IMGA Portuguese Corporate Debt Fund
IM Gestão de Ativos (IMGA)
IMGA Portuguese Corporate Debt...
IMGA Portuguese Corporate Debt Fund
IMGA Portuguese Corporate Debt Fund is an open-ended alternative investment fund regulated by CMVM – Comissão do Mercado de Valores Mobiliários (Portugal) (ID: 1985) and managed by IM Gestão de Ativos (IMGA), investing in debt with a minimum commitment of €500,000 and a 5 years lock-up period.
- Manager
- IM Gestão de Ativos (IMGA)
- Regulator
- CMVM – Comissão do Mercado de Valores Mobiliários (Portugal) (ID: 1985)
- ISIN
- Class R: PTIG2PHM0008; Class I: PTIG2KHM0003; Class P: PTIG2QHM0007;
- Strategy
- Debt
- Min. Investment
- €500,000
- Typical GV Ticket
- €50,000
- Fund Size
- €40.7M
- Management Fee
- 1.7%
- Performance Fee
- None
- Lock-up
- 5 years
- Redemptions
- Daily
- Custodian
- Millennium BCP (Banco Comercial Português, S.A.)
- Auditor
- Forvis Mazars
- Status
- Open
- GV-intended
- Manager-stated GV intent
Fund Snapshot
Key Facts
| Min Investment | €500,000 |
|---|---|
| Redemptions | Daily |
| Open to US | Not confirmed |
| Lock-up | 5 years |
| Fund Size (AUM) | €40.7M |
Fees
| Management Fee | 1.7% |
|---|---|
| Performance Fee | None |
Additional Details
| NAV Frequency | Daily |
|---|---|
| Established | 2004 |
| CMVM ID | 1985 |
| Regulated By | CMVM – Comissão do Mercado de Valores Mobiliários (Portugal) |
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
- 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 stated 60-month lock-up against current fund documents.
- US-person onboarding and FATCA/PFIC handling are not confirmed.
Key unknowns
- No critical unknowns detected from the current structured profile.
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
About the Fund
The IMGA Portuguese Corporate Debt Fund offers conservative exposure to corporate bonds and commercial paper issued mainly by Portuguese companies. It’s designed for investors seeking steady, lower-volatility returns, daily liquidity, and a strategy built around high-quality issuers with a strong foothold in Portugal’s real economy.
The IMGA Portuguese Corporate Debt Fund is an open-ended fixed-income strategy focused on capturing stable returns through carefully selected corporate bonds and commercial paper, with a clear emphasis on the Portuguese market. At least 65% of the portfolio is invested in companies domiciled in Portugal, while a minimum of 80% must be allocated to private-sector debt, giving the fund a strong national orientation without abandoning diversification across other European issuers when appropriate. The portfolio is actively managed, using detailed evaluations of individual companies along with a wider economic perspective to find businesses that have strong finances, reliable income, and reasonable levels of debt. The outcome is a mix of credit that mostly includes high-quality investments, along with cash-like assets and a careful use of derivatives only for protection. All share classes are capitalised, so the income generated by the underlying securities is automatically reinvested, making the fund suitable for investors who prefer long-term compounding over periodic distributions. The fund allows investors to buy and sell shares daily, making it easy to access, similar to UCITS-style funds, while keeping a low risk level, usually rated as level 2 on a scale from 1 to 7. Volatility has remained low since launch, reflecting the fund’s focus on high-quality corporate issuers, disciplined duration management, and tight oversight of concentration and liquidity risk. The fund is also available in a dedicated Golden Visa share class, which aligns with Portugal’s post-2023 residency rules by maintaining a high allocation to national companies. Combined with a five-year recommended horizon and the manager’s long track record in Portuguese fixed income, the fund sits as a practical option for investors seeking stability, transparency, and exposure to the country’s corporate credit landscape.
Regulatory Identifiers
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
| CMVM Registration | 1985 |
|---|---|
| ISIN | Class R: PTIG2PHM0008Class I: PTIG2KHM0003Class P: PTIG2QHM0007 |
Fund Documents
Provided by the fund manager. Review the fund's official documents before subscribing; Movingto has not independently verified their contents.
