Bonhoeffer Fund 4Q19 Commentary – Case Study: This TV Company

Bonhoeffer Fund commentary for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more Dear Partner, The Bonhoeffer Fund returned 5.3% net of fees in the fourth quarter of 2019, compared to 3.2% for the MSCI World ex-US, an international benchmark. Our 2019 return was 7.1% net of fees. As of December 31st, our securities have an average earnings/free cash flow yield of 19.5% and an average EV/EBITDA of 4.1. The MSCI World ex-US has an average earning yield of 5.4%. The difference between the portfolio’s market valuation and my estimate of intrinsic value is…