UEPS - Bonhoeffer Capital Management Q4 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 20.0% net of fees in the fourth quarter of 2020 compared to up 15.9% for the MSCI World ex-US, a broad-based index.
• We sold a Korean preferred holding, tendered our Philippine bottler, and purchased a home décor retailer, a telecom firm that is rolling out a fiber optic network, and a Korean preferred holding company (HoldCo) special situation.
• One area we have been investigating is franchise firms in fragmented markets. Fragmented markets allow firms to use economies of scale and scope and network effects to generate above market and growth rates of return for long periods of time.

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