Funds Reports
Portugal Golden Income Fund: February 2026 Report
Welcome to the Portugal Golden Income Fund February 2026 Report, available for download below.
Hi all,
February proved challenging for risk assets as macro uncertainty, trade policy tensions, and geopolitical developments weighed on global markets. Despite this backdrop, the Fund delivered a positive return of +0.33%, supported by strong contributions from equities, fixed income, and gold, which more than offset the sharp correction observed in digital assets during the month.
February Highlights
Performance: Fund +0.33%, bringing total return since inception to over +9.3%, with a Sharpe ratio of 1.16.
Equities: Main performance driver (+63 bps); EM ex-China ETF +36 bps, World ex-US ETF +36 bps, and Portuguese equities +11 bps.
Fixed Income: Added +29 bps, led by REN (+8 bps), Fidelidade (+6 bps) and Banco Montepio (+3 bps).
Gold: Contributed +26 bps as prices benefited from safe-haven demand amid geopolitical tensions.
Digital Assets: Bitcoin was the main detractor (-78 bps), declining ~20% (EUR) during the month.
Portfolio Activity: Continued building the Portuguese equity sleeve, adding positions in BCP, Jerónimo Martins, NOS, and The Navigator Company, bringing the allocation to ~1.7% of NAV.
The Fund remains positioned around high-quality Portuguese credit, selective global equities, gold, and a strategic allocation to digital assets, allowing it to navigate macro volatility while maintaining exposure to structural growth opportunities.
Best regards,
Nuno Serafim
Month Report PGI - February 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.
