| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 1.3% | - |
| 2025 |
|---|
| 1.3% |
Bonhoeffer Fund returned 1.3% net in Q3 2025, underperforming benchmarks as the manager continued transforming the portfolio by selling slower-growth firms and purchasing durable, faster-growing companies in temporarily depressed sectors. The portfolio focuses on deep value special situations with strong capital allocation, targeting companies trading at high single-digit multiples of forward EPS with expected growth rates plus earnings yields of 30-40%. Key themes include distribution (52% of portfolio) featuring high-velocity dealerships and equipment distributors, insurance operations using float to finance balanced portfolios, and community banks with sustainable ROEs above 15%. The manager emphasizes consolidation strategies where companies grow through acquisitions, using cash flow to repay debt and repurchase stock. With 35% exposure to cyclical end markets, diversification efforts continue. New investments align with longer-term growth themes including serial acquirers, forced seller opportunities, financial compounders, and housing construction. The portfolio maintains weighted average earnings yield of 12.8% with 16% projected growth, positioning for compounding returns through disciplined capital allocation and operational improvements.
Bonhoeffer Fund focuses on deep value special situations and growth-oriented firms that can compound value over time, purchased at reasonable prices with no more than high single-digit multiples of five-year forward EPS, emphasizing companies with strong capital allocation, durability, and recurring revenue growth.
Manager expects continued portfolio transformation focusing on longer-term growth themes including consolidation, buyers from forced sellers, insurance operations, financial compounders, distribution, infrastructure investors and housing construction. Continues to identify opportunities in banks, insurance, natural resource royalties, distributors, logistics companies, housing, and specialty finance.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 23 2025 | 2025 Q3 | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | - | Bonhoeffer Fund underperformed in Q3 2025 while executing portfolio transformation toward higher-quality compounders. Focus on distribution, insurance float strategies, and community banks with strong ROEs. Deep value approach targets companies at single-digit forward multiples with 30-40% expected returns. Diversifying away from cyclical exposure while maintaining discipline on capital allocation and durability metrics. |
| Sep 10 2025 | 2025 Q2 | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | - | Bonhoeffer Fund returned 8.7% in Q2 2025, focusing on deep value opportunities in distribution, construction, and community banks. The portfolio emphasizes consolidation plays and financial compounders trading at significant discounts with 30-40% expected growth plus earnings yield. Despite cyclical headwinds from higher rates, the fund is positioned for recovery through infrastructure spending and potential rate cuts. |
| May 20 2025 | 2025 Q1 | ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L | banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value |
TTVS.TO 161560.KS MSBC |
Deep value fund targeting consolidation plays and banking compounders underperformed in Q1 2025 despite repositioning toward higher-quality businesses. Portfolio trades at 12.8% earnings yield with 14% projected growth, focused on distribution, construction finance, and serial acquirers using leverage buyout strategies. Manager sees persistent mispricing in highest-quality portfolio in fund history. |
| Mar 14 2025 | 2024 Q4 | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | - | Deep value fund targeting consolidation opportunities and niche growth companies at mid-single digit forward earnings multiples. Portfolio emphasizes distribution, banking, and construction themes with 13.7% earnings yield and growth versus benchmark's 11.4% yield and 7.9% growth. Manager sees highest-quality businesses in fund history with persistent market discounts despite operational improvements. |
| Dec 15 2024 | 2024 Q3 | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | - | Bonhoeffer delivered 11.3% net returns in Q3 2024 while transitioning from deep value to higher-growth companies in consolidation themes. The portfolio now features the highest-quality businesses in fund history with 12.5% earnings yield and growth rates. Focus on distribution, construction, and specialty banks with strong buyback programs and sustainable competitive advantages. |
