Funds Reports
Portugal Golden Income Fund - December 2025 Report
Welcome to the Portugal Golden Income Fund December 2025 Report, available for download below.
Hi all,
December closed the year in a low-volatility, late-cycle environment, with cautious central bank messaging and range-bound risk assets. Despite mixed market signals, the Fund ended the month broadly flat at +0.02%, bringing total performance since inception to +7.48%. Stability once again came from Portuguese credit, complemented by equities and gold, while digital assets were the main detractor.
December Highlights
Performance: +0.02% (Dec); +7.48% since inception.
Fixed Income: Core stabiliser, contributing +16bps, led by Fidelidade (+7bps), Crédito Agrícola (+3bps) and REN (+3bps).
Equities: Added +22bps, driven by World ex-US (+17bps) and EM (+10bps); U.S. equities slightly negative (−4bps).
Gold: Continued to diversify, adding +5bps amid record metal prices.
Digital Assets: Detracted −27bps as Bitcoin declined and remained range-bound near $88k.
FX: Euro appreciation (+1.3% vs USD) created a modest headwind for USD exposures.
Portfolio Activity: Initiated a ~1% position in MSCI China ETF, adding selective exposure to under-owned global growth.
Looking into 2026, the macro backdrop appears constructive for diversified portfolios: liquidity conditions are improving, fiscal support remains strong, and commodities and alternative assets continue to play a strategic role. PGI remains positioned to navigate a wide range of outcomes through diversification, quality credit, and disciplined risk management.
Best regards,
Nuno Serafim
Month Report PGI - December 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.
