Black Bear Value Fund January 2021 Update

Black Bear Value Fund performance update for the month ended January 31, 2021. Q4 2020 hedge fund letters, conferences and more Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +1.1%, net, in January. The HFRI returned +0.7% in January. The S&P 500 returned -1.0% in January. Statements should be arriving by the end of the day today.  Our audit was completed and financial statements were sent to all investors. We are finding interesting and below-the-radar opportunities both domestically and internationally. Our investments are both safe (healthy balance sheets/lack of leverage) and cheap. Our prospects seem encouraging….