| Sep 7 2024 | 2024 Q2 | AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L | Banking, Consolidation, Distribution, Homebuilders, small caps, value | - | Bonhoeffer Fund targets deep value with growth, focusing on consolidation plays, niche banking, and partnership homebuilding. Portfolio trades at 14.4% earnings yield with 12.5% projected growth despite -4.2% Q2 performance. Manager sees highest-quality businesses in fund history with persistent discount, continuing to replace slower-growth firms with durable compounders in temporarily depressed sectors. |
| Jun 16 2024 | 2024 Q1 | ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD | Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value | ARW | Bonhoeffer Fund targets consolidation opportunities in distribution and specialty finance, achieving 5.9% Q1 returns. The portfolio emphasizes high-velocity distributors, acquisition-driven growth models, and niche financial services firms generating 20%+ ROE. With 12.3% earnings yield and 12.5% projected growth, the manager sees the highest-quality businesses in fund history trading at persistent discounts. |
| Feb 13 2024 | 2023 Q4 | ABG, BLDR, CNSL, NOA.TO | Buybacks, Construction, Distribution, international, Mining Services, small caps, value | NOA.TO | Bonhoeffer Fund targets value-oriented special situations and growth firms with unique consolidation opportunities. Portfolio weighted average 15.9% earnings yield with 11% projected growth at 4.2x EV/EBITDA. Key themes include compound mispricings, public LBOs, distribution, and specialty construction. Manager replacing slower-growth firms with higher-quality businesses in depressed sectors while maintaining focus on active capital allocation and synergistic acquisitions. |
| Dec 20 2023 | 2023 Q3 | ABG, BLDR, CNSL, NOA.TO | Construction, Distribution, international, Mining Services, small caps, Telecom, value | NOA.TO | Bonhoeffer Fund focuses on value-oriented special situations and growth companies in depressed sectors, emphasizing organic growth and consolidation opportunities. Despite Q3 underperformance, the manager believes the portfolio contains the highest-quality businesses in fund history trading at persistent discounts. Key themes include distribution, construction, mining services, and telecom with strong free cash flow growth potential. |
| Feb 10 2023 | 2023 Q2 | ASO, BERY, BLDR, CNSL, TMIC, VSTO | Buybacks, Construction, Distribution, Korea, LatAM, small cap, value | ASO | Bonhoeffer Fund targets value-oriented special situations and growth companies with active capital allocation strategies. Portfolio trades at 15.3% earnings yield with 10% projected growth across distribution, construction, and public LBO themes. Key holdings include Academy Sports expansion story and Berry Global buyback strategy. Rising rates create headwinds but manager sees quality businesses at persistent discounts. |
| Jun 23 2023 | 2023 Q1 | AHT.L, CNSL, TIGO, TIM.MI, TVK.TO | Consolidation, Distribution, energy, Korea, special situations, Telecom, value |
003550.KS CNSL AHT.L TIGO TVK.TO |
Value-focused fund targeting special situations and growth companies through consolidation strategies. Portfolio emphasizes high-velocity distribution businesses and compound mispricings across South Korea, US, and Latin America. Added TerraVest while trimming slower growers. Sees continued consolidation opportunities in attractive ROIC industries despite higher interest rate headwinds affecting acquisition economics. |
| Sep 3 2023 | 2022 Q4 | 036800 KS, 0QRV LN, BLDR, KT, TIGO, TIT IM | - | - | |
| Jul 12 2022 | 2022 Q3 | 005300 KS, ABG, BERY, TIGO, TIT IM | - | - | |
| Sep 21 2022 | 2022 Q2 | BERY, THRY, TIT IM, WWI NO | - | - | |
| Oct 6 2022 | 2022 Q1 | ABG, CSP LN, GTN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
DistributionHoldings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. |
Dealerships Inventory Velocity Caterpillar Equipment |
InsuranceInsurance operations provide leveraged exposure to balanced portfolios financed by underwriting float. Focus on firms with good underwriting discipline and low-cost float to invest in high-performing assets. Fairfax Financial is primary example with 160% leverage via insurance float. |
Float Underwriting Leverage Combined Ratio Reinsurance | |
Community BanksHoldings include FFB Bancorp, United Bancorp of Alabama and Northeast Bank driven by financing of low-income real estate development, small business lending via SBA, and buying orphan loans from forced sellers. Target banks with sustainable ROEs above 15% selling at single-digit multiples. |
SBA Orphan Loans ROE Underwriting M&A | |
ConsolidationPublic leveraged buyout strategy focused on building products distributors and dealerships that grow through acquisitions providing synergies and operational leverage. Cash flow from acquisitions used to repay debt and repurchase stock in repeating cycle. |
Acquisitions Synergies Buybacks Leverage Consolidation | |
