OpenList — Private Markets

Interfundos AF Portfolio Imobiliário

Real Estate · Europe · Direct Real Estate

Figures refer to the share class ISIN PTYAIRHM0000, currency EUR.

Fund documents

For the share class shown above.

Factsheet: not publicly available (not found in the public sources checked).

KID (PDF, 13.05.2026)

Key facts

Management company
Interfundos SGOIC SA
Asset class
Real Estate
Geography
Europe
Strategy
Direct Real Estate
Share class currency
EUR
Share class inception
03.06.2002
Fund size
191 million (as at 31.08.2026)
Management fee
1.15%
Performance fee
No
Liquidity
Not available in this publication
UCITS
No
Risk grade (SRRI)
Not available in this publication
Registered in Switzerland
No (qualified investors only)

Price history

No public price history for this share class.

Performance against the benchmark

09YTD: Fund 3.96%YTD: EUR 3-month deposit + 4% 4.08%YTD1Y: Fund 9.31%1Y: EUR 3-month deposit + 4% 6.16%1Y3Y p.a.: Fund 7.74%3Y p.a.: EUR 3-month deposit + 4% 7.06%3Y p.a.5Y p.a.: Fund 6.28%5Y p.a.: EUR 3-month deposit + 4% 6.22%5Y p.a.2025: Fund 8.31%2025: EUR 3-month deposit + 4% 6.38%20252024: Fund 9.35%2024: EUR 3-month deposit + 4% 7.96%20242023: Fund 3.43%2023: EUR 3-month deposit + 4% 7.47%2023Fund (share class shown)BenchmarkYTDYTD: Fund 3.96%3.96YTD: EUR 3-month deposit + 4% 4.08%4.081Y1Y: Fund 9.31%9.311Y: EUR 3-month deposit + 4% 6.16%6.163Y p.a.3Y p.a.: Fund 7.74%7.743Y p.a.: EUR 3-month deposit + 4% 7.06%7.065Y p.a.5Y p.a.: Fund 6.28%6.285Y p.a.: EUR 3-month deposit + 4% 6.22%6.2220252025: Fund 8.31%8.312025: EUR 3-month deposit + 4% 6.38%6.3820242024: Fund 9.35%9.352024: EUR 3-month deposit + 4% 7.96%7.9620232023: Fund 3.43%3.432023: EUR 3-month deposit + 4% 7.47%7.47Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN PTYAIRHM0000, currency EUR0.261.933.153.968.319.353.439.317.746.284.061.17-1.04
BenchmarkEUR 3-month deposit + 4%0.531.563.094.086.387.967.476.167.066.22–––
Differencefund minus benchmark, in percentage points-0.270.380.06-0.121.931.39-4.043.140.680.05–––

Within the list: OpenList — Private Markets

Compared with the real estate funds on OpenList — Private Markets (10 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 fundGroup medianPosition
Return 1Y9.313.461 of 10
Return 3Y p.a.7.742.871 of 10
3Y p.a. over its own benchmark0.68-2.611 of 10
Volatility 3Y4.063.046 of 10
Sharpe ratio 3Y1.170.133 of 10
Max drawdown 3Y-1.04-0.567 of 10
Management fee1.15%0.65%6 of 7 (3 without a value)

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

08Return 3Y p.a. (%)Volatility 3Y (%)010Imofid: volatility 2.03%, return 5.37% p.a.Fundiestamo Imopoupança: volatility 1.01%, return 5.48% p.a.Deka-ImmobilienGlobal: volatility 6.85%, return 1.92% p.a.BPI Imofomento: volatility 0.67%, return 3.01% p.a.Deka-ImmobilienMetropolen: volatility 6.95%, return 1.18% p.a.BI Erhvervsejendomme A/S: volatility 1.53%, return 1.93% p.a.RP Immobilienanlagen & Infrastruktur T: volatility 9.47%, return 5.52% p.a.Aachener Grund-Fonds Nr.1: volatility 0.82%, return 2.73% p.a.UBS Direct 1a Immo PK: volatility 4.51%, return 0.18% p.a.Interfundos AF Portfolio Imobiliário: volatility 4.06%, return 7.74% p.a.This fund08Return 3Y p.a. (%)Volatility 3Y (%)010Imofid: volatility 2.03%, return 5.37% p.a.Fundiestamo Imopoupança: volatility 1.01%, return 5.48% p.a.Deka-ImmobilienGlobal: volatility 6.85%, return 1.92% p.a.BPI Imofomento: volatility 0.67%, return 3.01% p.a.Deka-ImmobilienMetropolen: volatility 6.95%, return 1.18% p.a.BI Erhvervsejendomme A/S: volatility 1.53%, return 1.93% p.a.RP Immobilienanlagen & Infrastruktur T: volatility 9.47%, return 5.52% p.a.Aachener Grund-Fonds Nr.1: volatility 0.82%, return 2.73% p.a.UBS Direct 1a Immo PK: volatility 4.51%, return 0.18% p.a.Interfundos AF Portfolio Imobiliário: volatility 4.06%, return 7.74% p.a.This fund

WSP commentary

Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 13.05.2026, not yet reviewed by WSP.

