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 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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