3 Comma Capital

𝐏𝐨𝐫𝐭𝐮𝐠𝐚𝐥 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐬 𝐈𝐭𝐬 𝐒𝐨𝐯𝐞𝐫𝐞𝐢𝐠𝐧 𝐃𝐞𝐛𝐭 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 After nearly two decades without structural changes, Portugal has introduced a new framework for public debt and treasury management, marking a decisive shift toward a more conservative and resilient approach. Key highlights: ▪️ 𝐓𝐢𝐠𝐡𝐭𝐞𝐫 𝐫𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐫𝐢𝐬𝐤 𝐥𝐢𝐦𝐢𝐭𝐬 No more than 15% of debt may mature within 12 months and no more than 45% within five years, with an average maturity floor above 7 years. ▪️ 𝐒𝐭𝐫𝐢𝐜𝐭𝐞𝐫 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 Net FX exposure is now capped at just 5%. ▪️ 𝐅𝐨𝐫𝐦𝐚𝐥 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐛𝐮𝐟𝐟𝐞𝐫𝐬 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 Liquidity must now cover 100% of 30-day funding needs and at least 8.5% of annual financing requirements. ▪️ 𝐆𝐫𝐞𝐚𝐭𝐞𝐫 𝐟𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐢𝐧 𝐭𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 Including the ability to invest in high-quality non-euro sovereign debt and the optional issuance of GDP-linked bonds. These reforms arrive from a position of strength. Portugal’s public debt-to-GDP ratio has fallen from post-crisis levels above 130% to the low-90% range, making it one of the strongest improvers in the euro area over the past decade. 𝐖𝐡𝐲 𝐭𝐡𝐢𝐬 𝐦𝐚𝐭𝐭𝐞𝐫𝐬 𝐟𝐨𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬: A more resilient sovereign funding structure typically translates into lower structural risk premia, improved spread stability, and stronger confidence across domestic credit markets. For portfolios with exposure to Portuguese corporate bonds - including the Portugal Golden Income Fund - this reinforces the investment case for high-quality domestic issuers in a lower tail-risk environment. 👉 Read the full analysis on our blog: https://lnkd.in/erY6eNcG #Portugal #FixedIncome #SovereignDebt #IGCP #BondMarkets #PublicFinance #CreditMarkets #PortugalGoldenIncomeFund #AssetManagement #3CommaCapital

📈 𝐂𝐫𝐲𝐩𝐭𝐨 𝐄𝐓𝐅𝐬: 𝐅𝐫𝐨𝐦 𝐁𝐫𝐞𝐚𝐤𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐭𝐨 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 2025 marked a decisive shift in the role of exchange-traded funds within the digital asset ecosystem. What began with the launch of spot #Bitcoin ETFs in early 2024 has evolved into something far more structural: crypto ETFs are no longer novelty products - they are becoming core market infrastructure and the primary access point for institutional exposure. Key developments highlighted in our latest blog: ▪️ Bitcoin ETFs became the most explosive ETF launch in history, with ~USD 57bn in net inflows in under two years ▪️ Ethereum ETFs gained traction as strategic exposure to on-chain settlement, DeFi, and tokenization ▪️ Expansion into Solana and staking-enabled ETFs, broadening the regulated crypto universe ▪️ The rise of crypto index ETFs, aligning digital assets with institutional portfolio construction 👉 Read the full article: https://lnkd.in/ehn-U7cN #CryptoETFs #DigitalAssets #BitcoinETF #EthereumETF #InstitutionalInvestors #GlobalCryptoFund #AssetManagement #Blockchain #Web3 #3CommaCapital

