From Dunas Capital to Heed Capital

Heed Capital is a fund management firm formerly known as Dunas Capital.

Our tightly knit team of professionals is proud of its proven track record built over decades and across different asset classes.


We are creatures of limitless potential
living in a planet of finite resources.
It’s easy to feel overwhelmed and even burdened. It can be hard to navigate the options.
Change is all around us. Opportunity too.
So how do we keep moving onward and upward? We look closer.
Care for our subject. Avoid distractions.
Examine relentlessly.
Put in the time. Think for ourselves.
We go against the grain.
And find like minded souls.
Build trust where trust is needed.
And repeat as many times as necessary. Onwards and upwards.
Heed. Attention is capital.




Heed is owned by a group of independent partners. That matters when it comes to decision making and acting in the best interest of those that seek our help.


We believe attention is an essential resource and look closely at wherever opportunities may arise. We identify moving pieces in a volatile environment. And we act upon it. Diversifying our areas of expertise in asset management over the years is a direct consequence of looking for the best solutions for our clients.

Critical thinking

We question widely-held beliefs and the status quo to achieve better outcomes for our clients. That is the only way forward for financial product development.

Relationship Building

Businesses are ultimately people. The way we build relationships over long periods of time will either affirm our beliefs or shatter them. We make sure to never forget that when dealing with our clients.


What you see is what you get. We are licensed, regulated and committed to transparency.

Behind the wheel

Joaquim Luiz GomesChairman of the Board of Directors

Over three decades in the financial industry. President and founding partner of Heed, he has an extensive track record in fund management and the financial industry. He founded Midas Investimentos and later went on to manage the private banking sector at BBVA. Over the past decade he has dedicated himself to growing Heed to become one of the leading investment firms in the Iberian market. He values straightforwardness and attention to detail.

Nuno PintoPresident of the Executive Committee

After his start in financial consultancy at one of the big four, he joined the financial department of Midas Investimentos. Later went on to head the financial department of BBVA Privanza Portugal and was financial director for a firm in the tourism sector. Part of the founding Heed team, he believes in nurturing trust as a fundamental driver of human, not just financial relationships.

Gustavo Caiuby GuimarãesDirector

Gustavo began his professional career at G5 Evercore (current G5 Partners) in São Paulo in 2008, working in the wealth management area until 2017. Then Gustavo started studying an MBA program in Barcleona and joined the Heed team in 2019. Today, he is director of the Wealth Management area and responsible for new business development.

António Corrêa FigueiraDirector

António is a serial entrepreneur with a long track-record in various sectors with a focus in insurance, real estate and agribusiness, both in Portugal and Brazil. He entered the workplace in 1981 working first in re-insurance and then insurance consulting and broking. In 1994 he was appointed CEO of Ecosel, an insurance broker later acquired by Millennium BCP, and in 2009 (re)founded Luso-Atlântica, another insurance broker acquired by the French Insurance Broker Verlingue SAS in 2021. António has been a consultant to the Portuguese pharmacists’ mutual pension fund MONAF since 1985 and became a partner of Heed Capital in 2019.

João Valente MartinsHead of Compliance and Risk

A lawyer by training, João started his career in 1991 and has been a compliance executive since 1999, first in the insurance sector, at both Oceânica and Açoreana, and then in the banking sector, where he worked for BMW Bank GmbH and Banco Português de Fomento, Portugal's state development bank.

Pedro AlvesChief Investment Officer

After a stint at Ernst & Young at the start of his career, Pedro joined Heed Capital over 20 years ago, where he has always worked in the investment department, first as an analyst and from 2010 onwards as a portfolio manager. He became our chief investment officer in 2023.

Fernando FreireFund Manager

Fernando started his career in 1987 at Banco BBM in Brazil, where he worked for 22 years, in due course becoming a partner and Head of Back-Office for credit, proprietary trading and asset management, as well as Head of Clearing and Compliance. Between 2010 and 2017 he worked in several private equity projects, in a family office and in his own financial advisory firm. Fernando moved to Portugal in 2018 when he joined Heed Capital.

Fernando FonsecaFund Manager

Fernando started his career in the hotel sector in 1989 and then changed career paths in 1996 by joining Banco BBM in Brazil. He developed executive experience in consumer finance, lending, asset management, capital markets and real estate, not only at Banco BBM but also at Unibanco, Banco Máxima and Banco Brasil Plural. Fernando joined Heed Capital in March 2019 where he was instrumental in launching the Aston Gold Fund.

Bernardo MoreiraFund Manager

After an internship at Caixa Geral de Depósitos, in 2010 Bernardo joined Heed Capital´s investment department where, starting as an analyst, he became a fully fledged fund manager.

Lourenço Cornélio da SilvaFund Manager

Lourenço worked as an architect from 2014 to 2017. Before joining Heed Capital in 2022, he also worked in real estate appraisal and as a real estate broker. An alumnus from Nova Business School, Lourenço is responsible for funds exposed to direct investments in real estate developments.

Flávia Menezes de CastroController

Flávia took a first degree in IT systems management and a masters in IT and project management. She has 20 years experience as a project manager and controller. Flávia worked for Bunge, Vale Fertilizantes and Mosaic, and then moved from the agrobusiness to the road infra-structure sector, having worked at EcoRodovias, Brazil's largest road concessionary with 4,700 kilometres under management.

Jéssica SousaTechnician - Financial and Operations Management

Jéssica trained as an accountant and started her career in 2007. For 7 years she was the manager of a tax and accounting third-party provider in Brazil. Jéssica has worked in the public and private sectors both in Portugal and Brazil. At Heed Capital she is involved in the accounting process of the entire group of related companies.