ValueDeep value-oriented special situations combined with growth-oriented firms purchased at reasonable prices. Portfolio seeks companies paying no more than high single-digit multiples of five-year forward EPS with strong capital allocation and durability metrics. |
Multiples EPS Capital Allocation Durability ROE | |
| 2025 Q2 |
DistributionHoldings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. |
Auto Dealers Building Materials Retail Industrial Distribution Electrical Equipment Auto Parts |
ConstructionCurrent construction holdings in US and UK should benefit as governments worldwide incentivize infrastructure programs and new construction continues to replenish housing deficits. The theme includes building products distributors and homebuilders. |
Homebuilders Building Products Infrastructure Spending Construction Equipment Building Materials Retail | |
Community BanksFocus on financing of low-income real estate development, growth in small business lending via SBA, and buying forced loans from mergers and FDIC actions. Looking for banks with sustainable ROEs and EPS growth rates higher than 15% selling at single-digit multiples. |
Community Banks Specialty Finance Mortgage Finance Consumer Finance Regional Banks | |
BuybacksMany holdings use acquisition/buyback models with modest leverage to magnify returns. The modest current valuations make these buybacks accretive, with firms like Arrow Electronics buying back stock at 9% per year. |
Buybacks Capital Markets Value Leverage Returns | |
ConsolidationGrowth creation through acquisitions providing synergies and operational leverage from vertical and horizontal consolidation. Increased cash flow from acquisitions and synergies used to repay debt and repurchase stock in a repeating cycle. |
Industrial Services Distribution Building Products Auto Dealers Specialty Finance | |
| 2025 Q1 |
DistributionHoldings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas. |
Auto Dealers Industrial Distribution Building Products Electrical Equipment Auto Parts |
Community BanksBanking compounders with EPS growth rates above 15% purchased at below average multiples, representing about 20% of portfolio. Focus on banks with sustainable RoEs, decent underwriting, and niche specializations like SBA lending, transaction processing, and buying orphan loans from forced sellers. Examples include FFB Bancorp, United Bancorp of Alabama, Northeast Bank, and Mission Bancorp. |
Regional Banks Community Banks Specialty Finance SBA Transaction Processing | |
ConsolidationPublic leverage buyouts representing 43% of portfolio focus on growth creation through acquisitions providing synergies and operational leverage. Companies use increased cash flow from acquisitions to repay debt and repurchase stock in a repeating cycle. Examples include Terravest, Asbury Automobile, Autohellas, Builders First Source and NOA. |
M&A Buybacks Operational Leverage Synergies Serial Acquirers | |
Infrastructure SpendingConstruction holdings in US and Europe should benefit as governments worldwide incentivize infrastructure programs and new construction continues to replenish housing deficit. Current holdings include Builders First Source and Vistry positioned for government infrastructure incentives. |
Construction Government Spending Housing Building Materials Public Works | |
ValuePortfolio consists of deep value-oriented special situations with weighted average earnings/free cash flow yield of 12.8% and average EV/EBITDA of 3.4. Paying no more than high single-digit multiples of five years forward EPS for growth-oriented firms that can compound value over time. |
Deep Value Special Situations Low Multiples Earnings Yield Mispricing | |
| 2024 Q4 |
DistributionHoldings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. |
Dealerships Velocity Consolidation Buybacks Synergies |
ConsolidationPublic leverage buyouts strategy where firms grow through acquisitions, providing synergies and operational leverage associated with vertical and horizontal consolidation. The increased cash flow from acquisitions and subsequent synergies are used to repay debt and repurchase stock. This strategy's effectiveness depends on the spread between borrowing interest rates and cash returns from core business and acquisitions. |
Acquisitions Synergies Leverage Buybacks Operational | |
BankingFocus on niche banking services including multi-family lending, low-income housing finance, and small business administration lending. The fund seeks banks with sustainable returns on equity and earnings growth rates higher than 20% that are selling for single digit multiples with decent underwriting. United Bancorporation of Alabama exemplifies this theme as a community development finance institution. |
CDFI Multi-family SBA Community Underwriting | |
