Black Bear Value Fund’s Q1 2025 Investor Letter

Black Bear Value Partners, an investment management firm, published its first-quarter 2025 investor letter. Black Bear Value Fund returned +0.8% in March and -1.3% YTD and the S&P 500 returned -5.7% in March and -4.3% YTD. HFRI Value Index returned -2.0% in March and -0.5% YTD. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Black Bear Value Fund’s Q1 2025 investor letter can be downloaded here.