TPL - Black Bear Value Partners LP Q3 2021 Letter
- Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.
- The Fund returned -3.3%, net, in September, -3.7% for the 3rd quarter and +23.8% YTD. The S&P 500 returned -4.7% in September, +0.8% for the 3rd quarter and is +15.9% YTD.
- The HFRI index returned +0.2% in September, -0.3% for the 3rd quarter and is +15.7% YTD. We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
- The businesses we own are of a higher quality than the overall market and are both cheap in relative and absolute terms. The bonds and lower-quality companies we are short remain extremely expensive.
For further details see:
Black Bear Value Partners LP Q3 2021 Letter