Black Bear Value Partners 1Q20 Commentary

Black Bear Value Partners LP commentary for the first quarter ended March 31, 2020. Q4 2019 hedge fund letters, conferences and more “You must put your head into the lion’s mouth if the performance is to be a success.” – Winston Churchill To My Partners and Friends: Black Bear Value Fund, LP (the “Fund”) returned ~ -3.8% net in March and ~ -18.8% YTD. The S&P 500 returned -12.4% in March and -19.6% YTD. 100% of our 1st Half 2020 net management fees will be donated to COVID-relief efforts. We do not seek to mimic the returns of the S&P…