HomebuildersInvestment in both US and European construction holdings that should benefit as governments worldwide incentivize infrastructure programs and new construction continues to replenish housing deficits. Vistry represents a compound mispricing as it exits private homebuilding to focus exclusively on its partnership business with local governments and housing authorities. |
Partnership Infrastructure Housing Government Capital | |
ValueDeep value-oriented special situations combined with growth-oriented firms purchased at reasonable prices. The fund typically pays no more than mid-single digit multiples of five years forward earnings per share. Current portfolio has weighted average earnings/free cash flow yield of 13.7% and average EV/EBITDA of 3.4 with 13% growth. |
Multiples Earnings FCF EBITDA Growth | |
BuybacksActive capital allocation through opportunistic buybacks is a key criterion for portfolio companies. Many holdings use the acquisition/buyback model where increased cash flow from acquisitions and synergies are used to repurchase stock. The modest current valuations make these buybacks accretive for portfolio companies. |
Capital Allocation Accretive Valuations Cash | |
| 2024 Q3 |
DistributionHoldings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. |
Distribution Dealerships Inventory Electronics Buybacks |
ConstructionConstruction holdings in US and Europe through Builders First Source and Vistry positioned to benefit from government infrastructure programs and housing deficit replenishment. Real estate/construction/finance theme represents 51.6% of portfolio with focus on sustainable growth drivers. |
Construction Infrastructure Housing Building Government | |
Community BanksInvesting in niche growing banks like FFB Bancorp, Northeast Bancorp, Citizens Banks, Mission Bank and United Bancorp of Alabama. Seeking banks with sustainable 20%+ RoEs and EPS growth rates selling at single digit multiples with decent underwriting. Focus on SBA lending and orphan loan purchases. |
Banks SBA Lending Orphan Underwriting | |
BuybacksActive capital allocation through opportunistic buybacks is a key criterion for holdings. Many firms use acquisition/buyback model with modest leverage to magnify equity returns to 20%+ over past 5-10 years. Current modest valuations make buybacks particularly accretive. |
Buybacks Capital Leverage Returns Valuation | |
| 2024 Q2 |
DistributionHoldings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world. |
Auto Dealers Building Products Logistics Capital Equipment |
ConsolidationPublic leverage buyouts using acquisition/buyback model where firms use leverage to boost equity returns from stable cash flow businesses. Growth creation through acquisitions provides synergies and operational leverage from vertical and horizontal consolidation. |
Buybacks Industrial Distribution Building Products Auto Dealers | |
Community BanksFocus on niche growing banks with sustainable 18%+ ROEs, good underwriting practices, and single-digit earnings multiples. Includes financing of low-income real estate development and small business lending via SBA and purchasing forced sale loans. |
Regional Banks Specialty Finance SBA Real Estate | |
HomebuildersInvestment in partnership homebuilders like Vistry transitioning from land-heavy traditional model to land-light partnership model. Focus on affordable housing finance and construction with government partnerships generating mid-20% ROEs. |
Homebuilders Real Estate Infrastructure Spending | |
| 2024 Q1 |
DistributionThe fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities. |
Auto Dealers Industrial Distribution Building Products Components Consolidation |
ConsolidationA core investment theme targeting firms that grow through acquisitions and benefit from operational leverage. The fund sees significant opportunities in fragmented markets where scale advantages create competitive moats and drive returns through the acquisition-buyback model. |
Buybacks Industrial Machinery Auto Dealers Building Products Specialty Finance | |
Specialty FinanceInvestment in niche banking and financial services firms that specialize in areas large banks cannot or will not enter due to regulatory constraints. Holdings include banks focused on affordable housing finance, SBA loans, and transaction processing with 20%+ returns on equity. |
Community Banks Specialty Finance SBA Transaction Processing Affordable Housing | |
ValueThe portfolio consists of value-oriented special situations trading at attractive multiples. Current holdings have a weighted average earnings yield of 12.3% and EV/EBITDA of 4.4x, with projected earnings growth of 12.5%. |
Value Special Situations Earnings Quality Compound Mispricings | |
| 2023 Q4 |
DistributionHoldings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. |
