Bonhoeffer Fund Adds Undervalued Growth Opportunities

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 Hedge Fund Alpha 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 deeply undervalued with scope to compound underlying value for shareholders.

Q2 2023 hedge fund letters, conferences and more

Compound...

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