Keith Smith’s Bonhoeffer Fund returned 5.5% net of fees in the first quarter of 2023 according to the fund’s first quarter letter to investors, which ValueWalk has been able to review. That’s compared to 8% for the MSCI World ex-US index and 6.5% for the DFA International Small Cap Value Fund, “our closest benchmark.” Bonhoeffer is a global value fund, with a focus on special situations and growth opportunities in markets such as South Korea, South Africa and Latin America. Around a third of the portfolio is invested in what Smith calls “compound mispricings,” these are stocks he believes are…
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