Black Bear Value Fund October 2025 Update

Black Bear Value Fund’s performance update for the month ended October 31, 2025.

Dear Partners and Friends,

• Black Bear Value Fund returned -1.9%, net, in October and -14.3% YTD.
• The HFRI Value Index returned -0.5% in October and +13.5% YTD.
• The S&P 500 returned +2.3% in October and +17.5% YTD.