- 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:
Bonhoeffer Capital Management Q2 2021 Letter