Black Bear Value Fund July 2023 Update

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

Q2 2023 hedge fund letters, conferences and more

Dear Partners and Friends,

• Black Bear Value Fund returned -0.2%, net, in July and is +13.8%, net, YTD.
• The HFRI Value Index returned +2.7% in July and is +9.5% YTD.
• The S&P 500 returned +3.2% in July and is +20.6% YTD.

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

Our short exposure was a large detractor for the Fund in July. I continue to find businesses/stock prices that live in 2 different worlds hence our fully-invested long position (businesses we own) and...