Auto Dealers Industrial Distribution Logistics Building Products Equipment Leasing |
ConstructionReal estate and construction holdings benefit from China and Hong Kong reopening from COVID restrictions. Cement and construction holdings in US/Europe and Korea positioned for global recovery and government infrastructure programs. North American Construction featured as detailed case study with durable moats in specialty contractor industry. |
Construction Equipment Infrastructure Spending Building Materials Cement Construction | |
Mining ServicesNorth American Construction provides heavy civil and bulk earthmoving services in supply-constrained markets, typically first contractor in and last out of project and mine sites. Company has over 3,500 employees and 900 pieces of equipment operating at 30 sites with fleet replacement value over $2 billion. |
Mining Services Construction Equipment Industrial Services Critical Minerals Oil Sands | |
BuybacksPublic LBO strategy involves growth through acquisitions providing synergies and operational leverage, with increased cash flow used to repay debt and repurchase stock. Strategy effectiveness depends on spread between borrowing rates and cash returns from core business and acquisitions. Several portfolio companies actively repurchasing shares. |
Buybacks Leverage Capital Markets Value Earnings | |
| 2023 Q3 |
DistributionHoldings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. |
Auto Dealers Industrial Distribution Logistics Building Products Equipment Leasing |
ConstructionReal estate and construction holdings benefit from China and Hong Kong reopening from COVID restrictions affecting tourism. Cement and construction holdings in US/Europe via Builders FirstSource and Vistry, and in Korea via Asia Cement positioned for global recovery from COVID shutdowns and worldwide government infrastructure programs. |
Construction Building Materials Infrastructure Spending Cement Homebuilders | |
Mining ServicesNorth American Construction provides heavy civil and bulk earthmoving services in supply-constrained markets, typically first contractor in and last out of project and mine sites. Company has over 3,500 employees and 900 pieces of equipment operating at 30 sites with fleet replacement value over $2 billion. |
Mining Services Construction Equipment Earthmoving Oil Sands Heavy Equipment | |
TelecomIncreasing use of transaction processing and rollout of fiberoptic and 5G networks providing growth opportunities. Holdings are often holding companies with multiple value components including real estate, with longer realization timelines. Event-driven situations unfolding in Consolidated Communications and Millicom. |
Telecom Infrastructure 5G Equipment Fiber Optics Transaction Processing Wireless Infrastructure | |
| 2023 Q2 |
DistributionHoldings include car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. |
Dealerships Logistics Inventory Velocity Equipment |
BuybacksPublic LBO strategy involves growth through acquisitions providing synergies and operational leverage, followed by repurchasing shares with debt. The increased cash flow from acquisitions and synergies are used to repay debt and repurchase stock in a repeated cycle. Berry Global example shows buybacks are accretive at current 13% earnings yield. |
Repurchases Leverage Synergies Debt Accretive | |
ValuePortfolio consists of value-oriented special situations and growth-oriented firms that exhibit unique qualities when applying a value framework. Securities have weighted average earnings/free cash flow yield of 15.3% and average EV/EBITDA of 4.2, associated with projected earnings/free cash flow growth of about 10%. |
Valuation Yield Multiple Discount Framework | |
ConstructionCurrent cement and construction holdings in US/Europe via Builders FirstSource and Vistry, and in Korea via Asia Cement should benefit as the world recovers from COVID shutdowns and governments worldwide incentivize infrastructure programs. Builders FirstSource has developed local economies of scale and scope moats. |
Infrastructure Recovery Materials Economies Moats | |
| 2023 Q1 |
DistributionPortfolio includes car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns. Holdings include some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. |
Dealerships Logistics Velocity Inventory |
ConsolidationFocus on growth creation through acquisitions which provides synergies and operational leverage associated with vertical and horizontal consolidation. Strategy involves subsequent repurchasing of shares with debt. Effectiveness depends on spread between borrowing rates and cash returns from core business and acquisitions. Interest rate increases have reduced economics but large spread still exists at right prices. |
M&A Synergies Leverage Buybacks | |
