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.
- 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
- Fund Size
- €22.2Mas of Feb 2026
- Management Fee
- 1.5%
- Performance Fee
- 20% (5% hurdle)
- Lock-up
- Not disclosed
- Redemptions
- Daily
- Custodian
- Bison Bank
- Auditor
- Forvis Mazars
- Status
- Open
- GV-intended
- Manager-stated GV intent
Fund Snapshot
Based on monthly performance history through 2026-02.
Legacy data — source review pending.
Key Facts
| Min Investment | €100,000 |
|---|---|
| Redemptions | Daily |
| Open to US | Not confirmed |
| Lock-up | Not disclosed |
| Fund Size (AUM) | €22.2Mas of Feb 2026 |
Fees
| Management Fee | 1.5% |
|---|---|
| Performance Fee | 20% |
Additional Details
| NAV Frequency | Daily |
|---|---|
| Established | 2024 |
| CMVM ID | 115 |
| Regulated By | CMVM – Comissão do Mercado de Valores Mobiliários |
Compliance
Figures are reported by the fund manager. Movingto verification of this profile is pending.
Capital at risk. Past performance isn't indicative of future returns. Figures are shown in euro (EUR); fees reduce returns, and for investors funding from another currency amounts may rise or fall with exchange rates. This is not investment advice.
Verification, Completeness & Freshness
Movingto's legal review confirms selected regulatory, identity, and document checks. It does not mean every profile field is complete, current, or an investment recommendation. Learn about our 8-point fund verification process
Key unresolved fields
Lock-up
- CMVM registration confirmed
- Regulatory status reviewed
- ISIN reviewed
- Fund manager identity reviewed
- Available fee fields reviewed
- Custodian details reviewed
Investor decision panel
What to know before shortlisting this fund
Profile facts
- Strategy recorded as Debt.
- Status recorded as open for subscriptions.
- Manager-reported risk band: Conservative.
Confirm before shortlisting
- Confirm the lock-up and redemption terms; the structured profile is incomplete.
- US-person onboarding and FATCA/PFIC handling are not confirmed.
Key unknowns
- Lock-up
Main diligence flags
- No major flags detected. Confirm current documents before investing.
Golden Visa note: The manager states this fund is intended for Golden Visa applicants, but this claim is not shown as independently verified here.
Historical Performance
Cumulative returns compounded from monthly performance data.
Legacy figures remain under source review. Amounts are shown in EUR; for investors in another currency, returns may be affected by exchange-rate movements.
Disclaimer: Past performance does not predict future returns and is not a reliable indicator of future results. All investments carry risk of loss; capital is at risk.
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.
| CMVM Registration | 115 |
|---|---|
| ISIN | PTVORYHM0007 |
Fund Documents
Provided by the fund manager. Review the fund's official documents before subscribing; Movingto has not independently verified their contents.
Fund Manager
Heed Capital
View all funds managed by this manager
Key Terms
| Minimum Investment | €100,000 |
|---|---|
| Fund Structure | Debt |
| Lock-up Period | Not disclosed |
| Domicile | Lisbon, Portugal |
| Custodian | Bison Bank |
| Auditor | Forvis Mazars |
| ISIN | PTVORYHM0007 |
| Typical Ticket | €500,000 |
| Risk Band | Conservative |
| Fund Status | Open |
| Inception Date | 2024 |
Figures are reported by the fund manager. Movingto verification of this profile is pending. Terms may vary by investor class.
Fees
Fee Structure
5% preferred return hurdle
Fee Calculator
Geographic Allocation
Redemption Terms
| Redemption Status | Open |
|---|---|
| Frequency | Daily |
Redemption terms may vary by investor class. Verify details with the fund manager.
Fund Category
View all funds in this category
Regulatory & Compliance
Always confirm regulatory details with the fund manager and legal counsel before investing.
Professional profiles connected to this fund
These source-backed profiles are connected to this fund and its manager.
- Afonso FerreiraInvestment Analyst at Heed Capital
- Bernardo MoreiraFund Manager at Heed Capital
- Gustavo Caiuby GuimarãesHead of Investor Relations and Board Member at Heed Capital
- Joaquim Maria Magalhães Luiz GomesCEO and Board Chairman at Heed Capital
- Nuno Miguel de Lemos Montes PintoCFO and Board Member at Heed Capital
- Pedro AlvesChief Investment Officer at Heed Capital
Ask Movingto about Heed Top Investment Fund
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Disclaimer: Your enquiry goes to Movingto. Movingto does not provide investment advice or introduce visitors directly to fund managers from this site. Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
Important Notice for Investors
You invest in units or shares of the fund, not directly in its underlying assets. Investment in funds involves risks, including the possible loss of principal. Where a fund is described as sustainable, ESG, or impact-oriented, those characteristics reflect the fund's own disclosures — check the fund's documents and any SFDR classification; a sustainability label does not by itself determine return or risk. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.
Heed Top Investment Fund
Managed by
Min Investment
€100,000
Fund-stated objective
5% p.a.
Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
Investment Calculator
Project potential returns based on your investment parameters
Display returns after disclosed management and performance fees
Fund minimum: €100,000
Typical holding period
Fund target: 5% p.a.
Investment Risk Disclosure: The figures shown are an illustration, not a forecast. They are an estimate of future performance based on your own assumptions and on how this type of investment has behaved and/or on current market conditions, and are not an exact indicator — what you actually get will vary with market performance and how long you stay invested. This investment may result in a financial loss, as there is no capital guarantee. Past performance does not guarantee future results. Any future return is also subject to taxation, which depends on your personal situation and may change. Figures are shown in euro (EUR); if you fund from another currency, the amounts you pay and receive may rise or fall with exchange-rate movements. Confirm details against the fund's own documents and a qualified financial adviser before making any investment decision.
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.
The listed minimum investment is €100,000. Redemption frequency is Daily and lock-up is not disclosed. Confirm final terms in the fund documents.
The profile lists CMVM ID 115. The listed custodian is Bison Bank. Registration is a securities-regulation status, not a quality or Golden Visa signal — verify current registry status and documents before subscribing.
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