volatility 3Y | 0.67 | 1.78 | 1 of 8 |
| Sharpe ratio 3Y | 0.28 | 0.13 | 4 of 8 |
| Max drawdown 3Y | -0.65 | -0.43 | 6 of 8 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Private Markets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
Fund commentary
Investment rationale
BPI Imofomento is an open-ended real estate investment fund designed to seek capital appreciation over the medium to long term through diversified investment in predominantly property assets. Its summary risk indicator is 2 on a 1 to 7 scale, corresponding to a low risk category, and the recommended holding period is 5 years. The fund is intended for retail investors with risk tolerance who want medium/long-term capital appreciation and are willing to keep their savings invested for at least the recommended period. Its distinct role comes from its focus on direct real estate and related property vehicles, with properties mainly in Portugal, especially Lisbon and Porto, and with income distribution from rents and financial investments.
Investment strategy
The stated objective is to achieve capital appreciation over the medium and long term through diversified investment in assets, predominantly real estate. The fund invests in real estate assets including properties, units of participation in real estate investment undertakings, real estate companies and liquidity; it acquires properties for purchase and sale, development, expansion, refurbishment and leasing, with a preference in the latter case for longer lease terms. Properties held are urban buildings or autonomous fractions located in Portugal, predominantly in the Lisbon and Porto areas, and may also be located in EU Member States or OECD member countries; subject to market conditions, residential property acquisition is to be minimized. Portfolio limits include at least two thirds of total assets in real estate assets, at least one third in properties, no single property or other real estate asset above 20% of total assets, and borrowing up to 25% of total assets; the fund may use derivatives, repurchase transactions and securities lending to hedge financial risk. Income is distributed on 2 May and 2 November each year, or the next business day, and the recommended holding period is 5 years. Redemption requests can be made only after 12 months from subscription and require at least six months’ notice for the 15 January or 15 July redemption date, moved to the next business day where necessary. Distributor redemption charges decline from 2% for holdings up to two years to zero after five years.
Investment philosophy
• The fund builds a diversified portfolio with a predominant allocation to real estate assets, combining direct property holdings with units in real estate investment undertakings, real estate companies and liquidity.
• Direct property investments are made for purchase and sale, project development, expansion, refurbishment and leasing, with a preference for longer lease maturities in the leasing activity.
• The property universe consists of urban buildings or autonomous property fractions located mainly in Portugal, especially Lisbon and Porto, with possible investments in other EU or OECD countries.
• Portfolio construction follows explicit limits: real estate assets must be at least two thirds of total assets, direct properties at least one third, and any single property or other real estate asset cannot exceed 20% of total assets.
• Risk control includes limiting fund borrowing to 25% of total assets, minimizing residential property acquisitions subject to market conditions, and allowing derivatives, repo transactions and securities lending for financial risk hedging.
The asset manager
The fund is produced and managed by BPI Gestão de Ativos – Sociedade Gestora de Organismos de Investimento Coletivo, S.A. The firm is part of the CaixaBank Group and is registered as a management company for collective investment undertakings with the Comissão do Mercado de Valores Mobiliários (CMVM). The fund is authorized in Portugal and supervised by the CMVM. The depositary is Banco BPI, S.A., and the distributors are Banco BPI, S.A. and BPI Gestão de Ativos.
Performance analysis
Returns depend on changes in property values and the net income from rents and financial investments. These sources support the fund’s capital-growth objective and twice-yearly distributions. Future returns are uncertain, and investors can lose some or all of their capital.
Strengths
A distinguishing feature of the fund is its explicit focus on predominantly real estate exposure with direct ownership of urban properties and complementary investments in real estate vehicles and companies. The geographic emphasis on Portugal, particularly Lisbon and Porto, gives it a defined regional property profile, while still allowing some exposure to other EU and OECD markets. The structure also combines capital appreciation with scheduled income distributions paid twice a year from rental income and financial applications. Its low summary risk classification of 2 and clearly defined asset, concentration and borrowing limits define its investment framework.
Risks
The fund has a summary risk indicator of 2 out of 7, classified as low risk, based on past performance and the recommended 5-year horizon. The document states that unfavorable market conditions may cause partial or total loss of the investment and that the product offers no protection against future market behavior. It also explicitly says the indicator does not include operational, tax, derivatives, liquidity, conflicts of interest, sustainability or other risks, all of which may affect the fund's performance. Structural sources of risk include concentration limits that still allow up to 20% of total assets in a single property or other real estate asset, borrowing up to 25% of total assets, use of derivatives and related transactions for hedging, and the semiannual redemption structure with notice requirements and minimum holding constraints.