Hi,
not sure in the rest of the world, but here in Spain you can transfer funds from one mutual fund to another mutual fund and is never considered a sale, so you don’t have to pay taxes on the capital gains. That’s the main advantage of the mutual funds.
But I am not sure how to record this movements in PP. When I buy the first time is clearly a BUY transaction, but when I transfer (partially or totally) to another fund, I don’t want to use SELL because it is not a sell: it’s a transfer.
I have tried the option Delivery (Outbound) from the origin mutual fund and Delivery (Inbound) for the receiving mutual fund but it is reported as Realized capital gain.
Is there any option to convert from one mutual fund to another?
Thanks,
Antoni
Hey Antoni,
I am not sure I correctly understand your terms. Are your referring to mutual funds being the security accounts? Or is are the mutal funds acutually securities?
To transfer a security such as stocks or funds you can right click on the security and transfer it to another security account.
Otherwise I do not know what you mean.
Hi Harry,
thanks for the answer. Let me try to explain it with an example:
I first buy 5 “shares” of a mutual fund (Symbol MF1) at cost 1€/share. I would record that as BUY in PP with 5€
After 6 months , the share is valued at 1.5€, so my value is 7.5€ and I have made 2.5€ unrealized capital gain.
TWO DIFFERENT PATHS NOW:
-
Buy & Sell
If then I would like to move the investment (7.5€) into another Mutual fund (Symbol MF2) I could SELL the shares of MF1, and BUY 15 shares of MF2 at 0.5€ each. With this method, once a year I have to declare the 2.5€ realized gains, and pay the corresponding 19% Taxes of 2.5€ gains.
In PP I can delcare it as SALE and in the report it will appear as realized capital gain. No problem. -
Transfer between funds
In Spain, but also in US as well with 401 and IRA, you can TRANSFER the investments from one mutual fund to the other one without selling and and buying, just transfer. I can order the bank to transfer 7.5€ directly from MF1 to MF2. The bank already nows that 7.5€ / 5 shares of MF1 correspond to 15 shares of MF2 @ 0.5€ and transfers the deposit. Most likely they SELL MF1 and then BUY MF2 but, from a tax point of view it is not considered a sale, there is no realized capital gain and there are no taxes to be paid once a year.
And that second case is what I don’t know how to reproduce in PP: I need a transaction to “SELL” but not record it as realized capital gain but as transferred “unrealized capital gain”.
I just found another message in the forum asking for something very similar, unfortunately not very promising answer
Exchange securities within one Security Account
So two questions:
- Is there with the newest version any way to record the “trasnfer”?
- Is there any way to ask the developers to add this kind of transaction??
Vielen Dank im Voraus 
Antoni
ad 1. No. Generally, tax stuff is out of PP’s scope; PP tries to follow the economic reality, which in this case is that the gains were realized.
ad 2. You already did. There is no magic way other than discussing it.
Hi Antoni,
Did you manage to solve the transfer between funds without capitalized the gains? I’m also from Spain and I’ve just done a transfer between funds a I don’t know how to register the movement in PP
Alejandra
Hi ALejandra,
no, I could not find the way to replicate the spanish taxation in PP. So I still write sell and buy when trasnferring. I use PP to track the portfolio, not for tax declaration purposes. Only way is to get the tax reports from the spanish banks directly and do the tax declaration based on that. During the year track the portfolio with PP by having the right amount of shares in each of the mnutual funds
Regards
Antoni
You’re doing everything right. 
PP is an asset management tool, not a tax tool. For your taxes, you should use tax tools that reflect the tax situation in your country.
CU, Laura
Thanks Antoni. Than, I will do the same!
Cheers,
Alejandra
@Alejandra_Lago_Cames @Antoni compañeros, it is in fact not posible to track “traspasos” from a spanish tax perspective. I use Delivery outbound/inbound for all suscription and reimbursement transaction, both for new money or “traspasos”. It is not much of a problem since our banks need to provide a tax report for the year. PP keeps track of the financial performance, and it does a pretty good job at that. The only distortion with mutual funds you will eventually find is that when you finally sell, all tax withholdings “retenciones” will be attributed to the sold fund, although some of the tax gains were carried over from a previous fund.
