Black Bear Value Fund October 2024 Commentary

Black Bear Value Fund commentary for the month ended October 31, 2024.

Dear Partners and Friends,

• Black Bear Value Fund returned -1.2%, net, in October and is +4.2% YTD.
• The HFRI Value Index returned -1.4% in October and is +8.0% YTD.
• The S&P 500 returned -0.9% in October and is +21.0% YTD.

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

Hedge fund letters, conferences and more

As I recently shared our Q3 investment letter there is not much to update with respect to the portfolio. We meaningfully added to our credit short/interest-rate position as the long-term interest rate risks are underappreciated by the market. Lower short-term rates, increased fiscal spending and increasing needs to issue treasuries should raise the...