Explore Portuguese fund structures, market growth and the historical performance of a five-fund Golden Visa sample.
Five-fund preview · Golden Visa · Open-ended
Compare performance. Understand the differences.
The first five funds in the app’s default Performance view: highest available one-year return first. This is a historical ranking, not a recommendation or a ranking by fund size.
Selected month: 2026-10 · Fund-size coverage: 2026-09 · 25 qualifying funds / compartments. Names are withheld; Fund 1–5 refer to this publication’s order.
Performance · Open-ended Golden Visa funds
Three years. Five different paths.
Unit-value evolution in EUR, rebased to 100. Shorter histories begin on their actual first observation.
30 Sept 2023 — 30 Sept 2026Base 100 · EUR
Fund 130 Sept 2026+75.19%
Fund 230 Sept 2026+68.12%
Fund 330 Sept 2026+71.92%
Fund 430 Sept 2026+72.90%
Fund 530 Sept 2026+57.30%
Window: 2023-09-30 to 2026-09-30. 5/5 funds have a starting observation for the full window. Short histories are labelled below; their cumulative changes cover different periods. A full-window baseline uses the last published observation on or before the start, within seven days. Published unit-value changes exclude reinvestment of distributions and personal entry/exit charges. Past performance does not predict future results.
Same metrics as the app · 6M and 1Y cumulative; 3Y and 5Y annualised. Risk ratios use the three-year window where available.
Fund
Fund size
Stock picking /100
Downside protection /100
6M
1Y
3Y p.a.
5Y p.a.
Volatility 3Y p.a.
Max drawdown 3Y
Sharpe 3Y
Sortino 3Y
Fund 1Window starts 2023-09-30Risk: 2023-09-29 — 2026-09-30
€54.5m2026-09-30
52.65
35.66
+9.05%
+22.84%
+20.52%
+15.25%
11.53%
-9.61%
1.61
2.32
Fund 2Window starts 2023-09-30Risk: 2023-09-29 — 2026-09-30
€103.9m2026-09-30
54.58
52.25
+9.20%
+22.55%
+18.88%
+15.01%
12.41%
-9.48%
1.36
1.94
Fund 3Window starts 2023-09-30Risk: 2023-09-29 — 2026-09-30
€513.2m2026-09-30
49.55
41.54
+9.87%
+21.80%
+19.77%
+14.81%
12.85%
-9.43%
1.38
2.00
Fund 4Window starts 2023-09-30Risk: 2023-09-29 — 2026-09-30
€89.6m2026-09-30
51.56
51.17
+9.28%
+20.60%
+20.00%
+15.35%
12.44%
-10.13%
1.45
2.06
Fund 5Window starts 2023-09-30Risk: 2023-09-29 — 2026-09-30
€445.6m2026-09-30
49.19
61.35
+8.85%
+14.54%
+16.28%
—
9.88%
-7.37%
1.45
2.07
“—” means the metric is unavailable, not zero. Fund size is the value of the fund’s assets less its liabilities. Stock picking and downside protection are experimental historical scores; scores do not guarantee future performance.
What do these numbers mean?
Annualised return
The equivalent compound yearly change over the period. It does not mean the fund gained that amount every year.
Volatility
How much the value moved up and down. A higher number means a less steady path.
Maximum drawdown
The largest observed fall from a previous peak to a later low within the period. It is not a maximum possible future loss.
Sharpe
Historical return above a reference rate, compared with overall fluctuations. Higher values indicate more excess return per unit of measured volatility.
Sortino
A similar comparison that focuses on movements below the reference target.
Same app methodology and selected share-class history. Sharpe and Sortino use a 2.0% annual reference rate. Charts show available observations; daily, weekly or monthly reporting affects measured volatility and observed falls. Distributions are not reinvested. Eligibility reflects current programme associations and is not legal confirmation or confirmation that subscriptions are open.
Explore the fund structures, the size of the open-ended market and the growth of the Portuguese fund industry.
