Funds Reports
Atlantic Bond Fund: June 2026 Report
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Welcome to the Atlantic Bond Fund June 2026 Report, available for download below.
Hi all,
June brought a more difficult backdrop for bond markets as central banks reinforced a "higher-for-longer" policy stance. Nevertheless, the Fund's core Portuguese corporate bond portfolio once again demonstrated its defensive characteristics, largely offsetting the correction in gold and limiting the monthly decline to -0.22%, mostly off-set in the first days of July.
June Highlights
Performance: Fund -0.22%.
- Portuguese Corporate Bonds: Added +23 bps, led by Novo Banco, REN, and Crédito Agrícola.
- International Debt: Positive contribution from AT1 bonds (+7 bps), GBP Corporate Bonds (+4 bps) and Emerging Market Debt (+7 bps combined).
- Gold: Main detractor (-48 bps) following the sharp fall in precious metals.
- Portfolio: No material allocation changes; focus remains on high-quality credit and attractive carry.
- Current Portfolio: Yield-to-Maturity remains attractive at 4.78% with a moderate duration of 3.1 years.
While monetary policy remains restrictive, the portfolio continues to benefit from resilient Portuguese corporate credit fundamentals and an attractive running yield. We remain focused on capital preservation, income generation and disciplined duration management as markets navigate a more uncertain interest-rate environment.
Best regards,
Nuno Serafim
Month Report ABF - June 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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