Bonhoeffer Fund commentary for the third quarter ended September 30, 2024.
Dear Partner,
Throughout the last year, we continued replacing slower-growth firms with durable, faster-growing firms in temporarily depressed sectors and identified similar opportunities in new industries. These firms align with our longer-term growth themes of consolidation, forced selling of loans, transaction processing, affordable housing finance and housing construction We have identified and are analyzing opportunities in the following industries: specialized construction, natural resource royalties, distributors, logistics companies, housing, and specialty finance. New investments have a combined expected growth rate (return on equity (RoE) * (1-payout ratio)) plus earnings yield of at least 30 to 40%, a metric of deep value incorporating growth.
As...
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