Bonafide Quarterly-Update Q3 2025

Video: Insight into global salmon trade flows, current supply dynamics and the accelerating demand across Asia – with a focus on pricing implications, margin developments and our positioning within the Bonafide Global Fish Fund.

Quarterly Update

  • Market Development: After a challenging second quarter, the Bonafide Global Fish Fund gained approximately 2.4% (EUR) in Q3.
  • Supply & Pricing: Global salmon supply is set to rise by around 9% in 2025, putting short-term pressure on prices; for 2026, tightening biomass trends point to a historically bullish environment.
  • Asian Demand: China remains the key growth engine, with significant import increases; five of the six fastest-growing markets for Norwegian salmon are now in Asia.
  • Valuation & Outlook: With moderate valuations and robust earnings fundamentals, the Fish & Seafood segment continues to offer attractive, structurally supported return potential.

If you would like to explore our strategy, the development of the Bonafide Global Fish Fund or the outlook for 2026 in more detail, we invite you to watch the video or contact us directly.

Quarterly update September 2025

Previous Insights

October 13, 2026

Bonafide Quarterly Update Q3 2026

Stock selection and operational recovery: The Bonafide Global Fish Fund returned +6.34% in EUR in Q3 2026, taking its year-to-date gain to +9.04%. The Quarterly Update examines the recovery in Norwegian salmon producers, recent portfolio decisions and the value potential of AKVA Group. The Deep Dive explores the balance between more affordable salmon and rising feed costs.

July 14, 2026

Bonafide Quarterly-Update Q2 2026

Diversification in concentrated markets: The Bonafide Global Fish Fund remains positive in 2026, supported by structural growth, attractive valuations and low correlation to global equity indices. Our latest quarterly update covers performance, portfolio opportunities and the protein supercycle.

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