Bonhoeffer 2Q21 Commentary: Case Study – Asbury
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...