Black Bear Value Fund March 2023 Update

Black Bear Value Fund update for the month ended March 31, 2023. Q1 2023 hedge fund letters, conferences and more “Banking is a very good business if you don’t do anything dumb.” – Warren Buffett Dear Partners and Friends, Black Bear Value Fund returned +0.8%, net, in March and is +2.9%, net, YTD. The HFRI Value Index returned +1.2% in March and is +4.5% YTD. The S&P 500 returned +3.7% in March and is +7.5% YTD. Please note returns could vary depending on your time of investment. Our concentrated investments in energy have been a drag on our YTD performance. …