Funds Reports
Atlantic Bond Fund: May 2026 Report
Welcome to the Atlantic Bond Fund May 2026 Report, available for download below.
Hi all,
May provided a more constructive environment for fixed-income investors as easing geopolitical tensions, lower energy prices, and stabilising yields supported bond markets. While inflation remained above target and central banks retained a cautious stance, improving risk sentiment helped corporate and international credit recover further. Against this backdrop, the Fund delivered a positive +0.53% return.
May Highlights
Performance: Fund +0.53%, supported by broad gains across corporate and international credit.
Portuguese Corporate Bonds: Main contributor (+43 bps), led by Fidelidade (+9 bps), Novo Banco (+7 bps) and REN (+5 bps).
Euro Credit: Added +11 bps, driven primarily by EUR High Yield exposure (+9 bps).
International Debt: Positive contribution from GBP Corporate Bonds (+5 bps) and Emerging Market Debt (+7 bps combined).
Gold: Broadly unchanged, consolidating after a strong year-to-date performance.
Portfolio Positioning: No material changes; portfolio yield-to-maturity stands at 4.80% with a duration of 3.34 years.
Looking ahead, corporate fundamentals remain supportive and credit spreads continue to behave well despite persistent inflation concerns. While the path of monetary policy remains uncertain, the Fund remains positioned around high-quality credit, attractive carry, and disciplined duration management, with a continued focus on capital preservation and steady income generation. Although inflation and rising rates are normally a tough context for fixed income, we expected Gold to perform better in this environment. We have slowly initiated a rebalancing out of Gold into Global Convertibles.
Best regards,
Nuno Serafim
Month Report ABF - May 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.
