Black Bear Value Fund's performance update for the month ended May 31, 2024.
Dear Partners and Friends,
- Black Bear Value Fund returned +1.3%, net, in May and is +9.5% YTD.
- The HFRI Value Index returned +3.1% in May and is +5.1% YTD.
- The S&P 500 returned +5.0% in May and is +11.3% YTD.
Please note returns could vary depending on your time of investment.
We have increased our investments in the energy/commodity space as short-term recession concerns have resulted in lower security prices. Longer term there will be more energy/commodity demands yet supply has not kept up. This usually results in a meaningful increase in price in a supply-constrainted environment. I am continuing to find a wide gap in value between what we are long (what we own) versus what we are short (what we expect to go down). For the longer-term investor this is a compelling market to make concentrated investments if you pick your spots well and remain patient. Wishing everyone a nice summer,.
Tear Sheet: Link to tear sheet
Thank you for your trust and support,
Adam
Black Bear Value Fund
