Black Bear Value Fund commentary for the month ended July 31, 2024.
Dear Partners and Friends,
- Black Bear Value Fund returned +5.7%, net, in July and is +7.9% YTD.
- The HFRI Value Index returned +2.2% in July and is +6.8% YTD.
- The S&P 500 returned +1.2% in July and is +16.7% YTD.
Please note returns could vary depending on your time of investment.
In an incresingly volatile market, having a fundamental understanding of your investments is a useful anchor in decision making. We use the stock market to buy or short investments in BUSINESSES. This is very different than chasing what's been working and trying to predict the mood of the crowd. Emotions shift faster than underlying business values. Prices have swung dramatically in August and we have taken advantage, purchasing additional shares of businesses that have strong long-term tailwinds.
As you all know i am loathe to be pushy about your investment with us. Some LP's have asked me to speak up when the opportunity set looks compelling....so consider this me speaking up. We are fully invested and finding large disconnects between short term fears, and long-term likely outcomes. Our long-term view and LP base continues to serve us well during turbulent times.
Tear Sheet: Link to tear sheet
Thank you for your trust and support,
Adam
