Black Bear Value Fund commentary for the month ended November 30, 2024.
Dear Partners and Friends,
- Black Bear Value Fund returned +4.5%, net, in November and is +8.9% YTD.
- The HFRI Value Index returned +4.2% in November and is +13.3% YTD.
- The S&P 500 returned +5.9% in November and is +28.1% YTD.
Please note returns could vary depending on your time of investment.
While our performance has lagged the S&P 500 in the current calendar year, we have outperformed over the last 3 years while taking substantially less risk (30-50% less) both due to our short book and our cheap portfolio. Our portfolio bears no resemblance to the S&P 500 with ~30% of our portfolio ex-U.S. Our...
