Dear Partners and Friends,Dear Partners and Friends,
- Black Bear Value Fund returned +3.4%, net, in April and is +8.1% YTD.
- The HFRI Value Index was not available for April and is +4.2% YTD thru March.
- The S&P 500 returned -4.1% in April and is +6.0% YTD.
Please note returns could vary depending on your time of investment.
We have the advantage of not needing to buy what the overall “markets” are offering. We are fully invested in select companies in the homebuilding, auto dealer and natural resource/commodity industries. Our companies are not broadly represented in the market indices. I am continuing to see a wide gulf in value between the businesses we own (that are extremely cheap) and companies that we are short (ranging from expensive to eventual bankruptcy candidates). Having a fundamental ethos is a distinct advantage as we focus on the business value and not what the market thinks. This allows for objective and unemotional analysis that isn’t influenced by the flavor of the day. I am encouraged by the prospects of our investments and find the more tumultuous the markets, the more advantaged our Partnership becomes.
Thank you for your trust and support,
Adam
Tear Sheet: Link to tear sheet
