2024-01-31 05:50:00 ET
Summary
- Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.
- Black Bear Value Fund returned -1.1% in December and +17.7% in 2023.
- Black Bear completed a successful 2023, returning ~18%, net, with substantially less overall market risk given our large short position.
- Black Bear Fund has continued to grow both in assets and new Limited Partners ranging from high-net-worth to family offices.
"The big money is not in the buying and the selling but in the waiting." - Charlie Munger
To My Partners and Friends:
- Black Bear Value Fund, LP (the "Fund") returned -1.1% in December and +17.7% in 2023.
- The S&P 500 returned +4.5% in December and +26.3% in 2023.
- The HFRI Index returned +4.4% in December and +13.8% in 2023.
- We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
Note: Additional historical performance can be found on our tear-sheet.
Black Bear completed a successful 2023, returning ~18%, net, with substantially less overall market risk given our large short position. Our goal is to take sensible risk, protect capital and pursue appropriate risk-adjusted returns. We have a concentrated portfolio of our best ideas resulting in lumpy monthly numbers that are uncorrelated to broader markets. A fundamental methodology coupled with longer term capital gives us a distinct advantage....
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For further details see:
Black Bear Value Partners 2023 Year-End Letter