For stocks, bonds and ETFs bought/sold it is possible to track FIFO tax results under “Operaciones” tab in each security, if no special event has ocurred for that security during the holding period.
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hello @Crisau
So you use “Delivery outbound/inbound for all suscription and reimbursement transaction”?
Can you show me maybe an example?
Thanks!
Regards from Bar Celona!
I do only use delivery outbound/inbound as I only track invested money, not cash saved in my securities account. Buying/selling make an equivalent entry in the cash account: to be able to buy, I would need to deposit first and that seems too much of a hassle.
For a “traspaso”:
- Delivery outbound original fund
- Delivery inbound for the receiving fund.
I use Myinvestor/Inversis, so I can get all the entries from Inversis, in “Consulta de operaciones” there is a clear diferenciation of “reembolso por traspaso” and “suscripción por traspaso” for every traspaso.
It is a pity the “traspaso” concept in Spain, and potentially other countries, is not covered by PP. A “traspaso” transfer in Spain is a kind of all-in-one delivery outbound + delivery inbound (not a sell + buy because no money crosses a deposit account) with the realized gain/loss not being treated as a taxable event, but an event through which the latent unrealized gain/loss accumulated in a fund is just being transferred to the other fund.
Also because I guess it should be possible to adopt that type of transaction in PP just adding a separate concept to the transactions. It would be what we can name as the “Fiscal value” held for each buy or delivery inbound transaction in PP.
Today that “Fiscal value” implicitly defaults to the Amount Value paid on that buy transaction. Therefore when an asset is sold/delivered outbound, the realized gain/loss equals to the Amount Value sold minus the Amount Value bought.
If PP had a separate “Fiscal value” field tracked for the transactions the realized gain could be calculated instead as the Amount Value sold minus the Fiscal Value held.
For instance, say you bought fund A for an Amount value of 1000 EUR. At that point, the “Fiscal value” of that buy transaction was also made equal to the Amount value paid = 1000 EUR
Say the Market value in fund A is worth 1200 EUR now. That means 200 EUR of unrealized gain before initiating a “traspaso”-like transfer, ie. A’s Market Value - A’s Fiscal Value = 1200 - 1000 = 200 EUR.
At that very moment you wish to transfer all what you accumulated in fund A to fund B but in the “traspaso”-way, ie. just wishing that to be recorded as a non taxable event and just carrying over the latent unrealized gain/loss accumulated in fund A to fund B.
PP could then record that “traspaso” as two different transactions:
-
Firstly a delivery outbound (because no deposit account money is involved) for fund A to “cancel” the A assets bought originally, say with Amount value of the outbound equal to the Fiscal Value recorded originally for the assets transferred (ie. 1000 EUR). This ensures 0 as realized gain/loss for that “cancellation” of fund A.
-
Secondly a delivery inbound (because no deposit account money is either involved) for fund B with Amount value = 1200 EUR (= accumulated Market value of what transferred from fund A) and the “Fiscal value” in fund B made equal to A’s “Fiscal Value” of assets transferred from fund A, ie. 1000 EUR.
Doing so, the unrealized gain/loss when cancelling fund A is simply carried over to fund B. Firstly no realized gain is recorded for cancelled fund A (= 0, because A’s Amount Value = A’s Fiscal Value). Secondly the unrealized gain vanishing from fund A is fully carried over to fund B (= B’s Amount Value - B’s Fiscal Value = 1200 EUR - 1000 EUR = 200 EUR).
Surely this is easier to say than to implement though…
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Hi Antoni,
It has been a year and a half since the last message on this topic, and I would like to know if there is any news.
Did you manage to solve the transfer between funds without capitalized the gains? I’m also from Spain and I’ve just done a transfer between funds a I don’t know how to register the movement in PP
Vicenç
Hi Vicenç,
no news from my side. I keep using my “old method”. Would love to have the ra-bigfeet proposed solution but not sure PP developers are working on it.
