bonhoefferfund
Hidden Value Stocks issue for the fourth quarter ended December 31, 2021, featuring ValueWorks’ Charles Lemonides sharing his top small-cap stocks, Tidewater Inc. (NYSE:TDW) and United Natural Foods Inc (NYSE:UNFI), and Bonhoeffer Fund’s Keith Smith finds a hidden value opportunity in Asia Standard International Group Ltd. (HKG:0129). Q3 2021 hedge fund letters, conferences and more See Part II here.See Part III here.IntroductionWelcome to the December 2021 (Q4) issue of Hidden Value Stocks. In this issue, we have our usual two interviews, an update from Charles Lemonides, CIO and founder of V...
ValueWalk
Bonhoeffer Capital Management commentary for the third quarter ended September 2021, providing a case study for Millicom International Cellular SA (NASDAQ:TIGO). Q3 2021 hedge fund letters, conferences and more Dear Partner, The Bonhoeffer Fund returned -2.8% net of fees in the third quarter of 2021. In the same time period, the MSCI World ex-US, a broad-based index returned -0.7% and the DFA International Small Cap Value Fund, our closest benchmark, returned -2.5%. Year to date, the Bonhoeffer Fund has returned 22.9% net of fees. As of September 30, 2021, our securities have an average earnin...
ValueWalk
Bonhoeffer Capital Management commentary for the second quarter ended June 2021, providing a case study on Asbury Automotive Group, Inc. (NYSE:ABG). Q2 2021 hedge fund letters, conferences and more Dear Partner, The Bonhoeffer Fund returned 11.1% net of fees in the second quarter of 2021. In the same time period, the MSCI World ex-US, a broad-based index, returned 5.9%, and the DFA International Small Cap Value Fund, our closest benchmark, returned 4.5%. Year to date, the Bonhoeffer Fund has returned 26.4% net of fees. As of June 30, 2021, our securities have an average earnings/free cash flow...
ValueWalk
Bonhoeffer Fund commentary for the first quarter ended March 2021, providing a case study on Consolidated Communications Holdings Inc (NASDAQ:CNSL). Q1 2021 hedge fund letters, conferences and more Dear Partner, The Bonhoeffer Fund returned 13.8% net of fees in the first quarter of 2021 compared to 4.2% and 8.1% for the MSCI World ex-US and the DFA International Small Cap Value Fund, respectively. As of March 31, 2021, our securities had an average earnings/free cash flow yield of 13.1% and an average EV/EBITDA of 4.7. By comparison, the DFA International Small Cap Value Fund, Bonhoeffer Fund’...
ValueWalk
Bonhoeffer Fund commentary for the third quarter ended October 30, 2020, providing a case study on MMA Capital Holdings Inc (NASDAQ:MMAC).Q3 2020 hedge fund letters, conferences and moreDear Partner,The Bonhoeffer Fund returned 5.1% net of fees in the third quarter of 2020 compared to up 5.0% for the MSCI World ex-US, a broad-based index. Our year-to-date performance is down 15.2% net of fees, compared to the DFA International Small Cap Value Fund, which is down 15.9%. (As described in our last letter, the DFA International Small Cap Value Fund is a fund with the closest representative compari...
ValueWalk
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