Funds Reports
Portugal Golden Income Fund - November 2025 Report
Welcome to the Portugal Golden Income Fund November 2025 Report, available for download below.
Hi all,
November was a volatile month across global markets as investors reassessed stretched valuations in U.S. tech and sentiment turned risk-off. Despite this backdrop, the Fund held up well, declining -0.81%, with the entire pullback driven by the sharp correction in Bitcoin. Portuguese credit continued to provide stability, equities were mixed, and gold once again acted as a reliable diversifier during heightened uncertainty.
November Highlights
Performance: –0.81% for the month; +7.45% since inception.
Digital Assets: Bitcoin fell –17.5% (EUR), detracting –81 bps, accounting for nearly the full monthly decline.
Fixed Income: Added +6 bps; strongest contributors were Caixa de Crédito Agrícola (+3 bps) and the new Banco CTT position (+1 bp).
Equities: Net detractor –8 bps; Emerging Markets –8 bps, S&P 500 –3 bps, partly offset by World ex-US +3 bps.
Gold: Strong contributor at +17 bps, rising +4.4% (EUR) as it reached new record highs.
FX: Euro appreciated 0.3%, creating a small drag on USD-denominated holdings.
The Fund remains well balanced across asset classes, anchored by high-quality Portuguese corporates while benefiting from diversification across global equities, gold, and Bitcoin. Looking ahead, the macro backdrop for 2026 appears increasingly supportive: global liquidity is expanding, fiscal stimulus is broad-based, and risk assets historically perform well in such environments and, although they are already trading at their all time highs, we foresee 2026 as a positive year for equities but with an increasingly dose of volatility.
Best regards,
Nuno Serafim
Month Report PGI - November 2025
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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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