Black Bear Value Fund update for the month ended February 28, 2023.
Q4 2022 hedge fund letters, conferences and more

Dear Partners and Friends,
- Black Bear Value Fund returned +1.1%, net, in February and is +2.0%, net, YTD.
- The HFRI Value Index returned -0.7% in February and is +3.9% YTD.
- The S&P 500 returned -2.5% in February and is +3.7% YTD.
Please note returns could vary depending on your time of investment. Our 2022 audit was recently completed and you should have received a link to our financial statements.
Zoey will be accompanying me to Omaha this year for the Berkshire annual meeting. If you...

