Bonhoeffer Capital Management 4Q18 Commentary

Jacob Wolinsky

Published onFebruary 4, 2019

Updated on February 4, 2019

Bonhoeffer Capital Management commentary for the fourth quarter ended December 31, 2018.

Table of Contents

Q4 hedge fund letters, conference, scoops etc

Dear Partner,

Bonhoeffer returned -17.9% net of fees in 2018, compared to -14.1% for the MSCI ACWI ex-US, our international benchmark. In the fourth quarter, Bonhoeffer slightly outperformed the index, declining by 11.4% compared to the MSCI ACWI ex-US’s decline of 12.8%. As of December 31st, our securities have an average earnings/free cash flow yield of 23.3% and an average EV/EBITDA of 3.2. The portfolio’s market valuation relative to my estimate of intrinsic value is at its widest gap since inception. Specifically, I believe the intrinsic value of the portfolio is roughly 3x the current market valuation. I do not know...

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Jacob Wolinsky

Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob worked as an equity analyst covering small caps, a micro-cap analyst, doing member development a large hedge fund community and freelance financial writing. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal id. Other methods of secure communication are also available. FD: I almost exclusively avoid the purchase of equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds. I will disclsoe if I have a stake in any company, but in general avoid

Bonhoeffer Capital Management 4Q18 Commentary

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