Bonafide quarterly webinar Q2 2024

Welcome to the Bonafide Q2 2024 Update

As summer settles across Europe, many take the opportunity to travel and enjoy vacations. Whether you're in Norway, Portugal, Thailand, or Australia, indulging in a delicious seafood dish is almost inevitable. However, our focus lies elsewhere. In our quarterly update, we reflect on the developments in our sector, discuss the environmental impacts of aquaculture, and analyze four significant positions in our portfolio.

00:00 - Introduction
01:00 - Mowi Trading Update
03:11 - Portfolio Development
08:49 - Attractive Dividend Yields
11:14 - Environmental Impacts of Salmon Farming
16:47 - Portfolio Positioning
18:50 - Valuation of Mowi, Lerøy, Nomad Foods, Café de Coral
25:20 - Closing Remarks
28:30 - Q&A Session

Key Aspects of the Webinar

  1. Review of the Last Quarter: The Bonafide Global Fish Fund corrected by 6.86% in Q2.
  2. Market Overview: The seasonality of salmon prices is a familiar pattern for seafood investors, yet it led to increased volatility. The companies impress with attractive dividend payments.
  3. Sustainability: Various factors contribute to a decline in wild salmon populations; with clear regulation and sustainable practices, improvements can be achieved.
  4. Insight into the Valuations of Four Portfolio Companies:
    - Mowi: The world's largest salmon producer faces the lowest supply growth over the next 5 years.
    - Lerøy Seafood: The intrinsic value of the stock is NOK 84.61, while the share price is NOK 42.00.
    - Nomad Foods: Valued at 9x P/E 2024, 50% lower compared to historical multiples.
    - Café de Coral: Earnings back to normalized levels in 2023, the stock trades at a 50% discount.

Watch the video now and join the #BlueRevolution!

Quarterly update Juli 2024

Slide set quarterly webinar July 2024

Previous webinars

October 22, 2024

Bonafide quarterly webinar Q3 2024

In the Bonafide Update for Q3 2024, we provide an overview of the Fish & Seafood sector and the performance of our Global Fish Fund, which has risen by 6.83% since July. We analyze MOWI's strategy, carry trades in Japan, innovative aquaculture technologies, and relevant political developments in Norway, Chile, and Canada. Discover why the sector continues to offer attractive investment opportunities.

April 24, 2024

Bonafide Quarterly Webinar Q1 2024

Welcome to the Bonafide update for the first quarter of 2024. In this edition, we bring you exciting insights from the Seafood Expo in Barcelona, presented by our CIO, Philipp Hämmerli, and our Analyst, Noah Gall. We are also pleased to welcome Oda Djupvik, Equity Research Analyst at Pareto Securities, as our guest. The net asset value of our Global Fish Fund grew by 6.47% in EUR and even by 10.60% in CHF.

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