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 webinars

April 10, 2025

Bonafide Quarterly-Update Q1 2025

The Bonafide Global Fish Fund posted a positive performance of +4.72% in EUR over the first quarter of 2025, driven by an exceptionally strong January and a renewed investor focus on defensive real sectors such as Fish & Seafood. The fund confirmed its role as a stable satellite investment in a volatile market environment.

January 20, 2025

Bonafide Quarterly Update Q4 2024

We’re pleased to share with you our latest fund update in our newest format. If you have any questions or need further information, we will be glad to address them personally. Stay tuned in the coming days for the publication!

Comments