Interfundos AF Portfolio Imobiliário
Real Estate · Europe · Direct Real Estate
Figures refer to the share class ISIN PTYAIRHM0000, currency EUR.
Recent performance
The EUR class returned +9.74% over one year to 2026-09-30. The WSP comparator (EUR 3-month deposit + 4%) returned +6.23%, a difference of +3.51 percentage points. Over the final three months, the fund returned +1.24%.
Liquidity and redemptions
| Redemption dates | Units issued after 25 March 2015: annually on 5 February. Earlier issues have separate redemption rules. |
|---|---|
| Notice required | Units issued after 25 March 2015: at least 6 months before 5 February; otherwise the next annual window applies. |
| Minimum holding period | Requests may be made after 12 months from subscription. |
| Payment of proceeds | Units issued after 25 March 2015: within 3 months after the redemption date, subject to the stated minimum interval and exceptional liquidity measures. |
| Limits and suspensions | Exceptional liquidity tools include an additional 12-month notice period and an anti-dilution levy. Suspension is possible; professional investors may be paid in kind under the prospectus. |
Sources and share-class terms
Terms for PTYAIRHM0000.
- Document dated 2026-05-13 — Redemption dates (p. 27); Notice required (p. 28); Minimum holding period (p. 27); Payment of proceeds (p. 28); Limits and suspensions (p. 12)
Key facts
- Associated firm
- 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
- 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 + 4%
Exact chart values
| Month | Fund | WSP comparator: EUR 3-month deposit + 4% |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 100.16 | 100.70 |
| 2023-11 | 101.25 | 101.36 |
| 2023-12 | 101.37 | 102.00 |
| 2024-01 | 100.71 | 102.74 |
| 2024-02 | 100.32 | 103.39 |
| 2024-03 | 100.49 | 104.02 |
| 2024-04 | 100.93 | 104.78 |
| 2024-05 | 101.16 | 105.49 |
| 2024-06 | 105.58 | 106.12 |
| 2024-07 | 105.85 | 106.86 |
| 2024-08 | 106.04 | 107.54 |
| 2024-09 | 106.21 | 108.24 |
| 2024-10 | 106.13 | 108.92 |
| 2024-11 | 110.45 | 109.55 |
| 2024-12 | 110.86 | 110.23 |
| 2025-01 | 111.20 | 110.89 |
| 2025-02 | 110.61 | 111.46 |
| 2025-03 | 111.15 | 112.08 |
| 2025-04 | 111.72 | 112.67 |
| 2025-05 | 111.89 | 113.25 |
| 2025-06 | 113.48 | 113.83 |
| 2025-07 | 113.74 | 114.41 |
| 2025-08 | 114.20 | 114.95 |
| 2025-09 | 114.49 | 115.55 |
| 2025-10 | 114.67 | 116.14 |
| 2025-11 | 119.53 | 116.67 |
| 2025-12 | 120.07 | 117.30 |
| 2026-01 | 120.40 | 117.87 |
| 2026-02 | 121.01 | 118.41 |
| 2026-03 | 121.49 | 119.03 |
| 2026-04 | 121.89 | 119.62 |
| 2026-05 | 122.46 | 120.19 |
| 2026-06 | 124.11 | 120.83 |
| 2026-07 | 124.51 | 121.46 |
| 2026-08 | 124.83 | 122.11 |
| 2026-09 | 125.64 | 122.75 |
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 PTYAIRHM0000, currency EUR | 0.65 | 1.24 | 3.41 | 4.64 | 8.31 | 9.35 | 3.43 | 9.74 | 7.91 | 6.35 | 4.05 | 1.22 | -1.04 |
| BenchmarkEUR 3-month deposit + 4% | 0.52 | 1.59 | 3.12 | 4.64 | 6.41 | 8.07 | 7.49 | 6.23 | 7.07 | 6.30 | – | – | – |
| Differencefund minus benchmark, in percentage points | 0.13 | -0.35 | 0.30 | -0.00 | 1.90 | 1.28 | -4.05 | 3.51 | 0.83 | 0.05 | – | – | – |
Reporting dates by figure
- PTYAIRHM0000 — 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 23 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 | -1.88 |
| 2024-10 | -2.04 |
| 2024-11 | 0.93 |
| 2024-12 | 1.19 |
| 2025-01 | 2.30 |
| 2025-02 | 2.27 |
| 2025-03 | 2.66 |
| 2025-04 | 2.93 |
| 2025-05 | 3.02 |
| 2025-06 | 0.20 |
| 2025-07 | 0.36 |
| 2025-08 | 0.76 |
| 2025-09 | 0.98 |
| 2025-10 | 1.34 |
| 2025-11 | 1.61 |
| 2025-12 | 1.79 |
| 2026-01 | 1.86 |
| 2026-02 | 2.99 |
| 2026-03 | 2.92 |
| 2026-04 | 2.77 |
| 2026-05 | 3.13 |
| 2026-06 | 3.04 |
| 2026-07 | 3.11 |
| 2026-08 | 2.90 |
| 2026-09 | 3.31 |
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 + 4%
Exact chart values
| Month | Fund | WSP comparator: EUR 3-month deposit + 4% |
|---|---|---|
| 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 | -0.66 | 0.00 |
| 2024-02 | -1.04 | 0.00 |
| 2024-03 | -0.88 | 0.00 |
| 2024-04 | -0.44 | 0.00 |
| 2024-05 | -0.21 | 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 | -0.08 | 0.00 |
| 2024-11 | 0.00 | 0.00 |
| 2024-12 | 0.00 | 0.00 |
| 2025-01 | 0.00 | 0.00 |
| 2025-02 | -0.53 | 0.00 |
| 2025-03 | -0.04 | 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: -1.04%.
