Funds Reports
Portugal Golden Income Fund: May 2026 Report
Welcome to the Portugal Golden Income Fund May 2026 Report, available for download below.
Hi all,
May was another constructive month for markets as easing geopolitical tensions and strong corporate earnings continued to support risk assets. S&P earnings are now expected to grow 25% in 2026!!! While inflation remained somewhat sticky and the Fed adopted a more hawkish tone than expected, investors remained focused on the strength of the ongoing AI-driven investment cycle. Against this backdrop, the Fund delivered a solid +1.49% return, driven primarily by equities and supported by fixed income and tactical positioning within alternatives.
May Highlights
Performance: Fund +1.49%, led by equities (+121 bps) and fixed income (+39 bps).
Equities: Main contributor; EM ex-China +59 bps, S&P 500 +30 bps, and World ex-US +28 bps.
Fixed Income: Portuguese corporate bonds continued to perform well; Fidelidade (+8 bps) and REN (+6 bps) led gains.
Alternatives: Tactical short Brent oil position added +18 bps as oil prices fell below $90/barrel.
Bitcoin & Gold: Bitcoin detracted -12 bps after April's strong rally; Gold was broadly flat (-2 bps).
Portfolio Activity: Added Floene to the bond portfolio, initiated a small silver allocation, and exited Millennium BCP equity after strong performance.
Looking ahead, the backdrop remains broadly supportive. Strong earnings growth, AI-related investment, and resilient economic activity continue to underpin markets, although persistent inflation and geopolitical uncertainty warrant a disciplined and diversified approach. We reduced the Portfolio's equity exposure by 4% in the last 4 weeks because markets appear priced to perfection. We are looking for better opportunities in the months ahead.
Best regards,
Nuno Serafim
Month Report PGI - May 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.