📢 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐫𝐲𝐩𝐭𝐨 𝐅𝐮𝐧𝐝 | 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 2025 𝐑𝐞𝐩𝐨𝐫𝐭 📍 𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬: December closed a complex year for digital assets amid a late-cycle macro environment and cautious central bank communication. The Federal Reserve delivered a widely expected 25 bps rate cut, but guidance on further easing remained restrained, keeping risk appetite muted. Bitcoin drifted lower yet held near USD 90,000, underscoring crypto’s growing integration into the broader macro asset complex. Notably, the Bitcoin-to-Gold ratio returned to levels historically associated with renewed periods of crypto outperformance. 💼 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: The Fund returned –6.21% in December, reflecting continued pressure across digital assets in a defensive year-end environment. Key drivers: ▪️ Bitcoin: –6.4% (EUR) → –5.12 p.p. ▪️ Ethereum: –4.5% (EUR) → –0.47 p.p. ▪️ Solana: –12.7% → –0.18 p.p. A 1.3% appreciation of the euro vs. USD created a modest FX headwind, given the Fund’s predominantly USD-denominated exposure. December’s performance reflects a normal late-cycle consolidation rather than a deterioration in underlying fundamentals. 🌐 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: Bitcoin closed 2025 with the lowest realized volatility in its history, highlighting its evolution into a mature macro asset increasingly driven by liquidity cycles and institutional flows. With quantitative tightening concluded, fiscal dynamics supportive of nominal growth, and regulatory clarity improving, macro risk continues to be repriced lower. After a multi-month base formation, digital assets appear well positioned to resume their upward trajectory as fundamentals reassert themselves. 👉 Learn more about the Global Crypto Fund: https://lnkd.in/dhifgkdB 3 Comma Capital | 𝐄𝐥𝐞𝐯𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞, 𝐄𝐦𝐩𝐨𝐰𝐞𝐫𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 #GlobalCryptoFund #DigitalAssets #Bitcoin #Ethereum #Solana #Crypto #Cryptocurrency #MacroOutlook #3CommaCapital #Tokenization #Blockchain #InstitutionalAdoption #InvestmentStrategy #AssetManagement #AlternativeInvestments #CryptoMarkets #Web3 🚀

𝐓𝐡𝐞 𝐒𝐞𝐦𝐢𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫 𝐒𝐢𝐠𝐧𝐚𝐥: 𝐀 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫 𝐟𝐨𝐫 𝐆𝐥𝐨𝐛𝐚𝐥 𝐄𝐪𝐮𝐢𝐭𝐢𝐞𝐬 Can Taiwan's economy help anticipate the direction of global equity markets? Historically, Taiwan’s export cycle has led global equities by approximately 8–12 months. Positioned at the very start of the global semiconductor supply chain, Taiwan captures shifts in corporate confidence and capital expenditure long before they appear in earnings or equity prices. As AI-driven infrastructure investment accelerates, this signal has become even more powerful. For investors, Taiwan’s export cycle continues to offer a rare, real-time window into where global equities may be headed next. 👉 Read the full analysis on the 3 Comma Capital blog: https://lnkd.in/eV5RbZFB #GlobalMarkets #Semiconductors #Equities #AI #Macro #Investing #3CommaCapital #LeadingIndicator

🎄✨ 𝐌𝐞𝐫𝐫𝐲 𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 | 𝐅𝐞𝐥𝐢𝐳 𝐍𝐚𝐭𝐚𝐥 ✨🎄 As the year draws to a close, we would like to thank our investors, partners, clients, and friends for their trust and continued collaboration throughout the year. We wish you and your families a Merry Christmas, filled with peace, joy, and time well spent with those who matter most. --------------------------------------------------- Agora que o ano chega ao fim, gostaríamos de agradecer aos nossos investidores, parceiros, clientes e amigos pela confiança e colaboração contínua ao longo do ano. Desejamos a todos um Feliz Natal, repleto de paz, alegria e momentos bem passados com aqueles que mais importam. Que este Natal seja vivido com tranquilidade, saúde e esperança, são os votos da Equipa da 3 Comma Capital. 🎄 𝐌𝐞𝐫𝐫𝐲 𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 | 𝐅𝐞𝐥𝐢𝐳 𝐍𝐚𝐭𝐚𝐥 🎄 #MerryChristmas #FelizNatal #3CommaCapital #Obrigado #SeasonGreetings #Grateful #HappyNewYear

