Funds Reports
Portugal Golden Income Fund - July 2025 Report
Welcome to the Portugal Golden Income Fund July Report, available for download below.
Hi all,
Welcome to the July report for the 3CC Portugal Golden Income Fund.
The fund delivered a +1.92% return in July, bringing total return since inception to +6.63%. Gains were driven primarily by our digital asset allocation via the 3CC Global Crypto Fund (+92bps) and strong contributions from both equities and fixed income.
Global markets enjoyed a powerful “risk-on” month, fuelled by supportive monetary policy, robust U.S. earnings, and historic regulatory breakthroughs in crypto (GENIUS & CLARITY Acts). Bitcoin broke above $110k to a new high of $123k (+12.64% in EUR), while Ethereum surged 57.83%, marking a broadening rally beyond BTC.
July Highlights:
Digital Assets: Crypto exposure added +92bps, led by Bitcoin and Ethereum strength.
Equities: AMUNDI S&P 500 ETF contributed +43bps; MSCI World ex-USA ETF added +13bps.
Fixed Income: REN (+16bps) and Fidelidade (+13bps) led gains, supported by strong earnings and sector leadership.
Gold: Allocation gained +11bps as EUR weakness vs USD boosted returns.
Macro Tailwinds: U.S. Q2 earnings beat expectations (+11.8% YoY EPS growth), supporting equity momentum into Q3.
We remain constructive on risk assets, with continued conviction in Bitcoin and selective equity exposure, while maintaining fixed-income positions in high-quality Portuguese issuers.
Best regards,
Nuno Serafim
Month Report PGI - July 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.
