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...
