KT - Bonhoeffer Capital Management Q1 2021 Letter

• The Bonhoeffer Fund, LP, is a value-oriented investment partnership. The fund's objective is to grow capital at a faster rate than market indices over full market cycles and provide minimal.
• The Bonhoeffer Fund returned 13.8% net of fees in the first quarter of 2021 compared to 4.2% and 8.1% for the MSCI World ex-US and the DFA International Small Cap Value Fund, respectively.
• Our investment universe has expanded from value-oriented special situations to include growth-oriented firms using a value framework.
• The growth-oriented firms we own are distribution, consumer product, or telecom/media firms that have high recurring revenues. Including both predictable growth firms with value special situations will allow the fund to continue to do well regardless of which strategy is favored by the market at any given time.

For further details see: