IMGA Class P and Optimize Portugal 80-A: minimum investments.
IMGA Ações Portugal
Optimize Portugal 80-A
| Investor context | IMGA Class P | Portugal 80-A |
|---|---|---|
| Investment structure | Share class of IMGA Ações Portugal | Separate compartment of the Optimize umbrella |
| Distribution channels | IMGA directly, Bison Bank, BNI Europa | Optimize directly; Banco Best under the umbrella prospectus |
| US investor positioning | Class P is the IMGA class selected for this US-investor comparison. | The manager presents 80-A for accredited US investors. |
| Golden Visa context | AIMA specifies a minimum €500,000 qualifying investment for the fund route, subject to its other conditions. This is separate from a product’s minimum subscription. [10] The €100,000 illustration below models an allocation, not a complete Golden Visa commitment. | |
Class P terms and identity: IMGA Portuguese prospectus and DIF, 14 May 2026. Portugal 80-A terms and identity: Portuguese umbrella prospectus, 21 Sep 2026, and DIF, 18 Aug 2026. US accreditation and individual acceptance are assessed for the investor concerned. [1] [2] [3]
Stock picking & downside protection.
Our scores assess whether historical portfolio decisions added value relative to leaving the portfolio unchanged. The assessment is attached to the investment portfolio, separately from its share-class fees and regulatory risk indicator.
IMGA Ações Portugal
Fund portfolio underlying Class P
Optimize Portugal 80
Underlying portfolio held by 80-A · strategy context
Published assessments as of 30 Sep 2026; scores rounded to whole numbers. The Optimize scores belong to Portugal 80, not to 80-A. At the reporting date, 80-A invested 97.63% in Portugal 80. This makes the underlying portfolio relevant to the comparison without transferring its assessment to a different compartment. [4] [5]
How to read the scores
50 is neutral: no net modelled benefit from the decisions assessed. Higher figures indicate a more favourable balance of measured effects; lower figures indicate a less favourable balance. Stock picking measures subsequent return effects; downside protection measures subsequent drawdown effects.
These are experimental historical assessments, not probabilities, regulatory ratings or forecasts. The assessments use five-year windows and three-month outcomes. Tests overlap, coverage differs, and the score estimates have statistical uncertainty. Calculation evidence, coverage and sensitivity analysis are available in the app.
Regulatory risk: the 1–7 scale.
IMGA Class P · 4/7
DIF dated 14 May 2026 · 3-year recommended holding period
Portugal 80-A · 4/7
DIF dated 18 Aug 2026 · 5-year recommended holding period
Both product DIFs classify the investment in category 4, described as medium risk. The scale runs from 1 to 7, with higher categories indicating greater measured risk. It does not provide a capital guarantee, and equal categories do not imply identical portfolios or potential losses. [6]
SRRI and SRI: terminology
SRRI is the UCITS Synthetic Risk and Reward Indicator, based on historical volatility. PRIIPs documents use the Summary Risk Indicator, or SRI. Both use a 1–7 scale but have different methodologies. The figures displayed here are the SRI classifications in the current product DIFs. Our stock-picking and downside-protection scores use a separate 0–100 research scale. [6]
The five largest investment exposures.
IMGA Class P participates in the IMGA Ações Portugal portfolio. Portugal 80-A held 97.63% of its net assets in Portugal 80, with the remainder in cash and other net assets. For 80-A, the table therefore follows that fund investment through to the underlying positions.
