Black Bear Value Fund portfolio update for the fourth quarter and the full year ended December 31, 2018. Dear Partners and Friends, The Fund’s year-end letter will be sent later this quarter. In the meantime, please see our 4th quarter and full year 2018 portfolio update. Included are additional portfolio details as of year-end. We had a good amount of fund inflows for January resulting in increased sizing of positions as of 12/31. Q3 hedge fund letters, conference, scoops etc The Black Bear Value Fund returned approximately -3.2% net in the 4th quarter bringing the 2018 net return to…
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