ALJJ - Bonhoeffer Capital Management Q2 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 11.1% net of fees in the second quarter of 2021. In the same time period, the MSCI World ex-US, a broad-based index, returned 5.9%, and the DFA International Small Cap Value Fund, our closest benchmark, returned 4.5%.
• We have continued selling our slower-growing firms, as well as those being acquired or spun-out from special situations including: Buzzi Unicem, LX Holdings (spun out of LG Corp), Antero Midstream, At Home (acquired in a private equity buyout), and ALJ Regional.
• As of June 30, 2021, our largest country exposures include: South Korea, United States, United Kingdom, South Africa, Italy, and Hong Kong.

For further details see: