Imofid

Fund commentary

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 documents describe 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.

Investment strategy

The fund’s stated 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 the conditions stated in the documents. 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.

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 stated 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 named in the factsheet 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.

The 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 given in the factsheet is Largo do Chiado, 8, 1º, 1249-125 Lisboa. The documents identify Banco Invest S.A. as the marketing entity and Banco Invest, S.A. as the depositary bank.

Performance analysis

Source: manager factsheet dated 31 August 2026. The current portfolio positioning shown in the factsheet is concentrated in offices and hotels, with most real estate exposure in Lisbon, Greater Porto and Madrid. The named property list shows the portfolio is anchored by a set of office and hotel assets in Lisbon, Porto, Madrid and Barcelona, with smaller retail exposure.

Strengths

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.

Risks

The Key Information Document classifies the fund in summary risk indicator category 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.