IMGA Portuguese Corporate Debt Fund is a CMVM-regulated investment fund managed by IM Gestão de Ativos (IMGA), investing primarily in debt with daily liquidity for investors.
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.
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
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.
For broader context, see our full guide to Portugal Golden Visa investment funds.
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
Information as reported by fund manager. Terms may vary by investor class.
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.
Always confirm regulatory details with the fund manager and legal counsel before investing.
1 team member
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
Experienced fixed income professionals with decades of expertise in Portuguese corporate credit markets and rigorous credit analysis
Enquire about IMGA Portuguese Corporate Debt Fund. The fund manager will respond within 24-48 hours.
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.
Using Industry Assumptions
This fund hasn't specified target returns. You can adjust the assumptions below to project potential outcomes.Contact the fund for precise targets.
Project potential returns based on your investment parameters
Display returns after management and performance fees
Fund minimum: €500,000
Typical holding period
Industry average assumption
Using Industry Assumptions: This projection uses market averages as the fund hasn't specified target returns. Actual performance may differ significantly. Contact the fund manager for fund-specific projections.
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.
Lince Yield Fund, FCR is a regulated Portuguese private credit and income-focused fund targeting a 5% annual yield. It finances mature, financially sound SMEs through secured and mezzanine debt, prioritising capital preservation and stable distributions. Built for risk-averse Golden Visa investors, it combines defensive credit strategies with the safeguards of a CMVM-supervised FCR.
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
Pela Terra II: Regenerate is a Portugal-based, CMVM-regulated closed-end venture capital fund focused on regenerative agriculture and farmland private equity. Structured to meet Portugal Golden Visa requirements without direct real estate exposure, the fund invests in agricultural operating companies that acquire, regenerate, and operate farmland in Portugal’s interior regions.
Portugal Investment 1, a closed-end private equity fund structured as a Fundo de Capital de Risco (FCR). The fund mainly puts money into Portuguese companies, especially in hospitality, tourism, and industry, aiming for long-term growth while following the new rules for Portugal's Golden Visa funds after 2023.
A Golden Visa–eligible private equity fund targeting sustainable tourism and hospitality development in Portugal's Douro Valley, focusing on a 5-star luxury eco-resort.
If this fund is full or doesn't meet your requirements, here are similar options with comparable risk profiles and investment strategies.
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
Lince Yield Fund, FCR is a regulated Portuguese private credit and income-focused fund targeting a 5% annual yield. It finances mature, financially sound SMEs through secured and mezzanine debt, prioritising capital preservation and stable distributions. Built for risk-averse Golden Visa investors, it combines defensive credit strategies with the safeguards of a CMVM-supervised FCR.
The Optimize Portugal Golden Opportunities Fund is an open-ended UCITS investment fund designed to meet Portugal Golden Visa requirements through regulated capital markets exposure. Managed by Optimize Investment Partners SGOIC, it focuses primarily on Portuguese listed equities and debt securities, with no direct or indirect real estate exposure. The fund offers daily liquidity, transparent NAV pricing, and CMVM supervision, positioning it as a liquid alternative to traditional closed-ended Golden Visa funds.
Compare IMGA Portuguese Corporate Debt Fund with similar investment funds to analyze performance, fees, and investment requirements.
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.
Yes, it is registered under CMVM ID 1985. The custodian is Millennium BCP (Banco Comercial Português, S.A.).
Management Fee: 1.7%. Performance Fee: None. Subscription Fee: 1.75%.