Black Bear Value Fund November 2024 Commentary

Black Bear Value Fund commentary for the month ended November 30, 2024.

Dear Partners and Friends,

• Black Bear Value Fund returned +4.5%, net, in November and is +8.9% YTD.
• The HFRI Value Index returned +4.2% in November and is +13.3% YTD.
• The S&P 500 returned +5.9% in November and is +28.1% YTD.

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

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While our performance has lagged the S&P 500 in the current calendar year, we have outperformed over the last 3 years while taking substantially less risk (30-50% less) both due to our short book and our cheap portfolio. Our portfolio bears no resemblance to the S&P 500 with ~30% of our portfolio ex-U.S. Our...