Bonhoeffer Fund 1Q21 Commentary: Consolidated Communications Case Study
Bonhoeffer Fund commentary for the first quarter ended March 2021, providing a case study on Consolidated Communications Holdings Inc (NASDAQ:CNSL). Q1 2021 hedge fund letters, conferences and more Dear Partner, The Bonhoeffer Fund returned 13.8% net of fees in the first quarter of 2021 compared to 4.2% and 8.1% for the MSCI World ex-US and the DFA International Small Cap Value Fund, respectively. As of March 31, 2021, our securities had an average earnings/free cash flow yield of 13.1% and an average EV/EBITDA of 4.7. By comparison, the DFA International Small Cap Value Fund, Bonhoeffer Fund’...