Funds Reports
Atlantic Bond Fund: November 2025 Report
Welcome to the Atlantic Bond Fund November 2025 Report, available for download below.
Hi all,
November was a volatile month for global markets, with risk-off sentiment briefly widening credit spreads and pressuring longer-duration bonds. Despite this backdrop, the Fund delivered a stable +0.03% return, bringing the cumulative performance since inception to +1.24%. High-quality corporate credit, controlled duration, and gold exposure all helped cushion mid-month volatility, while the recovery in spreads toward month-end reinforced the resilience of the Fund’s positioning.
November Highlights:
Performance: +0.03% (Nov); +1.24% since inception (July 2025).
Portuguese Credit: Added +3 bps; strongest contributor Caixa de Crédito Agrícola (+3 bps); REN mildly negative (–1 bp).
Euro Debt: Mixed; HY ETF +1 bp, IG short-duration –0.5 bps.
International Debt: Positive across AT1 and EM exposures - AT1 +2 bps, USD EM +1 bp, EUR-hedged EM +0.5 bps.
Gold: Strong diversifier, contributing +11 bps as gold rose +4.4% in EUR.
Portfolio Activity: No major allocation changes; discussions ongoing regarding potential participation in Banco CTT’s new MREL-eligible issuance.
The Fund enters year-end positioned for a constructive environment: global liquidity is expanding, fiscal stimulus is broad-based, and high-quality credit continues to benefit from stable refinancing conditions and improving spreads. ABF remains focused on delivering steady, low-volatility income with measured duration risk and diversified sources of carry.
Best regards,
Nuno Serafim
Month Report ABF - November 2025
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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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