Funds Reports
Portugal Golden Income Fund: July 2026 Report
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Welcome to the Portugal Golden Income Fund July 2026 Report, available for download below.
Hi all,
July was another challenging month for diversified portfolios as higher bond yields continued to pressure fixed income despite improving inflation data. Nevertheless, resilient equity markets and a recovery in digital assets helped cushion the impact, with the Fund posting a -0.54% return.
July Highlights:
Equities: Mixed performance; S&P 500 +20 bps, MSCI China +11 bps, World ex-US +8 bps, while Emerging Markets ex-China was the main detractor (–50 bps).
Fixed Income: –25 bps, mainly from REN (–12 bps) and Fidelidade (–5 bps) as higher European yields continued to pressure bond prices.
Digital Assets: Bitcoin +3 bps, benefiting from its recovery during July.
Portuguese Equities: Jerónimo Martins (+3 bps), BCP (+2 bps) and The Navigator Company (+1 bp) added modest alpha.
Portfolio Activity: Maintained a diversified positioning with no major allocation changes during the month.
Macro: Inflation continued to moderate, although both the Fed and ECB maintained a "higher-for-longer" policy stance.
While central banks remain cautious, the combination of resilient corporate earnings, easing inflation and stabilising macro conditions provides a more constructive backdrop for risk assets. We continue to believe that a reversal or even a stabilization in the inflation trend will uplift bond markets now that higher yields offer interesting repricing opportunities.
Best regards,
Nuno Serafim
Month Report PGI - July 2026
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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.
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