Funds Reports
Atlantic Bond Fund: March 2026 Report
Welcome to the Atlantic Bond Fund March 2026 Report, available for download below.
Hi all,
March was a challenging month for fixed income markets, as rising geopolitical tensions and a sharp increase in energy prices triggered a broad repricing of inflation expectations and interest rates. The shift toward a “higher-for-longer” policy outlook led to higher yields and wider credit spreads, resulting in a -2.48% return for the Fund, particularly impacting duration-sensitive assets and higher-beta credit exposures.
March Highlights:
Performance: Fund -2.48%, reflecting higher yields and spread widening across markets.
Portuguese Credit: Main detractor (-118 bps); REN (-24 bps), Novo Banco (-17 bps), Fidelidade (-16 bps).
Euro Debt: Modest drag (-4 to -5 bps), reflecting broader spread widening in credit markets.
International Debt: Key source of weakness; EM debt (-20 bps) and AT1 exposures (-23 bps combined).
Gold: Detracted -55 bps, declining -9.4% (EUR) after a prolonged rally.
Portfolio Activity: No material changes; focus maintained on income generation and risk control.
Looking ahead, markets are adjusting to a more persistent inflation environment driven by energy shocks and geopolitical risk. While this has created short-term pressure on fixed income, underlying economic resilience and solid corporate fundamentals remain supportive. The Fund continues to focus on high-quality credit, disciplined duration management, and capital preservation, positioning the portfolio to navigate volatility while maintaining stable income generation.
Best regards,
Nuno Serafim
Month Report ABF - March 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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