Black Bear Value Fund Q4 And FY18 Update

Black Bear Value Fund portfolio update for the fourth quarter and the full year ended December 31, 2018.

Dear Partners and Friends,

The Fund's year-end letter will be sent later this quarter. In the meantime, please see our 4th quarter and full year 2018 portfolio update. Included are additional portfolio details as of year-end. We had a good amount of fund inflows for January resulting in increased sizing of positions as of 12/31.


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