Golden Visa Equity Funds: Liquidity Risk and Exits

Five shares accounted for 85.49% of the trading turnover recorded in our September 2026 Lisbon sample. The remaining shares in the analysis shared the remaining 14.51%. That concentration is the starting point for understanding liquidity risk in a Portugal Golden Visa equity fund.

A headline such as “Lisbon trades about €206 million per session” can hide very different conditions from one share to another. The key question is how much your fund holds in each security, and how readily that particular position can be turned into cash. A small allocation to a thinly traded share can become the slowest part of an exit.

The funds’ historical activity is modest at the market level: Portugal Funds estimated €668.44m of observable position-change activity, equivalent to 1.77% of the €37.82bn Lisbon turnover analysed over January–September 2026. That does not identify the capital belonging specifically to Golden Visa applicants, and a modest aggregate ratio does not remove position-level constraints.

This guide starts with the market context, then examines portfolio allocation, simultaneous selling and contractual redemption terms. Open-ended does not mean immediate cash: a fund can hold private companies or listed shares while offering restricted or lengthy redemption arrangements. Our fund-level liquidity rating helps compare cash-generation capacity alongside those terms.

Research date: 9 November 2026. Portfolios: 30 September 2026. Concentration and European venue comparison: September 2026. Historical fund activity: January–September 2026. All amounts are EUR. These are dated analytical estimates, not live prices or predictions of investor behaviour.

How concentrated is trading inside and outside the PSI?

Five shares accounted for 85.49% of the recorded turnover in our September 2026 Lisbon ordinary-share sample. The remaining shares in the analysis together accounted for the remaining 14.51%. Within that total, the 16 PSI constituents represented approximately 99.90% of recorded turnover, leaving about 0.10% outside the index.

View PSI and non-PSI data and coverage

September ordinary-share sample	Recorded turnover	Share of recorded turnover	Median daily turnover per share with complete history
Inside PSI: 16 issues	€4,535.99m	99.90%	€2.99m · 16 complete histories
Outside PSI: 17 issues	€4.46m	0.10%	€12,182 · 8 complete histories

The PSI accounted for almost all the turnover in our Lisbon analysis. Outside the index, trading was much thinner. The median figures use shares with a complete September trading history; incomplete records are excluded from that calculation, rather than treated as zero activity.

This is a practical liquidity concern, especially for a sizeable holding in a thinly traded share. It does not establish that every PSI holding can be sold easily: index membership does not give each constituent the same depth, and the largest names dominate the totals.

The GV-classified fund sample is itself concentrated in index members. Of its €1.06bn in covered Lisbon equity holdings, approximately €1,045.94m was in PSI shares and €13.70m, or 1.29%, outside the index at September 30. A small portfolio tail can still drive the time required to exit the final position. This is why we test the actual holdings rather than using an exchange-wide average.

Why does the allocation of my fund matter so much?

A fund does not hold “the liquidity of Lisbon” as one interchangeable pool. It holds specific positions. The trading capacity of a busy share cannot be used to sell a different, quiet share. What matters is the euro amount the fund needs to sell in each security relative to that security’s available trading activity, together with the cash buffer and redemption terms.

Two portfolios of the same value can therefore have very different liquidity. Even funds holding the same shares can differ if their position sizes are different. Spreading money across more names does not necessarily improve exit capacity if those additional holdings are much less actively traded.

Consider the following hypothetical illustration, separate from the actual fund ratings below:

The planned sale is identical; the second share has one-fiftieth of the assumed daily activity. These are arithmetic capacity equivalents at constant prices and turnover, not predicted execution or investor-payment deadlines. The example assumes no competing fund sales and excludes settlement, costs and price impact. Actual conditions can be better or worse.

For a real portfolio, Portugal Funds applies the analysis to the actual holdings and their weights. It tests cash generation within the selected horizon and retains the effect of positions that cannot be timed from the available evidence. The separate shared-selling scenario also allows for funds competing to sell the same shares. This is the reason for a fund-level liquidity rating: a market average cannot tell you how readily your particular fund can raise cash. Explore the liquidity analysis in the Portugal Funds app.

Why does the size of Portugal’s stock market matter?

Lisbon offers a much smaller pool of listed companies than the main US exchanges, and trading activity is concentrated in a handful of shares. That is the motivation for testing liquidity at position level: a fund cannot necessarily sell each holding at the speed suggested by the exchange’s aggregate turnover.

