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...