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Black Bear Value Fund August 2019 update

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Jacob Wolinsky
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Black Bear Value Fund performance update for the month ended August 31, 2019.

Q2 hedge fund letters, conference, scoops etc

Black Bear Value Fund

Dear Partners and Friends,

  • The Fund returned -6.1%, net, in August.  YTD +0.2%, net.
  • The S&P 500 returned -1.6% in August.  YTD +18.3%.
  • The HFRI index returned +0.7% in July.  YTD +8.8%.

Some of our central themes (namely media) dramatically under-performed various indices.  As prices dropped, the risk/reward became favorable so I bought a lot more.  This means we are increasingly concentrated in some prior mentioned themes.  Short-term fear/gyrations are our friend despite the short term mark-to-market pain. Q3 letter will discuss more.  Your CIO (me) has added to our existing investment in Black Bear...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.