Bonafide Quarterly-Update Q2 2026

The second quarter of 2026 was characterised by an exceptional concentration of global equity market returns in a small number of US technology and semiconductor companies. Against this backdrop, the Bonafide Global Fish Fund ended the quarter with a return of -1.11% in EUR, while remaining up 2.54% year-to-date. Norwegian salmon producers were the main short-term detractors, as exceptionally favourable farming conditions increased supply and placed pressure on prices. The fundamental investment case nevertheless remains intact: demand for high-quality protein continues to grow structurally, while supply remains constrained by biological and regulatory factors.

At the same time, differentiated performance across portfolio companies demonstrated the value of active selection. Technology, infrastructure and turnaround holdings such as AKVA Group, Americold and Nomad Foods generated positive contributions and highlighted opportunities across the broader Fish & Seafood value chain.

For investors, the strategy’s low correlation is increasingly relevant. With a beta of 0.27 to the global equity market and 0.04 to the Nasdaq 100, the fund provides access to structural growth while displaying a largely independent return profile relative to increasingly concentrated benchmark indices.

This quarterly update includes:

• An overview of fund performance and the principal return contributors
• An analysis of market developments and portfolio positioning
• Insights into recent allocation decisions and investment opportunities
• A deep dive into the global protein supercycle and the strategic role of Fish & Seafood