Funds Reports
Portugal Golden Income Fund - September 2025 Report
Welcome to the Portugal Golden Income Fund September 2025 Report, available for download below.
Hi all,
September brought a positive turn for markets after a slower summer stretch. The Fed’s 25 bps rate cut, easing credit spreads, and strong equity performance underpinned multi-asset gains. The Fund delivered +1.07%, bringing cumulative return since inception to +7.1%, thanks to broad contributions from bonds, equities, gold, and digital assets. Notably, Portuguese credit held up well, gold rallied sharply, and Bitcoin added modest gains, reinforcing the balanced nature of the portfolio.
September Highlights:
- Performance: +1.07% in September; since inception now +7.1%
- Fixed Income: +25 bps contribution; Fidelidade led (+13 bps), REN added +6 bps as curve flattened
- Equities: +48 bps contribution; S&P 500 exposure added +20 bps, EM ex-China ETF added +19 bps
- Gold: +32 bps; gold gained ~11% in euro terms
- Digital Assets: Bitcoin added +16 bps, up ~4.2% (EUR)
- Portfolio Move: Added Banco Montepio bonds to expand diversification in Portuguese credit
We remain constructive on risk assets, with our core anchored in Portuguese credit and balanced exposure to equities, gold, and digital assets. With macro conditions tilting favorably and seasonal tailwinds ahead for crypto and gold, we believe the Fund is well positioned heading into Q4.
Best regards,
Nuno Serafim
Month Report PGI - September 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.
