Black Bear Value Fund’s Q2 2026 Investor Letter

Black Bear Value Partners, an investment advisory firm, issued its second-quarter 2026 investor letter. The Black Bear Value Fund lost -3.6% in March, bringing the year-to-date return to +1.5%. Meanwhile, the S&P 500 dropped -1.0% in June and has a YTD return of +10.2%. The HFRI Index returned +0.5% in June and +7.1% YTD. The fund is optimistic about its long-term prospects despite the current performance-value gap. It maintains a defensive stance, investing in quality businesses at reasonable prices. Its short book targets businesses with weak fundamentals. Portfolio businesses are...