IMGA Ações Portugal
Direct fund positions · % of fund NAV
| Investment | Weight |
|---|---|
| Jerónimo Martins | 9.92% |
| Banco Comercial Português | 9.85% |
| Galp Energia, ordinary class B | 9.80% |
| EDP Renováveis | 5.94% |
| IMGA Money Market - CAT I | 5.44% |
Portugal 80-A
Through Portugal 80 · % of 80-A NAV
| Underlying investment | Exposure |
|---|---|
| Mota-Engil | 9.12% |
| Banco Comercial Português | 7.22% |
| Galp Energia, ordinary class B | 7.16% |
| Jerónimo Martins | 5.30% |
| EDP | 5.09% |
80-A exposure = 80-A’s 97.6255307% holding in Portugal 80 × each position’s weight in Portugal 80, using the same reporting date. This is a one-level analytical look-through, not a statement that 80-A holds the securities directly. IMGA’s money-market fund position remains a fund position. Holdings weights can change. [4]
Direct structure and net assets
Reported net assets: IMGA Ações Portugal €513.22m; Portugal 80-A €1.55m; underlying Portugal 80 €445.58m. These are fund/compartment values, not Class P assets. Portugal 80-A’s direct investment position is Portugal 80 at 97.63%; it is not five separate direct securities positions.
Different mixes of equity and debt
% of net assets · 30 Sep 2026 · IMGA portfolio and one-level look-through for Portugal 80-A
The 80-A view follows its Portugal 80 holding for one level and includes 80-A’s own cash and other net assets. Economic categories follow the portfolio classifications in Portugal Funds. Money-market and multi-asset fund positions are shown separately; their underlying portfolios are not further decomposed. Cash & other net assets includes balance-sheet residuals. The bars exclude derivative exposure; cash and other net assets include margin-related receivables. Allocations describe reported assets rather than total market exposure or fixed investment limits. [4]
How the portfolios are managed.
IMGA Ações Portugal · Class P portfolio
Active equity management combining growth and valuation. Company fundamentals guide stock selection. A recurring PSI futures overlay means the asset-mix chart alone does not capture total equity exposure. The 2025 report shows futures adding exposure: cash holdings should therefore not be read as an equivalent hedge against market falls. [1] [9]
Portugal 80-A · underlying Portugal 80 strategy
Flexible allocation across equities and credit. The underlying strategy increased its debt allocation from 2022 to 2024–2025, while remaining equity-led. This provides more allocation flexibility, but its corporate and subordinated debt retain material credit risk. The portfolio is best understood as an equity-and-credit strategy, rather than a capital-preservation fund. [2] [9]
Portugal Funds research view, based on investment policies and portfolio history. IMGA’s profile concerns the shared fund portfolio; Portugal 80’s history describes the underlying strategy held by 80-A.
Follow allocation changes, explore full holdings and examine the evidence behind our research scores. Explore paid access to Portugal Funds →
IMGA vs Optimize: product fees and charges.
| Disclosed product cost | IMGA Class P | Portugal 80-A |
|---|---|---|
| Contractual management rate | 2.175% / year | 1.80% / year |
| Operating / administration estimate in DIF | 2.40% / year | 2.00% / year |
| Transaction-cost estimate in DIF | 0.15% / year | 0.10% / year |
| Subscription commission | 0% | 1%, plus applicable stamp duty |
| Ordinary redemption / performance fees | 0% / 0% | 0% / 0% |
Product-specific Portuguese documents: IMGA P DIF pp.7–9 and prospectus; Optimize 80-A DIF pp.1–3 and umbrella prospectus Annex II. Operating estimates include management and other recurring product costs; the contractual management fee must not be added to them a second time. External account, custody, FX and separate advisory costs depend on the chosen arrangement. [1] [2]
Fee structures in context
A selected sample of Portuguese equity strategies provides additional context for the charges shown above. Fees are one part of the research, alongside portfolio construction, liquidity and investor-admission terms.
The snapshot below is anonymised. Product-level details and source documents are available in Portugal Funds.
| Comparable strategy | Management / year | Entry | Performance | Exit |
|---|---|---|---|---|
| Peer Fund A | 1.10% | 0% | 0% | 0% |
| Peer Fund B | 1.50% | 0% | 0% | 0% |
| Peer Fund C | 1.195% | 0% | 0% | 1% may apply within 90 days of subscription |
Management rates are not total annual cost estimates. Applicable taxes and depositary, administration and transaction costs must be assessed separately. Fee bases, liquidity arrangements and admission criteria also matter. Exact identities, product documents and complete fee terms are available in Portugal Funds. [13]
The two fund vehicles compared above sit within Portugal Funds’ wider universe of 23 active open-ended Golden Visa fund vehicles, counted once per fund or umbrella as of 3 November 2026. [12]
Review complete fee terms alongside portfolio exposures and source documents. Explore the research in Portugal Funds ↗
The same gross return. Different cost paths.
