Funds Reports
Portugal Golden Income Fund - February 2025 Report
Welcome to the Portugal Golden Income Fund February Report, available for download below.
Hi all,
The PGI Fund declined 3.15% in February, on the back of the MAGA narrative backfire. US stocks down, US dollar down, crypto assets down...
Crypto assets were responsible for the bulk of the losses(-2.93%), having Bitcoin decline more than 20%, in one of its biggest corrections ever. Still, the Fund is close to 5% up in the last 5 months. Although the risky part of the portfolio did not behave well, driven by a risk-off sentiment sustained by the MAGA narrative, an explosive cocktail of tariffs, fiscal restriction and a U-turn of the international global order by Trump administration, the 70% bond allocation contributed with +0.44% to the portfolio, working as the stabilization agent, as expected, and in line with IBOX € index return in February.
On average, we have had a 12% exposure to alternative assets, being 2% Gold and 10% digital assets. Our average exposure to US equities has also been around 13%. We also took the opportunity to raise our exposure to corporate bonds when the upcoming new prime minister of Germany, Friedrich Merz, launched a massive investment plan in infrastructures (€500B) which repriced the Bund yields upwards, already in the first days of March, increasing our average yield to maturity and duration even further as we think the movement will be short lived.
The bipolar world we mentioned in the last report is here to stay and we will navigate it carefully, but with a laser eye on medium to long term opportunities. We still think Bitcoin will move above 100k towards year end and we will ride that wave on better entry points.
Thank you for your trust
Nuno Serafim
Month Report PGI - February 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.