📊 𝐒𝐧𝐚𝐩𝐬𝐡𝐨𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐏𝐨𝐫𝐭𝐮𝐠𝐮𝐞𝐬𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 – 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 2025 🇵🇹 Our latest Market Watch highlights a resilient and dynamic Portuguese economy heading into year-end. 📌 𝐊𝐞𝐲 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: ▪️ The labor market remains strong, with employment expanding and unemployment holding near multi-year lows - a sign of continued economic strength. ▪️ Wage growth remains robust, supporting domestic demand despite lingering inflationary pressures. ▪️ Portugal continues to record a current account surplus, primarily driven by services - notably tourism - even as the goods deficit remains structural. ▪️ Fiscal execution remains positive, with budget surpluses year-to-date and public debt trending lower as a share of GDP. ▪️ Inflation remains well-anchored within target ranges, despite wage pressures that support domestic activity. ▪️ Economic activity indicators suggest continued growth into 4Q25, although slightly below the very strong 3Q25 performance. Despite structural challenges - such as the persistent trade deficit in goods - Portugal’s macro fundamentals remain solid, underpinned by labor market strength, positive external balances, prudent public finances, and resilient domestic demand. 📎 Read the full analysis in 3 Comma Capital blog 👉 Snapshot of the Portuguese Economy (December): https://lnkd.in/e8rcdbCy #Portugal #Economy #Macro #MarketWatch #3CommaCapital

📢 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐫𝐲𝐩𝐭𝐨 𝐅𝐮𝐧𝐝 | 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 2025 𝐑𝐞𝐩𝐨𝐫𝐭 📍 𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬: November brought a significant spike in volatility across global markets as investors reassessed stretched valuations - particularly within U.S. mega-cap tech. The AI infrastructure cycle continues to drive record hyperscaler investment, creating near-term pressure on risk assets. Despite market stress and sharp liquidations, stablecoins reached a new all-time high of $273B, growing for the 17th consecutive month - a 50% YoY increase that reflects relentless demand for on-chain dollars. 💼 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: The Fund returned –15.92% in November amid a broad and rapid reset across digital assets. Key drivers: ▪️ Bitcoin: –16% (EUR) → –13.00 p.p. ▪️ Ethereum: –20% (EUR) → –2.25 p.p. ▪️ Solana: –25% → –0.46 p.p. ▪️ AAVE: –0.10 p.p. ▪️ Uniswap: +0.02 p.p. (modest offset). The Fund maintains a allocation to Uniswap (UNI), reflecting a transformational shift in token economics. While November historically delivers positive seasonality, 2025 diverged sharply, marking one of the most challenging trading environments of the year. 🌐 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: We remain constructive heading into year-end as adoption trends accelerate globally, with major financial institutions expanding access: • Morgan Stanley widening crypto access • Bank of America Private Wealth enabling 1–4% BTC allocations • Western Union integrating stablecoin rails • ICE investing $2B into Polymarket • Vanguard enabling crypto ETF trading - BTC ETF volume >$1B within 30 minutes Regulation improving: U.S. Market Structure bill likely in coming months. We expect fundamental trends to reassert themselves as markets stabilize, setting a foundation for recovery. 👉 Learn more about the Global Crypto Fund: https://lnkd.in/dhifgkdB 3 Comma Capital | 𝐄𝐥𝐞𝐯𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞, 𝐄𝐦𝐩𝐨𝐰𝐞𝐫𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 #GlobalCryptoFund #DigitalAssets #Bitcoin #Ethereum #Solana #Crypto #Cryptocurrency #MacroOutlook #3CommaCapital #Tokenization #Blockchain #InstitutionalAdoption #InvestmentStrategy #AssetManagement #AlternativeInvestments #CryptoMarkets #Web3 🚀

