ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
UBS Asset ManagementLU0498013860Class EUR K-1-acc
The Global REFS is a real-estate fund of funds across global core target funds — in the market since 2008 and thus the oldest real-estate evergreen in the database, with no performance fee.
Monthly subscription and redemption with roughly one month's notice and a quantified limit per dealing date. The limit has been applied more than once: from 31 March 2020 all redemptions were temporarily deferred, and from October 2022 to November 2024 part of them; since the end of 2024 the fund has, where needed, passed sale discounts on to redeeming investors as a redemption charge.
Subscription from EUR 50,000 (class P), the class shown here (K-1) from EUR 500,000; predominantly for professional investors and distribution partners; not registered for retail distribution in Germany.
The reference for the fund-of-funds model in real estate: no story, no specialisation — but the longest monthly-liquidity record among the real-estate evergreens, including two deferral phases that show how the mechanics actually work under stress.
Figures for class EUR K-1-acc (LU0498013860) · product data 9 Oct 2026 · sources: prospectus (as at 31 May 2025 (prospectus), file name 31 May 2026), PRIIPs-KID, Factsheet, monthly report — full list under 08 documents.
Since the data series began in Jun 2014, the unit price has gained 2.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
126 monthly values · Source: secondary source (data portal) · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Jun 2008; a reliable NAV series of the class is available from Jun 2014.
What the prospectus permits: Investment in target funds (directly or through instruments replicating the return of the target fund), listed real estate companies/real estate management companies as well as derivatives for the passive replication of defined real estate markets.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
58 holdings; the five largest account for 16.1% of the fund. 6.5% is held in the liquidity reserve — enough for 1 month of maximum redemptions.
Among the ten largest: 10 primary funds.
Open-ended logistics real estate fund managed by Prologis (Prologis Targeted U.S. Logistics Fund) with a portfolio of modern distribution and warehouse properties in core U.S. markets.
Blackstone Property Partners Europe is an open-ended core-plus real estate fund of Blackstone investing in major European cities.
Blackstone Property Partners Asia is an open-ended core-plus real estate fund of Blackstone for the Asia-Pacific region.
Open-ended core real estate fund managed by Morgan Stanley Real Estate Investing that invests in stabilized, leased properties in the Asia-Pacific region, primarily in Japan and Australia.
Feeder vehicle for the Industrial Property Investment Fund (IPIF), an open-ended UK real estate fund managed by Columbia Threadneedle.
Open-ended U.S. real estate fund managed by DWS (RREEF) with a core-plus strategy, investing in industrial and logistics properties in the United States.
The Ventas Life Science and Healthcare Real Estate Fund is an open-ended US property fund managed by the listed healthcare REIT Ventas.
Open-ended U.S. core real estate fund (Lion Industrial Trust) managed by Clarion Partners, New York, holding logistics and industrial properties nationwide …
Fund of Avanath Capital Management (Irvine, California) that acquires, renovates and manages affordable and workforce rental housing in the US over the long term.
The Unite UK Student Accommodation Fund (USAF) is an open-ended property fund managed by the listed Unite Group.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. There is no performance fee.
For 500,000 EUR, a one-off up to 25,000 EUR on purchase and up to 10,000 EUR on redemption.
Based on the PRIIPs key information document of class EUR K-1-acc, hence comparable across providers.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed.
application including documents 3 business days before the Subscription Dealing Day
The Board may shorten the lead time to 1 business day before the Subscription Dealing Day …
Price = NAV per share on this day.
pre-funding: 0 business days after dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 3 business days before dealing day · 17:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | Price Publication Day in the last week of the month following the Dealing Day |
| Payment | pre-funding: 0 business days after dealing day |
| Minimum investment | EUR 50,000 |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The Board may limit or reject subscriptions, including where the size of the fund leaves no suitable investments; a partial acceptance is carried forward to the next Dealing Day |
| KYC / documents | application including documents 3 business days before the Subscription Dealing Day |
| Revocation | not regulated; the irrevocability clause applies only to redemption/switching (p. 21) |
| Business day | day normally treated as a business day on which the banks are open in London and Luxembourg (p. 22) |
Dates calculated from the prospectus rules (bank holidays: GB, LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed monthly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption Charge of max 2% accrues to the sub-fund; redemption in kind possible on a pro-rata basis.
NAV per unit less redemption fee (up to 2%)
On each redemption day - which for this sub-fund is the last business day of each calendar month - no more …
Pricing date for a request made today: —, in — days.
Shown without a date because the prospectus does not quantify: NAV publication, payment. The remaining markers are calculated from the prospectus rules.
No liquidity score — payout depends on NAV publication, whose timing the prospectus does not quantify.
The score needs a quantified redemption frequency, notice period and payout rule; as soon as the prospectus provides them, it is calculated.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last business day of the month |
| Notice | 30 calendar days before redemption day · 17:00 Luxembourg |
| Price | valuation day |
| Payout | 2 business days after NAV publication |
| Gate | 5% gross of NAV on the redemption day per redemption day |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% |
| Lock-up | none |
| Suspension | Valuation not practicable; emergency/market disruption; NAV suspension at target fund |
| Liquidity tools | Gate 5%, carry-forward pari passu, Deferral at discretion, Swing Pricing (partial), suspension, redemption in kind |
| Switch / transfer | permitted with consent; the Board may refer redeeming investors to brokers for secondaries |
| Compulsory redemption | in the event of legal/tax disadvantage, breach of the articles of incorporation, an ineligible holder, or failure to maintain the minimum holding |
On each redemption day - which for this sub-fund is the last business day of each calendar month - no more than 5% of the net asset value of Global REFS may be redeemed; the board of directors may at its free discretion permit a higher percentage. Measurement is GROSS at the level of the sub-fund as a whole, without netting against subscriptions.
The gate is FUND- or SUB-FUND-BASED and GROSS: per redemption day, at most 5% of the net asset value of Global REFS may be redeemed - without netting against subscriptions. As the sub-fund redeems monthly, the 5% limit applies MONTHLY (not quarterly as with most comparable funds).
Dates calculated from the prospectus rules (bank holidays: GB, LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
18 classes. All cost and risk figures on this page refer to the basis class EUR K-1-acc.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available. The risk indicator differs by class (3 to 4); the key figures show the value of the basis class.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | 31 May 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Annual / semi-annual report | 30 Jun 2026 | — |
| Key information document (PRIIPs KID) | 18 Feb 2026 | — |
| NAV series secondary source (data portal) | 28 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Mar 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption monthly, notice period 30 calendar days before redemption day, with 5% gate per redemption day.
From 50,000 EUR in the smallest class in EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to professional investors on request (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the UBS (Lux) Real Estate Funds Selection - Global. Under the prospectus a gate of 5% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.