UBS Direct 1a Immo PK
Real Estate · Switzerland · Direct Real Estate
Figures refer to the share class ISIN CH0008443035, currency CHF, retail share class.
Fund documents
For the share class shown above.
Factsheet (PDF, 31.08.2026)KID: not publicly available (not found in the public sources checked).
Key facts
- Management company
- Credit Suisse Funds AG
- Asset class
- Real Estate
- Geography
- Switzerland
- Strategy
- Direct Real Estate
- Share class currency
- CHF
- Share class inception
- 29.10.1999
- Fund size
- 3097 million (as at 31.08.2026)
- Management fee
- 0.35%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- Not available in this publication
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- Yes (qualified investors only)
Price history
Rebased to 100 at 31.10.2023.
Table view
| Period | From | Fund (100 at start) |
|---|---|---|
| 1Y | 30.09.2025 | 103.5 |
| Since 2023 | 31.10.2023 | 100.0 |
NAV per share, distributions not reinvested.
In CHF, the currency of the share class shown.
Benchmark line not shown: price history held back: source clearance pending.
Fund history to 31.08.2026.
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 CH0008443035, currency CHF, retail share class | 0.31 | 0.87 | 1.77 | 3.26 | 3.26 | -0.25 | -3.17 | 3.76 | 0.18 | 0.93 | 4.51 | -0.06 | -6.50 |
| BenchmarkKGAST Immo-Index Gemischt NR CHF | 0.37 | 1.20 | 2.40 | 3.03 | 5.05 | 3.60 | 2.15 | 5.10 | 4.05 | 4.07 | 0.55 | 4.84 | 0.00 |
| Differencefund minus benchmark, in percentage points | -0.06 | -0.34 | -0.63 | 0.24 | -1.80 | -3.85 | -5.31 | -1.34 | -3.87 | -3.14 | – | – | – |
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 | 3.76 | 3.46 | 5 of 10 |
| Return 3Y p.a. | 0.18 | 2.87 | 10 of 10 |
| 3Y p.a. over its own benchmark | -3.87 | -2.61 | 7 of 10 |
| Volatility 3Y | 4.51 | 3.04 | 7 of 10 |
| Sharpe ratio 3Y | -0.06 | 0.13 | 8 of 10 |
| Max drawdown 3Y | -6.50 | -0.56 | 10 of 10 |
| Management fee | 0.35% | 0.65% | 2 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.
– 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, not yet reviewed by WSP.
Investment rationale
UBS 1a Immo PK is a Swiss real estate fund designed for tax-exempt Swiss pension funds and social insurance institutions. Its stated objective is long-term capital preservation combined with adequate distributions, which positions it as a portfolio building block for institutional investors seeking Swiss direct property exposure. The fund invests across residential, mixed-use, commercial and industrial properties, as well as development projects with rental income and value appreciation potential. Its distinctiveness comes from exclusive investor eligibility, tax exemption at fund level, and a portfolio diversified by geography, usage and lease structures.
Investment strategy
The fund is UBS (CH) Property Fund - Direct 1a Immo PK, launched on 29.10.1999 and domiciled in Switzerland. It invests in quality residential properties, mixed-use properties, commercial and industrial properties, and projects with potential to improve income and value; at 30.09.2025, usage was 46.2% commercial, 29.1% residential, 18.2% mixed-use and 6.5% building land. The portfolio is Swiss-focused, with the largest regional weights in the Canton of Zurich (38.7%), Canton of Geneva (21.3%), North-West Switzerland (17.1%) and Central Switzerland (12.3%). The benchmark is the KGAST Immo-Index Gemischt (TR) in CHF; the benchmark was changed on 01.04.2024 from the SXI Real Estate Funds Broad (TR), and the fund moved to a NAV-based product on 31.03.2024. The fund distributes in December, with the last distribution on 11.12.2025, and it applies the sustainability investment approaches "ESG Integration" and "Climate Aware".
Investment philosophy
• The fund invests in Swiss real estate across residential, mixed-use, commercial and industrial assets, as well as development sites and properties under construction with potential to enhance income and value.
• Portfolio construction emphasizes modern building standards and broad diversification across geographic locations, property uses and rental structures.
• Current geographic exposure is concentrated in the Canton of Zurich, Canton of Geneva, North-West Switzerland and Central Switzerland, with smaller allocations to Southern Switzerland, Eastern Switzerland, the Canton of Berne and other Western Switzerland.
• Current property-use exposure is led by commercial buildings, followed by residential properties, mixed-use buildings and building land.
• Risk determination, measurement and management are described as rigorous, and the fund is managed by experienced real estate specialists including architects, trustees and economists working closely together with support from UBS's real estate network and external specialists.
Management team
The named portfolio management representatives are Silvio Preisig and Christian Braun. The report identifies them as the representatives of portfolio management for the fund.
The asset manager
The management company is UBS Fund Management (Switzerland) AG. The report identifies the fund as a UBS fund and states that the data source is UBS Asset Management. The fund is domiciled in Switzerland.
Strengths
The fund offers tax-exempt Swiss pension funds and social insurance institutions exclusive access to a diversified Swiss real estate portfolio. It combines direct property exposure with diversification by region, property use and lease structure, and the portfolio is characterized by modern construction standards. A quarterly matching process aggregates and matches buy and sell interests among the investor base, providing a defined mechanism for secondary trading of fund units. The management setup also stands out through a specialist real estate team that includes architects, trustees and economists, supported by UBS's broader real estate network and external experts.
Risks
The report states that the value of UBS Real Estate Fund units is sensitive to real estate valuation fluctuations and interest-rate trends. It also highlights the effects of these factors on rental income, together with certain market factors and legal aspects. The fund is therefore presented as better suited to investors with a medium- to long-term investment horizon, a good willingness to take risk and the capacity to bear it. As with all investments, market fluctuations apply, and the document notes that each fund has specific risks that can intensify materially under unusual market conditions.