Funds Reports
Portugal Golden Income Fund - January 2025 Report
Hey all,
Welcome to the Portugal Golden Income Fund January Report, available for download below.
The PGI Fund delivered a strong performance in January, advancing 1.55%, on the back of, mostly, a bullish crypto market but with all asset classes contributing positively to the performance. The Fund is now up 7.55% since October 2nd, with only 7% of annualized volatility, beating the S&P 500 (+5.7%) and S&P Global (+2.4%) in the same period.
In January we kept an average 12% exposure to both Crypto and US Equities while working on the diversification of our corporate credit portfolio, in which we should stabilize with 10 different issuers in the next weeks and a target exposure of 70%. As we speak, we are running an average yield to maturity of 3.98% and a 2.79 duration, but we will work to stretch it a bit more since, in Europe, we expect at least 3 interest rate cuts by the ECB, that will bring the reference rate to 2%.
We expect volatility and a quite entertaining geopolitics backdrop in the next couple of months, with tariffs, unconventional political tactics, and tectonic plates moving left and right. This context should provide us with some good opportunities for better entry points on the risky part of the portfolio. Welcome to a bipolar world!
Thank you for your trust
Nuno Serafim
Month Report PGI - January 2025
Welcome to the Portugal Golden Income Fund January Report, available for download below.
The PGI Fund delivered a strong performance in January, advancing 1.55%, on the back of, mostly, a bullish crypto market but with all asset classes contributing positively to the performance. The Fund is now up 7.55% since October 2nd, with only 7% of annualized volatility, beating the S&P 500 (+5.7%) and S&P Global (+2.4%) in the same period.
In January we kept an average 12% exposure to both Crypto and US Equities while working on the diversification of our corporate credit portfolio, in which we should stabilize with 10 different issuers in the next weeks and a target exposure of 70%. As we speak, we are running an average yield to maturity of 3.98% and a 2.79 duration, but we will work to stretch it a bit more since, in Europe, we expect at least 3 interest rate cuts by the ECB, that will bring the reference rate to 2%.
We expect volatility and a quite entertaining geopolitics backdrop in the next couple of months, with tariffs, unconventional political tactics, and tectonic plates moving left and right. This context should provide us with some good opportunities for better entry points on the risky part of the portfolio. Welcome to a bipolar world!
Thank you for your trust
Nuno Serafim
Month Report PGI - January 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.
