Bonhoeffer Capital Management’s Q4 2022 Investor Letter

Bonhoeffer Capital Management, an asset management company, released its fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.3% net of fees, the MSCI World ex-US Index returned 14.9%, and DFA International Small Cap Value Fund returned 19.4% for the same period. For the full year 2022, the fund returned -20.5%, compared to -16.0% and -9.8% return respectively for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2022.