Black Bear Value Fund July 2022 Update

Black Bear Value Fund update for the month ended July 31, 2022. Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +8.8%, net, in July and +5.8% for 2022. The HFRI returned +3.5% in July and -7.6% for 2022. The S&P 500 returned +9.2% in July and is -12.6% for 2022. Q2 2022 hedge fund letters, conferences and more Thru July, our short equity and credit investments have helped our portfolio.  Recall, our month to month PNL can vacillate given our heavy concentration.  Before we pat each other on the back it is worth noting that the…