The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 11, 2026
Bonhoeffer Fund returned -2.3% net in 1H 2026 versus +9.1% for MSCI World ex-US and +10.1% for S&P 500. The manager continued selling slower-growth firms and purchasing durable, faster-growing firms in temporarily depressed sectors, particularly distribution, community banks, and homebuilders. The portfolio holds 49% in distribution firms like Ferreycorp, a Caterpillar dealer benefiting from copper mining demand driven by data centers and electric vehicles. Community banks including Northeast Bank and Private Bancorp of America focus on SBA lending with 15%+ earnings growth, though SBA loan growth has slowed due to Trump administration policy changes. Builders First Source is positioned to benefit from the recently passed ROAD to Housing bill providing regulatory relief for new construction. The portfolio has projected 19% earnings growth with 14.5% weighted average earnings yield. New investments target at least 30-40% expected returns combining growth and earnings yield. About 25% of the portfolio remains exposed to cyclical end markets, which the manager is actively diversifying. The manager replaced lagging investments like Asbury Automotive with higher-ROE firms like Meritz Financial, demonstrating disciplined portfolio management focused on sustainable returns on invested capital.
Bonhoeffer Fund invests in deep value special situations and growth-oriented firms that compound value over time, purchased at no more than high single-digit multiples of five-year forward earnings. The portfolio targets companies in market niches that grow organically or through consolidation, engage in active capital allocation through opportunistic buybacks and synergistic acquisitions, and demonstrate durability measured by increasing recurring revenues, high free cash flow conversion, and consistent growing returns on equity.
The manager expects new investments to deliver combined expected growth rates (return on equity times retention ratio) plus earnings yield of at least 30 to 40%, a metric of deep value incorporating growth. The portfolio has projected earnings and free cash flow growth of about 19%, with a weighted average earnings/free cash flow yield of 14.5%. The manager will continue to diversify away from the current 25% cyclical exposure and focus on firms demonstrating durability through increasing recurring revenues, high free cash flow conversion, and consistent and growing returns on equity.
Moderate Conviction Bullish
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