Bonafide Quarterly-Update Q2 2025

In this short video, Emil Fiska, Equity Analyst at Bonafide, introduces one of our highest-conviction investments: Norway-based AKVA Group. As a global supplier of aquaculture infrastructure, AKVA is at the forefront of a sector shaped by sustainability goals, regulatory tightening, and growing global demand.

Quarterly Update

In the second quarter of 2025, the Bonafide Global Fish Fund recorded a performance of −6.22% (in EUR), bringing the year-to-date return as of the end of June to −1.79%. Currency effects, geopolitical tensions, and some selling pressure in equity markets temporarily impacted performance. However, the structural fundamentals of our portfolio companies remain robust and unchanged.

Our latest quarterly update as of 30 June 2025 provides an in-depth analysis of recent market movements and outlines why current conditions offer attractive entry points:

  • Operational Resilience: Strong farming conditions, rising demand from Asia, and efficient cost structures,
  • Structural Growth: Expanding sales markets across Asia and innovation driven by capital investment – exemplified by AKVA Group, the “John Deere of the Sea”,
  • Valuations at Historic Lows: Numerous holdings with dividend yields above 4% and P/E ratios below 10,
  • Targeted Allocation: Reinforcing positions in undervalued quality companies with long-term upside potential.

Download the full report to learn how investments in the defensive and high-growth food sector can provide a stable foundation for your wealth development – even in volatile market phases.

Quarterly update June 2025

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!

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