To isolate costs, this example assumes 0% gross annual performance for both investments. It applies the cost components in their selected products’ Portuguese DIFs to the declining modelled value. This is an editorial scenario, not either fund’s performance forecast or a reproduction of the KID scenario table. [8]
| Model input | IMGA Class P | Portugal 80-A |
|---|---|---|
| Management, administration and operations | 2.40% / year | 2.00% / year |
| Transaction-cost estimate | 0.15% / year | 0.10% / year |
| Combined recurring input | 2.55% / year | 2.10% / year |
| Entry charge and stamp duty | €0 | €999.60 + €39.981% of subscription amount, plus 4% duty on the fee. |
| Initially invested from €100,000 | €100,000.00 | €98,960.42 |
Cumulative modelled product costs
| Holding period | IMGA Class P | Portugal 80-A |
|---|---|---|
| 1 year | €2,518Remaining value: €97,482 | €3,096Remaining value: €96,904 |
| 3 years | €7,365Remaining value: €92,635 | €7,082Remaining value: €92,918 |
| 5 years | €11,971Remaining value: €88,029 | €10,904Remaining value: €89,096 |
Rounded to the nearest euro. Includes modelled recurring costs, entry commission and stamp duty on that commission. Exit and performance fees are 0% under the reviewed ordinary terms. At 0% gross return, the cost deduction equals the shortfall from the original €100,000 budget.
Under these assumptions, IMGA has the lower modelled product cost after one year; Portugal 80-A has the lower cost after three and five years. That result is conditional on the fee and return assumptions, not an investment recommendation.
Calculation method and exclusions
The same total cash budget is used, rather than assuming the same cash amount reaches the funds. For Optimize, subscription amount S satisfies S + 4% × (1% × S) = €100,000; the entry commission is then deducted from S. Recurring cost estimates are applied at the annual rate divided by 365, on each modelled day, for 365 days per year. No further stamp duty is added to recurring estimates that already reflect fund costs.
The scenario holds rates constant. It excludes bank/account/custody charges, FX, separate adviser fees and personal income/capital-gains tax; these are not assumed to be zero. Actual transaction costs, tax treatment and charges can differ. This illustration compares product costs only; external charges depend on the investor’s chosen provider and arrangements. [8]
If positive gross performance is assumed, distinguish cumulative cost deductions from the final-value shortfall, which also includes foregone compounding. Do not deduct these recurring estimates again from an observed NAV return.
The sensitivity grid below shows how the same product-cost inputs affect different gross-return paths.
What would remain after costs?
Each scenario assumes the same constant gross annual return for both products: −5%, 0%, +5% or +10%. The tables show the final value after the modelled product costs and the cumulative net return over the full holding period. These are conditional calculations, not forecasts or probabilities. [8]
Same cost inputs as above: IMGA P 2.55% recurring estimate per year; Portugal 80-A 2.10%, plus entry commission and stamp duty. €100,000 is the equal initial cash budget, including entry costs. External bank/custody charges, FX, separate adviser fees and personal taxes are outside this illustration.
