Black Bear Value Fund letter for the third quarter ended September 30, 2023.
“If you think nobody cares if you’re alive, try missing a couple car payments.”- Earl Wilson
To My Partners and Friends:
- Black Bear Value Fund, LP (the “Fund”) returned +7.3% in September and is +26.4% YTD.
- The S&P 500 returned -4.8% in September and +13.1% YTD.
- The HFRI Index returned +8.8% YTD thru August (Sep numbers N/A).
- We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
Q3 2023 hedge fund letters, conferences and more

While our portfolio has been performing well, we must remember that returns can be lumpy, and...

