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]