Black Bear Value Fund May 2022 Update

Black Bear Value Fund update for the month ended May 31, 2022. Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +0.2%, net, in May and +4.3% for 2022. The HFRI returned +0.5% in May and -5.1% for 2022. The S&P 500 returned +0.2% in May and is -12.8% for 2022. While our portfolio has modest total gains in 2022, several of our businesses (especially homebuilding) have seen their stock prices drop meaningfully as sentiment gets more negative by the day.  Our investment horizon is longer than most which provides for very asymmetric opportunities.  I don’t know what…