BPI Imofomento

WSP commentary

Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 11.05.2026, not yet reviewed by WSP.

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 minimum holding period is 5 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

Source: key information document dated 11 May 2026. It states that the amount received will vary according to future market performance and that market developments are uncertain and cannot be predicted accurately. The scenarios are based on the worst, average and best performance of the fund over the last 10 years, with identified historical observation windows for each scenario.

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 provide a tightly specified framework compared with broader or less constrained property strategies.

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.