Black Bear Value Fund October 2022 Update

Black Bear Value Fund update for the month ended October 31, 2022. Q3 2022 hedge fund letters, conferences and more Dear Partners and Friends, Black Bear Value Fund (the “Fund”) returned +9.5%, net, in October and +10.3% for 2022. The HFRI returned +4.3% in October and -9.5% for 2022. The S&P 500 returned +8.1% in October and is -17.7% for 2022. While our partnership has outperformed throughout 2021 and 2022 we remain focused on looking forward. We are zeroed in on the fundamental prospects of our businesses and look to take advantage of the stock markets’ mood swings. We have…