- 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 September 30, 2021, the Bonsai Partners portfolio declined -13.0% gross and -13.3% net of fees and expenses. The S&P 500 Total Return Index increased 0.6% over this same period.
- In the quarter, Bonsai purchased a new position in Boozt which I outline in the pages below. We also exited our small Illumina position.
- While our cash position is still too high, I am confident I will rectify this soon. Such a process takes time as it relies on the cadence and maturation of new and existing ideas that remain somewhat out of my control.
For further details see:
Bonsai Partners Q3 2021 Investor Letter