Value Investing

Black Bear Value Fund July 2018 Commentary

Black Bear Value Fund commentary for the month ended July 31, 2018.

The Fund returned approximately +0.9% net in July bringing the 2018 net return to +3.7%. The S&P 500 returned +3.7% in July bringing the 2018 net return to +6.2%.

I provide the S&P 500 as a benchmark though it’s arguable how relevant it is. The combination of our portfolio not mimicking the S&P 500, a large short credit position and cash will lead to differing returns from the S&P 500.

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Black Bear Value Fund Strategy

Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership. The Investment Manager seeks to preserve capital and achieve long term capital appreciation with sensible risk by focusing on the margin of safety of an investment. We view risk as the probability of permanent loss of capital, not the temporary swings in a security’s market price. We actively seek undervalued and concentrated investments in the stock and bond markets that can be purchased at discounts to their intrinsic value/recovery value. We employ a tax efficient approach given our long-term investment horizon.

Portfolio Manager

The Fund is managed by Adam Schwartz who has 15 years of buy-side investment experience in a variety of themes including equities, structured products, corporate credit and capital structure arbitrage. Prior to founding the Investment Manager, Adam served as a Director and senior member of the investment team at Fir Tree Partners, a $13BB peak-AUM multi-strategy investment manager (2007-2015). Prior to joining Fir Tree, Adam was an Investment Analyst at LibertyView Capital Management, a multi-strategy investment fund within Lehman Brothers, as well as at Kore Advisors, an investment fund seeded by Paloma Partners. Adam received his BS and MS with a concentration in Accounting from Washington University in St. Louis in 2001/2002.

Black Bear Value Fund Commentary

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