Heed Top Investment Fund is a CMVM-regulated investment fund managed by Heed Capital, investing primarily in debt with daily liquidity for investors.
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
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
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.
The Heed Top Investment Fund is an open-ended Alternative Investment Fund managed by Heed Capital SGOIC, S.A., designed for investors who want a conservative, fully compliant route to the Portuguese Golden Visa. As a fund that invests in securities, it does not invest in real estate at all and follows the new “Mais Habitação” rules from 2023, which require a €500,000 investment in regulated Heed Top follows a capital preservation strategy, aiming for steady 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 and securitized credit vehicles such as Sagres transactions. These instruments help finance the domestic economy while offering yields that support the fund’s target return. The other 40% can be invested outside of Portugal, usually in safe government bonds and short-term investments like US Treasury Bills, inflation-linked securities, and major European government debt. 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 generally allows redemptions on standard settlement cycles. 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. 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.
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.
5% redemption fee applies if redeemed within 365 days of subscription. No redemption fee after 1 year.
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.
18 team members
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
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...
Enquire about Heed Top Investment 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.
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.
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Compare Heed Top Investment Fund with similar investment funds to analyze performance, fees, and investment requirements.
The minimum investment for each investor is €100,000. fall depending on market conditions and the performance of its underlying assets.
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, securitised credit, 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 up to 2%, and a performance fee of 20% above a 5% hurdle with a high-water mark. A 5% redemption fee applies only if redeemed within 12 months.
The fund charges a 1.50% annual management fee, a subscription fee up to 2%, and a performance fee of 20% above a 5% 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 sovereign bonds and ETFs 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.
Typically, no. The fund holds some USD-denominated assets, meaning investors may experience small FX movements when the euro strengthens or weakens against the dollar.
Yes, it is registered under CMVM ID 115. The custodian is Bison Bank.