Black Bear Value Partners, managed by Adam Schwartz, recently released its Q2-2019 investor letter, a copy of which can be downloaded below. Adam Schwartz has significant buy-side investment experience that includes corporate credit, structured products, equities, and capital structure arbitrage. Adam also provided his services as Director and senior member at Fir Tree Partners in the investment team. Before that, he worked at LibertyView Capital Management as an Investment Analyst. In the letter, the fund reported quarterly return of +4.7% and 4.4% year-to-date return.
“To My Partners and Friends:
- Black Bear Value Fund, LP (the “Fund”) returned +4.7% in the 2nd quarter and 4.4% YTD.
- The S&P 500 returned +4.8% in the quarter and +18.5% YTD.
- The HFRI index returned +2.7% in the quarter and +8.8% YTD.
- We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
Each investors’ return will vary depending on the timing of the investment. I would caution those reading that our portfolio is shown at a point in time and can change for a variety of reasons.”
You can download a copy of Black Bear Value Partners LP Q2 2019 Letter here:
You can also see the list of our 2019 Q2 investor letters and download them on this page.