Black Bear Value Fund Up 13% In 2022

Black Bear Value Fund update for the month ended December 31, 2022. Q4 2022 hedge fund letters, conferences and more   Dear Partners and Friends, Black Bear Value Fund returned +1.8%, net, in December and +12.5% for 2022. The HFRI Value Index returned -0.9% in December and -8.1% for 2022. The S&P 500 returned -5.8% in December and is -18.1% for 2022. By most measures 2022 and 2021’s returns would be considered acceptable. They are also unusual and should not be expected in a year when the overall markets are down. It is important to remember that today’s returns are…