The PSI, Portugal’s main equity index, has 16 constituent companies as of 9 November 2026. A small index and a concentrated trading base make portfolio allocation particularly important.

Our Lisbon equity universe covers 33 listed companies: 31 with their primary quotation in Lisbon and two with a secondary quotation, as of 9 November 2026. The comparison includes ordinary shares across the market segments in our analysis.

For scale, our equivalent US universe covers 5,047 companies with primary listings on NYSE and Nasdaq. The S&P 500 alone represents 500 companies. Lisbon offers a far narrower choice of listed investments, so diversification within a Portuguese equity portfolio requires particular attention to position sizes and trading activity.

Company count is context, not a liquidity test. A large company can trade actively in a small market; a small position can be manageable even in a quiet share. The relationship between your fund’s position size and the turnover in that specific share is what determines execution pressure.

How does Lisbon trading activity compare with other European venues?

Lisbon has substantially less equity trading activity than Amsterdam or Paris. Portugal Funds compares September 2026 turnover across the four venues using EUR-denominated ordinary shares and counting each share issue once per venue.

View the European comparison data

September 2026 venue sample	Recorded monthly turnover	Recorded turnover / 22 sessions	Relative to Lisbon
Euronext Lisbon	€4.54bn	€206.38m	1.0×
Euronext Brussels	€10.01bn	€454.91m	2.2×
Euronext Amsterdam	€56.63bn	€2573.86m	12.5×
Euronext Paris	€96.70bn	€4395.49m	21.3×

The comparison shows the scale of trading in the shares covered by our analysis. It is useful context for a large sale; the execution capacity of an individual position still depends on that share’s own trading activity. Detailed coverage is set out in the methodology below.

Lower aggregate activity means less recorded trading in which a large sale can participate. Whether an investor can exit depends on what the fund actually owns, its position sizes, the market conditions and the redemption contract.

Does open-ended mean immediate liquidity?

No. Open-ended is a structure, not a promise that you can withdraw whenever you want. “Public equity” and “private equity” describe what the fund invests in. “Alternative” describes a regulatory fund category; it does not tell you how quickly you will receive cash. Read these dimensions separately.

Example 1: open-ended, but invested in private companies

Consider an open-ended private-equity vehicle investing in established private businesses. The manager cannot normally turn a stake in a private company into cash through an exchange order. The fund’s documents may provide a restricted redemption mechanism with specific conditions; its open-ended designation does not establish an on-demand exit. The exact opportunities and conditions must be verified rather than inferred from the label.

This illustrates a different liquidity problem from selling listed equities. A daily stock-market turnover model cannot establish the cash-generation capacity of an unlisted-company holding. Where adequate evidence is absent, Portugal Funds retains that asset’s weight as untimed rather than assigning fictitious trading capacity.

Example 2: listed shares, but a payment period of up to 180 days

A public-equity alternative fund can have an ordinary redemption process allowing payment up to 180 calendar days after a valid request — approximately six months. Listed holdings do not oblige the manager to pay an investor immediately. This kind of term can give the manager time to manage portfolio sales and competing requests.

Terms can also differ between classes within the same fund. In a documented example reviewed for our research, certain classes instead provide payment on the first business day of the following month. The longer period must not be applied indiscriminately to every class. Gates or suspension provisions can further affect the process when their conditions are met; the ordinary payment period is not an unconditional outer deadline in exceptional circumstances.

These examples intentionally omit fund and manager names. They explain contractual structures, not the identities of Funds A–E in the ranking below.

Follow the redemption clock, not just the trading calendar

Check when a request is considered valid, whether it must wait for a dealing window, which NAV date determines the price, and when the cash must be paid. A cutoff can move the request to the next valid day. A notice period and a payment period may overlap under the documents: do not automatically add two periods or assume the stated payment period starts when you first contact the manager.

Redeeming your units is different from liquidating the fund itself. The former is your withdrawal process; the latter is the winding-up of the vehicle. Neither should be confused with the settlement of the securities the fund sells.

For that reason, use the Portugal Funds liquidity analysis together with the share-class redemption terms in the fund profile. App access requires sign-in and the appropriate access rights. The portfolio rating estimates capacity to generate cash; it does not shorten a contractual 180-day payment period or turn a conditional private-equity exit into an immediate redemption.

Should I be worried about liquidity in a Golden Visa equity fund?

Treat liquidity as a fund-specific investment risk worth checking before subscribing, rather than assuming either that every open-ended fund is easy to exit or that Lisbon cannot absorb redemptions. A fund holding smaller positions in actively traded shares can have a very different cash-generation profile from a larger fund holding the same names.

