Black Bear Value Fund February 2020 Commentary

Black Bear Value Fund commentary for the month ended February 29, 2020, discussing benefit their credit shorts will get from an economic reckoning. Q4 2019 hedge fund letters, conferences and more The Fund returned -9.4%, net, in February and -15.5% YTD. The S&P 500 returned -8.2% in February and -8.3% YTD. The HFRI index returned -3.6% in February and -3.9% YTD. These results were a touch better than I had estimated when I sent the update earlier this month. Below is the update I shared last week. A number of new LP’s are joining the partnership for April 1st and…