After 3 years
| Gross / year | No-cost value | IMGA P Value / return | IMGA P Cost impact | Portugal 80-A Value / return | 80-A Cost impact |
|---|---|---|---|---|---|
| -5% | €85,738 | €79,423-20.58% | €6,3156.31 pp | €79,666-20.33% | €6,0726.07 pp |
| 0% | €100,000 | €92,635-7.36% | €7,3657.36 pp | €92,918-7.08% | €7,0827.08 pp |
| +5% | €115,763 | €107,237+7.24% | €8,5268.53 pp | €107,564+7.56% | €8,1988.20 pp |
| +10% | €133,100 | €123,297+23.30% | €9,8039.80 pp | €123,674+23.67% | €9,4269.43 pp |
After 5 years
| Gross / year | No-cost value | IMGA P Value / return | IMGA P Cost impact | Portugal 80-A Value / return | 80-A Cost impact |
|---|---|---|---|---|---|
| -5% | €77,378 | €68,115-31.88% | €9,2639.26 pp | €68,941-31.06% | €8,4378.44 pp |
| 0% | €100,000 | €88,029-11.97% | €11,97111.97 pp | €89,096-10.90% | €10,90410.90 pp |
| +5% | €127,628 | €112,350+12.35% | €15,27815.28 pp | €113,712+13.71% | €13,91613.92 pp |
| +10% | €161,051 | €141,772+41.77% | €19,27919.28 pp | €143,490+43.49% | €17,56117.56 pp |
Value / return: final investment value and total percentage change from the original €100,000 cash budget, not an annualised return. Cost impact: the no-cost final value minus the net final value, in euros and percentage points of the initial budget. It includes both cost deductions and their compounding effect; it is not an additional fee.
Separate cost deductions from their compounding effect
Cumulative modelled cost deductions include entry commission, its stamp duty and recurring cost deductions. The final-value impact also reflects the return those amounts would have earned or lost. Under a negative gross-return path, this compounding adjustment can be negative: amounts deducted earlier are no longer exposed to later losses. That accounting effect does not make the charges a benefit.
| Gross / year | Years | IMGA deductions | Compounding effect | 80-A deductions | Compounding effect |
|---|---|---|---|---|---|
| -5% | 3 | €6,832 | −€518 | €6,644 | −€572 |
| -5% | 5 | €10,587 | −€1,324 | €9,759 | −€1,322 |
| 0% | 3 | €7,365 | €0 | €7,082 | €0 |
| 0% | 5 | €11,971 | €0 | €10,904 | €0 |
| +5% | 3 | €7,924 | €601 | €7,542 | €656 |
| +5% | 5 | €13,523 | €1,755 | €12,188 | €1,728 |
| +10% | 3 | €8,511 | €1,291 | €8,025 | €1,401 |
| +10% | 5 | €15,261 | €4,019 | €13,626 | €3,935 |
It isolates the effect of the products’ cost structures under equal gross performance. It does not assume that the funds will deliver the same actual return or carry the same risk. The historical chart, portfolio exposures and risk indicators remain separate evidence.
A useful companion: the gross-return break-even point
The following constant gross annual returns would leave the original €100,000 cash budget intact after modelled product costs. This is a cost hurdle, not a forecast or target.
| Holding period | IMGA P | Portugal 80-A |
|---|---|---|
| 3 years | 2.58% / year | 2.48% / year |
| 5 years | 2.58% / year | 2.34% / year |
The public comparison uses a fixed amount, fee basis and scenario grid. Investor-specific work can incorporate the actual subscription arrangement, bank charges, applicable taxes and different cash flows.
Daily dealing and access to proceeds.
| Ordinary dealing terms | IMGA Class P | Portugal 80-A |
|---|---|---|
| Dealing | Each business day | Each business day |
| Redemption payment | Within 4 business days of the request | 5 business days after the request |
| Order cut-off | Relevant Class P distributor’s cut-off | 11:00 a.m. Portuguese time |
The governing terms also provide exceptional liquidity mechanisms and suspension rights. Daily dealing describes ordinary operation, not guaranteed same-day cash. Immigration maintenance obligations are assessed separately from contractual redemption rights. [1] [2]
IMGA vs Optimize: historical strategy returns.
The chart preserves the longest common strategy history in the extracted app data: 31 December 2021–20 October 2026. It shows IMGA Ações Portugal Class A and Portugal 80 as historical portfolio-strategy references. The subscription conditions and cost illustration elsewhere on this page are for IMGA P and Portugal 80-A.
Reference-series cumulative NAV change over this period: IMGA Class A +87.46%; Portugal 80 +77.01%.
Performance · Open-ended Golden Visa funds
IMGA Class A and Portugal 80 — strategy references
Longest common strategy history. The compared subscription products are IMGA Class P and Portugal 80-A.
