Black Bear Value Fund March 2024 Update: Long Altius

Dear Partners and Friends,

• Black Bear Value Fund, LP (the “Fund”) returned +3.4% in March and +4.6% YTD.
• The HFRI Index returned +2.9% in March and +4.6% YTD.
• The S&P 500 returned +3.2% in March and +10.6% YTD.

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

This is a fun time to be a fundamental investor. So many who practiced “traditional” value investing have left the business (some voluntarily and some involuntarily) as assets have flown to passive vehicles. At times I feel like I’m in a store having a clearance sale and yet there are only a couple other customers walking down the aisles.

We will continue owning durable businesses that can...