- Bonsai Partners is a concentrated portfolio of investments made through separately managed accounts. Bonsai’s investigative research process lends to a very concentrated portfolio of high conviction ideas. Andrew Rosenblum is the Managing Partner of Bonsai Partners, LLC.
- For the three months ended December 31st, 2020, the Bonsai Partners portfolio appreciated 36.0% gross, and 32.3% net of fees and expenses. The S&P 500 Total Return Index returned 12.1% over this same period.
- At the end of the quarter, gross exposure was 70.1%, with 29.9% held in cash.
- The half-year period’s performance was impressive, generating nearly $50m (AUD) of EBITDA, implying a low-teens EBITDA margin.
For further details see:
Bonsai Partners Q1 2021 Investor Letter