Bonhoeffer Capital Management’s Q3 2021 Investor Letter

Bonhoeffer Capital Management, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. A net return of -2.8% was recorded by the fund for the third quarter of 2021, compared to -0.7% and -2.5% returns of the MSCI World ex-US and the DFA International Small Cap Value Fund, respectively for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.