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Black Bear Value Fund’s Q2 2025 Investor Letter

Black Bear Value Partners, an investment management firm, published its second-quarter 2025 investor letter. Black Bear Value Fund returned -3.0% in June and -10.5% in the quarter, and -11.7% YTD. The S&P 500 returned +5.1% June, +10.9% in the quarter, and +6.2% year-to-date. HFRI Value Index returned +3.1% in June, +7.7% in the quarter, and +7.1% year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Black Bear Value Fund’s Q2 2025 investor letter can be downloaded here.