TelecomHoldings include Latin American telecommunications firms, Italian incumbent telecom, and broadband communications providers. Focus on fiberoptic and 5G network rollouts providing growth opportunities. Timeline for realization may be longer due to holding company structures and multiple components of value including real estate. |
Fiber 5G Infrastructure Networks | |
ValueInvestment portfolio consists of value-oriented special situations and growth-oriented firms that exhibit unique qualities when applying a value framework. Particularly interested in companies generating growth through organic growth, transition, and consolidation. Focus on compound mispricings including Korean preferred stocks and holding company discounts. |
Special Situations Mispricings Discounts | |
EnergyTerraVest provides components and services for oil and gas extraction, transportation, distribution, and commercial/residential usage. Products support transportation and storage requirements for oil, natural gas, LNG, and RNG across US and Canada. Includes natural gas processing equipment and oil/gas services with 21 servicing rigs. |
Oil Gas LNG Processing |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2025 | Fund Letters | Bonhoeffer Capital Management | TTVS.TO | Terravest Industries Inc. | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | Canada, Industrial Equipment, LBO, M&A, Metal Fabrication, Military contracts, Roll-up Strategy, serial acquirer, Storage Tanks, Transportation equipment | Login |
| Mar 31, 2025 | Fund Letters | Bonhoeffer Capital Management | MSBC | Mission Bancorp | Financials | Regional Banks | Bull | OTCPK | Banking Compounder, California, commercial real estate, community bank, credit quality, Efficiency Ratio, loan growth, management ownership, regional banking, SBA lending | Login |
| Mar 31, 2025 | Fund Letters | Bonhoeffer Capital Management | 161560.KS | Lotte Chilsung Beverage Co Ltd | Consumer Staples | Soft Drinks | Bull | Korea Stock Exchange | Asset Play, Beverage, Compound Mispricing, Corporate Governance, Korea, preferred shares, Real Estate, Seoul, turnaround, Value-Up Plan | Login |
| May 1, 2024 | Fund Letters | Bonhoeffer Capital Management | ARW | Arrow Electronics | Information Technology | Technology Distributors | Bull | NYSE | AI, Components, consolidation, Electronics Distribution, High Customer Retention, IoT, semiconductors, Share Buybacks, supply chain management, Technology Distributor, value-added services | Login |
| Dec 20, 2023 | Fund Letters | Bonhoeffer Capital Management | NOA.TO | North American Construction Group | Industrials | Construction & Engineering | Bull | Toronto Stock Exchange | acquisition strategy, Australia, Canada, Commodities, construction, Earthmoving, Heavy Equipment, Indigenous Partnerships, infrastructure, Mining Services, Oil sands, Value | Login |
| Dec 20, 2023 | Fund Letters | Bonhoeffer Capital Management | NOA.TO | North American Construction Group | Industrials | Construction & Engineering | Bull | Toronto Stock Exchange | Acquisitions, Australia, Bulk Earthmoving, Canada, construction, Earthmoving, Equipment Fleet, Heavy Civil, Indigenous Partnerships, Mining Services, Oil sands, Specialized Contractor, turnaround, Value | Login |
| Oct 2, 2023 | Fund Letters | Bonhoeffer Capital Management | ASO | Academy Sports and Outdoors, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | cash generation, economies of scale, growth, Hunting Equipment, Outdoor Recreation, retail, Southern US, Sporting goods, store expansion, Value retail | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | 003550.KS | LG Corporation | Capital Goods | Industrial Conglomerates | Bull | Korea Exchange | Chemicals, Compound Mispricing, discount to NAV, electronics, Ev batteries, holding company, preferred shares, South Korea | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | - | Telecom Italia | Communication Services | Integrated Telecommunication Services | Bull | Borsa Italiana | Asset Sale, Compound Mispricing, Government Approval, Italy, network infrastructure, Special Situation, telecommunications, Vivendi | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | CNSL | Consolidated Communications Holdings Inc | Communication Services | Integrated Telecommunication Services | Bull | NASDAQ | activist, broadband, buyout, Fiber Optic, Network Rollout, private equity, Special Committee, undervalued | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | AHT.L | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Clustering Strategy, Equipment Rental, M&A, Operational Leverage, Share Buybacks, specialty equipment, UK, Unit economics | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | TIGO | Millicom International Cellular SA | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Emerging markets, Fiber Rollout, Fintech, Latin America, Special Situation, Strategic Bidders, telecommunications, Tower Monetization | Login |
