Black Bear Value Partners
Black Bear Value Fund
Mid-cap Value
Mar 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 13 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Black Bear Value Partners for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+4.1%index +12.7%
Index: S&P 500
| YTD | |
|---|---|
| Black Bear Value Fund | +4.1% |
| S&P 500 | +12.7% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →Also held
Its investment theses
- Builders FirstSourceSep 2026Builders FirstSource benefits from its shift toward value-added building products and services, which strengthens its position as U.S. housing demand eventually recovers.
- Core Natural ResourcesSep 2026Core Natural Resources benefits from constrained coal supply, durable energy demand, and valuable assets that could generate substantial long-term cash flow.
- PrairieSky RoyaltySep 2026PrairieSky Royalty uses a low-capital royalty model to generate high-margin income from Western Canadian oil and gas assets.
- TidewaterSep 2026Tidewater benefits from a constrained offshore vessel fleet and long-term offshore energy demand that support higher utilization and cash flow.
- Warrior Met CoalSep 2026Warrior Met Coal is transitioning Blue Creek into production, expanding its low-cost metallurgical coal base and cash-flow potential.
- 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.