Funds Reports
Atlantic Bond Fund: January 2026 Report
Welcome to the Atlantic Bond Fund January 2026 Report, available for download below.
Hi all,
The Fund delivered a strong start to the year with a +0.88% return in January, supported by broad contributions across Portuguese credit, international bonds, and gold. Market volatility increased late in the month following policy-related surprises, but the portfolio benefited from high-quality carry and targeted additions during price dislocations.
January Highlights
Performance: +0.88% (Jan); +2.15% since inception.
Portuguese Credit: Main driver (+37 bps), led by Fidelidade (+12 bps), BCP (+6 bps), REN and Floene (+4 bps each).
Euro Debt: EUR HY ETF added +3 bps on stable spreads and carry demand.
International Debt: Net positive; AT1 +3 bps, GBP IG +3 bps, EM mixed due to USD strength.
Gold: Largest contributor at +60 bps, up ~14% (EUR).
Portfolio Moves: Gold increased toward ~5% and new CGD 2031 bond added, extending duration and income.
The Fund remains focused on capital preservation, disciplined credit selection, and controlled duration, with positioning designed to capture carry while managing late-cycle volatility.
Best regards,
Nuno Serafim
Month Report ABF - January 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.