31 Dec 2021 = 100. Monthly common-date observations and exact endpoints. Lines interpolate between observations; the date explorer reports the last sampled observation at or before the selected date. NAVs reflect each reference series’ own recurring fund costs. Past performance does not predict future returns.
Class P and 80-A have separate, shorter NAV histories; these reference returns are not their realised returns.
31 Dec 2021 = 100. Monthly common-date samples and exact endpoints; lines interpolate between observations. Returns reflect the reference series’ own recurring fund costs. Investor entry/exit charges, external charges and taxes are excluded. This is not the realised history of IMGA P or Portugal 80-A. [7]
Strategy history versus the investor’s selected product
Class P’s own NAV record starts on 29 May 2024. Portugal 80-A’s own record starts on 16 Sep 2026. Its history is separate from Portugal 80’s continuation of the original Golden Opportunities fund. Fees, structure and cash balances can cause the selected products’ returns to differ from the reference series.
The long chart is retained as strategy context, with the actual source investments in its legend. Research in the app allows the investor to inspect the available histories and class-specific conditions separately.
Go beyond the five-position snapshot.
Explore the complete portfolios, historical changes, class-specific terms, available NAV histories and the evidence behind our research scores.
- Full holdings and side-by-side exposure research.
- Available share classes and historical comparison periods.
- Risk metrics and research-score evidence.
- Original documents and investment conditions.
Select IMGA Class P and Optimize Portugal 80-A for product conditions. Select the labelled strategy-reference series when exploring the longer track record.
IMGA vs Optimize: questions from US Golden Visa investors.
Is a €100,000 fund subscription the complete Golden Visa investment?
No. €100,000 is the allocation modelled here. AIMA’s fund-route requirements specify an investment of at least €500,000 in qualifying non-real-estate collective investment undertakings, alongside other conditions. The product minimum and the qualifying investment amount are different requirements. [10]
Which has lower product costs: IMGA Class P or Portugal 80-A?
The reviewed DIF components total an estimated 2.55% per year for IMGA P and 2.10% for Portugal 80-A. IMGA P has no subscription commission; 80-A charges 1%, plus stamp duty on that fee. In the equal €100,000, 0% gross-return model, IMGA has lower product costs after one year, while 80-A has lower costs after three and five years. External charges and personal taxes are excluded. See assumptions and results.
Why does the long-term chart use IMGA Class A and Portugal 80?
These reference series provide the longest common strategy history in the app extract. Class P’s own NAV record starts on 29 May 2024, and 80-A’s on 16 September 2026. The chart is strategy context; it is not a return history for the selected products. [7]
Does the regulatory risk score replace portfolio research?
No. Both reviewed product DIFs show SRI 4/7. Equal categories do not imply identical portfolios or potential losses. Holdings, derivatives, fees, liquidity and historical decision scores provide additional information. [6]
What should a US investor establish before subscribing?
The subscription arrangements should identify investor acceptance, any applicable accreditation and the exact class or compartment. US tax reporting should be addressed separately with the investor’s tax adviser, including any PFIC/Form 8621 obligations and the information required for a QEF election where applicable. For QEF reporting, the IRS describes a PFIC Annual Information Statement. Agree the required document delivery and timing as part of the subscription arrangements. [11]
Related reading: Portugal Golden Visa fund guide · Understanding underlying fund exposures · Evaluating Golden Visa fund risk.
Portugal Funds sources and analytical basis.
Source documents are available in the Portugal Funds app. Sign in to view the retained originals; document titles, issuers and reference dates are identified below.
- IMGA — Portuguese DIF and prospectus, 14 May 2026. DIF compilation ↗, PDF pp.7–9: Class P, PTIG2OHM0009, €100,000 minimum, risk and cost components. Portuguese prospectus ↗: Class P distributors, management and redemption terms. View the original documents in Portugal Funds.
- Optimize — Portugal 80-A DIF, 18 Aug 2026. Portuguese DIF ↗, pp.1–3: PTOPZFHM0016, risk and product costs. Umbrella prospectus, 21 Sep 2026 ↗, general subscription terms and Annex II: 80-A. The umbrella prospectus, PDF p.4, sets a €1,000 initial minimum and the 1% entry commission, deducted from the subscription, with stamp duty on the fee.
