Bonhoeffer Capital Management’s Q1 2022 Investor Letter

Bonhoeffer Capital Management, an investment management firm, published its first-quarter 2022 investor letter – a copy that can be downloaded here. The Bonhoeffer Fund returned -4.4% net of fees in the first quarter of 2022. In the same time period, the MSCI World ex-US, a broad-based index, returned -6.0%, and the DFA International Small Cap Value Fund, its closest benchmark, returned -4.2%. As of March 31, 2022, the fund’s securities have a weighted average earnings/free cash flow yield of 18.5% and an average EV/EBITDA of 4.0. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.