Imofid
Real Estate · Europe · Direct Real Estate
Figures refer to the share class ISIN PTFDDAHM0004, currency EUR.
Recent performance
The EUR class returned +5.26% over one year to 2026-09-30. The WSP comparator (EUR 3-month deposit + 2%) returned +4.12%, a difference of +1.13 percentage points. Over the final three months, the fund returned +0.76%.
Liquidity and redemptions
| Redemption dates | Category A: semiannual, using the NAV of 15 May or 15 November of the following year, adjusted to the next business day. |
|---|---|
| Notice required | Category A: at least 12 months; request by 16:30 Portuguese time on 14 May or 14 November (preceding business day if necessary). |
| Payment of proceeds | Category A: 20 May or 20 November of the following year, or the next business day. Actual waiting time depends on the submission window. |
Sources and share-class terms
Terms for PTFDDAHM0004.
- Document dated 2026-08-28 — Redemption dates (p. 3); Notice required (p. 3); Payment of proceeds (p. 3)
Key facts
- Associated firm
- Fundger SGFII SA
- Asset class
- Real Estate
- Geography
- Europe
- Strategy
- Direct Real Estate
- Share class currency
- EUR
- Share class inception
- 28.12.1993
- Fund size
- 307 million (as at 31.07.2026)
- Management fee
- 1.00%
- Performance fee
- No
- UCITS
- No
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund · WSP comparator: EUR 3-month deposit + 2%
Exact chart values
| Month | Fund | WSP comparator: EUR 3-month deposit + 2% |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 100.93 | 100.52 |
| 2023-11 | 101.20 | 101.02 |
| 2023-12 | 101.34 | 101.50 |
| 2024-01 | 101.54 | 102.04 |
| 2024-02 | 101.83 | 102.53 |
| 2024-03 | 102.05 | 103.00 |
| 2024-04 | 105.38 | 103.55 |
| 2024-05 | 105.62 | 104.08 |
| 2024-06 | 105.88 | 104.55 |
| 2024-07 | 106.19 | 105.09 |
| 2024-08 | 106.44 | 105.58 |
| 2024-09 | 106.73 | 106.09 |
| 2024-10 | 106.71 | 106.57 |
| 2024-11 | 106.99 | 107.02 |
| 2024-12 | 107.25 | 107.50 |
| 2025-01 | 107.46 | 107.95 |
| 2025-02 | 107.78 | 108.34 |
| 2025-03 | 108.08 | 108.76 |
| 2025-04 | 109.77 | 109.15 |
| 2025-05 | 110.04 | 109.53 |
| 2025-06 | 110.44 | 109.91 |
| 2025-07 | 110.80 | 110.28 |
| 2025-08 | 110.98 | 110.63 |
| 2025-09 | 111.34 | 111.01 |
| 2025-10 | 112.43 | 111.38 |
| 2025-11 | 112.77 | 111.72 |
| 2025-12 | 112.97 | 112.12 |
| 2026-01 | 113.27 | 112.49 |
| 2026-02 | 113.62 | 112.83 |
| 2026-03 | 113.99 | 113.22 |
| 2026-04 | 115.57 | 113.59 |
| 2026-05 | 116.02 | 113.95 |
| 2026-06 | 116.30 | 114.35 |
| 2026-07 | 116.58 | 114.76 |
| 2026-08 | 116.87 | 115.18 |
| 2026-09 | 117.19 | 115.59 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. 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 PTFDDAHM0004, currency EUR | 0.27 | 0.76 | 2.80 | 3.73 | 5.33 | 5.83 | 4.03 | 5.26 | 5.43 | 5.01 | 2.02 | 1.27 | -0.02 |
| BenchmarkEUR 3-month deposit + 2% | 0.36 | 1.08 | 2.09 | 3.09 | 4.30 | 5.91 | 5.36 | 4.12 | 4.95 | 4.20 | – | – | – |
| Differencefund minus benchmark, in percentage points | -0.08 | -0.31 | 0.72 | 0.64 | 1.03 | -0.08 | -1.34 | 1.13 | 0.48 | 0.81 | – | – | – |
Reporting dates by figure
- PTFDDAHM0004 — 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; 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 16 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 | 0.61 |
| 2024-10 | -0.27 |
| 2024-11 | -0.21 |
| 2024-12 | -0.07 |
| 2025-01 | 0.04 |
| 2025-02 | 0.16 |
| 2025-03 | 0.29 |
| 2025-04 | -1.18 |
| 2025-05 | -1.00 |
| 2025-06 | -0.79 |
| 2025-07 | -0.57 |
| 2025-08 | -0.49 |
| 2025-09 | -0.31 |
| 2025-10 | 0.82 |
| 2025-11 | 0.96 |
| 2025-12 | 0.99 |
| 2026-01 | 1.15 |
| 2026-02 | 1.23 |
| 2026-03 | 1.32 |
| 2026-04 | 1.17 |
| 2026-05 | 1.35 |
| 2026-06 | 1.21 |
| 2026-07 | 1.10 |
| 2026-08 | 1.14 |
| 2026-09 | 1.09 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
How far below its previous high?