Investment rationale

AF PORTFÓLIO IMOBILIÁRIO – Fundo de Investimento Imobiliário Aberto is an open-ended, accumulating real estate alternative investment fund with an indefinite term. Its objective is to invest participants’ savings in real estate assets and maximize the value of the units, making it a vehicle for gaining exposure to the real estate market within a diversified portfolio. The summary risk indicator is 3 on a 1 to 7 scale, and the recommended holding period is 5 years and 1 day. It is intended for non-professional investors with basic financial knowledge, a stable financial situation, and the ability to invest for the long term while seeking diversification through the return potential of real estate markets.

Investment strategy

The fund’s stated objective is to invest in real estate assets in order to maximize the value of its units. It may invest in urban, rural or mixed-use properties, including construction or rehabilitation projects, for residential, tourism, logistics, services or retail use, whether for resale, leasing or other paid forms of exploitation; it may also invest in holdings of real estate companies or other real estate alternative investment undertakings. The portfolio is composed exclusively of real estate assets and liquidity, with investments made according to criteria defined by the management company, with geographic diversification and a predominant focus on urban areas, favoring leased properties intended for services, commerce or industry. Investment is primarily in Portugal, but may extend to other territories, including other EU Member States or OECD countries; legal limits include at least two-thirds of total assets in real estate assets, at least 25% in properties, no more than 20% in any single property or other real estate asset, and a recommended holding period of 5 years and 1 day.

Investment philosophy

• The investment universe consists of real estate assets and liquidity only, including urban, rural and mixed properties, construction or rehabilitation projects, holdings in real estate companies, and other real estate alternative investment funds.

• The management company defines the investment criteria and applies a geographically diversified approach, predominantly in urban areas, with a preference for acquiring leased properties intended for services, commerce or industry.

• The fund invests mainly in Portugal, but may also invest in other territories, including other European Union Member States and OECD countries.

• Portfolio construction is subject to legal limits: real estate assets must represent at least two-thirds of total assets; properties at least 25% of total assets; and any one property or other real estate asset no more than 20% of total assets.

• Additional risk controls include minimum exposure of 10% of total assets to leased or otherwise income-producing properties, and a cap of 25% of total assets in rural properties and construction or rehabilitation projects combined, rising to double that limit for sustainable investments under EU legislation, while each type remains capped at 25%.

The asset manager

The management company is Interfundos – Sociedade Gestora de Organismos de Investimento Coletivo, S.A. The document states that Interfundos is part of the Banco Comercial Português Group. Banco Comercial Português, S.A. acts as depositary and distributor of the fund. The competent supervisory authority named is the Comissão do Mercado de Valores Mobiliários (CMVM).

Performance analysis

Source: key information document dated 13 May 2026. It provides only illustrative performance scenarios based on assumed annual return rates for stress, unfavorable, moderate and favorable cases. Those scenarios state that outcomes depend on future market performance and that market evolution is uncertain and cannot be predicted precisely.

Strengths

The fund is distinguished by being a pure real estate and liquidity portfolio, without other asset classes mentioned in the document. Its remit is broad across property types and uses, covering residential, tourism, logistics, services and retail, while explicitly favoring leased assets in services, commerce and industry and maintaining geographic diversification with a predominant urban focus. The structure is open-ended and accumulating, with an indefinite life, giving access to real estate exposure through a regulated fund format. It is also differentiated by a detailed set of legal portfolio limits, including minimum real estate exposure and caps on single-asset concentration and development-related exposure.

Risks

The fund has a summary risk indicator of 3 out of 7, described as a low risk category, based on a recommended holding period of 5 years and 1 day. The document names market risk, noting that adverse economic conditions can reduce the market value of the real estate assets in the portfolio. It also identifies credit risk, mainly through non-payment of rents, and liquidity risk arising from difficulty in selling properties and/or leasing them. Fiscal risk is also named, with adverse tax regime changes likely to have an unfavorable effect on invested capital; the product has no capital or income guarantee, and investors may lose capital, not only income.

WSP report

Ask WSP which research is available for this fund and what it covers.

Enquire about WSP research

Back 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. "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