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Bonhoeffer Capital Management’s Q1 2024 Investor Letter

Bonhoeffer Capital Management, an asset management company, released its first-quarter 2024 investor letter. In the first quarter of 2024, the fund returned 5.9% net of fees compared to 5.7% returns for MSCI World ex-US, a broad-based index, and 5.3% return for the DFA International Small Cap Value Fund. The fund’s stocks have an average EV/EBITDA of 4.4 and a weighted average earnings/free cash flow yield of 12.3% as of March 31, 2024.  During the first quarter, the firm continued to replace slower-growing enterprises with durable, faster-growing firms. In addition, please check the...