Public Markets
Oxy Capital leverages its research expertise and private equity background to invest in public securities through a high-conviction strategy with strong returns. It manages the Liquid Opportunities funds, focusing on small-cap value, special situations, and opportunistic fixed income.
Aggregate Strategy
Liquid Opportunities PPR
Portugal Liquid Opportunities
Strategy
The Liquid Opportunities strategy invests across public markets with a focus on small cap equities, particularly in Europe. Our team employs a private markets approach to public markets, underpinned by concentration, in-depth research, and long-term thinking focused on absolute value.
The strategy began in 2018 with internal capital and opened to external investors in 2023 through three funds: (i) Liquid Opportunities A PPR, (ii) Liquid Opportunities B (AIF), and (iii) Portugal Liquid Opportunities.
Performance 1
Annualized Alpha 4
Beta 5
2 Since inception of the public markets strategy 28/12/2018 | Performance between 28/12/2018 and 30/08/2023 includes returns obtained through an internal capital fund closed to external investors
3 LTM: Last Twelve Months
4 Alpha measures the excess return of Oxy Capital’s Liquid Opportunities strategy compared to the MSCI ACWI through the compounded annualization of the respective monthly alpha and beta since inception
5 Beta measures the sensitivity of Oxy Capital’s Liquid Opportunities strategy to the MSCI ACWI, reflecting its market risk exposure
Historical net of fees performance of 100€ invested in the Oxy Capital Liquid Strategy compared to indices
Our Funds
LIQUID OPPORTUNITIES PPR
Actively managed open fund for Portuguese investors aiming for diversified, long-term wealth growth while delivering a tax-advantaged solution, through PPR benefits.
PORTUGAL LIQUID OPPORTUNITIES
Actively managed open fund offering exposure to Portuguese and international markets, targeting long-term capital growth while complying with the Golden Visa Program.
Strategy
The Liquid Opportunities PPR fund invests across public markets with a focus on small cap equities, particularly in Europe. Our team employs a private markets approach to public markets, underpinned by in- depth research and long-term thinking focused on absolute value.
Additionally, the Liquid Opportunities PPR fund offers attractive tax benefits to Portuguese investors.
Performance 1
Annualized Alpha 4
Beta 5
1 Since inception of the fund 02/03/2023
2 LTM: Last Twelve Months
3 The risk class of an investment fund (rated 1 to 7) indicates its price volatility. Higher risk classes offer greater long-term growth potential but also higher chances of short-term losses. Calculation performed according to the current legislation Regulamento da CMVM n.º 7/2023
Historical net of fees performance of 100€ invested in Oxy Capital Liquid Opportunities PPR compared to indices
Exposure
Sector Exposure
Liquid Opportunities A, PPR
Geographic Exposure
Liquid Opportunities A, PPR
Documentation
INVESTOR LETTERS
Frequently Asked Questions
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What is a PPR?
A PPR (Retirement Savings Plan) is a financial product designed to encourage long-term savings to complement retirement, offering tax benefits.
In the case of Oxy Capital’s PPR, the PPR is structured as an open-ended investment fund targeted at investors looking to combine a savings plan with attractive tax benefits and capital appreciation through investments in listed equities (and opportunistically in bonds).
What are the tax benefits associated with a PPR?
Tax deduction: Subscribers can deduct 20% of the amount invested in the PPR from their personal income tax (IRS), subject to annual limits that vary by age, up to €400 per person per year.
Age | Investment | Tax deduction |
---|---|---|
< 35 years | >= €2.000 | €400 |
>= 35 years and < 50 years | >= €1.750 | €350 |
>= 50 years and Non-retiree | >= €1.500 | €300 |
Notice: If the investment is redeemed outside the conditions stipulated by law and, in certain cases, before five years from the date of contribution, the amounts deducted will need to be repaid to the Tax Authority, along with a 10% per annum penalty.
Lower taxation on earnings: Earnings generated by a PPR fund are taxed at reduced rates, potentially as low as 8% if the investment is held for more than five years, instead of the usual 28%.
Investment Term | < 5 years | 5 a 8 years | > 8 years |
---|---|---|---|
Outside Legal Provisions | 21,5% | 17,2% | 8,6% |
In Compliance with the Law’s Provisions | 8,0% | 8,0% | 8,0% |
Reduced rates of 17.2% and 8.6% apply only if, in addition to the minimum investment term, contributions made in the first half of the plan’s term represent at least 35% of total contributions.
Under what conditions can I redeem my PPR without losing the associated tax benefits?
Under legal conditions, after five years from subscription, the PPR can be redeemed:
- If the holder is 60 years or older;
- In case of retirement due to old age of the holder;
- To cover the costs of vocational or higher education for the holder or a family member, generating expenses in the relevant year;
- Regardless of age, to pay mortgage installments on the primary residence of the holder (but not for early repayment of the loan).
Additionally, the PPR can be redeemed at any time if the following conditions apply to the holder or any family member, provided the above conditions are not met first:
- Long-term unemployment (over 12 months and registered with employment centers);
- Severe illnesses posing a risk to life or requiring prolonged treatment or incapacity;
- Permanent incapacity for work.
