Oslo Business Memo



[annual report] Seafood investment fund Triton deliver strong returns despite uneasy stock markets.

Holberg Triton reports a 10 % return rate in its first year as a seafood investment fund.

As the strong development of the seafood industry continued many companies in Holberg Triton’s portfolio delivered strong reports during the fund’s first year. Global demand for salmon has been up, with rising fish prices as a result. The general public’s request for a healthier daily menu, not least focusing on healthier proteins, is a highly visible trend that, according to a press release from the fund, supports the growth of the seafood sector.


Turbulent but growing

Even if the start of 2016 has been turbulent on stock markets around the world, Holberg Triton is confident that the industry’s growth will keep up. The fund reports a positive return rate of 4.1% so far this year. Since the fund started its trading on the 27th of January 2015, Holberg Triton shows a return rate of 10.6%.

The global seafood Fund points to some deciding trends in its argumentation for the selected portfolio.

Among them are:

  • Population growth and demand for health creates demand for seafood protein.
  • Industrialisation, democratisation, globalisation together contribute to growing productivity.

 The trends mentioned above constitutes a potential for a positive outlook for seafood producers.


Underrated protein, bound for growth


Holbergfondene, the mother company of Holberg Triton, writes in its press release celebrating Holberg Triton’s first year that seafood protein is “underrated”, and that a lot of research is conducted in order to find the health effects of those proteins. “The fact that global population is growing fast, and that seafood accounts for only 2 % of what we eat, speaks strongly for a higher utilisation of what the sea can give. Health authorities recommend that the share is increased from 2 to 15-20 %”.


Vertical placements


There are over 200 publicly traded seafood companies in the world. Half of them are in Asia, 30 % in Europe, and the remaining in America, Africa and Oceania. Holberg Triton invests vertically in companies from fisheries via sea-farming to different forms of processing and branding.


Investing cousins


In February last year, Blue Frontier Magazine registered the birth of Holberg Triton by publishing the story about how three cousins, one fund manager, one professor and one fishing vessel owner, initiated the fund with NOK 100 million investment, naming the fund after the son of the Greek sea god Poseidon.


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Investment Strategy 

Holberg Triton is an actively managed global sector fund primarily investing in listed companies whose main business is directed towards marine resources.

A maximum of 10 % of the Fund's assets may be invested in unlisted companies. The Fund has a defined investment approach, based on the belief that creating shareholder value in a company is a long-term process.

The Fund has a concentrated portfolio where each company has a meaningful weight and thereby a disciplinary effect in the portfolio construction.

The Fund is managed with a “bottom-up” focus, using internal models and research input in combination with company visits.

The Fund is ooking for companies with high return on capital andstrong growth prospects in attractive industries. In addition we look for a strong management with documented focus onshareholder value and risk management. Finally favour attractive valuation.