Euro Immo-Scope
Real Estate · Europe · Listed Real Estate
Figures refer to the share class ISIN FR0010696468, currency EUR.
Fund documents
For the share class shown above.
Factsheet: not publicly available (not found in the public sources checked).
KID: not publicly available (not found in the public sources checked).
Key facts
- Management company
- LB - P Asset Management
- Asset class
- Real Estate
- Geography
- Europe
- Strategy
- Listed Real Estate
- Share class currency
- EUR
- Share class inception
- 10.11.2006
- Fund size
- <1 million (as at 14.09.2026)
- Management fee
- 1.90%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- 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 (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 95.8 | 90.3 |
| 3Y | 29.09.2023 | 136.0 | 110.2 |
| 5Y | 30.09.2021 | 104.7 | 64.2 |
| Since 2006 | 30.09.2016 | 136.1 | 71.8 |
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.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
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
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN FR0010696468, currency EUR | -3.09 | -4.81 | -10.11 | -0.74 | 17.01 | 7.53 | 23.68 | 1.91 | 11.98 | 0.35 | 15.57 | 0.63 | -12.00 |
| BenchmarkEuropean property (tracker proxy) EUR | -4.52 | -6.81 | -14.94 | -3.37 | 5.07 | -2.99 | 13.75 | -4.79 | 4.88 | -8.42 | 19.92 | 0.20 | -14.94 |
| Differencefund minus benchmark, in percentage points | 1.43 | 2.00 | 4.83 | 2.63 | 11.94 | 10.51 | 9.93 | 6.70 | 7.10 | 8.78 | – | – | – |
Within the list: OpenList — Real Assets
Compared with the real estate funds on OpenList — Real Assets (5 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 | 1.91 | 1.91 | 3 of 5 |
| Return 3Y p.a. | 11.98 | 10.21 | 2 of 5 |
| 3Y p.a. over its own benchmark | 7.10 | 4.58 | 1 of 5 |
| Volatility 3Y | 15.57 | 15.57 | 3 of 5 |
| Sharpe ratio 3Y | 0.63 | 0.41 | 2 of 5 |
| Max drawdown 3Y | -12.00 | -12.00 | 3 of 5 |
| Management fee | 1.90% | 0.80% | 5 of 5 |
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 — Real Assets
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. "Not available in this publication" means no value is shown here; it does not mean zero.
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
WSP commentary
Draft commentary, machine-generated from the fund's fund document, not yet reviewed by WSP.
Investment rationale
Euro Immo-Scope is a French UCITS equity fund designed to provide exposure to the real-estate and city-related industry across the European Economic Area. Its objective is to outperform listed EEA companies in the real-estate value chain over a minimum investment horizon of 5 years, and it carries a synthetic risk indicator of 4 out of 7, described as medium risk. The P1 share class is intended more particularly for retail investors and natural persons. Given its focused sector exposure to European real-estate-related equities and its medium-risk profile, it is best understood as a specialised allocation rather than a broad diversified core holding.
Investment strategy
The fund aims to offer exposure to the real-estate and urban industry of the European Economic Area and to outperform the universe of listed EEA companies belonging to the real-estate value chain over a minimum 5-year horizon. It invests 60% to 100% of net assets in shares of companies linked to the European real-estate sector, including property companies, construction, building materials, infrastructure and development. It may invest up to 10% of assets in units or shares of collective investment schemes, mainly money market UCITS, for defensive purposes to reduce equity-market exposure, and may also invest up to 10% of assets in OECD markets outside the EEA on an ancillary basis. The fund may use exchange-traded derivatives on regulated markets for hedging or to achieve its management objective, without seeking overexposure; the share class is distributing, and there is no sufficiently relevant benchmark for formal management purposes, although performance may be compared ex post with the FTSE EPRA/NAREIT Developed Europe Net Total Return index.
Investment philosophy
• The investment universe consists of listed companies in the EEA that belong to the real-estate value chain, including development, construction, infrastructure, financing, property companies and building materials.
• The management approach is discretionary and begins with a macroeconomic analysis of the market in which the fund operates and of the business lines of the real-estate companies in the investment universe.
• The manager then builds a restricted investment universe composed exclusively of securities from each business segment that show the best appreciation potential based on sector-specific criteria.
• A stock-picking approach is applied to select securities according to fundamental qualities such as growth prospects and balance-sheet position, as well as financial criteria including financial indicators and valuation ratios.
• Portfolio construction is subject to stated limits: 60% to 100% in European real-estate-related equities, up to 10% in UCITS mainly money market funds for defensive purposes, up to 10% in OECD markets outside the EEA, and derivative use on regulated markets only for hedging or achieving the management objective without overexposure.
The asset manager
The management company is LB-P Asset Management. The report gives its address as 48, rue de la Bienfaisance, 75008 Paris, France, and its website as www.lb-pam.com.
Strengths
The fund is distinguished by its dedicated focus on the European real-estate value chain rather than on a single property subsector. Its remit explicitly spans multiple linked segments including development, construction, infrastructure, financing, property companies and building materials, giving it a broader sector scope within a specialised theme. The investment process combines macroeconomic analysis, sector screening and stock picking based on both fundamentals and financial metrics. It also has an explicit defensive tool through up to 10% investment in mainly money market UCITS to reduce equity exposure when needed.
Risks
The fund has a synthetic risk indicator of 4 out of 7, corresponding to a medium level of risk. It is exposed to currency risk, including the possibility of payments in a currency different from the investor’s reference currency, and this is stated as not fully captured by the main indicator. Additional significant risks named are capital loss risk, liquidity risk linked to small and mid-cap companies, currency risk, and interest-rate/credit risk; derivative instruments may be used on regulated markets for hedging or for achieving the management objective, though without seeking overexposure.