Funds Reports
Portugal Golden Income Fund: March 2026 Report
Welcome to the Portugal Golden Income Fund March 2026 Report, available for download below.
Hi all,
March was a challenging month across asset classes, as rising geopolitical tensions and a sharp increase in energy prices triggered a broad repricing in inflation expectations and interest rates. This “higher-for-longer” shift weighed on both fixed income and equities, leading to a -3.08% return for the Fund. Despite this backdrop, Bitcoin stood out as the only positive contributor, showing resilience during a broader risk-off environment.
March Highlights:
Performance: Fund -3.08%, driven by higher yields and global risk repricing.
Fixed Income: Main stabiliser but still detracted (-100 bps); REN (-25 bps), Fidelidade (-16 bps), Crédito Agrícola (-15 bps).
Equities: Largest drag (-150 bps); World ex-US (-58 bps) and EM ex-China (-49 bps) led the declines.
Gold: Detracted -62 bps as rising real yields pressured precious metals.
Digital Assets: Only positive contributor (+16 bps), with Bitcoin showing relative resilience.
FX: USD strength (~+2% vs EUR) provided a modest tailwind.
Looking ahead, markets are navigating a complex mix of resilient growth and renewed inflation pressures driven by energy shocks. While tighter financial conditions create short-term headwinds, underlying fundamentals - particularly in global investment and corporate earnings - remain supportive. The Fund continues to focus on diversification, quality credit, and selective exposure to structural growth themes, while maintaining flexibility to adapt as macro conditions evolve.
Best regards,
Nuno Serafim
Month Report PGI - March 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.
