Portugal I Fundo de Investimento Mobiliário
Aberto de Ações
PTSXYFHM0005
Fundo de Investimento Mobiliário
Aberto
PTOPZWHM0007
Fundo de Investimento
Aberto de Ações
PTAFIALM0006
Are these the only 3 funds that can be recognized at this time?
This is the data I gathered from ft.com, 2 or 3 seems like about right. But IMGA has been around longer.
3333.pdf (343.5 KB)
You also have Optimize (smaller but growing and lower fees) and BPI Portugal (doesn’t accept US investors, but is more established).
EDIT: I just realized that the second fund in your list already referred to Optimize. I’ve made some formatting improvements to the first post to make it easier to understand which funds were included.
My recollection on IMGA is that it’s class R - not A. PTIG1DHM0003: IMGA Ações Portugal R Fundo/ETF
The class is just based on where you can get the fund iirc. For example bison holds class R but other banks hold other classes. I don’t think there’s a meaningful difference except maybe the underlying amount of the fund and thus price
Are those “open ended Portugal equity funds” still accepted under the new law?
The new law altered the fund definition from:
“unidades de participação em fundos de investimento ou fundos de capitais de risco vocacionados para a capitalização de empresas” (“participation units in investment funds or venture capital funds aimed at capitalizing companies”)
to
“partes de organismos de investimento coletivo não imobiliários” (“parts of non-real estate collective investment undertakings”)
So provided the funds aren’t geared to real estate, and otherwise meet the requirements (incorporated in Portugal, at least five years’ maturity, >60% invested in Portuguese commercial companies), they are unaffected.
While we’re on the topic, where does the 60% number come from? I thought it was 70%
60% is in the Article 3(1)(vii) definition:
“vii) Transferência de capitais no montante igual ou superior a 500 000 (euro), destinados à aquisição de partes de organismos de investimento coletivo não imobiliários, que sejam constituídos ao abrigo da legislação portuguesa, cuja maturidade, no momento do investimento, seja de, pelo menos, cinco anos e, pelo menos, 60 /prct. do valor dos investimentos seja concretizado em sociedades comerciais sediadas em território nacional;”
I think it’s been 60% since the Aug 2017 amendments; before that there wasn’t a percentage specified.
Thomas - are you referring to this BPI Portugal Fund? https://www.bancobpi.pt/particulares/poupar-investir/fundos-de-investimento/bpi-portugal