TPL - Black Bear Value Partners LP Q2 2021 Letter

• Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.
• Black Bear Value Fund returned -1.5%, net, in June, +2.7% for the 2nd quarter and +28.5% YTD. The S&P 500 returned +2.3% in June, +8.3% for the 2nd quarter and is +15.2% YTD and the HFRI index returned +1.3% in June, +6.2% for the 2nd quarter and is +17.1% YTD.
• We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
• At current market valuations it seems likely that future returns in “the market” will be lowerover the next 5-10 years than the past 10 years. This is an opportunity for us as we are invested in specificcompanies that have better prospects than the market as a whole though are at cheaper prices.

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