Funds Reports
Portugal Golden Income Fund - August 2025 Report
Welcome to the Portugal Golden Income Fund August Report, available for download below.
Hi all,
Global markets turned volatile in August as inflation concerns resurfaced despite dovish Fed guidance. For euro investors, the stronger currency added pressure to USD assets. The Fund held up well, with losses modest at −0.58%, as gold and selective developed market equities provided offsets to weakness in Bitcoin and long-duration Portuguese credit. The portfolio remains firmly diversified, balancing stable Portuguese credit with tactical allocations to gold, equities, and digital assets.
Highlights:
Performance: Fund down -0.58%; since inception return at +6.0%.
Digital Assets: Bitcoin (−9.9% EUR) detracted -40bps.
Fixed Income: Small drag (−4bps); REN −11bps, partly offset by Fidelidade +3bps.
Gold: Added +6bps, prices up +2.17% (EUR) on central bank buying.
Equities: Slight drag (−4bps); EM lagged, while Europe and Japan supported gains.
Best regards,
Nuno Serafim
Month Report PGI - August 2025
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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.
