Bonafide Quarterly Webinar Q3 2023

We are pleased that you are watching the recording of our quarterly update. In this webinar, we would like to highlight the promising opportunities in the seafood sector arising from attractive fundamental data. Currently, our portfolio is trading at a significant discount of 40% when considering the price-to-book ratio in relation to return on equity.

Let's briefly summarize:
In the third quarter of 2023, the Bonafide Global Fish Fund EUR achieved an impressive return of +2.81%. Despite a general market decline towards the end of the quarter, our defensively structured portfolio remained stable. The performance of Norwegian salmon producers, who achieved record results, was particularly outstanding. The allocation in Asian countries also contributed positively, while political events in Chile presented some challenges.

The fundamentally strong performance of our portfolio companies led to the highest dividend payouts since the fund's inception, allowing us to make attractive distributions in the corresponding tranches.

Since the beginning of the year, the world's population has grown by an impressive 78 million people. With an average fish consumption of 21 kilograms per person, an additional 2.1 million tonnes of fish are needed to meet the needs of the newly added population. This is roughly equivalent to the amount of salmon produced annually by Norway and Chile combined.

Already, seven out of the ten forecasts made at the beginning of the year for the seafood sector have proven to be true in just nine months. This underscores the positive development that the sector is undergoing. In the long term, investors can significantly benefit from the #BlueRevolution.

Webinar Topics:

  • Fund performance in Q3 [00:00]
  • Fundamentally well-positioned [05:41]
  • Distributions to investors [06:48]
  • Review of the 10 forecasts for 2023 [08:50]
  • Upside compared to historical mean valuations [23:36]
  • Q&A [26:40]

Quarterly update September 2023

Slide desk quarterly webinar September 2023

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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