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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Dec 20, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Construction, Distribution, international, Mining Services, small caps, Telecom, value | Holdings 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. | NOA.TO |
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| 2025 Q4 | Jan 23, 2026 | Brandes Core Plus Fixed Income Fund | 0.9% | 6.7% | ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN | Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads | Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates. | View | |
| 2023 Q1 | Jun 23, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHT.L, CNSL, TIGO, TIM.MI, TVK.TO | Consolidation, Distribution, energy, Korea, special situations, Telecom, value | Portfolio 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. | TVK.TO TIGO AHT.L CNSL 003550.KS |
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| 2023 Q4 | Feb 13, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Buybacks, Construction, Distribution, international, Mining Services, small caps, value | Holdings 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. | NOA.TO |
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| 2023 Q2 | Feb 10, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ASO, BERY, BLDR, CNSL, TMIC, VSTO | Buybacks, Construction, Distribution, Korea, LatAM, small cap, value | Holdings 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. | ASO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Bonhoeffer Capital Management | Consolidated Communications Holdings Inc | Communication Services | Integrated Telecommunication Services | Bull | NASDAQ | activist, broadband, buyout, Fiber Optic, Network Rollout, private equity, Special Committee, undervalued | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||