RP Immobilienanlagen & Infrastruktur T
Real Estate · Global · Direct Real Estate
Figures refer to the share class ISIN DE000A0KEYG6, currency EUR, retail share class.
Key facts
- Management company
- WARBURG INVEST KAG MBH
- Asset class
- Real Estate
- Geography
- Global
- Strategy
- Direct Real Estate
- Share class currency
- EUR
- Share class inception
- 03.05.2007
- Fund size
- 7 million (as at 15.09.2026)
- Management fee
- 1.35%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 02.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 02.10.2025 | 106.7 | 110.4 |
| Since 2023 | 02.10.2023 | 115.8 | 136.8 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 29.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN DE000A0KEYG6, currency EUR, retail share class | 0.09 | -2.08 | -0.46 | 5.63 | 3.43 | 5.00 | 2.23 | 9.12 | 5.52 | 2.89 | 9.47 | 0.37 | -6.20 |
| BenchmarkEUR 3-month deposit + 8% | 0.87 | 2.59 | 5.19 | 6.89 | 10.72 | 12.38 | 11.86 | 10.50 | 11.43 | 10.56 | – | – | – |
| Differencefund minus benchmark, in percentage points | -0.78 | -4.67 | -5.65 | -1.26 | -7.29 | -7.38 | -9.62 | -1.38 | -5.92 | -7.67 | – | – | – |
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 fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 9.12 | 3.46 | 2 of 10 |
| Return 3Y p.a. | 5.52 | 2.87 | 2 of 10 |
| 3Y p.a. over its own benchmark | -5.92 | -2.61 | 8 of 10 |
| Volatility 3Y | 9.47 | 3.04 | 10 of 10 |
| Sharpe ratio 3Y | 0.37 | 0.13 | 4 of 10 |
| Max drawdown 3Y | -6.20 | -0.56 | 9 of 10 |
| Management fee | 1.35% | 0.65% | 7 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
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. "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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
Substanzfonds Infrastruktur T is positioned as a defensive portfolio building block with exposure to real assets, combining global infrastructure and property-related investments with a multi-asset structure. The PRIIP classifies it in SRI 3 and states a recommended holding period of 5 years, while the target investor is described as someone seeking wealth accumulation or optimisation who can tolerate significant fluctuations and clear losses and does not require capital protection. The fund can be used by investors wanting access to global infrastructure themes and indirect real-asset exposure through a UCITS structure rather than direct holdings. Its distinct profile comes from combining infrastructure themes with bonds, investment funds and liquidity-oriented defensive strategies.
Investment strategy
The stated objective is to achieve positive value development through active, discretionary management. Under the PRIIP, at least 51% of eligible assets are invested in infrastructure, across global themes including digital infrastructure & AI, transport & logistics, and social infrastructure; the fund intends to invest predominantly in securities, especially bonds of all kinds, as well as fund units, and may also hold money market instruments and bank deposits. The factsheet also describes investments in a broad spectrum of indirect real estate investments, including real estate funds, infrastructure, REITs and property equities, with liquid and defensive strategies such as absolute-return funds added for diversification and a conservative profile. The fund does not track an index and does not use a fixed benchmark; derivatives may be used to reduce losses from interest-rate, currency and securities-price movements or to seek additional gains. The share class is accumulating, and the recommended holding period is 5 years.
Investment philosophy
• The investment universe spans global infrastructure themes, with at least 51% invested in infrastructure-related assets; named themes include digital infrastructure & AI, transport & logistics, and social infrastructure.
• The fund invests mainly in securities, particularly bonds of all kinds, and in investment funds; it may also hold money market instruments, bank deposits, REITs, property equities and indirect real estate funds.
• Portfolio construction is actively managed on a discretionary basis, with the manager selecting assets using company analysis and assessments of macroeconomic and political developments; no benchmark or reference index is used.
• Diversification and a conservative profile are pursued by combining real-asset exposures with liquid and defensive strategies such as absolute-return funds.
• Derivatives can be used for risk reduction against interest-rate, currency and market-price fluctuations or to enhance returns; as of 31.08.2026, asset allocation was 75.26% investment funds, 18.76% bonds, 5.96% other assets and 0.02% derivatives by market value.
The asset manager
The management company is Warburg Invest Kapitalanlagegesellschaft mbH, based in Hamburg. The portfolio manager named in the factsheet is RP Rheinische Portfolio Management GmbH, Cologne. The PRIIP states that Warburg Invest belongs to the M.M. Warburg & CO Gruppe GmbH. The depositary is Kreissparkasse Köln.
Strengths
The fund combines global infrastructure exposure with indirect real-asset investing in a UCITS format, which gives it a differentiated profile versus single-asset infrastructure funds. Its mandate explicitly spans several infrastructure segments, including digital infrastructure & AI, transport & logistics and social infrastructure, while also allowing bonds and fund investments. The structure is designed to be diversified and defensive through the use of liquid and absolute-return-oriented allocations alongside real-asset exposures. It is also an accumulating share class with no performance fee stated.
Risks
The fund is classified in risk class 3 on the 1-7 SRI scale, assuming a 5-year holding period, and the documents state that it can be hard to understand and may not suit investors planning to withdraw capital within 5 years. Named risks include high dependence on property market developments, price risks in property equities and property funds, foreign-exchange movements of non-euro currencies against the euro, and the possibility that target funds suspend redemptions or, in extreme cases, are liquidated. The PRIIP also refers to currency risk not captured in the summary indicator and points to further risks including counterparty, custody, liquidity and operational risks; the product offers no protection against future market developments, so investors could lose part or all of their capital. The factsheet separately notes elevated volatility from the portfolio composition and techniques used, meaning unit prices can fluctuate sharply even over short periods.