Bonafide quarterly webinar Q2 2024

Welcome to the Bonafide Q2 2024 Update

As summer settles across Europe, many take the opportunity to travel and enjoy vacations. Whether you're in Norway, Portugal, Thailand, or Australia, indulging in a delicious seafood dish is almost inevitable. However, our focus lies elsewhere. In our quarterly update, we reflect on the developments in our sector, discuss the environmental impacts of aquaculture, and analyze four significant positions in our portfolio.

00:00 - Introduction
01:00 - Mowi Trading Update
03:11 - Portfolio Development
08:49 - Attractive Dividend Yields
11:14 - Environmental Impacts of Salmon Farming
16:47 - Portfolio Positioning
18:50 - Valuation of Mowi, Lerøy, Nomad Foods, Café de Coral
25:20 - Closing Remarks
28:30 - Q&A Session

Key Aspects of the Webinar

  1. Review of the Last Quarter: The Bonafide Global Fish Fund corrected by 6.86% in Q2.
  2. Market Overview: The seasonality of salmon prices is a familiar pattern for seafood investors, yet it led to increased volatility. The companies impress with attractive dividend payments.
  3. Sustainability: Various factors contribute to a decline in wild salmon populations; with clear regulation and sustainable practices, improvements can be achieved.
  4. Insight into the Valuations of Four Portfolio Companies:
    - Mowi: The world's largest salmon producer faces the lowest supply growth over the next 5 years.
    - Lerøy Seafood: The intrinsic value of the stock is NOK 84.61, while the share price is NOK 42.00.
    - Nomad Foods: Valued at 9x P/E 2024, 50% lower compared to historical multiples.
    - Café de Coral: Earnings back to normalized levels in 2023, the stock trades at a 50% discount.

Watch the video now and join the #BlueRevolution!

Quarterly update Juli 2024

Slide set quarterly webinar July 2024

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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