Black Bear Value Fund's performance update for the month ended February 29, 2024.
Dear Partners and Friends,
- Black Bear Value Fund returned -0.8%, net, in February.
- The HFRI Value Index returned +2.6% in February.
- The S&P 500 returned +5.3% in February.
Please note returns could vary depending on your time of investment.
We have concentrated investments that will not move in tandem with the broader markets. Our businesses are extremely cheap with quality capital allocators at the helm and healthy balance sheets. Broader markets seem to be ignoring many medium/longer-term risks when it would seem caution is more appropriate. This will serve to benefit us in coming months and years.
We have had a number of LP's add to their investment for March with more joining in April. We own some smaller-capitalization companies (and buying them takes time). If you plan on adding to the Fund please give me a heads-up so I can plan appropriately.
Thank you for your trust and support,
Adam
Tear Sheet: Link to tear sheet
