The following is the April 2026 letter from Adam Schwartz, founder of Black Bear Value Partners The fund’s full tear sheet is attached below.
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Dear Partners and Friends,
Black Bear Value Fund returned -2.0%, net, in April and is +11.0% YTD.
The HFRI Value Index returned +6.7% in April and is +4.8% YTD.
The S&P 500 returned +10.5% in April and is +5.7% YTD.
Please note returns could vary depending on your time of investment.
In April, aggressive buying and optimistic attitudes were the overarching themes across market indices especially in the riskiest corners of the investment universe. As earnings season draws to a close, our businesses have been largely performing in-line/slightly ahead of my...
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