The Portugal Funds return simulator helps explain how contractual definitions affect a hypothetical investment's cash flows. It is a research tool for exploring assumptions, not a forecast of the amount an investor will receive.
Begin with documented terms
Match the inputs to the fund, compartment and share class. Keep the assumed investment performance separate from the contractual mechanics. A precise fee calculation does not make an assumed portfolio return more likely.
Subscription charge
For a EUR 100,000 example with a 3% charge, paying the fee on top means an initial cash outflow of EUR 103,000. Deducting it from EUR 100,000 leaves EUR 97,000 after the charge.
This changes the cash-flow model. It does not establish the qualifying amount for an immigration application.
Capital and preferred-return bases
Documents may define the capital to be returned and the preferred-return base differently. Record the actual definitions and whether they refer to commitments, paid-in capital or another base.
A 6% hurdle on EUR 100,000 and a 6% hurdle on EUR 97,000 are different calculations. Neither is a guarantee of payment.
Accrual start date
Compare accrual from subscription, capital call, deployment or another specified date. The outcome depends on both the date and the calculation convention.
An upfront subscription and staged contributions also have different investor cash-flow schedules. The J-curve guide explains this timing distinction.
Allocations and catch-up
Compare participation in distributions, carry, catch-up and any class-specific treatment. Use the applicable mechanism instead of assuming all funds share one waterfall.
A worked capital-distribution example shows how proceeds can be allocated under one set of assumptions.
Read the outputs as scenarios
| Output | Interpretation |
|---|---|
| Dated cash flows | Payments generated under the selected assumptions. |
| IRR | Annualised money-weighted result of those cash flows. |
| Multiple | Total value relative to paid-in capital under the model. |
| Distribution schedule | Assumed timing, not a promised payment calendar. |
Label the costs included and excluded. Do not deduct a cost twice or compare a gross scenario with a net scenario without explaining the difference.
Changing one input at a time helps isolate its effect. Comparing complete scenarios helps explain interactions, provided the assumptions remain visible.
Access the tool or explore a research question
The simulator forms part of Portugal Funds. Subscribe for self-service research across funds, portfolios, documents and analytical tools.
Our research consultancy can explain fee definitions and analytical scenarios. Book a discovery call to discuss the support required. We provide information and analysis without personal investment recommendations or suitability assessments.