Black Bear Value Fund April 2020 Performance Update

Black Bear Value Fund performance update for the month ended April 30, 2020. Q1 2020 hedge fund letters, conferences and more Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +2.8%, net, in April and  -16.5% YTD. The HFRI index returned +7.1% in April and -7.8% YTD. The S&P 500 returned +12.8% in April and -9.3% YTD. The tear sheet includes our portfolio positioning as we exited April as well as our top 5 long equity positions exiting Q1.  Positions could have changed since then. We will continue to contribute 100% of our net management fees thru…