Bonhoeffer Capital Management, an investment management firm, published its second-quarter 2022 investor letter – a copy that can be downloaded here. The Bonhoeffer Fund returned -14.9% net of fees in the second quarter of 2022. In the same time period, the MSCI World ex-US, a broad-based index, returned -14.7%, and the DFA International Small Cap Value Fund, its closest benchmark, returned -13.7%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Bonhoeffer Capital Management mentioned Thryv Holdings, Inc. (NASDAQ:THRY) and explained its insights for the company. Founded in 2013, Thryv Holdings, Inc. (NASDAQ:THRY) is a Grapevine, Texas-based publicly-traded software as a service company with a $791.0 billion market capitalization. Thryv Holdings, Inc. (NASDAQ:THRY) delivered a -44.15% return since the beginning of the year, while its 12-month returns are down by -20.85%. The stock closed at $22.97 per share on September 26, 2022.
Here is what Bonhoeffer Capital Management has to say about Thryv Holdings, Inc. (NASDAQ:THRY) in its Q2 2022 investor letter:
“Thryv Holdings (NASDAQ:THRY) is a marketing and automation software and service firm serving the small and midsized businesses (SMBs) market located in the United States and Australia. THRY is part of our transformation and consolidation themes described above. THRY is transforming itself from a traditional yellow pages marketing firm (that throws off excess cash flows) to a software and service provider of marketing and automation solutions (that requires cash flow for growth) to the same SMB customer base in the US and Australia. This model focuses on a segment of the SMB market that is not currently serviced by others—the SMBs run by non-tech enabled entrepreneurs who traditionally utilize directories for sales and marketing and have yet to adopt SMB automation tools. Thus the customer base of the legacy business of over 400,000 clients overlaps the target market for the automation software.
This transformation was facilitated by the emergence from bankruptcy of THRY’s predecessors (Dex Media and YP Holdings), the development of THRY’s software product, and the hiring of a CEO who can bring it all together, Joe Walsh. THRY is also consolidating the legacy yellow pages/online directories business in North America and Australia. The cash flow generated from the legacy directory businesses is being used to fund software development and sales and marketing. This consolidation is also being financed by debt, thus creating an LBO effect in addition to the growth from the software product…” (Click here to see the full text)
Photo by Danial Igdery on Unsplash
Our calculations show that Thryv Holdings, Inc. (NASDAQ:THRY) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Thryv Holdings, Inc. (NASDAQ:THRY) was in 17 hedge fund portfolios at the end of the second quarter of 2022, compared to 20 funds in the previous quarter. Thryv Holdings, Inc. (NASDAQ:THRY) delivered a -1.59% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on Thryv Holdings, Inc. (NASDAQ:THRY) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
