Funds Reports
Portugal Golden Income Fund: September 2026 Report
Welcome to the Portugal Golden Income Fund September 2026 Report, available for download below.
Hi all,
September proved challenging for diversified portfolios as renewed inflation concerns prompted synchronized interest-rate increases across major central banks, pushing sovereign yields sharply higher. Fixed income and gold were negatively affected, while equities remained relatively resilient and Bitcoin continued its strong recovery. Against this backdrop, the Fund recorded a -0.23% return, with positive contributions from equities and digital assets partially offsetting the pressure on bonds.
September Highlights:
- Performance: Fund -0.23%, reflecting contrasting performance across asset classes.
- Fixed Income: Main detractor (-51 bps), led by Fidelidade (-16 bps), REN (-14 bps) and Crédito Agrícola (-7 bps), as higher sovereign yields weighed on bond valuations.
- Equities: Contributed +16 bps overall. S&P 500 strategies (+13 bps) and Emerging Markets ex-China (+12 bps) led performance, while World ex-US (-5 bps) detracted.
- Portuguese Equities: BCP (+7 bps) and NOS (+7 bps) were the main contributors within the domestic equity allocation.
- Alternatives: Mixed performance, with Bitcoin contributing +31 bps, following an approximately +9% gain in EUR, while Gold detracted -22 bps as higher real yields pressured precious metals.
- Portfolio Activity: Increased Portuguese equities from approximately 5% to 6.5% of NAV and added 1% of NAV to Global Convertible Bonds.
- Current Positioning: The fixed-income portfolio maintains an attractive 4.82% yield-to-maturity and a relatively short 2.27-year modified duration.
September highlighted the importance of diversification and disciplined duration management. While higher interest rates continue to pressure bond valuations, they also improve prospective fixed-income returns. We remain selective in equities, particularly given elevated U.S. valuations and real yields, while maintaining diversified exposure across traditional and alternative assets to navigate an increasingly complex market environment.
Best regards,
Nuno Serafim
Month Report PGI - September 2026
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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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