Black Bear Value Partners
Black Bear Value Fund
Mid-cap Value
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Black Bear Value Partners for every strategy.
Also held
Its investment theses
- Builders FirstSourceJun 2026Builders 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.
- Core Natural ResourcesJun 2026Core 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.
- TidewaterJun 2026Tidewater 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.
- Warrior Met CoalJun 2026Warrior Met Coal is a low-cost metallurgical coal producer with completed expansion projects, strong free cash flow potential, and additional embedded growth optionality.
- PrairieSky RoyaltyJun 2026PrairieSky 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.
- Builders FirstSourceMar 2026Builders FirstSource is a residential building materials supplier with strong free cash flow, a growing value-add mix, and long-term housing shortage tailwinds.
- PrairieSky RoyaltyMar 2026PrairieSky Royalty is a capital-light royalty business with high-margin cash flows, strong management, and long-term energy scarcity upside.
- TidewaterMar 2026Tidewater is an offshore support vessel operator with scarce fleet supply, improving utilization, and strong long-term pricing and cash flow potential.