Fund · WSP comparator: EUR 3-month deposit + 2%
Exact chart values
| Month | Fund | WSP comparator: EUR 3-month deposit + 2% |
|---|---|---|
| 2023-09 | 0.00 | 0.00 |
| 2023-10 | 0.00 | 0.00 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | 0.00 | 0.00 |
| 2024-02 | 0.00 | 0.00 |
| 2024-03 | 0.00 | 0.00 |
| 2024-04 | 0.00 | 0.00 |
| 2024-05 | 0.00 | 0.00 |
| 2024-06 | 0.00 | 0.00 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -0.02 | 0.00 |
| 2024-11 | 0.00 | 0.00 |
| 2024-12 | 0.00 | 0.00 |
| 2025-01 | 0.00 | 0.00 |
| 2025-02 | 0.00 | 0.00 |
| 2025-03 | 0.00 | 0.00 |
| 2025-04 | 0.00 | 0.00 |
| 2025-05 | 0.00 | 0.00 |
| 2025-06 | 0.00 | 0.00 |
| 2025-07 | 0.00 | 0.00 |
| 2025-08 | 0.00 | 0.00 |
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | 0.00 | 0.00 |
| 2025-11 | 0.00 | 0.00 |
| 2025-12 | 0.00 | 0.00 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | 0.00 | 0.00 |
| 2026-04 | 0.00 | 0.00 |
| 2026-05 | 0.00 | 0.00 |
| 2026-06 | 0.00 | 0.00 |
| 2026-07 | 0.00 | 0.00 |
| 2026-08 | 0.00 | 0.00 |
| 2026-09 | 0.00 | 0.00 |
Deepest month-end decline for this class: -0.02%.
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 | — | — | — | — | — | — | — | — | — | +0.93 | +0.27 | +0.14 |
| 2024 | +0.20 | +0.28 | +0.22 | +3.26 | +0.22 | +0.25 | +0.29 | +0.24 | +0.27 | -0.02 | +0.26 | +0.25 |
| 2025 | +0.20 | +0.29 | +0.28 | +1.57 | +0.25 | +0.36 | +0.33 | +0.16 | +0.32 | +0.99 | +0.30 | +0.18 |
| 2026 | +0.26 | +0.31 | +0.32 | +1.38 | +0.39 | +0.24 | +0.25 | +0.24 | +0.27 | — | — | — |
Benchmark return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | +0.52 | +0.49 | +0.47 |
| 2024 | +0.54 | +0.47 | +0.46 | +0.54 | +0.51 | +0.45 | +0.52 | +0.47 | +0.48 | +0.46 | +0.41 | +0.45 |
| 2025 | +0.42 | +0.36 | +0.39 | +0.36 | +0.35 | +0.34 | +0.34 | +0.31 | +0.35 | +0.34 | +0.30 | +0.36 |
| 2026 | +0.33 | +0.30 | +0.35 | +0.33 | +0.31 | +0.36 | +0.36 | +0.36 | +0.36 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | +0.41 | -0.22 | -0.34 |
| 2024 | -0.34 | -0.20 | -0.24 | +2.72 | -0.28 | -0.20 | -0.23 | -0.23 | -0.21 | -0.48 | -0.15 | -0.20 |
| 2025 | -0.23 | -0.07 | -0.11 | +1.21 | -0.10 | +0.02 | -0.00 | -0.15 | -0.03 | +0.65 | -0.01 | -0.18 |
| 2026 | -0.06 | +0.01 | -0.02 | +1.06 | +0.08 | -0.12 | -0.11 | -0.12 | -0.08 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Private Markets
Compared with the real estate funds on OpenList — Private Markets (6 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 | 5.26 | 5.71 | 4 of 5 |
| Return 3Y p.a. | 5.43 | 6.06 | 4 of 5 |
| 3Y p.a. over its own benchmark | 0.48 | 0.83 | 4 of 5 |
| Volatility 3Y | 2.02 | ||
| Sharpe ratio 3Y | 1.27 | ||
| Max drawdown 3Y | -0.02 | ||
| Management fee | 1.00% |
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.
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 | 105.3 | 03.10.2025 | 104.1 |
| 3Y | 30.09.2023 | 117.2 | 31.10.2023 | 115.0 |
| 5Y | 30.09.2021 | 127.7 | 30.09.2021 | 122.8 |
| Since 2020 | 31.05.2020 | 133.9 | 30.06.2020 | 125.0 |
Total return: distributions reinvested.
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 30.09.2026.
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.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KIID (PDF, 28.08.2026)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 — 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.
