BONHOEFFER FUND, LP

Established July 2017

INTRODUCTION

PHILOSOPHY

The Bonhoeffer Fund believes in independent thinking and always questions the popular perception. We believe there is value in considering alternative scenarios. We believe that not all cheap stocks are created equal. We believe the lessons of history offer great insights into today’s market.

STRATEGY

FOCUS
We are selective. We look for capital-light businesses where recurring revenue streams are in place.

DETAILS MATTER
We follow unconventional lines of thinking in order to poke holes in the accepted narrative.

SECURITY EVALUATION
Using valuation methods, we analyze a company’s edge and conduct financial modeling to support or dispel the common narrative.

TEAM

AAAA1924WO Color 12.jpg — Portfolio Manager Keith D. Smith, CFA

Keith brings over 20 years of valuation experience to the Bonhoeffer Fund. In addition to managing the fund’s portfolio, Keith serves as a director for Enterprise Diversified, Inc., and as an advisor to Willow Oak Asset Management, the fund’s general partner. He is a CFA charterholder and received his MBA from UCLA. He has held positions with Empire Valuation Consultants, PwC, Management Consulting & Research, and served as a captain in the U.S. Air Force.

Fund Management Services (FMS)

The Willow Oak FMS team supports the Bonhoeffer Fund by offering marketing, operations, compliance, investor relations, and infrastructure, ensuring that Keith stays focused on activities that will drive superior returns for the limited partners.

“If you board the wrong train, it is no use running along the corridor in the other direction.”

— Dietrich Bonhoeffer

Dietrich Bonhoeffer serves as an inspiration for the foundation of independent thinking at the Bonhoeffer Fund. As Germany was succumbing to widespread antisemitism and Nazism, Bonhoeffer’s writings and preaching represented one of the earliest repudiations of the day’s predominant philosophy. He was a relentless questioner of the common narrative which led to bold and decisive actions, unconstrained by popular opinion. It is this philosophy that inspires the Bonhoeffer Fund’s investment model.