Bonhoeffer 2Q19 Commentary – Case Study Midcap Stock

Bonhoeffer Capital Management commentary for the second quarter ended June 30, 2019, discussing their case study on a $1.8B media stock

Dear Partner,

Bonhoeffer returned 2.7% net of fees in the second quarter of 2019, compared to 4.1% for the MSCI World ex-US, an international benchmark. As of June 30th, our securities have an average earnings/free cash flow yield of 24.7% and an average EV/EBITDA of 3.4. The MSCI World ex-US has an average earning yield of 6.6%. The difference between the portfolio’s market valuation and my estimate of intrinsic value is still very large (greater than 100%). I do not know when this gap will close but, over time, the gap should converge.

Q2 hedge fund letters, conference, scoops etc

As the summer temperatures rise, the markets appear to be basking in the summer warmth, but the real test will be when the next decline occurs.

SORRY!

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