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 covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.

Bonhoeffer Capital Management 4Q18 Commentary

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