Heed Capital
Heed Capital is a Lisbon-based independent asset manager with more than 20 years of experience, overseeing more than €350 million across investment funds, portfolio management, and financial advisory.
About Heed Capital
Heed Capital is an independent Portuguese asset management company with more than two decades of operational history, formerly known as Dunas Capital before its rebranding. The firm manages and advises over €350 million in assets across mutual funds, alternative funds, portfolio management and investment advisory. Heed is fully authorised as an SGOIC and supervised by the CMVM, which enables it to operate both UCITS and alternative investment vehicles.
Open Opportunities
Currently accepting new investments
Heed Top Investment 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
Key Highlights
Two decades of investment management
Heed Capital has been operating since 2003, evolving from Dunas Capital into an established SGOIC. Its long history provides continuity, stability, and proven experience across multiple market cycles.
€350m+ in managed and advised assets
The firm manages or advises on more than €350 million, covering mutual funds, alternative funds, and discretionary portfolios. This positions Heed as a significant independent player in Portugal.
Broad, multi-strategy investment offering
Heed runs UCITS funds, alternative investment funds, Golden Visa vehicles, and bespoke mandates. Investors gain access to equities, bonds, ETFs, real estate, and opportunistic assets under one platform.
Strong Golden Visa track record
Since 2020, Heed has launched five Golden Visa–eligible funds, raising over €90 million. More than 250 investors from 25+ countries have relied on the firm to support their residency journey.
Morningstar-rated mutual funds
Several of Heed’s long-standing UCITS funds hold 5-year and 10-year Morningstar ratings, reflecting solid risk management, consistent returns, and disciplined investment processes.
Proven real estate development capability
Through its alternative funds, Heed develops and manages residential and commercial assets in Lisbon, Porto, Évora, and coastal areas, spanning renovation, development, and income-focused projects.
International reach through Tagus Investimentos
Heed holds a strategic stake in Brazil-based Tagus Investimentos, strengthening its research capabilities and expanding its insight across European and Latin American markets.
Senior leadership with decades of experience
Heed’s management team brings long careers in fixed income, multi-asset investing, real estate, and financial advisory, combining institutional expertise with an independent approach.
Team
Afonso Ferreira joined Heed Capital in January 2024 as an Investment Analyst, supporting the CIO and fund managers across the firm’s securities...
Ana Devesa is Marketing Manager at Heed Capital, where she leads brand development, digital strategy, and cross-team communication. She holds a...
Bernardo Moreira joined Heed Capital’s investment team in 2010 after an internship at Caixa Geral de Depósitos. Starting as an analyst, he developed...
Fernando Fonseca has more than three decades of financial and operational experience across banking, consumer finance and investment management. He...
Fernando Freire has more than three decades of experience in banking, operations and investment management. He began his career in 1987 at Banco BBM...
Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...
Jéssica Sousa trained as an accountant and began her career in 2007. She spent seven years managing a tax and accounting services provider in Brazil...
Joana Fernandes holds a degree in Law and completed a study semester in Madrid at Universidad Rey Juan Carlos. She joined Heed Capital in 2025 as a...
Frequently Asked Questions
Heed combines two decades of operating history with a multi-strategy platform spanning UCITS, alternatives, and Golden Visa vehicles. Its independence allows flexible allocation and faster decision-making.
The firm uses diversified fixed income as its core stabiliser; strict concentration limits, and disciplined portfolio construction. Daily monitoring supports consistent risk-adjusted performance across strategies.
Since 2020, Heed has launched five eligible funds and raised over €90M from 250+ investors. The team manages both liquid and real-estate-backed vehicles and handles all GV regulatory structuring internally.
The Heed Top Fund invests mainly in Portuguese corporates while adding global diversification through ETFs and high-quality bonds. Alternative funds focus on residential, PBSA, commercial, and opportunistic real estate.
The Heed Top Fund offers daily liquidity with settlement in four to five business days. Real-estate-focused alternatives follow multi-year cycles with exits aligned to development and disposal timelines.
Heed’s stake in Tagus strengthens its international reach and provides deeper research coverage, particularly across Brazil. This adds global context to asset allocation and long-term portfolio positioning.
Heed Capital operates as a fully authorised SGOIC under CMVM supervision. Both the manager and its funds comply with Portuguese regulatory requirements, offering transparency, governance, and investor protection.
Contact & Regulatory Information
Contact Details
Regulatory Information
Get in Touch with Heed Capital
Contact the fund manager team. They will respond within 24-48 hours.