Bonhoeffer Fund 3Q20 Commentary – Case Study: MMA Capital (MMAC)

Bonhoeffer Fund commentary for the third quarter ended October 30, 2020, providing a case study on MMA Capital Holdings Inc (NASDAQ:MMAC).Q3 2020 hedge fund letters, conferences and moreDear Partner,The Bonhoeffer Fund returned 5.1% net of fees in the third quarter of 2020 compared to up 5.0% for the MSCI World ex-US, a broad-based index. Our year-to-date performance is down 15.2% net of fees, compared to the DFA International Small Cap Value Fund, which is down 15.9%. (As described in our last letter, the DFA International Small Cap Value Fund is a fund with the closest representative compari…

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HEDGE accordingly