Keep three questions separate:

A high analytical liquidity score answers only part of the second question. It is not an assurance about the other two, capital protection or future performance. Even a high-scoring portfolio can sit inside a fund whose ordinary redemption terms require a long wait. For the broader investment framework, see how Portugal Golden Visa funds work.

How much Golden Visa money is invested in Lisbon-listed shares?

We can measure the reported positions of the funds in our sample; we cannot equate their entire portfolios with money invested by Golden Visa applicants. Eligible funds can also have other investors. Their aggregate holdings do not reveal investors' residency status or the amount they would redeem after a policy change.

At 30 September 2026, the shared-market stress-test dataset contained €1.06 billion in identified Lisbon equity positions across 14 open-ended GV-classified funds and 22 shares, representing 175 fund/share positions. The cohort includes equity-oriented and mixed portfolios. GV-classified refers to the research classification in our database; it is not an official fund certification or confirmation of an individual applicant’s eligibility.

This is a stock of holdings at one date, not new subscriptions, executed trading or the percentage of Lisbon's market capitalisation owned by Golden Visa investors. An ownership percentage would require investor-attribution evidence and a separately reconciled market-capitalisation or free-float denominator. We do not publish that percentage from this dataset.

The 14-fund stress-test sample is also different from the historical activity sample: a September holding can enter the stress test even when no comparable August portfolio exists.

What share of Lisbon's monthly trading activity comes from these funds?

Observable activity was equivalent to approximately 1.11%–2.46% of the Lisbon turnover in our analysis in individual months, and 1.77% across January–September 2026. These are portfolio-based estimates, not an audited market share of actual trades.

View monthly values and comparison totals

Month, 2026	Estimated activity	Lisbon turnover analysed	Activity / turnover
January	€70.73m	€3.93bn	1.80%
February	€55.10m	€4.51bn	1.22%
March	€124.61m	€5.06bn	2.46%
April	€45.62m	€4.11bn	1.11%
May	€77.53m	€4.17bn	1.86%
June	€96.28m	€4.26bn	2.26%
July	€71.69m	€4.12bn	1.74%
August	€72.81m	€3.14bn	2.32%
September	€54.07m	€4.54bn	1.19%
January–September	€668.44m	€37.82bn	1.77%

The sampled funds’ estimated normal activity is modest relative to the wider market: approximately €1.77 of estimated gross position-change activity for every €100 of turnover in our analysis over January–September. This does not identify the true Golden Visa-funded portion, and it does not establish a maximum future selling pressure.

Across the nine months, the estimate comprised €406.94m of position increases and €261.50m of reductions. Gross activity adds the two; it is not net inflows, new Golden Visa capital or net buying. The cumulative ratio divides summed activity by summed turnover, rather than averaging monthly percentages. Estimated position reductions alone equal approximately 0.69% of the turnover in our analysis over the period; they are not a forecast of future redemption sales.

How Portugal Funds estimates historical activity

We estimate observable activity from comparable month-end quantities and complete daily price observations. The exact scope and limitations are available below.

Read the activity methodology, sample coverage and limitations

For each comparable fund/share pair, we calculate the change in reported units between consecutive month-ends, value that change at the arithmetic mean of the month's daily closing prices, and add the absolute amounts. We include fund/share pairs with comparable month-end holdings and complete daily price data for the month.

The estimate covers 11–13 comparable funds per month and 20–22 shares. We compare their estimated activity with daily EUR turnover in the Lisbon shares and traded rights included in our analysis, counting overlapping quotation records once. This denominator covers the analysed market segments rather than a complete official exchange total.

There are important limitations. Buying and selling the same shares within a month may disappear from the month-end comparison. Corporate actions, transfers and subscriptions in capital increases can change quantities without representing ordinary secondary-market trades. A transaction between two sampled funds can contribute to both funds' changes. Coverage changes by month. For these reasons, 1.77% is a descriptive activity-to-turnover ratio, not proof of either market dependence or market safety.

What happens if a legal change triggers a rush to redeem?

A change in residency or anticipated citizenship rules could make investors reconsider their holdings. Whether that becomes a liquidity shock depends on the size, timing and concentration of actual requests. We do not infer a redemption forecast from a legislative announcement or assume that an announcement releases investors from existing maintenance obligations.

