Funds Reports
Atlantic Bond Fund: December 2025 Report
Welcome to the Atlantic Bond Fund December 2025 Report, available for download below.
Hi all,
December closed in a late-cycle, low-visibility macro environment, with cautious central bank communication and limited year-end risk appetite. Despite this backdrop, the Fund delivered a slightly positive return of +0.01%, bringing performance since inception to +1.26%. Stable Portuguese credit, disciplined duration management, and incremental income enhancements continued to anchor the portfolio through subdued market conditions.
December Highlights
Performance: +0.01% (Dec); +1.26% since inception.
Portuguese Credit: Core contributor (+7bps), led by Fidelidade (+5bps), Crédito Agrícola (+2bps) and REN (+2bps).
Euro Debt: Positive carry from EUR High Yield ETF (+3bps); short-duration IG broadly flat.
International Debt: Mixed; AT1 bonds (+3bps) and EUR-hedged EM (+1bp) offset by USD EM (−3bps) due to FX.
Gold: Small but stabilising contribution (+1bp), continuing to diversify amid record prices.
Portfolio Enhancement: Added AAA-rated CLO exposure via Janus Henderson EUR AAA CLO ETF, improving income while reducing duration (YTM ↑ to 3.55%, duration ↓ to 2.95y).
Looking into 2026, easing monetary policy, improving liquidity conditions, and resilient credit fundamentals support a constructive backdrop for high-quality fixed income. The Atlantic Bond Fund remains focused on capital preservation, controlled duration, and stable carry, positioning the portfolio to navigate intermittent volatility while delivering steady risk-adjusted returns.
Best regards,
Nuno Serafim
Month Report ABF - December 2025
 |
Nuno Serafim
Managing Partner
|
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.
