Black Bear Value Fund update for the month ended December 31, 2022.
Q4 2022 hedge fund letters, conferences and more
Dear Partners and Friends,
- Black Bear Value Fund returned +1.8%, net, in December and +12.5% for 2022.
- The HFRI Value Index returned -0.9% in December and -8.1% for 2022.
- The S&P 500 returned -5.8% in December and is -18.1% for 2022.
By most measures 2022 and 2021's returns would be considered acceptable. They are also unusual and should not be expected in a year when the overall markets are down. It is important to remember that today's returns are from yesterday's (or yesteryears') decisions....
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