Black Bear Value Partners Q1 2025 Letter: Long Asbury Group

Black Bear Value Partners' commentary for the first quarter ended March 31, 2025.

“Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.” - Groucho Marx

To My Partners and Friends:

• Black Bear Value Fund, LP (the “Fund”) returned +0.8% in March and -1.3% year-to-date.
• The S&P 500 returned -5.7% in March and -4.3% year-to-date.
• The HFRI Index returned -2.0% in March and -0.5% year-to-date.
• We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.

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Note: Additional historical performance can be found on our