A possible sequence is straightforward:

1. Investors request cash from several funds with overlapping holdings.
2. Managers use available cash and decide what to sell, subject to their mandates and obligations.
3. Those funds may approach the same buyers in the same shares.
4. Selling more quickly can require accepting lower prices or higher transaction costs; selling more slowly can extend the cash-generation process.
5. Applicable liquidity-management measures may affect the timing, cost or form of redemptions.

Remaining investors can also be affected. Sales can change the portfolio, reduce the cash buffer or pass transaction costs through the fund unless the applicable mechanisms allocate them to redeeming investors. A fund's normal dealing calendar is therefore only one part of the assessment.

European supervisory guidance treats liquidity on both the asset and investor-redemption sides as relevant. Depending on the fund's documents and applicable framework, tools can include gates, longer notice, redemption charges or pricing adjustments; suspension is an exceptional possibility. The existence of a tool in guidance does not mean that every fund can use it or currently has it activated. Read the actual class terms. ESMA liquidity-management guidance.

Could Lisbon absorb simultaneous sales by several funds?

Market-wide turnover can hide a bottleneck in one share. Our shared-capacity scenario therefore tests each share separately, pooling sales from all sampled funds that hold it.

We apply hypothetical proportional sales of 30%, 50% or 70% of every covered Lisbon equity position, across all 14 funds simultaneously. Each share receives one daily capacity equal to 20% of its September average daily turnover. That capacity is shared between funds, rather than credited in full to each fund. Different shares trade in parallel.

The table asks how much of the planned equity sale fits inside ten trading sessions, holding prices constant. The stressed version halves observed daily turnover. These are sales of equity positions, not forecasts that the same percentage of fund investors will redeem.

For example, a 30% sale represents approximately €317.89m of equities. About €97.03m remains outside the ten-session capacity under observed turnover; that increases to €149.07m when turnover is halved.

Even a relatively small thinly traded holding can dominate the time needed to dispose of every last position. In that 30% scenario, one holding requires 996 trading-session equivalents under the frozen 20%-participation assumption. This is a bottleneck diagnostic, not a forecast that investors will wait 996 sessions for redemption. Managers may use cash, choose a different sale sequence, find block buyers or apply contractual measures; turnover and prices will change. Most of the sale can execute much earlier than the final tail.

This equity-only test excludes cash-first management, bonds, settlement, transaction costs and actual redemption arrangements. It complements the full-portfolio rating below; the two outputs should not be substituted for one another.

What could forced selling do to my investment's value?

Liquidity has a price dimension as well as a timing dimension. A position may be saleable if the seller accepts a lower price. A market fall can also affect the fund's remaining holdings before you redeem.

The cash-capacity tests above hold prices constant. They cannot tell you how much your NAV would fall in a sell-off. Portugal Funds also maintains a separate illustrative price-impact sensitivity using sale size, observed daily turnover and historical volatility. Its coefficients are uncalibrated scenario assumptions, so we do not turn its output into a predicted loss for your investment.

For your own position, distinguish the NAV used to process a redemption, any redemption fee or pricing adjustment, payment timing, and the portfolio's market movement while you remain invested. Investors whose spending currency is USD, GBP, SGD or another currency also face EUR exchange-rate risk. Geographic diversification does not remove equity, concentration or currency risk.

How does the Portugal Funds liquidity rating work?

The rating estimates how much of a fund's reported NAV could become net cash within a stated horizon, under explicit assumptions. It is our analytical measure, not a regulator's rating, probability of repayment or guarantee of receiving your redemption by a deadline.

In plain language:

Liquidity score = modelled cash receipts, less obligations, divided by full reported NAV × 100, bounded between 0 and 100.

A score of 80 under the stated assumptions means modelled net receipts equal about 80% of that fund's full NAV within the chosen horizon. It does not mean an 80% probability of a successful exit or that a request for 80% of NAV will necessarily be paid.

A clear distinction matters here: the rating can model contractual receipt terms when the portfolio itself holds units in another fund. That is an asset-level funding dependency. It does not automatically model the contractual redemption of your own units in the fund being rated. Keep your investor-facing payment terms alongside the score.

The calculation follows the whole portfolio

• Cash and obligations: assumed available cash contributes; negative balances are reserved once. Existing cash is not a future sale.
• Listed securities: capacity depends on observed trading activity and the actual size of the position. Duplicate lines in the same instrument share one capacity.
• Debt: the main six-month method accepts volume evidence only when the instrument and quantity conventions are verified and the trading history meets the coverage requirements described below. Issue size alone is not liquidity evidence.
• Maturities and deposits: qualifying dated payments contribute under stated repayment and no-renewal assumptions. Early deposit withdrawal is not assumed without supporting terms.
• Units in another fund: where the evidence supports it, the model uses the verified redemption terms and tests the underlying fund's available funding. Cash must pass through that layer before it reaches the holding fund; payment to the end investor is a further process.
• Untimed assets: positions without adequate timing evidence keep their full NAV weight. They are not silently removed or labelled impossible to sell.

