Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +3.4% in March and +4.6% YTD. The HFRI Index returned +2.9% in March and +4.6% YTD. The S&P 500 returned +3.2% in March and +10.6% YTD. Please note returns could vary depending on your time of investment. This is a fun time to be a fundamental investor. So many who practiced “traditional” value investing have left the business (some voluntarily and some involuntarily) as assets have flown to passive vehicles. At times I feel like I’m in a store having a clearance sale and yet there are only…
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