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

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.

October 17, 2025

Bonafide Quarterly-Update Q3 2025

The quarterly update highlights a solid recovery of the Bonafide Global Fish Fund, delivering +2.4% in Q3. While abundant salmon supply weighs on prices in 2025, tightening biomass dynamics signal potential supply constraints in 2026 – a historically constructive setup. Demand in Asia, led by China, continues to surge. Supported by attractive valuations and resilient earnings, the sector remains compelling for long-term investors.

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