Euro Immo-Scope
Real Estate · Europe · Listed Real Estate
Figures refer to the share class ISIN FR0010696468, currency EUR.
Recent performance
The EUR class returned -4.64% over one year to 2026-09-30. The WSP comparator (European property (tracker proxy) EUR) returned -12.14%, a difference of +7.50 percentage points. Over the final three months, the fund returned -11.77%.
Key facts
- Associated firm
- 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
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund · WSP comparator: European property (tracker proxy) EUR
Exact chart values
| Month | Fund | WSP comparator: European property (tracker proxy) EUR |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 95.29 | 96.62 |
| 2023-11 | 106.75 | 109.20 |
| 2023-12 | 115.47 | 121.26 |
| 2024-01 | 113.67 | 116.84 |
| 2024-02 | 115.04 | 107.15 |
| 2024-03 | 120.78 | 115.97 |
| 2024-04 | 118.12 | 115.13 |
| 2024-05 | 125.64 | 122.14 |
| 2024-06 | 119.59 | 114.03 |
| 2024-07 | 124.61 | 118.41 |
| 2024-08 | 126.66 | 125.19 |
| 2024-09 | 129.48 | 129.80 |
| 2024-10 | 124.86 | 121.47 |
| 2024-11 | 126.03 | 122.54 |
| 2024-12 | 124.18 | 117.64 |
| 2025-01 | 128.95 | 121.60 |
| 2025-02 | 134.01 | 122.56 |
| 2025-03 | 131.71 | 116.52 |
| 2025-04 | 138.44 | 124.92 |
| 2025-05 | 143.84 | 130.59 |
| 2025-06 | 143.46 | 128.40 |
| 2025-07 | 142.92 | 124.80 |
| 2025-08 | 141.50 | 125.58 |
| 2025-09 | 141.11 | 123.33 |
| 2025-10 | 140.89 | 123.87 |
| 2025-11 | 144.48 | 125.02 |
| 2025-12 | 145.29 | 123.60 |
| 2026-01 | 146.89 | 126.83 |
| 2026-02 | 160.43 | 140.41 |
| 2026-03 | 141.18 | 121.35 |
| 2026-04 | 149.83 | 127.85 |
| 2026-05 | 151.50 | 128.05 |
| 2026-06 | 152.53 | 123.86 |
| 2026-07 | 148.80 | 125.09 |
| 2026-08 | 144.21 | 119.48 |
| 2026-09 | 134.57 | 108.35 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund source observations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN FR0010696468, currency EUR | -6.68 | -11.77 | -4.68 | -6.79 | 17.51 | 8.29 | 23.68 | -4.64 | 10.40 | 0.71 | 16.07 | 0.53 | -16.12 |
| BenchmarkEuropean property (tracker proxy) EUR | -9.32 | -12.52 | -10.71 | -12.34 | 5.07 | -2.99 | 13.75 | -12.14 | 2.71 | -8.44 | 20.50 | 0.10 | -22.83 |
| Differencefund minus benchmark, in percentage points | 2.64 | 0.74 | 6.03 | 5.55 | 12.44 | 11.28 | 9.93 | 7.50 | 7.69 | 9.15 | – | – | – |
Reporting dates by figure
- FR0010696468 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 24 of 25 overlapping one-year windows ending 2024-09 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-09 | -0.25 |
| 2024-10 | 4.22 |
| 2024-11 | 5.20 |
| 2024-12 | 10.84 |
| 2025-01 | 9.00 |
| 2025-02 | 1.84 |
| 2025-03 | 8.53 |
| 2025-04 | 8.02 |
| 2025-05 | 7.07 |
| 2025-06 | 6.54 |
| 2025-07 | 8.82 |
| 2025-08 | 11.37 |
| 2025-09 | 14.71 |
| 2025-10 | 10.66 |
| 2025-11 | 12.36 |
| 2025-12 | 11.36 |
| 2026-01 | 9.21 |
| 2026-02 | 4.49 |
| 2026-03 | 2.92 |
| 2026-04 | 5.75 |
| 2026-05 | 7.42 |
| 2026-06 | 10.22 |
| 2026-07 | 3.88 |
| 2026-08 | 7.12 |
| 2026-09 | 8.54 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 81.8% across 20 rising benchmark months; down-market capture was 53.5% across 16 falling months. Window: 2023-09-30 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: European property (tracker proxy) EUR
Exact chart values
| Month | Fund | WSP comparator: European property (tracker proxy) EUR |
|---|---|---|
| 2023-09 | 0.00 | 0.00 |
| 2023-10 | -4.71 | -3.38 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | -1.56 | -3.64 |
| 2024-02 | -0.38 | -11.63 |
| 2024-03 | 0.00 | -4.36 |
| 2024-04 | -2.21 | -5.05 |
| 2024-05 | 0.00 | 0.00 |
| 2024-06 | -4.81 | -6.64 |
| 2024-07 | -0.82 | -3.05 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -3.57 | -6.42 |
| 2024-11 | -2.66 | -5.60 |
| 2024-12 | -4.09 | -9.37 |
| 2025-01 | -0.41 | -6.32 |
| 2025-02 | 0.00 | -5.58 |
| 2025-03 | -1.71 | -10.23 |
| 2025-04 | 0.00 | -3.76 |
| 2025-05 | 0.00 | 0.00 |
| 2025-06 | -0.26 | -1.68 |
| 2025-07 | -0.64 | -4.44 |
| 2025-08 | -1.62 | -3.84 |
| 2025-09 | -1.89 | -5.57 |
| 2025-10 | -2.05 | -5.15 |
| 2025-11 | 0.00 | -4.27 |
| 2025-12 | 0.00 | -5.36 |
| 2026-01 | 0.00 | -2.88 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -12.00 | -13.57 |
| 2026-04 | -6.61 | -8.95 |
| 2026-05 | -5.57 | -8.80 |
| 2026-06 | -4.92 | -11.79 |
| 2026-07 | -7.24 | -10.91 |
| 2026-08 | -10.11 | -14.90 |
| 2026-09 | -16.12 | -22.83 |
Deepest month-end decline for this class: -16.12%.
2023-09-30 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -4.71 | +12.04 | +8.17 |
| 2024 | -1.56 | +1.21 | +4.99 | -2.21 | +6.37 | -4.81 | +4.19 | +1.65 | +2.22 | -3.57 | +0.94 | -1.47 |
| 2025 | +3.84 | +3.93 | -1.71 | +5.11 | +3.90 | -0.26 | -0.38 | -0.99 | -0.27 | -0.16 | +2.55 | +0.56 |
| 2026 | +1.10 | +9.22 | -12.00 | +6.12 | +1.12 | +0.68 | -2.44 | -3.09 | -6.69 | — | — | — |
Benchmark return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -3.38 | +13.02 | +11.04 |
| 2024 | -3.64 | -8.30 | +8.23 | -0.72 | +6.09 | -6.64 | +3.84 | +5.72 | +3.68 | -6.42 | +0.87 | -4.00 |
| 2025 | +3.37 | +0.79 | -4.93 | +7.21 | +4.54 | -1.68 | -2.80 | +0.63 | -1.80 | +0.44 | +0.93 | -1.14 |
| 2026 | +2.62 | +10.70 | -13.57 | +5.35 | +0.16 | -3.28 | +0.99 | -4.48 | -9.32 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.33 | -0.98 | -2.87 |
| 2024 | +2.08 | +9.50 | -3.24 | -1.48 | +0.28 | +1.82 | +0.35 | -4.08 | -1.46 | +2.85 | +0.06 | +2.53 |
| 2025 | +0.47 | +3.14 | +3.21 | -2.10 | -0.65 | +1.42 | +2.42 | -1.62 | +1.52 | -0.60 | +1.62 | +1.70 |
| 2026 | -1.52 | -1.49 | +1.58 | +0.77 | +0.95 | +3.96 | -3.43 | +1.39 | +2.63 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund source observations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
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.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | -4.64 | -4.64 | 3 of 5 |
| Return 3Y p.a. | 10.40 | 10.32 | 2 of 5 |
| 3Y p.a. over its own benchmark | 7.69 | 4.97 | 1 of 5 |
| Volatility 3Y | 16.07 | 16.07 | 3 of 5 |
| Sharpe ratio 3Y | 0.53 | 0.42 | 2 of 5 |
| Max drawdown 3Y | -16.12 | -16.12 | 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. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund rebased to 100 at 31.10.2021; benchmark rebased to 100 at 30.11.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 02.11.2025 | 96.1 | 07.11.2025 | 89.1 |
| 3Y | 31.10.2023 | 142.1 | 31.10.2023 | 113.8 |
| 5Y | 31.10.2021 | 100.8 | 30.11.2021 | 62.6 |
| Since 2019 | 01.01.2019 | 143.3 | 31.01.2019 | 65.7 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: European property (tracker proxy) EUR.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
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.
Reporting dates are shown above the figures; exceptions are dated individually.
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
How this fund works
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 summary 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.
How the strategy works
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.
Distinctive features
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 summary 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 the main indicator may not fully capture this risk. Additional significant risks 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.
Asset manager
The management company is LB-P Asset Management, located at 48, rue de la Bienfaisance, 75008 Paris, France. Its website is www.lb-pam.com.