Funds Reports
Portugal Golden Income Fund: October 2025 Report
Welcome to the Portugal Golden Income Fund October 2025 Report, available for download below.
Hi all,
October was another solid month for multi-asset portfolios, as the Fed’s second rate cut and falling yields supported both credit and equity markets. The Fund gained +1.11%, bringing cumulative return since inception to +8.33%. Performance was broad-based, led by strong equity gains and continued resilience in Portuguese credit, while gold reached record highs above $4,000/oz.
October Highlights:
Performance: +1.11% (Oct); +8.33% since inception.
Equities: Main driver (+92bps); U.S. equities +36bps, EM ex-China ETF +31bps.
Fixed Income: Contributed +32bps, led by Fidelidade (+9bps) and REN (+8bps).
Gold: Added +17bps as prices rose 6.2% (EUR) to new all-time highs.
Digital Assets: Bitcoin (−1.5% EUR) detracted −15bps amid short-term profit-taking.
FX Tailwind: Euro depreciation (−1.4%) modestly boosted USD-denominated holdings.
The portfolio remains well diversified, anchored in high-quality Portuguese corporate credit and balanced by allocations to global equities, gold, and digital assets. With policy easing underway and year-end seasonality turning favorable, PGI remains positioned for steady risk-adjusted returns into Q4.
Best regards,
Nuno Serafim
Month Report PGI - October 2025
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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.
