Funds Reports
Atlantic Bond Fund: February 2026 Report
Welcome to the Atlantic Bond Fund February 2026 Report, available for download below.
Hi all,
February proved challenging for global markets as macro uncertainty, trade policy tensions, and escalating geopolitical risks weighed on investor sentiment. Despite this environment, the Fund delivered a positive return of +0.39%, supported by the resilience of Portuguese corporate bonds and a strong contribution from gold, which benefited from renewed safe-haven demand.
February Highlights
Performance: Fund +0.39% for the month, driven primarily by domestic credit and gold.
Portuguese Corporate Bonds: Main contributor (+33 bps), led by REN (+8 bps), Fidelidade (+5 bps), Banco Santander (+4 bps), Banco Montepio (+4 bps) and Novo Banco (+4 bps).
Euro Debt: EUR High Yield ETF detracted -14 bps as spreads temporarily widened during risk-off episodes.
International Debt: Mixed; USD EM debt -4 bps, while the EUR-hedged EM exposure added +6 bps.
Gold: Added +26 bps, rising +5.8% (EUR) amid geopolitical tensions and continued central-bank demand.
Portfolio Positioning: No material allocation changes; portfolio yield to maturity stands at 4.30% with 3.4 years duration.
The Fund remains positioned around high-quality Portuguese corporate credit, complemented by selective international exposures and gold as a strategic diversifier. This structure allows ABF to generate stable carry while protecting capital through periods of macro volatility.
Best regards,
Nuno Serafim
Month Report ABF - February 2026
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Nuno Serafim
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.
