Black Bear Value Partners LP Q1 2019 Letter

Black Bear Value Partners is a value investment partnership founded and managed by Adam Schwartz. The fund is long-term oriented and looks for the stocks or bonds that are currently undervalued based on its estimates. Before launching Black Bear Value Partners, Mr. Schwartz was a Director and senior member of the investment team at Fir Tree Partners. He earned his B.S. and M.S. with a concentration in Accounting from Washington University (St. Louis). The fund recently released its Q1 2019 Investor Letter, a copy of which you can download below. Among other things in the letter, Black Bear Value Partners reported a return for the first quarter in 2019 of 0.1%.

To My Partners and Friends:

•Black Bear Value Fund, LP (the “Fund”) returned +0.1 % in the 1st quarter of 2019.

•The S&P 500 returned +13.7 % in the quarter.

•The HFRI index returned +6.5% in the quarter.

•We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.

Our credit shorts negatively impacted our performance in the first quarter as credit instruments rallied. In the year-end letter I advised caution in extrapolating our 2018 performance as this is a long-term game. The bond market decided to make my point for me and we’re breaking even thru Q1. Long-term investing takes timeand requires patience.

You can download a complete copy of Black Bear Value Partners’ Q1 2019 Letter here: