Heed Top Investment Fund
Heed Capital
Heed Top Investment Fund
Heed Top Investment Fund
Heed Top Investment Fund is an open-ended alternative investment fund regulated by CMVM – Comissão do Mercado de Valores Mobiliários (ID: 115) and managed by Heed Capital, investing in debt with a minimum commitment of €100,000 with no lock-up period.
- Manager
- Heed Capital
- Regulator
- CMVM – Comissão do Mercado de Valores Mobiliários (ID: 115)
- ISIN
- PTVORYHM0007
- Strategy
- Debt
- Min. Investment
- €100,000
- Typical GV Ticket
- €500,000
- Management Fee
- 1.5%
- Performance Fee
- 20% (5% hurdle)
- Redemptions
- Daily
- Custodian
- Bison Bank
- Auditor
- Forvis Mazars
- Status
- Open
- GV-intended
- No
Fund Snapshot
Key Facts
Fees
Additional Details
Compliance
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
Historical Performance
Cumulative returns compounded from monthly data
Disclaimer: Historical performance is not indicative of future results. Past performance does not guarantee future returns. All investments carry risk of loss.
Fund Overview
About the Fund
A CMVM-regulated, open-ended alternative investment fund that invests primarily in Portuguese bonds and equities, with flexibility to allocate to ETFs, other funds, and international securities for diversification
The Heed Top Investment Fund is an open-ended Alternative Investment Fund managed by Heed Capital SGOIC, S.A., designed for investors who seek long term capital preservation and a fully compliant route to the Portuguese Golden Visa. Heed Top has exposure to bonds and equities and aims for steady net returns of around 5% per year. To remain eligible for the Golden Visa, the fund keeps at least 60% of its assets in Portuguese companies, primarily through corporate debt. The other 40% can be invested outside of Portugal, following the same strategy of allocating the capital in bonds and equities, but also using ETFs as a risk mitigation tool. This global allocation reduces country concentration risk and strengthens overall liquidity. A key differentiator is the fund’s open-ended structure. Unlike the closed-ended private equity funds that dominate the Golden Visa market, Heed Top offers daily Net Asset Value (NAV) calculations and allows daily redemptions. Although Golden Visa investors must maintain their investment for the required five-year period, the underlying liquidity provides optionality if personal circumstances change. Heed Top operates as an accumulation fund, reinvesting all interest and coupon payments to enhance long-term compounding. It is fully supervised by the CMVM, uses an independent depositary bank and external auditor, and maintains established processes for international investors, including those from the United States. The management company offers a jumbo account to speed up the investment and application process for investors. Overall, Heed Top provides a low-volatility, fixed-income-oriented path to Portuguese residency, suitable for investors seeking stability, transparency, and regulatory certainty rather than high-risk capital appreciation.
Regulatory Identifiers
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
Key Terms
Key Terms
Information as reported by fund manager. Terms may vary by investor class.
Financial Details
Fees
Fee Structure
Fee Calculator
Geographic Allocation
Redemption Terms
Redemption terms may vary by investor class. Verify details with the fund manager.
Fund Structure
Fund Category
Regulatory & Compliance
Always confirm regulatory details with the fund manager and legal counsel before investing.
Team Information
Fund Team
18 team members
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
Joaquim Maria Magalhães Luiz Gomes is the driving force behind Heed Capital’s long-term growth, bringing more than thirty years of hands-on...
Nuno Miguel de Lemos Montes Pinto brings a long and steady track record in financial leadership, shaped by more than two decades in corporate...
Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...
Pedro Geada brings a rare combination of deep technical expertise and large-scale leadership to Heed Capital’s Board. With an academic background...
Patrícia Jordão is responsible for leading Finance and Operations at Heed Capital, bringing more than 15 years of specialised experience across fund...
Pedro Alves is Heed Capital’s Chief Investment Officer, bringing more than two decades of hands-on experience in portfolio management, market...
Enquire About Heed Top Investment Fund
Speak with a MovingTo advisor about this fund. Our team will review your enquiry and get back to you.
Disclaimer: This enquiry does not constitute investment advice or a commitment to invest. All investments carry risk. Past performance does not guarantee future results.
Important Notice for Investors
Investment in funds involves risks, including the possible loss of principal. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.
Investment Calculator
Project potential returns based on your investment parameters
Display returns after management and performance fees
Fund minimum: €100,000
Typical holding period
Fund target: 5% p.a.
Investment Risk Disclosure: These projections are for illustrative purposes only and do not guarantee future performance. Past performance is not indicative of future results. All investments carry risk, including potential loss of principal. Consult with a qualified financial advisor before making investment decisions.
Frequently Asked Questions
The minimum investment for each investor is €100,000. The fund's performance depends on its underlying assets and market conditions; there is no guaranteed return.
It invests at least 60% of its portfolio in Portuguese commercial companies and holds no direct or indirect residential real estate. This meets the criteria set out in the post-2023 legislation.
Yes. Units can be subscribed to or redeemed on a daily basis. This structure provides flexibility, although Golden Visa investors must maintain their investment for the required five-year period.
The fund offers daily NAVs and redemptions. Settlement typically occurs on a T+4 basis. Liquidity is high compared with closed-ended private equity funds.
The strategy is designed to prioritise preservation and steady growth. Returns mainly come from Portuguese corporate debt and high-grade international bonds.
Yes. Heed Capital accepts US investors and is FATCA compliant. US investors must confirm access to PFIC Annual Information Statements to make the QEF election.
The fund charges a 1.50% annual management fee, a subscription fee (one-off) of 2% on top of the investment, and a performance fee of 20% above a net 5% p.a. hurdle with a high-water mark. A 5% redemption fee applies only if redeemed within 12 months.
No. It is an accumulation fund. All interest and coupons are reinvested to enhance long-term compounding.
Daily. Investors can check the value of their units each business day.
It is classified as SRI 3 (on a scale of 1–7), placing it in the low-to-medium risk category. This reflects its bond-heavy allocation and limited exposure to equities.
The fund balances the 60% Portuguese exposure with up to 40% in international securities to help offset country-specific downturns.
Fund assets are held by the depositary bank (Bison Bank). They remain legally separate from the management company and would be transferred to a new manager if required.
You can, but doing so would jeopardize the residency application. Financially, redemptions are allowed; legally, you must maintain the investment.
No. The fund holds positions in EURs to avoid currency exposure.
Yes, Heed Capital has a jumbo account with Bison Bank, so investors can invest directly in the fund without the need to open a bank account in Portugal to make the investment.
Yes, it is registered under CMVM ID 115. The custodian is Bison Bank.
📂 Looking for all Golden Visa funds in one place?
Browse every fund with fees, returns, and key details side by side.
View the Complete Fund Directory →