Bonhoeffer Capital Management, an asset management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Bonhoeffer Fund shifted slower-growing companies, throughout 2023 to robust, growing companies in temporary down-turning industries. In the current year, the fund is still looking for chances of this nature. The fund returned 12.9% net of fees in the fourth quarter of 2023 and 17.0% for 2023 overall. The MSCI World ex-US, a broad-based index, returned 9.8%, and the DFA International Small Cap Value Fund, the closest benchmark, returned 9.3% during the same period. The fund’s portfolio holds the highest-quality businesses in the fund’s history. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bonhoeffer Capital Management featured stocks such as Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) in the fourth quarter 2023 investor letter. Based in Mattoon, Illinois, Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) offers broadband and business communication solutions. On February 14, 2024, Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) stock closed at $4.34 per share. One-month return of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) was -5.45%, and its shares gained 1.17% of their value over the last 52 weeks. Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) has a market capitalization of $504.273 million.
Bonhoeffer Capital Management stated the following regarding Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) in its fourth quarter 2023 investor letter:
“Telecom/Transaction Processing (21.9% of Portfolio; Quarterly Performance 16.7%): Within this theme, we are witnessing growth opportunities due to the increasing use of transaction processing in the markets of our respective firms, as well as the rollout of fiberoptic and 5G networks. Given that most of these firms are holding companies and have multiple components of value (including real estate), the timeline for realization may be longer than for more mono-industry-focused firms. We are seeing event-driven situations unfold in Consolidated Communications Holdings, Inc. (NASDAQ:CNSL). With CNSL, there has been an increase in the revised Searchlight offer to $4.70 per share to be paid in Q1 2025. We have decided to sell our CNSL position and re-deploy the proceeds into growing durable financial services businesses.”
A close-up of a fiber-optic cable, sun rays reflecting its many data-carrying pathways.
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) at the end of third quarter which was 14 in the previous quarter.
We discussed Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) in another article and shared Bonhoeffer Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
