AWI - Black Bear Value Partners LP Q1 2021 Letter

• Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.
• Black Bear Value Fund returned +13.6%, net, in March and is +25.2% YTD. The S&P 500 returned +4.4% in March and is +6.2% YTD and The HFRI index returned +2.0% in March and is +10.1% YTD.
• March was our best performing month in the Fund’s history, but I want to caution you. Please do not extrapolate these unusual results.
• That said, our portfolio remains similar to the start of the year as we continue to see a lot of value in the businesses we own and extreme mispricing in the names we are short (this includes our credit short).

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