Black Bear Value Fund August 2023 Update

Black Bear Value Fund update for the month ended August 31, 2023.

Q2 2023 hedge fund letters, conferences and more

Dear Partners and Friends,

• Black Bear Value Fund returned +3.3%, net, in August and is +17.6%, net, YTD.
• The HFRI Value Index monthly returns were not available and is +9.5% YTD thru July.
• The S&P 500 returned -1.6% in August and is +18.7% YTD.

Please note returns could vary depending on your time of investment.

As you can see, our returns are in-line with the broader S&P 500 despite having a very large short position. While elevated markets make prospecting more challenging, we are fortunate that we can make select sizeable investments and do fine....