Funds Reports
Portugal Golden Income Fund: August 2026 Report
Welcome to the Portugal Golden Income Fund August 2026 Report, available for download below.
Hi all,
August was a particularly good illustration of the benefits of PGI's multi-asset approach. Rising sovereign yields continued to create a difficult environment for bonds, while equities remained resilient and the renewed debasement trade strongly supported gold and Bitcoin. All major asset classes contributed positively, allowing the Fund to deliver a solid +1.68% return, reaching a new all time high.
August Highlights:
- Performance: Fund +1.68%, with positive contributions from fixed income, equities and alternatives.
- Fixed Income: Added +7 bps despite the difficult rates environment. Fidelidade (+10 bps) was the main contributor, while REN (–4 bps) was the principal detractor.
- Equities: Added +52 bps, led by EM ex-China (+28 bps), World ex-US (+10 bps) and S&P 500 (+8 bps). Within Portugal, Jerónimo Martins added +8 bps, with BCP and NOS adding +2 bps each.
- Alternatives: Main performance driver. Bitcoin added +71 bps, following a +24.3% EUR return, while Gold contributed +45 bps and Silver +3 bps.
- FX: Euro appreciation of approximately 0.7% vs USD modestly reduced returns from USD-denominated exposures.
- Portfolio Activity: Added short-duration U.S. TIPS (0.5% NAV) and Global Convertibles (0.6%), together with small allocations to S&P 500 Momentum (0.5%) and Low Volatility (0.25%) strategies.
August demonstrated exactly what we seek from PGI's diversification: fixed income remained resilient despite sharply higher sovereign yields, equities generated positive returns, while gold and Bitcoin provided substantial upside in an environment of growing concerns over monetary debasement. We continue to diversify the portfolio across return drivers while remaining cautious on duration given persistent inflation and fiscal risks.
Best regards,
Nuno Serafim
Month Report PGI - August 2026
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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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