Bonhoeffer Fund Update.pdf

Bonhoeffer_Partner_Letter_Q2_2023.pdf
Preview of Bonhoeffer Fund Update
🔗 Source: mcusercontent.com
📊 Size: 440 KB
👤 Author: Smith, Keith
⬇️ Downloads: 409

Summary

The Bonhoeffer Fund returned 2.4% net of fees in Q2 2023, with a portfolio consisting of value-oriented special situations and growth-oriented firms. The fund's securities have a weighted average earnings/free cash flow yield of 15.3% and an average EV/EBITDA of 4.2, with projected earnings/free cash flow growth of about 10%. The portfolio is divided into compound mispricings (29.6%) and public LBOs (48.0%), with examples including Lotte Chilsung and Berry Global. Lotte Chilsung has a dividend yield of 5% and a total return of 19%, while Berry Global has a 13% earnings yield and expected annual net income growth of 4-5%.

Description

The Bonhoeffer Fund returned 2.4% net of fees in Q2 2023, with a portfolio consisting of value-oriented special situations and growth-oriented firms.

Technical Information

  • File Format: PDF
  • File Size: 440 KB
  • Pages: 16
  • Language: EN
  • Author: Smith, Keith
  • Total Downloads: 409
  • Last Updated: 6 days ago

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