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

January 20, 2026

Bonafide Quarterly-Update Q4 2025

The Global Fish Fund delivered a positive performance (+2.39% in EUR) in the fourth quarter of 2025, despite a challenging market environment – reaffirming the resilience of the global Fish & Seafood sector as a sustainable protein solution. With an attractive valuation, solid dividend base, and structural growth potential, the fund offers investors a compelling diversification opportunity for 2026 and beyond. Read more about how even modest capital inflows have led to a significant revaluation among Chilean salmon names.

November 13, 2025

Bonafide at the Fondsgipfel Academy – Fish & Seafood: Markets, Demand and Controversies

Understanding global Fish & Seafood markets. At the Fondsgipfel Academy, our CIO explains why aquaculture and marine proteins rank among the most compelling investment themes of our time.

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