Black Bear Value Partners LP Q3 2020 Letter

Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.

Black Bear Value Fund, LP returned -22.3%, net, YTD. The S&P 500 returned 5.6% YTD, while the HFRI index returned -2.5%.

We have added new investments in smaller-capitalization/under-followed domestic and foreign companies with excellent balance sheets. In addition, 2 of our top 5 positions are now in the energy space.

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