Black Bear Value Fund's performance update for the month ended December 31, 2021.
Q3 2021 hedge fund letters, conferences and more
- Black Bear Value Fund, LP (the “Fund”) returned +4.1%, net, in December and finished +35.0% in 2021.
- The HFRI index has not published their December numbers but was +12.2% through November.
- The S&P 500 returned +4.5% in December and finished +28.7% for the year.
Black Bear Value Fund's Performace Update
It is quite unusual to outperform the broader market when we have sizeable short positions. While this year was extraordinary we should not come to expect this kind of performance when markets go up so dramatically.
We had previously not disclosed our homebuilder...
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