Jefferies’ Fund Boasted Perfect Record Before First Brands Crash

The line item in Point Bonita Capital’s April investor letter amounted to the ultimate Wall Street boast: “% of Positive Months: 100%.”

The fund had delivered each and every month on its goal “to provide a steady, high-quality return to investors.” Led by Ross Berger, a 15-year veteran of Wells Fargo & Co., Point Bonita posted remarkably consistent annual gains, between 7.56% and 9.38%, according to documents seen by Bloomberg.

Even in finance circles, the Jefferies Financial Group Inc. fund was a relative unknown since it began in 2019. But it has been thrust into the spotlight in ...