Bonafide Quarterly Update Q3 2026

The Bonafide Global Fish Fund returned +6.34% in EUR in the third quarter of 2026, taking its year-to-date gain to 9.04% and its twelve-month return to 11.65%. Operational recovery among Norwegian salmon producers and a broad base of winners shaped the quarter: 20 of 33 holdings made positive contributions, including AKVA Group, Taokaenoi, Schouw & Co. and Bell Food Group.

The takeover offer for AKVA Group announced on 2 October, at NOK 161 per share, highlights the value potential of long-term investments in aquaculture. If completed successfully, the transaction would release more than a tenth of the fund’s assets for new opportunities.

The outlook combines a broader demand base for salmon with an expected normalisation in supply growth. At the same time, El Niño-related shortages of fishmeal and fish oil are raising feed costs. A sustained margin recovery will depend on whether higher selling prices and operational efficiencies can more than offset this pressure.

In the latest Quarterly Update:

  • Fund performance and the main contributors to returns
  • Market and portfolio developments in the third quarter
  • Allocation decisions and the takeover offer for AKVA Group
  • A Deep Dive into salmon prices, relative affordability and feed costs

Quarterly Update September 2026

Previous Insights

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.

April 13, 2026

Bonafide Quarterly-Update Q1 2026

Q1 2026 highlights the resilience of focused exposure to the Fish & Seafood sector. The Bonafide Global Fish Fund delivered +3.69% (EUR), significantly outperforming both global equities and the broader food sector. Performance was driven by strong fundamentals, attractive valuations and structural growth across the value chain, reinforcing the long-term investment case for the Blue Revolution.

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