Read the evidence windows and cash-receipt assumptions

For the main debt method, the observation window is 1 April–30 September 2026. We require observations in all six months, at least 80% of expected weekdays and 20 positive-volume sessions, using one selected source venue per instrument without adding overlapping feeds. Missing observations are not replaced with zero turnover.

The default comparison uses ten weekdays, 20% participation in observed daily activity, normal activity and 100% assumed cash availability. Market sales have a two-weekday cash-receipt buffer, leaving eight modelled execution weekdays. Verified fund-unit payments use their specific receipt terms without adding that buffer twice. Calendar approximations do not fully model market or banking holidays.

Why the rating includes a range and coverage

The modelled-receipt score uses the available timing evidence. The upper endpoint additionally assumes that untimed positive assets can be monetised within the horizon. This conditional data range is not a confidence interval, and neither endpoint is a guaranteed outcome. A low score with limited evidence can reflect incomplete measurement as well as genuine execution constraints.

Input coverage measures the share of gross positive assets with a cash-receipt model. It is different from the share expected to be received in cash. Broader assumptions remain: recurring observed activity, payment without default, cash availability and substantially constant prices. Costs beyond available spread estimates, future margin calls and exceptional restrictions are not comprehensively modelled.

Each fund is rated individually. If several funds sell the same shares together, their separate scores cannot be added to represent the whole market. Use the shared-capacity stress test for that question.

Which five equity-oriented funds have the highest liquidity scores?

The following are the five highest modelled-receipt scores in our dated equity-oriented comparison, shown without fund names. This is an analytical comparison, not an investment recommendation or a claim that they are the five safest funds.

To keep the comparison relevant, the comparison includes funds in the 14-fund Lisbon-equity stress-test sample with directly classified public equities representing at least 50% of reported NAV on 30 September 2026. Eleven funds meet these criteria. It describes the observed portfolio, not a legal fund category or a permanent equity mandate. Feeder-only holdings and missing portfolios are not extrapolated into this ranking.

All rows use the six-month debt-evidence method, ten-weekday horizon and 20% participation. The stress column halves observed market activity while keeping the other assumptions unchanged. Sorting uses the unrounded modelled-receipt score. Names are replaced with A–E; NAVs, fund IDs and identifying portfolio details are withheld.

View scores, conditional ranges and input coverage

Anonymous fund	Score / 100	Conditional data range / 100	Score with half market activity	Input coverage
Fund A	99.99	99.99–100.00	99.99	100.0%
Fund B	95.27	95.27–96.90	93.32	98.4%
Fund C	86.56	86.56–89.52	74.40	97.0%
Fund D	82.38	82.38–91.57	78.45	83.2%
Fund E	81.03	81.03–98.81	78.04	69.0%

A smaller fund can score highly because its positions are small relative to the activity available. A larger fund holding similar securities can take longer to raise the same proportion of NAV. Ratings change with holdings, fund size, evidence coverage and assumptions. Do not interpret the table as a ranking of returns, manager skill or investor-specific suitability.

What should I check before choosing or redeeming a fund?

Start with the fund-level evidence in Portugal Funds’ app: the liquidity score and conditional range, portfolio date, evidence coverage, position concentrations, overlap with other funds, and normal versus stressed assumptions. Then reconcile those results with the current manager documents and your exact share class.

Check the dealing cutoff, valuation date, notice, payment period, lock-up, fees and available liquidity tools. Ask what percentage of the investor base could seek an exit at similar times; our holdings data do not reveal that investor concentration. Review whether your own cash needs could arrive before your residency-related maintenance obligations end.

The practical conclusion is proportionate: do not use open-ended dealing as a substitute for portfolio-liquidity analysis. Compare the fund's cash-generation capacity, its terms and a shared-selling scenario before committing capital. A change in programme rules is one reason to run a stress test, not evidence that a run will occur.

Explore Portugal Funds research and analytical tools or review plans and access. Fund-level evidence helps you move from a general concern about Lisbon to a more precise question about the fund you are considering. We receive no commissions from funds. Optional research support is available for understanding the data and scenarios; legal advice is a separate service.

