Funds Reports
Portugal Golden Income Fund: January 2026 Report
Welcome to the Portugal Golden Income Fund January 2026 Report, available for download below.
Hi all,
The Fund started 2026 on a strong footing, delivering +1.33% in January, with broad-based contributions across asset classes. Alternatives and equities led performance, while Portuguese credit once again provided stability. Gold reached new record highs and was the single largest contributor, offsetting weakness in digital assets during a macro-driven risk repricing late in the month.
January Highlights
- Performance: +1.33% (Jan); +8.91% since inception.
- Fixed Income: Added +32 bps, led by Fidelidade (+13 bps) and REN (+4 bps).
- Equities: Contributed +56 bps; EM ex-China ETF +31 bps, World ex-US +24 bps.
- Gold: Top contributor at +85 bps, rising ~14% (EUR) to new highs.
- Digital Assets: Detracted -28 bps as Bitcoin corrected ~7%.
- Portfolio Moves: Gold allocation increased to ~6.5% and the first Portuguese equity position initiated (Galp Energia).
The Fund remains positioned around diversification, quality Portuguese credit, and selective global growth exposure, with flexibility to adjust risk as macro conditions evolve. The Fund is delivering strong returns with a volatility close to 5%, which underlines the benefits of diversification.
Best regards,
Nuno Serafim
Month Report PGI - January 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.
