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Bonhoeffer Capital Management, an asset management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter of 2024, the fund returned a gain of 11.3% net of fees compared to 7.7% returns for MSCI World ex-US, a broad-based index, and 8.5% return for the DFA International Small Cap Value Fund. The fund’s stocks have an average EV/EBITDA of 4.6 and a weighted average earnings/free cash flow yield of 12.5% as of September 30, 2024. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Bonhoeffer Capital Management highlighted stocks like Millicom International Cellular S.A. (NASDAQ:TIGO) in the third quarter 2024 investor letter. Millicom International Cellular S.A. (NASDAQ:TIGO) offers cable and mobile services. The one-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -0.92%, and its shares gained 38.06% of their value over the last 52 weeks. The one-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -3.33%, and its shares gained 109.08% of their value over the last 52 weeks. On December 30, 2024, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $24.85 per share with a market capitalization of $4.23 billion.
Bonhoeffer Capital Management stated the following regarding Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q3 2024 investor letter:
"Millicom International Cellular S.A. (NASDAQ:TIGO) is one the remaining telecom firms in the portfolio as the company retains favorable market conditions including operating in many two player markets or in markets where the number of participants is getting smaller. With fewer players, telco firms can recover pricing power to offset the increasing cost of network construction and operations. In one of its key markets, Columbia, a large player has entered bankruptcy which will reduce the number of market players. In addition, Millicom is in negotiations to buy the assets of this firm out of bankruptcy.