Funds Reports
Portugal Golden Income Fund: April 2026 Report
Welcome to the Portugal Golden Income Fund April 2026 Report, available for download below.
Hi all,
April marked a constructive recovery across global markets as geopolitical tensions eased and investor sentiment improved following the volatility of Q1. Strong earnings from large-cap technology companies, together with stabilising bond markets, supported a broad rebound in risk assets. Against this backdrop, the Fund delivered a strong +2.52% return during the month, driven primarily by equities and supported by fixed income and Bitcoin exposure. It's worth noting that PGI reached a new all time high in the middle of the April volatility, after we increased exposure to risk assets amidst the March correction.
April Highlights
Performance: Fund +2.52%, led by equities (+194 bps) and fixed income (+44 bps).
Equities: Main contributor; S&P500 +71 bps, EM ex-China +66 bps, World ex-US +40 bps, and BCP +17 bps.
Fixed Income: Portuguese corporates stabilised following March volatility; REN (+11 bps) and Fidelidade (+11 bps) led gains.
Digital Assets: Bitcoin added +34 bps, rising ~13% during the month.
Gold: Slight detractor (-10 bps) as easing geopolitical tensions did not favor Gold this time around.
Portfolio Activity: Reduced S&P500 exposure (~1%), exited Korean equities (+17% gain), and initiated a tactical short Brent oil position (~1% NAV).
Looking ahead, the macro backdrop remains balanced between resilient corporate earnings and persistent geopolitical uncertainty. While strong earnings growth continues to support risk assets, elevated energy prices and inflation risks reinforce the need for a disciplined and diversified portfolio approach. The Fund remains positioned to balance structural growth opportunities with protection against inflationary and rate-driven volatility.
Best regards,
Nuno Serafim
Month Report PGI - April 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.