- Fund Prospectus
- KID R
- KID P
- KID I
- Interim Report and Accounst
- Monthly Factsheet Share Class P
- Monthly Factsheet Share Class R
Key Terms
| Minimum Investment | €500,000 |
|---|---|
| Fund Structure | Debt |
| Lock-up Period | 5 years |
| Domicile | Portugal |
| Custodian | Millennium BCP (Banco Comercial Português, S.A.) |
| Auditor | Forvis Mazars |
| ISIN | Class R: PTIG2PHM0008; Class I: PTIG2KHM0003; Class P: PTIG2QHM0007; |
| Typical Ticket | €50,000 |
| Risk Band | Conservative |
| Fund Status | Open |
| Inception Date | 2004 |
Figures are reported by the fund manager. Movingto verification of this profile is pending. Terms may vary by investor class.
Fees
Fee Structure
Fee Calculator
Geographic Allocation
Redemption Terms
| Redemption Status | Open |
|---|---|
| Frequency | Daily |
| Lock-up Period | 60 months (5y) |
| Early Redemption Fee | 3.5% |
Additional Terms
Redemptions use forward pricing and typically settle within six business days. IMGA may extend settlement to fifteen days during unusual market conditions. Standard classes have no exit fees, while Category G applies a five-year early-exit penalty.
Redemption terms may vary by investor class. Verify details with the fund manager.
Fund Category
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Regulatory & Compliance
Always confirm regulatory details with the fund manager and legal counsel before investing.
Ask Movingto about IMGA Portuguese Corporate Debt Fund
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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.
IMGA Portuguese Corporate Debt Fund
Managed by
Min Investment
€500,000
Fund-stated objective
Not disclosed
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.
No published fund-stated objective
This fund hasn't specified a fund-stated objective, so no return is assumed. Enter your own assumption below to model an outcome — any figure you enter is your own, not the fund's.Ask Movingto what disclosure is missing, then confirm any objective against current fund documents.
Investment Calculator
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Display returns after disclosed management and performance fees
Fund minimum: €500,000
Typical holding period
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No published fund-stated objective: This fund hasn't specified a return objective, so no return is assumed. Any figure here is your own assumption, not the fund's or a Movingto projection. Actual performance may differ significantly, and capital is at risk. Confirm fund-specific information against current fund documents and qualified advisers.
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 fund focuses on corporate bonds and commercial paper issued mainly by Portuguese companies. It stays heavily weighted toward national issuers while keeping a small sleeve for broader Eurozone credit to maintain diversification.
Yes. The fund sits in a low-risk category (typically risk class 2/7). Returns tend to be steady rather than volatile, making it appropriate for investors who want predictable income-style exposure without equity-level swings.
It’s an open-ended, daily-dealing fund. Orders are processed at the next available NAV, and settlement normally happens within six business days.
No. All share classes reinvest interest and coupon payments back into the NAV. Investors benefit through long-term compounding rather than periodic distributions.
The strategy aims for moderate, bond-like returns. Early performance shows annualised figures in the 3%–4% range, although future results depend on credit spreads and interestrate conditions.
The Golden Visa Category G class has a higher minimum entry and includes a 3.5% early-exit fee during the first five years to align with Portugal’s ARI residency rules. The underlying portfolio is the same across classes.
Yes. Its mandate requires investing at least 65% of assets in companies based in Portugal, which satisfies the “capitalisation of national companies” requirement under the updated residency framework.
The key risks are corporate credit risk, interest-rate changes, and economic exposure to Portuguese issuers. While volatility is low, bond prices can still fluctuate, and capital is not guaranteed.
The portfolio typically includes issuers from banking, utilities, energy, infrastructure, insurance, and other established corporate sectors. Many positions are tied to major Portuguese institutions.
IMGA publishes regular factsheets, audited financial statements, semi-annual reports, and daily NAV data. Investors can track performance and holdings with consistent monthly visibility.
Yes. The fund is classified under SFDR Article 8, meaning ESG considerations are integrated into the credit selection process and certain exclusions apply.
No. As a non-US fund, it is generally treated as a PFIC for US tax purposes, and IMGA does not confirm QEF reporting. U.S. investors should avoid it, unless advised otherwise by a specialised tax professional.
IMGA suggests a five-year horizon. This aligns with the low-volatility profile and, for Golden Visa investors, matches the minimum residency-qualifying investment period.
The listed minimum investment is €500,000. Redemption frequency is Daily and lock-up is 5 years. Confirm final terms in the fund documents.
Management fee: 1.7%. Performance fee: None. Subscription fee: 1.75%. Missing fee fields should be treated as diligence gaps, not as zero-cost assumptions.
The profile lists CMVM ID 1985. The listed custodian is Millennium BCP (Banco Comercial Português, S.A.). 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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