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Black Bear Value Partners

Dec 2024 → Sep 2026 · Publishes quarterly · 4 funds

Our archive holds 8 letters from Black Bear Value Partners, behind 36 investment theses and positions in 7 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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8
Letters
7
Companies
0
Moves
36
Theses

2 strategies

Black Bear Value Partners publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Black Bear value partners, Black Bear.

Companies held · 7

Every company Black Bear Value Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 36

  • Builders FirstSource
    September 2026

    Builders FirstSource benefits from its shift toward value-added building products and services, which strengthens its position as U.S. housing demand eventually recovers.

    Read the full thesis
  • Core Natural Resources
    September 2026

    Core Natural Resources benefits from constrained coal supply, durable energy demand, and valuable assets that could generate substantial long-term cash flow.

    Read the full thesis
  • PrairieSky Royalty
    September 2026

    PrairieSky Royalty uses a low-capital royalty model to generate high-margin income from Western Canadian oil and gas assets.

    Read the full thesis
  • Tidewater
    September 2026

    Tidewater benefits from a constrained offshore vessel fleet and long-term offshore energy demand that support higher utilization and cash flow.

    Read the full thesis
  • Warrior Met Coal
    September 2026

    Warrior Met Coal is transitioning Blue Creek into production, expanding its low-cost metallurgical coal base and cash-flow potential.

    Read the full thesis
  • Builders FirstSource
    June 2026

    Builders FirstSource is a building materials supplier for residential construction with improved margins, stronger capital returns, and attractive long-term cash flow potential from a structurally underbuilt U.S. housing market.

    Read the full thesis
  • Core Natural Resources
    June 2026

    Core Natural Resources is a leading coal producer with long-lived assets and undervalued cash generation, supported by constrained supply and long-term demand growth for thermal and metallurgical coal.

    Read the full thesis
  • Tidewater
    June 2026

    Tidewater is the largest offshore support vessel operator, benefiting from constrained vessel supply and recovering offshore energy demand that could drive higher utilization and cash flow.

    Read the full thesis
  • Warrior Met Coal
    June 2026

    Warrior Met Coal is a low-cost metallurgical coal producer with completed expansion projects, strong free cash flow potential, and additional embedded growth optionality.

    Read the full thesis
  • PrairieSky Royalty
    June 2026

    PrairieSky Royalty owns a large Canadian royalty portfolio that generates asset-light, high-margin cash flows with disciplined capital allocation and long-duration optionality on energy prices.

    Read the full thesis
  • Builders FirstSource
    March 2026

    Builders FirstSource is a residential building materials supplier with strong free cash flow, a growing value-add mix, and long-term housing shortage tailwinds.

    Read the full thesis
  • PrairieSky Royalty
    March 2026

    PrairieSky Royalty is a capital-light royalty business with high-margin cash flows, strong management, and long-term energy scarcity upside.

    Read the full thesis

Letter archive · 8

2026

2025

2024

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