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 | — | — | — | — | — | — | — | — | — | +0.16 | +1.09 | +0.12 |
| 2024 | -0.66 | -0.39 | +0.17 | +0.44 | +0.23 | +4.37 | +0.26 | +0.17 | +0.16 | -0.08 | +4.08 | +0.36 |
| 2025 | +0.31 | -0.53 | +0.49 | +0.51 | +0.15 | +1.42 | +0.23 | +0.41 | +0.25 | +0.16 | +4.24 | +0.45 |
| 2026 | +0.28 | +0.51 | +0.39 | +0.33 | +0.47 | +1.34 | +0.32 | +0.26 | +0.65 | — | — | — |
Benchmark return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | +0.70 | +0.66 | +0.63 |
| 2024 | +0.72 | +0.63 | +0.61 | +0.72 | +0.68 | +0.60 | +0.70 | +0.64 | +0.65 | +0.63 | +0.57 | +0.62 |
| 2025 | +0.59 | +0.52 | +0.56 | +0.53 | +0.51 | +0.51 | +0.51 | +0.47 | +0.52 | +0.51 | +0.46 | +0.54 |
| 2026 | +0.49 | +0.46 | +0.52 | +0.49 | +0.47 | +0.53 | +0.53 | +0.53 | +0.52 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -0.54 | +0.43 | -0.51 |
| 2024 | -1.38 | -1.02 | -0.45 | -0.28 | -0.45 | +3.77 | -0.44 | -0.46 | -0.49 | -0.71 | +3.50 | -0.26 |
| 2025 | -0.29 | -1.05 | -0.06 | -0.02 | -0.36 | +0.91 | -0.28 | -0.07 | -0.27 | -0.35 | +3.79 | -0.09 |
| 2026 | -0.22 | +0.05 | -0.13 | -0.17 | -0.00 | +0.81 | -0.21 | -0.27 | +0.13 | — | — | — |
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 | 9.74 | 5.71 | 1 of 5 |
| Return 3Y p.a. | 7.91 | 6.06 | 1 of 5 |
| 3Y p.a. over its own benchmark | 0.83 | 0.83 | 3 of 5 |
| Volatility 3Y | 4.05 | ||
| Sharpe ratio 3Y | 1.22 | ||
| Max drawdown 3Y | -1.04 | ||
| Management fee | 1.15% |
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 | 109.7 | 03.10.2025 | 106.2 |
| 3Y | 30.09.2023 | 125.6 | 31.10.2023 | 121.9 |
| 5Y | 30.09.2021 | 136.1 | 30.09.2021 | 135.7 |
| Since 2020 | 31.05.2020 | 145.7 | 30.06.2020 | 141.7 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: Compounded cash-rate comparison.
Assigned benchmark: EUR 3-month deposit + 4%. 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.
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
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.
2026-05-13
How the strategy works
The fund’s 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. For units issued after 25 March 2015, redemptions are processed annually on 5 February and require at least six months’ notice. Missing the deadline moves the request to the following annual window. Payment can take up to three months after the redemption date, subject to exceptional liquidity measures. A declining redemption fee of up to 5% may apply, depending on how long the investment has been held.
2026-05-13
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%.
2026-05-13
Distinctive features
The portfolio is limited to real estate assets and liquidity. Its remit spans residential, tourism, logistics, services and retail properties, with a preference for leased assets in services, commerce and industry, and geographic diversification with a predominant urban focus. The fund is open-ended and accumulating, with an indefinite term. Portfolio construction is subject to legal limits, including minimum real estate exposure and caps on single-asset concentration and development-related exposure.
2026-05-13
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. Adverse economic conditions can reduce the market value of the real estate assets in the portfolio. Credit risk arises mainly through non-payment of rents, and liquidity risk from difficulty in selling properties and/or leasing them. Adverse tax regime changes are 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.
2026-05-13
Asset manager
The management company is Interfundos – Sociedade Gestora de Organismos de Investimento Coletivo, S.A. 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 is the Comissão do Mercado de Valores Mobiliários (CMVM).
2026-05-13
Performance commentary
Returns depend on property values and rental income. Adverse economic conditions can reduce the value of the properties, while unpaid rents and difficulty letting or selling assets can reduce returns. Neither capital nor income is guaranteed.
2026-05-13