Data snapshot · 2 November 2026
Registered funds
2,034
All recorded statuses
Fund managers
162
Manager profiles
Golden Visa funds
120
Active + new launches
Active funds
996
Current regulatory status
Open-ended funds
226
Active + new launches
Closed-ended funds
862
Active + new launches
Golden Visa fund universe
Open-ended vs closed-ended
Active + new launches · top-level funds
Current Golden Visa programme classification. Registration status and fund structure do not confirm that subscriptions are open; check current terms before investing.
Golden Visa · Open-ended
Combined fund size
€1.83BSep 2026 · 25 funds / compartments
Sep 2026 · €1.83B · 25 funds / compartments
Fund size means net asset value (NAV). Confirmed EUR monthly reports only; compartments replace umbrella totals to avoid double counting. Coverage can change between months. The chart is not investment performance.
View monthly figures
Month
Combined size
Funds / compartments
Nov 2025
€1.27B
15
Dec 2025
€1.34B
16
Jan 2026
€1.42B
18
Feb 2026
€1.53B
18
Mar 2026
€1.53B
18
Apr 2026
€1.63B
20
May 2026
€1.66B
20
Jun 2026
€1.68B
19
Jul 2026
€1.71B
19
Aug 2026
€1.78B
20
Sep 2026
€1.83B
25
Oct 2026
—
0
Fund managers over time
Cumulative manager registrations · all programmes
2026* · 162 cumulative registrations
Running total of dated registrations, including records that later became inactive. This is not a reconstruction of the number active in each past year. *2026: year to date.
View all annual figures
Year
Cumulative registrations
1991
7
1992
8
1993
8
1994
8
1995
8
1996
18
1997
18
1998
19
1999
21
2000
21
2001
21
2002
21
2003
26
2004
29
2005
29
2006
32
2007
35
2008
38
2009
40
2010
42
2011
43
2012
46
2013
46
2014
48
2015
52
2016
58
2017
65
2018
71
2019
78
2020
87
2021
98
2022
105
2023
117
2024
133
2025
149
2026*
162
Investment funds over time
Cumulative top-level fund registrations · all programmes
2026* · 2034 cumulative registrations
Running total of dated registrations, including records that later became inactive. This is not a reconstruction of the number active in each past year. *2026: year to date.
View all annual figures
Year
Cumulative registrations
1986
2
1987
8
1988
8
1989
35
1990
60
1991
84
1992
108
1993
136
1994
157
1995
181
1996
221
1997
282
1998
312
1999
347
2000
390
2001
408
2002
422
2003
440
2004
468
2005
518
2006
618
2007
674
2008
724
2009
777
2010
836
2011
882
2012
908
2013
934
2014
952
2015
969
2016
987
2017
1025
2018
1065
2019
1111
2020
1178
2021
1273
2022
1358
2023
1518
2024
1680
2025
1902
2026*
2034
Open-ended vs closed-ended over time
New registrations by structure · all programmes · compartments excluded
The app’s registration-year series, including historical statuses. This shows new registrations each year, not funds accepting subscriptions. Structures other than open-ended or closed-ended are outside these two lines. *2026: year to date.
View all structure figures
Year
Open-ended
Closed-ended
1986
0
0
1987
3
0
1989
10
0
1990
12
1
1991
12
1
1992
10
3
1993
7
1
1994
2
3
1995
12
4
1996
7
2
1997
18
0
1998
12
0
1999
16
2
2000
18
3
2001
6
7
2002
6
7
2003
3
3
2004
10
9
2005
9
18
2006
13
86
2007
24
29
2008
26
22
2009
28
19
2010
38
18
2011
16
24
2012
6
16
2013
8
15
2014
10
5
2015
7
8
2016
8
10
2017
1
26
2018
9
27
2019
10
28
2020
10
53
2021
7
72
2022
13
66
2023
19
137
2024
21
140
2025
26
195
2026*
27
103
New fund managers over time
Portuguese market · regulatory registration year
2026* · 13 registrations
All programmes and historical statuses. Registration date is the reference; counts are new registrations, not capital raised. *2026: year to date.
