Black Bear Value Fund November 2020 Performance Update

Black Bear Value Fund’s performance update for the month ended November 30, 2020. Q3 2020 hedge fund letters, conferences and more Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned +12.6%, net, in November and -15.2% YTD. The HFRI index returned +10.1% in October and +8.1% YTD. The S&P 500 returned +11.0% in October and +14.0% YTD. As I comminicated earlier, the positive side to increased concentration is we own larger amounts of select great opportunities and if/when they are properly valued, we stand to profit in excess of the market while taking less risk. Even with…