Funds Reports
Atlantic Bond Fund: October 2025 Report
Welcome to the Atlantic Bond Fund October 2025 Report, available for download below.
Hi all,
October was a constructive month for fixed-income markets, supported by falling yields and renewed demand for quality credit. The Fund delivered a solid +0.64% return, bringing its cumulative gain since inception to +1.21%. The positive performance was broad-based - led by Portuguese corporate bonds, complemented by Eurozone and emerging market debt, and enhanced by a strong contribution from gold as it reached new record highs above $4,000/oz.
October Highlights:
Performance: +0.64% in October; +1.21% since inception.
Portuguese Credit: Main driver (+32bps) with Fidelidade and REN leading (+7bps each).
Euro Debt: Investment grade and short-duration ETFs added +7bps combined.
International Debt: EM and AT1 exposures contributed +24bps; notable gains from USD EM bonds (+13bps) and EUR-hedged EM (+8bps).
Gold: Added +13bps, rising 6.2% (EUR) on record central bank buying.
Portfolio Move: Swapped EDP 2032 for Banco Montepio 2029, shortening duration while maintaining yield.
The Fund remains defensively positioned, anchored in high-quality Portuguese and Eurozone credit, complemented by diversified global bond exposure and gold as a strategic hedge. With monetary policy easing globally and spreads tightening, the environment continues to favor stable, income-oriented portfolios like the Atlantic Bond Fund.
Best regards,
Nuno Serafim
Month Report ABF - October 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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