Bonafide Quarterly Webinar Q2 2023

In this quarterly update, our experts talk about the profitability and the current valuations of our portfolio, which are extremely attractive. In the webinar, you will also learn about the labels and the EU import ban on deforested products.

In brief:
Fish and seafood top the list of most consumed meats in 56 countries. The long-term trend for the Bonafide Global Fish Fund is clearly bullish. However, in recent years, companies in the sector have faced some challenges. Be it the pandemic, commodity inflation or political events. In Norway, salmon stocks lost value in June as spot prices for salmon have dropped unexpectedly early in the year. Nevertheless, as of the end of June, prices are more than 30% above 2018 levels. In the long term, higher salmon prices are expected as supply growth cannot keep up with demand growth. The portfolio's return on equity is currently above the long-term average. On the other hand, the price-to-book ratio (P/B) is at its lowest level in the last 10 years and offers enormous potential for the coming years. The last time such valuations occurred, the Global Fish Fund returned 10.76% p.a. in EUR terms from 2014 to 2019.

There are numerous labels for products in the fish and seafood sector. In aggregate, around 80% of the Bonafide Global Fish Fund portfolio is certified with at least one label.

Webinar topics

• Macro Trends, Track Record, Salmon Prices [00:00]
• Best & Worst Performers [06:26]
• Profitability & Valuations [09:38]
• Certifications & EU Regulation on Deforestation-free products [16:09]
• Closing Remarks [19:46]
• Q&A [23:27]