Black Bear Value Fund May 2023 Update

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

Q1 2023 hedge fund letters, conferences and more

Dear Partners and Friends,

• Black Bear Value Fund returned +4.4%, net, in May and is +9.2%, net, YTD.
• The HFRI Value Index returned -0.8% in May and is +2.2% YTD.
• The S&P 500 returned +0.4% in May and is +9.6% YTD.

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

It was great to see some of you in Omaha at the Berkshire Hathaway Annual Meeting and the BTIG Value Investor event. A big thanks to BTIG for hosting us and allowing...