🇵🇹 🚀 𝐋𝐚𝐧ç𝐚𝐦𝐞𝐧𝐭𝐨 𝐝𝐞 𝐍𝐨𝐯𝐨 𝐅𝐮𝐧𝐝𝐨: 3𝐂𝐂 𝐀𝐭𝐥𝐚𝐧𝐭𝐢𝐜 𝐁𝐨𝐧𝐝 𝐅𝐮𝐧𝐝 A 3 Comma Capital apresenta o 3𝐂𝐂 𝐀𝐭𝐥𝐚𝐧𝐭𝐢𝐜 𝐁𝐨𝐧𝐝 𝐅𝐮𝐧𝐝, um fundo de obrigações aberto, concebido para oferecer preservação de capital, liquidez diária e exposição global ao mercado de crédito. Com uma estratégia 100% obrigações e uma alocação de até 10% em ouro, o fundo foi desenhado para investidores conservadores que procuram estabilidade, rendimento consistente e retornos acima da inflação. É igualmente uma solução eficiente de gestão de tesouraria para investidores individuais e institucionais. ➡️ 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐚𝐢𝐬 𝐜𝐚𝐫𝐚𝐜𝐭𝐞𝐫í𝐬𝐭𝐢𝐜𝐚𝐬: • 60% obrigações portuguesas Investment Grade • 40% crédito europeu e global (IG, HY, EM, AT1) • Sem lock-up • NAV diário • Elegível para Golden Visa O portfolio do fundo inclui obrigações Investment Grade, High Yield, subordinadas, emergentes e ETFs de dívida internacionais, representando mais de 2.000 emitentes e assegurando uma dispersão de risco verdadeiramente global. O Atlantic Bond Fund reforça o compromisso da 3 Comma Capital em oferecer soluções globais, transparentes e robustas com uma gestão ativa baseada numa visão macro rigorosa. 🔗 Saiba mais: https://lnkd.in/dxs2cASG -------------------------------------------------------- 🇬🇧 🚀 𝐍𝐞𝐰 𝐅𝐮𝐧𝐝 𝐋𝐚𝐮𝐧𝐜𝐡: 3𝐂𝐂 𝐀𝐭𝐥𝐚𝐧𝐭𝐢𝐜 𝐁𝐨𝐧𝐝 𝐅𝐮𝐧𝐝 3 Comma Capital proudly announces the 3𝐂𝐂 𝐀𝐭𝐥𝐚𝐧𝐭𝐢𝐜 𝐁𝐨𝐧𝐝 𝐅𝐮𝐧𝐝, an open-ended, fixed-income fund built for capital preservation, daily liquidity, and globally diversified credit exposure. A 100% bond strategy with up to 10% allocation to gold, the fund is ideal for conservative investors seeking stability, consistent income, and inflation-beating returns. It also serves as a robust treasury management solution for individuals and institutions. ➡️ 𝐊𝐞𝐲 𝐟𝐞𝐚𝐭𝐮𝐫𝐞𝐬: • 60% Portuguese Investment-Grade Corporate Bonds • 40% European & Global Credit (IG, HY, EM, AT1) • No lock-up • Daily NAV • Golden Visa eligible The fund invests across Investment Grade, High Yield, subordinated and emerging market credit, as well as international fixed income ETFs - covering more than 2,000 issuers. The Atlantic Bond Fund reflects 3 Comma Capital mission to deliver global, transparent, and robust investment solutions, anchored in active management, supported by disciplined macro-driven management. 🔗 Learn more: https://lnkd.in/dxs2cASG 3 Comma Capital | 𝐄𝐥𝐞𝐯𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞, 𝐄𝐦𝐩𝐨𝐰𝐞𝐫𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 #3CommaCapital #AtlanticBondFund #FixedIncome #GoldenVisa #AssetManagement #GlobalInvesting #Bonds #Macro #Investimento #Obrigações #GestaoDeAtivos #NewFund