Bonafide Quarterly-Update Q4 2025

With our quarterly update as of December 31, 2025, we provide a concise overview of the performance of the Bonafide Global Fish Fund and highlight key market trends along the global Fish and Seafood value chain.

TL;DR – Key Takeaways

  • Solid quarter in a challenging environment: The Bonafide Global Fish Fund closed Q4/2025 at +2.39% (EUR) and the full year at +2.99% (EUR) - outperforming global food staples indices, which trended lower.
  • Attractive valuation and dividend base: With a P/E ratio of 12x and a dividend yield of 4.7%, the fund combines substance, steady income generation, and long-term value appreciation potential within a sustainable growth sector.
  • Structurally sound sector: Fish & Seafood remain underinvested as a future-proof protein solution; even moderate capital inflows can trigger meaningful revaluations, as the Chilean market clearly demonstrates.
  • Diversification component for 2026: Amid elevated valuations in the US technology sector and ongoing interest rate uncertainty, the fund provides a focused, globally diversified, and defensively positioned diversification opportunity with tangible cash flows.

If you are interested in finding out more about the factors influencing the quarterly performance, our views on markets such as Chile, Norway and Thailand, and the positioning of the Bonafide Global Fish Fund for 2026, please refer to the full quarterly update.

We would be pleased to discuss these insights with you in person – contact us to find out how including fish and seafood in your portfolio could strengthen it in the long term.

Quarterly update December 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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