Black Bear Value Fund update for the month ended May 31, 2022. Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +0.2%, net, in May and +4.3% for 2022. The HFRI returned +0.5% in May and -5.1% for 2022. The S&P 500 returned +0.2% in May and is -12.8% for 2022. While our portfolio has modest total gains in 2022, several of our businesses (especially homebuilding) have seen their stock prices drop meaningfully as sentiment gets more negative by the day. Our investment horizon is longer than most which provides for very asymmetric opportunities. I don’t know what…
Black Bear Value Fund May 2022 Update
Jacob Wolinsky is the founder of HedgeFundAlpha (formerly ValueWalk Premium), a popular value investing and hedge fund focused intelligence service. Prior to founding the company, Jacob worked as an equity analyst focused on small caps. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com FD: I do not purchase any equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds.