Black Bear Value Fund’s Q4 2025 Investor Letter

Black Bear Value Partners, an investment advisor, released its fourth-quarter 2025 investor letter. In December, the Black Bear Value Fund returned +0.2%, bringing 2025 returns to -12.6%. The S&P 500 returned +0.1% in December and +17.9% in 2025. In a rising market environment, the Fund has lost 10-15% over the two years. The Fund does not aim to replicate the Index, so some performance variation is expected. Heading into 2026, the firm has several strong names in its portfolio, even though the market is not receptive to them currently. The firm expects a significant rerating in these holdings as they are at the end of a capital-investment cycle. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Black Bear Value Fund’s Q4 2025 Investor Letter can be downloaded here.