Bonhoeffer Capital Management’s Q4 2020 Investor Letter

Bonhoeffer Capital Management, a value-oriented investment management firm, published its fourth-quarter 2020 Investor Letter – a copy of which can be downloaded here. A net return of 20% was recorded by the fund for the fourth quarter of 2020, outperforming its MSCI World benchmark that delivered a 15.9% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.