diff --git a/CHANGES b/CHANGES
index d9ba0e1..e2f3ea9 100644
--- a/CHANGES
+++ b/CHANGES
@@ -4,6 +4,11 @@ Nodeenv changelog
 Version [unreleased]
 --------------------
 
+- `activate.fish` no longer puts a literal `^/dev/null` on `PATH`: fish 3.1+
+  defaults to `stderr-nocaret`, so the old caret redirect was one more path
+  entry; existing environments keep the old `activate.fish` until recreated
+  with `--force`
+  `#400 <https://github.com/ekalinin/nodeenv/issues/400>`_
 - `activate.bat` and `Activate.ps1` now set `npm_config_prefix` to the
   environment and restore it on deactivate: `npx` exports the outer prefix,
   and `npm.cmd` runs the npm it finds there instead of its own
diff --git a/nodeenv.py b/nodeenv.py
index 7ee2a0b..bbcfcd0 100644
--- a/nodeenv.py
+++ b/nodeenv.py
@@ -2166,9 +2166,7 @@ def main():
 end
 
 set -gx _OLD_NODE_VIRTUAL_PATH $PATH
-# The node_modules/.bin path doesn't exists and it will print a warning, and
-# that's why we redirect stderr to /dev/null :)
-set -gx PATH "$NODE_VIRTUAL_ENV/lib/node_modules/.bin" "$NODE_VIRTUAL_ENV/__BIN_NAME__" $PATH ^/dev/null
+set -gx PATH "$NODE_VIRTUAL_ENV/__MOD_NAME__/.bin" "$NODE_VIRTUAL_ENV/__BIN_NAME__" $PATH
 
 if set -q NODE_PATH
     set -gx _OLD_NODE_PATH $NODE_PATH
diff --git a/tests/test_activate_shells.py b/tests/test_activate_shells.py
index b8033ba..9e83447 100644
--- a/tests/test_activate_shells.py
+++ b/tests/test_activate_shells.py
@@ -126,11 +126,6 @@
     'and are equally unrestored; the test only reports NODE_PATH because '
     'it is asserted first')
 
-FISH_CARET_REDIRECT = (
-    'the PATH line in activate.fish ends with `^/dev/null`, but fish 3.0 '
-    'turned on stderr-nocaret and `^` is no longer a stderr redirect, so '
-    'the token lands in PATH as a literal entry')
-
 
 class Shell(object):
     def __init__(self, name, script='activate', source='.', prelude=()):
@@ -183,8 +178,6 @@ def _params(xfail):
 every_shell = pytest.mark.parametrize('shell', _params({}))
 restoring_shell = pytest.mark.parametrize(
     'shell', _params({'fish': FISH_NODE_PATH_CLOBBER}))
-path_shell = pytest.mark.parametrize(
-    'shell', _params({'fish': FISH_CARET_REDIRECT}))
 
 
 def _binary(shell):
@@ -299,7 +292,7 @@ def test_syntax(shell, env):
     subprocess.check_call([_binary(shell), '-n', env.script(shell)])
 
 
-@path_shell
+@every_shell
 def test_activate_sets_env(shell, env):
     dump = run(shell, env)
     baseline = run(shell, env, source=False)
@@ -313,8 +306,7 @@ def test_activate_sets_env(shell, env):
     ] + [_real(p) for p in baseline['PATH'].split(os.pathsep)]
     # only the first component: activate.fish prepends when NODE_PATH is
     # set and, while FISH_NODE_PATH_CLOBBER stands, it never sees one, so
-    # fish replaces just like the POSIX script.  FISH_CARET_REDIRECT keeps
-    # this test xfail under fish anyway, so the tolerance is for later
+    # fish replaces just like the POSIX script
     assert _real(dump['NODE_PATH'].split(os.pathsep)[0]) == \
         _real(os.path.join(env.path, 'lib', 'node_modules'))
     assert _real(dump['NPM_CONFIG_PREFIX']) == _real(env.path)
diff --git a/tests/test_install_activate.py b/tests/test_install_activate.py
index 3f1efe4..8595941 100644
--- a/tests/test_install_activate.py
+++ b/tests/test_install_activate.py
@@ -65,6 +65,33 @@ def test_write(tmpdir, name, content_var):
     assert bin_dir.join(name).read() == fix_content(content, tmpdir)
 
 
+@pytest.mark.skipif(nodeenv.is_WIN, reason='activate.fish is POSIX only')
+def test_activate_fish_has_no_caret_redirect(tmpdir):
+    """Generated activate.fish must not contain caret stderr redirects.
+
+    fish 3.1+ treats ^ as a normal character (stderr-nocaret default), so a
+    trailing ^/dev/null on the PATH set line would land in PATH as a literal
+    entry (#400).  This check does not need fish installed.
+    """
+    bin_dir = tmpdir.join('bin')
+    bin_dir.mkdir()
+    for n in FILES:
+        bin_dir.join(n).write(n)
+
+    with mock.patch.object(sys, 'argv', ['nodeenv', str(tmpdir)]):
+        opts = nodeenv.parse_args()
+        nodeenv.install_activate(str(tmpdir), opts)
+
+    content = bin_dir.join('activate.fish').read()
+    assert '^/dev/null' not in content
+    path_lines = [ln for ln in content.splitlines()
+                  if ln.lstrip().startswith('set -gx PATH')]
+    assert path_lines, 'expected a set -gx PATH line in activate.fish'
+    assert all('2>/dev/null' not in ln and '^/dev/null' not in ln
+               for ln in path_lines)
+    assert '$NODE_VIRTUAL_ENV/lib/node_modules/.bin' in content
+
+
 @pytest.mark.parametrize('name, content_var', FILES.items())
 def test_python_virtualenv(tmpdir, name, content_var):
     if nodeenv.is_WIN: