Funds Reports
Atlantic Bond Fund - September 2025 Report
Welcome to the Atlantic Bond Fund September 2025 Report, available for download below.
Hi all,
September brought a favourable shift for fixed income after the Fed’s 25bps cut: yields eased, the curve flattened and credit spreads tightened — a constructive backdrop for diversified bond portfolios. The Fund delivered +0.46% for the month, lifting since-inception performance to +0.54%.
September Highlights
- Performance: +0.46% (Sep); +0.54% since inception.
- Domestic credit leadership: Portuguese corporate debt added +17bps (Fidelidade +6bps, REN +5bps).
- International & Euro debt: Euro HY ETF +6bps, 1–5yr IG ETF +2bps; AT1 and USD EM allocations added meaningfully (AT1 +5bps, USD EM +6bps, EUR-hedged EM +8bps).
- Gold tailwind: Gold contributed +20bps as prices surged 11% (EUR), almost half of the month’s return.
- Active move: Added iShares Core GBP Corporate Bond ETF to increase geographic and credit diversification (opportunistic on Gilt dislocation).
We remain conservatively positioned — anchored in high-quality Portuguese credit, complemented by selective international exposures and gold as a hedge — focused on capital preservation and steady income as rate volatility evolves.
Best regards,
Nuno Serafim
Month Report ABF - September 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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