Cheers,
Antoni
I don’t know if I understand the spanish transfer completly right, but maybe Possibly the best way to record a ‘conversion’ of a mutual fund is the same problem, and it seems to be solved. In this case you have no history where you see that you’ve walked from Fund A to B to C…
Hi! I posted a message related with this matter before finding this topic, which I think is more appropiate. I also need to track a portfolio consisting only on mutual funds sold in Spain and I am doing some tests using the Delivery outbound/inbound to record every transaction (mutual funds buys, sells and transfers between funds), instead of using the Buy/Sell, to avoid the need of recording deposits/removals of cash which I find cumbersome. From a performance measurement perspective (time weighted return / money weighted return), is there any difference if I record these transactions using Delivery instead of Buy/Sell?
I also have performed some mutual funds transfers, which are non taxable in Spain as was previously said. For this, I recorded an outbound for the source fund and an inbound for the same money on the destination fund. On the performance calculation I see that the sold fund shares are counted as “realized capital gains” which are added to the “capital gains” to calculate the “Delta” for the period.
If I would calculate the MWR in Excel using the XIRR formula, I would also record an outbound for the source fund and an inbound for the destination, as the shares are technically sold and bought on the market (and the capital gains from the source fund are inherited on the destination fund), and the money is not invested for a few days until the money reaches the destination fund and its shares are bought. So I understand that theoretically, the performance should be correctly calculated with this method, but I don’t know well the calculations this application does and how this “realized capital gains” may affect the measurements. I’m not interested in tracking any taxes so for me there’s no problem if I see incorrect “realized capital gains” from a taxable point of view. The only important thing is the TWR/MWR is correctly calculated by the app.
What are your thoughts on this?
Many thanks!
I tried asking Gemini AI about the transfers, and this is what it tells:
In Portfolio Performance (PP), handling a Spanish traspaso requires a specific workflow because the app is designed globally and doesn’t have a “single button” for the tax-neutral Spanish transfer.
To record it correctly—including the days your money is “out of the market”—follow these steps:
1. The “Buy/Sell” Method (Recommended for MWR/TWR)
This is the most accurate way to track your financial performance, even if it doesn’t look “tax-neutral” in the app’s reporting.
Sell the Source Fund: Create a Sell transaction for the fund you are leaving.
Date: Use the date your broker actually executed the sale (the fecha valor).
Taxes/Fees: Enter 0 (since there is no tax paid).
The “Gap” in the Cash Account: The money will now sit in your “Deposit Account” (Efectivo) within the app. Do not move it yet.
Buy the Destination Fund: Once the money finally arrives and is invested in the new fund (usually 3–5 days later):
Date: Use the date the new shares were actually purchased.
Amount: Use the exact amount that arrived.
Result: The app now sees that for those 3–5 days, your money was in “Cash” earning 0%. This correctly penalizes your MWR (XIRR) and TWR for the “cash drag.”
2. The “Delivery” Method (If you want to track Fiscal Basis)
Some advanced users in Spain prefer using Delivery Outbound and Delivery Inbound because “Buy/Sell” creates a “Realized Gain” in the app’s reports, which might confuse you since you haven’t actually paid taxes.
Delivery Outbound: Remove the shares from Fund A.
Delivery Inbound: Add the shares to Fund B.
The Problem: This method “teleports” the money, making it look like it was never out of the market. It hides the cash drag, making your performance look slightly better than it actually was. I do not recommend this for Bogleheads who want to see the true cost of their broker’s speed.
If I understand correctly, it looks like if I record the transfer as a sell, the money stays as a deposit until the shares in the destination fund are bought (not being invested in that period and not generating returns, as expected) but if I record it as a Delivery this is not tracked correctly.
I have no idea if this is correct according to how Portfolio Performance calculates it. I tried recording the transfer of funds (“traspasos”) as a buy/sell and as a delivery (inbound/outbound) and in both cases the “Calculation” generates “Realized Capital Gains”. The only difference I see is that if I use “delivery” the transfer generates additional Deposits and Removals for the amount that is transferred from the source fund to the destination fund and If i use buy/sell then no additional Deposits or Removals are created. The “Performance neutral Transfers” amount appear the same in both cases, but the TWR is slightly better with the Delivery that with Buy/Sell (4,94% vs 4,93%).