Funds Reports
Atlantic Bond Fund: August 2026 Report
Welcome to the Atlantic Bond Fund August 2026 Report, available for download below.
Hi all,
August remained challenging for global bond markets, with U.S., European and Japanese sovereign yields moving sharply higher as investors reassessed the inflation and monetary policy outlook. Nevertheless, corporate credit remained remarkably resilient, and gold once again demonstrated its diversification value. Against this backdrop, ABF delivered a positive +0.34% return.
August Highlights:
- Performance: Fund +0.34%, with the fixed-income portfolio contributing approximately +5 bps despite sharply higher sovereign yields, complemented by a strong contribution from gold.
- Portuguese Corporate Bonds: Broadly resilient. Fidelidade (+11 bps) was the strongest contributor, more than offsetting REN (-4 bps); most other holdings were essentially neutral (±1 bp).
- International Debt: Modestly positive; EUR-hedged EM debt +3 bps and AT1 exposure +2 bps, while USD EM debt was broadly unchanged.
- Alternatives: Gold was the main performance driver, contributing +34 bps, after gaining approximately +9% in EUR (+10% USD).
- Portfolio Activity: No material changes during August, maintaining the existing strategic allocation.
- Current Positioning: Portfolio Yield-to-Maturity of 4.72% with an effective duration of 2.98 years, maintaining attractive carry with moderate rate sensitivity.
The key message from August is that the pressure in bond markets continues to come primarily from sovereign yields rather than deteriorating corporate fundamentals. Credit spreads remain relatively contained, while current yields provide attractive carry. We therefore remain constructive on fixed income over the medium term, while keeping duration disciplined and maintaining gold as a strategic diversifier.
Best regards,
Nuno Serafim
Month Report ABF - August 2026
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Managing Partner
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Nuno is an experienced financial executive with broad experience in the Asset Management industry, being board member of IMGA, where he served as Chief investment Officer, overseeing €3.4B of AuM before he founded 3 Comma Capital, together with Robert and Patrick Hable in 2022.
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