Disclosed is a method for the manufacture of a composition comprising protein and fat in disperse form, the method comprising the following steps: (i) providing a suspension having a pH value higher than 7.0, said suspension comprising water, proteinaceous material, fat, and optionally alkali; (ii) incubating the suspension from (i) at a temperature in the interval 50 - 150 ºC; (iii) homogenizing the suspension from (ii) to form a dispersion; (iv) and, if desired, subjecting the dispersion from (iii) to a subsequent treatment; wherein the proteinaceous material in step (i) comprises fermented disintegrated vegetable-based proteinaceous material, and/or yeast-based proteinaceous material and wherein the suspension in step (i) comprises at least 5 % fat by weight of dry matter.