I’m also interested. Iirc you can find it on Apple stocks and investing.com but I’ve not figured out linking it into mint or anything
1 Like
FT link: IMGA Ações Portugal R - Fundo de Investimento Aberto de Ações, PTIG1DHM0003:EUR summary - FT.com
And yes, very interested to hear what people come up with. I have my own very adhoc way of tracking it; plus some hacking at QEF tax planning (snort). But hearing wiser people than me would be beneficial.
Although IMHO it SHOULD come from Bison Bank (after all, they know who holds the fund), the statement comes from IMGA directly. It is not sent automatically…you need to send an email to Jorge Neves (jneves at imga dot pt) asking that you be added to the list (should be available closer to end of Feb).
Bison does provide year-end statements that you’ll need for your taxes as well.
Curious what do you use the Bison’s statement for in your taxes ?
I know the IMGA statement is used for PFIC and then to report ordinary income and capital gains.
was wondering the same thing myself… Brokerage fees? I just checked, and Bison is taking about 120€ a month for the privilege of my business . Adds up…
Units owned and value of holdings at YE
For 2023 QEF election
Ordinary earnings = 365 x 0.000628 x 62724 = 14,377 USD
Net Capital gains = 365 x 0.002708 x 62724 = 61,997 USD
Thats a lot of gains. Does that sound right ?
What is happening to all these gains ? I don’t see that much appreciation to the fund value though.
Seems in the right ballpark if you look at the gains from Jan 1 to Dec 31 though yes the reported gains are somewhat higher
I’m not sure what to make of that personally. Ask the imga guy?
This looks commensurate with my arithmetic. Fortunately I saw the gains coming and I did some capital loss harvesting to offset.
Re what’s happening with the gains, dunno - but does anyone know what happens with the earnings/dividends? It’s not like they’re being reinvested that I see… IE my share count isn’t going up.
I feel there is something special to the fund class Bison purchases from IMGA., That makes it favorable to IMGA and Bison but not to the investor. Meaning there is a hidden huge expense ratio.
IMGA has three share classes: A, R and I. I think A is retail (lower minimum investment), it looks like R is for ARIs (distributed by Bison, Banco Invest and others), and I is for institutional investors. A and R charge 2.175% management fee. Class I charges 1%. Bison gets half the management fee on the R class.
All set out here: https://www.imga.pt/media/4960/imga-ações-portugal-en_fpc20231124.pdf
A similar fund, BPI Portugal, as far as I can tell, has just one class, which charges 1.195%.
1 Like
Wow! Bison already get 1% of the investment every year. I dont understand why Bison would charge custodian fee of 100 Euro/quarter. I guess all parties in the process are milking the GV cow.
These terms were all disclosed to you up front, and you chose to accept them. If you’re unhappy with the fee structure, we’re past the point where you can complain about it.
It’s not actually hugely different than how the world used to work in the US. Anyone remember mutual funds? It’s really no different.
So, I don’t think that’s quite right.
In full disclosure, I’m somewhat knowledgeable about the world of finance, equity markets, etc. Still very much learning about the bond market. All that to say, I could be wrong, but…
Dividends in Mutual Funds indicates that said dividends would either be paid out, or reinvested. And there are tax consequences.
For IMGA/Bison, I see neither. But I do see the tax consequences.
1 Like
It seems like one of us could just reach out to Nuno @Bison to ask for clarification regarding Bison’s (and IMGA’s) handling of dividends. My investment finance skills are a tad rusty, but I’m happy to do it and report back here unless someone here has a close relationship with him.
I sent email inquiring about this to Jorge at IMGA, as I’ve had some contact with him. Nuno, not so much for me. I’ll report back what I hear, but he may just point me at Nuno.