If the holder redeems the PPR outside legal conditions, previous tax deductions must be repaid to the Tax Authority, along with a 10% per annum penalty.
What is the investment strategy of the PPR fund managed by Oxy Capital?
The PPR fund managed by Oxy Capital follows the Liquid Opportunities strategy.
The strategy primarily involves investing in listed equities (and opportunistically in bonds) with a medium to long-term perspective, building a portfolio of approximately 8-15 high-conviction positions following extensive and detailed analysis, similar to private equity.
We focus on less-followed markets (small-cap companies listed in European and Canadian markets) and particularly on sectors where Oxy Capital has expertise (acquired through private equity analyses and investments), providing an additional informational advantage.
We aim to develop an active relationship and interaction with the management teams of the companies we invest in, providing strategic advice where appropriate.
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How does Oxy Capital ensure alignment of interests with investors?
Oxy Capital’s partners and team, along with their families, collectively represent one of the largest investors in the Liquid Opportunities PPR Fund, naturally sharing a vested interest in the fund’s strong performance.
Fees paid by investors in the Liquid Opportunities PPR Fund to Oxy Capital are predominantly dependent on the returns generated by the Fund for its investors, being paid only if the return exceeds specific targets set in its regulation.
How can I subscribe to the PPR?
You can subscribe directly with us. Contact our team via email at [email protected].
How does the investment process work?
After reading, analyzing, and signing the fund’s legal documents and completing the KYC (Know Your Customer) process, the investor transfers the subscribed amount to the fund’s bank account and receives corresponding Participation Units (PUs), each valued at €1,000 at the time of subscription.
The investor must deposit these PUs into a securities account at a bank of their choice (the custodian bank).
Is there a limit to the amount I can invest annually in my PPR? How do reinforcements work?
The minimum investment in the Liquid Opportunities PPR Fund is currently €2,000, with no maximum limit.
Currently, a reinforcement functions as a new investment, subject to the same previously mentioned limits.
How can I monitor the progress of my PPR?
Oxy Capital provides its investors with a monthly summary of the returns and key indicators of the Liquid Opportunities PPR Fund, as well as the valuation of Participation Units (PUs) for each investor category.
Additionally, we send investors a semi-annual fund report with the financial statements and an Investor Letter, analyzing each fund position.
We are also always available to our investors, answering any questions they may have.
Finally, it is possible to monitor the value of the PUs through the custodian bank or the CMVM portal.
Are there any fees at the time of redemption?
No fees apply at redemption, except if, within the first two years after subscription, the investor redeems more than 10% of the invested capital.
In this case, a 3% redemption fee applies. This fee benefits the fund’s other investors and is intended to discourage early redemption, which, in large amounts, can cause liquidity constraints for the fund’s investment strategy.
What is the redemption period for my investment?
Upon a redemption request, Oxy Capital has up to six months to complete the redemption.
However, we commit to completing it as quickly as possible, and it is not expected to take more than a month.
This period exists to protect the fund’s investment strategy from unexpected liquidity constraints in a “run-on-the-fund” scenario.
Can I transfer my investment in other PPR funds to the PPR fund managed by Oxy Capital?
Yes. The process is simple and does not result in the loss of accumulated tax benefits. Our team is available to assist throughout the transfer process. Contact our team via [email protected].
What would happen if the management company Oxy Capital closed down?
The fund is an autonomous entity owned by its participants. In this hypothetical situation, participants have the power to:
- Transfer to another management entity, maintaining the fund’s benefits and conditions; or
- Redeem the invested amounts under the conditions established in the regulation.
Legal Disclaimer:
This document constitutes commercial information prepared by the Oxy Capital team to provide practical and clear information to potential investors about the Oxy Capital Liquid Opportunities A, PPR Fund. The PPR is a financial product subject to specific Portuguese legislation and is subject to the risk of loss of invested capital. Risks described in the fund’s constitutive and subscription documents should be carefully considered by the investor. This content does not constitute an invitation or offer to subscribe to the fund, nor is it a recommendation or advice to do so. Investors should, if necessary, consult investment advisors. It does not replace the detailed consultation of the fund’s constitutive documents, management regulations, and IFI, or applicable legislation, including current decrees-law.
Strategy
The Portugal Liquid Opportunities Fund is eligible for the Golden Visa, designed for investors seeking to obtain the Portuguese Golden Visa.
The fund allocates 60% of its assets to a carefully curated selection of Portuguese public equities that meet Golden Visa criteria, while the remaining 40% is invested in our international strategy. This strategy focuses on public equities and applies the same rigorous investment process as our private equity approach.
Performance 1
1 Since inception of the fund 02/03/2023
2 LTM: Last Twelve Months
3 Forecast for 2025 annual dividend payments as a percentage of the current price of the portfolio companies
Historical net of fees performance of 100€ invested in Oxy Capital Portugal Liquid Opportunities
Exposure
Sector Exposure
Portugal Liquid Opportunities
Geographic Exposure
Portugal Liquid Opportunities