Frequently asked questions

Does daily dealing mean I can withdraw immediately?

No. Dealing frequency describes when requests can be processed; open-ended does not specify that frequency or guarantee immediate cash. Notice, cutoff, valuation, payment terms and exceptional measures can affect receipt. A public-equity alternative fund can allow up to 180 calendar days under its ordinary class terms, while another class has a different timetable.

Is all Golden Visa fund capital a large part of Lisbon trading?

The sampled funds’ observable gross activity was modest relative to the market turnover analysed: 1.77% for January–September 2026. That is a portfolio-based activity ratio, not a measure of Golden Visa investors’ capital or ownership of the market. Concentrated future sales can still put pressure on individual shares.

Can an open-ended fund invest in private equity?

Yes. Open-ended describes the structure, while private equity describes the investment strategy and underlying assets. Such a fund can have special redemption conditions. Assess the actual rights and cash-generation evidence rather than assuming daily liquidity from the structure.

Does a high portfolio-liquidity score override a long redemption period?

No. The score estimates how the fund could generate cash under specified assumptions. The fund’s contract determines when your redemption can be processed and paid. Both need to fit your investment horizon.

Does a 1.77% activity ratio prove that Golden Visa exits cannot move the market?

No. It describes historical estimated activity relative to the turnover in our analysis. A future concentrated sale can be much larger than normal monthly activity, particularly in less-traded individual shares.

Can two funds holding the same shares provide independent liquidity?

Not necessarily. They may diversify managers while relying on the same buyers. Their sale requests compete for each share's trading capacity during a coordinated exit.

Does an unestimated asset mean it is illiquid?

No. It means the available evidence does not support a cash-receipt estimate for the selected horizon. The position remains in the denominator and the conditional data range makes that uncertainty visible.

Does a high liquidity rating guarantee my capital or redemption date?

No. The score is conditional on its date, horizon, inputs and assumptions. It does not remove market losses, legal obligations, contractual restrictions or changing market conditions.

Sources, dates and methodology

Portugal Funds research, dated 9 November 2026. We analyse reported fund portfolios, identify their underlying securities and compare position sizes with market trading activity. The market context uses September 2026 turnover; the fund activity analysis covers January–September 2026; liquidity ratings and shared-selling scenarios use portfolios dated 30 September 2026.

Our full-portfolio liquidity dataset includes 25 funds with available portfolios out of 29 records. Funds without a portfolio receive no score. The ranking in this page uses the narrower group of 11 equity-oriented funds defined above. The historical activity estimate and the 14-fund shared-selling scenario use different cohorts, as explained in their respective sections.

These are historical analyses prepared in November 2026, not forecasts made in September. Ratings and scenarios should be reassessed when holdings, fund sizes, redemption terms or market conditions change.

Market-data scope and coverage

The company counts cover ordinary shares in the listing universes used for this analysis. The US count includes foreign companies listed on NYSE or Nasdaq; it excludes OTC markets, NYSE American and other instrument types. The S&P 500’s 500 companies have 503 constituent share lines because some companies have more than one share class.

The European turnover comparison uses September observations for companies active in our 9 November universe. It can therefore exclude companies delisted between those dates. It covers EUR ordinary shares, excludes funds, ETFs and rights, and counts duplicate quotations once within each venue. It does not pool trading across venues or represent complete official exchange totals.

Turnover data cover 30 of 33 Lisbon share issues, 99 of 107 Amsterdam issues, 558 of 576 Paris issues and 116 of 187 Brussels issues. Totals sum available observations; missing data are not treated as zero trading. The venue ratios describe the analysed shares rather than exact whole-exchange multiples.

For the Lisbon concentration analysis, all 16 PSI constituents have observations for all 22 September sessions. Outside the PSI, 14 of 17 share issues have some observations and eight have a complete history. Per-share medians use complete histories only.

The historical fund-activity denominator also includes selected traded rights and relevant retired lines. Its September Lisbon total differs from the ordinary-share comparison by less than 0.001%; the original activity ratios are preserved. Activity estimates describe changes in reported positions, not audited executed trades or capital attributed to individual Golden Visa investors.

Related market and regulatory references: ESMA guidelines on liquidity stress testing; ESMA guidance on liquidity-management tools; Euronext monthly cash-market reports; Euronext PSI index overview. The calculations and fund-level methodology presented here are Portugal Funds research.

Further reading: open-ended Portuguese equity fund research, fund risk indicators and portfolio characteristics, and fund terms and fees.