- US-investor positioning and Golden Visa threshold. Portugal 80-A profile in Portugal Funds ↗, reviewed 3 Nov 2026 against the manager’s product information: Portugal 80-A for accredited US investors; product minimum and Golden Visa threshold are separate amounts.
- CMVM portfolios in Portugal Funds — 30 Sep 2026. Reported portfolios for IMGA Ações Portugal, Portugal 80-A and underlying Portugal 80; all three balance sheets reconcile to NAV. Top positions use reported values. The 80-A underlying weights are calculated from the single reported Portugal 80 investment and same-date Portugal 80 holdings; no additional holdings are inferred. Allocation classification, where used, follows the app’s classification system.
- Portugal Funds published research assessments — 30 Sep 2026. Methodology v18; portfolio owners: IMGA Ações Portugal and Portugal 80. Headline scores are rounded to whole numbers. Fund-level research is separate from share-class fees. Portugal 80’s scores are strategy context for 80-A, not an inherited assessment. Methodology ↗.
- Risk indicators. IMGA P DIF, PDF p.8; Portugal 80-A DIF, p.2: category 4, with recommended holding periods of 3 and 5 years. ESMA discussion of UCITS SRRI and PRIIPs SRI: both use 1–7, with different methods.
- Long-history strategy reference. Existing app continuity-aware NAV series for IMGA Class A (PTAFIALM0006) and Portugal 80 (PTOPZWHM0007), 31 Dec 2021–20 Oct 2026. Monthly common-date samples plus exact endpoints. Optimize’s June 2026 report ↗, p.11, explains the original fund’s reassignment to Portugal 80. That continuity does not apply to 80-A, which began its own NAV record on 16 Sep 2026.
- Cost scenario. Equal €100,000 total cash budget, fixed gross annual scenarios of −5%, 0%, +5% and +10%, constant DIF cost components, 365 proportional daily deductions per year. Entry commission and its stamp duty included; external-channel costs and personal taxes excluded. Tax Authority TGIS item 17.3.4: ordinary 4% duty on the subscription commission, subject to applicable treatment. No recurring costs are deducted again from observed NAV performance.
- Management profiles — policies and portfolio history. IMGA prospectus, PDF pp.6, 8–10; Optimize prospectus, Annexes I–II; monthly CMVM portfolios in the app, Jan 2022–Sep 2026, including documented Portugal 80 predecessor continuity. IMGA annual report 2025 ↗, PDF p.50: futures add to equity exposure at that year-end. Historical debt allocation uses reported direct-debt rubrics; the current credit assessment uses September 2026 instrument classifications. Style descriptions are Portugal Funds research conclusions, distinct from regulatory risk indicators.
- Golden Visa fund-route conditions. AIMA fund-route requirements, subparagraph vii): minimum €500,000 and additional conditions for qualifying non-real-estate collective investment undertakings. Immigration requirements are separate from product subscription terms and dealing rights.
- US tax reporting context. IRS Form 8621 instructions, current page reviewed 3 Nov 2026: PFIC reporting and QEF annual-information requirements. Cited for the general reporting framework, not as evidence of either fund’s US tax classification or reporting service.
- Wider Golden Visa universe — 3 Nov 2026. Portugal Funds database coverage: 23 unique top-level vehicles with an active Golden Visa programme assignment, open-ended structure and Active status. Fund/umbrella count; share classes and regulatory compartments are not counted separately. This is the platform’s coverage universe, not a statement that every product admits US investors.
- Selected Portuguese equity peer fee structures — reviewed 3 Nov 2026. Rates and conditional exit charges checked against the selected products’ official prospectuses and key information documents held in Portugal Funds. Management rates are distinct from total recurring-cost estimates. Peer identities, exact class references and original documents are reserved for authenticated research in the app.
Research information only. Capital is at risk. Historical observations and conditional scenarios do not predict future returns. Terms and data disclaimer.