Black Bear Value Fund Up 11% YTD

Black Bear Value Fund’s commentary for the month ended February 28, 2026.

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Dear Partners and Friends,

Black Bear Value Fund returned +3.0%, net, in February and is +11.1% YTD.

The HFRI Value Index returned +2.1% in February and is +4.5% YTD.

The S&P 500 returned -0.8% in February and is +0.7% YTD.

Please note returns could vary depending on your time of investment.