CMEIF - Bonhoeffer Capital Management Q3 2020 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 5.1% net of fees in the third quarter of 2020 compared to up 5.0% for the MSCI World ex-US, a broad-based index.
• Our largest country exposures include: South Korea, Italy, South Africa, Hong Kong, United Kingdom, and Philippines. The largest industry exposures include: distribution, consumer products, telecom, and transaction processing.
• Since my last letter, we have added a position in an alternative asset management fund. This area is one of current interest due to low interest rates and the growth from alternative energy infrastructure build-outs around the country which will provide a nice tailwind.

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