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
The displayed Class A (PTFDDAHM0004) ceased issuing new units after 28 August 2026; new subscriptions are into Classes B or C, subject to their eligibility requirements. IMOFID is an open-ended real estate accumulation fund designed to provide a stable core return over the medium to long term through a diversified commercial property portfolio. The fund has a recommended minimum holding period of 3 years and a summary risk indicator of 2 on a 1 to 7 scale, which positions it for investors with a medium-term horizon and a conservative risk profile who can bear real estate market risks. Its role in a portfolio is that of a core Iberian commercial real estate allocation, with emphasis on quality tenants, income generation, and asset liquidity. The fund is distinct for its concentration in Lisbon, Porto, Madrid and Barcelona and for combining offices, hotels, retail and logistics within a single portfolio governed by a low leverage framework.
2026-08-31
How the strategy works
The fund’s objective is to deliver a stable core return in the medium/long term through a diversified commercial real estate portfolio focused on quality tenants, solid income return and asset liquidity. It invests predominantly in real estate, including urban properties or autonomous units, rustic or mixed properties held through ownership, surface rights or equivalent rights, and may also hold liquidity instruments, units of other open-ended real estate alternative investment funds, and participations in real estate companies subject to stated conditions. The portfolio focuses on Iberia, especially Lisbon, Porto, Madrid and Barcelona, and gives priority to offices, retail, services, hotels, warehouses or industry; as of 31 August 2026, sector exposure was 63% offices, 31% hotel and 6% retail. The fund is classified under Article 8 SFDR, has a leverage limit of LTV below 25%, uses portfolio-wide independent property valuations twice a year, capitalises income rather than making regular distributions, and has a recommended holding period of 3 years.
2026-08-31
Investment philosophy
• The portfolio is built from income-producing commercial real estate assets, with investment focused on properties located in European Union or OECD countries and a practical emphasis on Iberia, especially Lisbon, Porto, Madrid and Barcelona.
• The selection approach is to assemble a diversified portfolio centred on quality tenants, solid income return and asset liquidity, with priority given to offices, commerce, services, hotels, warehouses and industry.
• At 31 August 2026, positioning was concentrated in offices and hotels, with 63% of real estate assets under management in offices, 31% in hotel and 6% in retail; geographically, Lisbon and Greater Porto each represented 38% of RE AuM, Madrid 18%, Barcelona 3% and others 2%.
• Main properties include Edifício Trianon in Madrid, Urbo Business Center and Boavista Office Center in Oporto, Ivens 12-16, Dom Luís I 28 and Infante D. Henrique 26 in Lisbon, Gonçalo Cristóvão 216 in Oporto, António Serpa 13 in Lisbon, Loja da Liberdade 266 in Lisbon and Can Fatjo dels Aurons 1 in Barcelona.
• Risk control is embedded through an LTV limit below 25%, semi-annual independent valuation of the portfolio, and differentiated redemption terms by unit class, while the August 2026 portfolio showed occupancy of 97.4% and WAULTB/WAULT of 8.2/9.5 years.
2026-08-31
Distinctive features
The fund stands out for its explicit stable-core real estate positioning and for a portfolio concentrated in major Iberian urban markets rather than a broad pan-European spread. Its structure combines high occupancy, long lease duration and low leverage, with 97.4% occupancy, 8.2/9.5 years WAULTB/WAULT and a 9.4% loan-to-value ratio at 31 August 2026. It also offers differentiated unit classes with distinct redemption mechanics for professional and non-professional investors while maintaining the same underlying asset portfolio, investment policy and cost structure across classes. The fund is further distinguished by Article 8 SFDR classification and by a portfolio made up of directly identified assets such as Trianon, Urbo Business Centre, Ivens 12-16 and Dom Luís I 28.
2026-08-31
Risks
The fund has a summary risk indicator of 2 out of 7, while noting that the risk level is not guaranteed and may change over time. Liquidity risk is relevant because the product cannot be easily redeemed. Class A has a minimum 12-month notice period and semiannual redemption processing. Other classes also have advance notice periods and redemption windows and, for Classes B and C, exceptional liquidity management tools including postponement of redemptions and an additional temporary redemption fee when liquidity conditions deteriorate. Additional named risks include conflict of interest risk, legal and tax risk, and concentration arising from the fund’s focus on commercial real estate in Iberia and on a limited set of sectors, primarily offices and hotels. Sustainability is addressed through ESG analysis and Article 8 SFDR classification, but the underlying investments are not exclusively investments promoting environmental or social characteristics.
2026-08-31
Asset manager
The fund is managed by Fidelidade – Sociedade Gestora de Organismos de Investimento Coletivo, S.A. (Fidelidade SGOIC / FSG), which is authorised in Portugal and supervised by the CMVM. The management company’s contact address is Largo do Chiado, 8, 1º, 1249-125 Lisboa. Banco Invest S.A. is the marketing entity and Banco Invest, S.A. is the depositary bank.
2026-08-31
Performance commentary
As of 31 August 2026, the portfolio was concentrated in offices and hotels, with most real estate exposure in Lisbon, Greater Porto and Madrid. The portfolio was anchored by a set of office and hotel assets in Lisbon, Porto, Madrid and Barcelona, with smaller retail exposure.
2026-09-30