Black Bear Value Fund performance update for the month ended August 31, 2021.
Q2 2021 hedge fund letters, conferences and more
Dear Partners and Friends,
- Black Bear Value Fund, LP (the “Fund”) returned -1.4%, net, in August and is +27.9%, net, for the year.
- The HFRI returned +1.1% in August and is up 15.5% YTD.
- The S&P 500 returned +3.0% in August and is +21.6% for the year.
We are finding interesting smaller-capitalization/off-the-beaten track businesses to invest in despite the overall market continuing to climb higher. We remain very concentrated in our businesses and although they have not participated in the latest market rally, their business prospects remain intact. Lower prices...

