Black Bear Value Fund August 2025 Update

Black Bear Value Fund’s performance update for the month ended August 31, 2025.

Dear Partners and Friends,

• Black Bear Value Fund returned +6.4%, net, in August, +6.6% QTD and -6.0% YTD.
• The HFRI Value Index returned +3.2% in August, +4.4% QTD and +12.1% YTD.
• The S&P 500 returned +2.0% in August, +4.3% QTD and +10.8% YTD.

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

Link to factsheet.

Thank you for your trust and support,

Adam

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