| Jun 23, 2023 | Fund Letters | Bonhoeffer Capital Management | TVK.TO | TerraVest Industries Inc | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | Canada, consolidation, Family-owned Targets, HVAC, Industrial, M&A strategy, Metal Fabrication, oil and gas equipment, serial acquirer | Login |
| TICKER | COMMENTARY |
|---|---|
| CZBS | Citizens Bancshares Corp. (CZBS) was recently replaced in the portfolio with newer firms that have directionally high ROEs and multiple catalysts for higher RoEs (Fairfax Financial being one example). |
| FERREYCORP | Ferreycorp is a Central and South American Caterpillar dealer. It is run by an entrepreneurial CEO who has developed a sustainable growth strategy of outsourced equipment sourcing and maintenance for copper mining and construction clients in Peru and Central America. A significant portion of Ferreycorp is owned by the Canadian PE firm, Onex. Ferreycorp has a return on capital of 16% based upon a net income margin of 6.4% and an inventory turnover of 2.5 times. Ferreycorp generated mid-teens RoEs and low to mid 20s RoIICs even though it was cyclical. |
| OTOEL.AT | Autohellas is an example of an interesting public leveraged buyout (LBO). Autohellas is a consolidator of Hertz rental operations in Europe as well as automobile distribution, sales and maintenance operations across its footprint. Autohellas has followed a land and expand strategy where Autohellas purchases a Hertz franchise in a new location then opens up used car sales stores and in some locations expands into full service auto dealerships, distributorships and auto maintenance services. Autohellas has been one of the best capital allocators in its industry. Autohellas had a large distribution prior to the 2008 great financial crisis and has had one of the highest annual stock returns for Greek stocks over the past 20 years with a 16% annual return in Euros. |
| FFH.TO | Fairfax Financial is a global insurance company who uses insurance (via insurance float) to finance a balanced portfolio of developed world fixed income securities and enterprises and global equities. The CEO and the investment team have contacts and relationships in India which provide an insiders advantage for investing in India. Fairfax provides commercial, specialty, workers compensation, Lloyd's of London insurance and re-insurance globally. Fairfax has a decentralized business model, in which it can finance premium growth or contraction in its business lines and geographies. About 67% of Fairfax's current premium written has been from insurers acquired since 2009. Fairfax has implemented its underwriting discipline in its acquired insurance firms over time. This is illustrated by the acquired firms combined ratios which have declined from a weighted average of 107% a year after acquisition to 91% in 2024. |
| NBN | NB is growing its SBA loan book as well as buying orphan loans from sellers resulting in 37% annual loan growth. NB's originated loans have been increasing by about 30% per year over the past year while purchased loans have made up the remainder. The purchase of orphan loans can be expected to be episodic and opportunistic and, therefore, unevenly distributed over time. NB's SBA loan growth has slowed down due to the Trump administration's changes to the SBA loan criteria. Management expects that once the SBA criteria are adjusted, its SBA loan levels will return to faster growth. Non-performing loans increased slightly to 0.90% of loans. NB has loan loss provisions of 1.24% of loans. |
| FFBC | FFB received a consent order in January associated with its higher risk third-party ISO transaction processing customers. The consent order allows FFB to repurchase common stock and allow continued on-boarding of low and moderate risk transaction processing customers. The impact of the consent order so far has been to decrease the Q3 2025 EPS to $2.07 from $2.70 EPS in Q3 2024 and was offset by internal growth reflected in the increase in EPS from $1.95 in Q2 2025. FFB had loan growth of 14% annually with non-performing loans (excluding SBA guaranteed loans) and loan loss provisions of 1.4% of loans. |
| LOTTE | Lotte Chilsung has a plan to increase its value but has yet to deliver on the plan to date. With a leading position in the beverage market in Korea, they have been investing in and expanding its international sales of its non-alcoholic and alcoholic beverages overseas. They still hold real estate in Seoul Gangnum, however the development process has been delayed. These delays have increased the opportunity cost of holding Lotte Chilsung versus other growing Korean firms. |
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