Black Bear Value Fund May 2024 Update

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HFA Staff
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Black Bear Value Fund

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.

Black Bear Value Fund

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,


Black Bear Value Fund

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