Funds Reports
Portugal Golden Income Fund: June 2026 Report
Welcome to the Portugal Golden Income Fund June 2026 Report, available for download below.
Hi all,
June was characterised by a more challenging environment for multi-asset portfolios as both the Federal Reserve and the ECB adopted a more restrictive stance. Despite positive contributions from fixed income and equities, weakness in gold and digital assets resulted in the Fund posting a disappointing -0.56% return, which has been more than offset in the first days of July.
June Highlights
- Performance: Fund -0.56%.
- Fixed Income: Added +22 bps, led by REN (+4 bps) and Banco Montepio (+3 bps).
- Equities: Added +23 bps, with Emerging Markets (+17 bps), World ex-US (+14 bps) and BCP (+9 bps) leading gains.
- Alternatives: The tactical short Brent oil position was the month's strongest contributor (+38 bps), more than offset by Gold (-61 bps) and Bitcoin (-62 bps) as higher real yields pressured both asset classes
- Portfolio Activity: No major changes; diversified positioning continues to provide resilience across different market environments.
- FX: Currency movements had only a limited impact on overall performance.
Central banks have adopted a more cautious stance on rates and inflation, and the Iran conflict seems not to be completely settled. We have increased our cash position to over 7% to prepare for any knee-jerk reaction during the summer months.
Best regards,
Nuno Serafim
Month Report PGI - June 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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