The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates.
As of Mar 31, 2026
Marcus Bogdan serves as co-founder and Chief Investment Officer of Blackmore Capital, bringing over 30 years of experience in portfolio management and Australian equity investment. His career commenced in 1990 as a research analyst at Merrill Lynch, followed by portfolio management roles at Herschel Asset Management, Citigroup, and Coopers Investors. Prior to co-founding Blackmore Capital in 2017, Marcus held senior positions including Chief Investment Officer at Canaccord Genuity Australia and Senior Vice President at Morgan Stanley. Miles Bellman serves as co-founder, Managing Director and Chief Operating Officer, focusing on delivering investment solutions to financial advisory firms, family offices and institutional investors, with extensive educational credentials in finance, economics, and business administration.
Blackmore Capital's investment philosophy centers on identifying high-quality businesses through comprehensive fundamental analysis. The core belief is that a high-quality business should display consistency of earnings, exhibit an ability to maintain returns, possess a strong balance sheet, have large potential market opportunity, adopt sound corporate governance and be available for purchase below estimated intrinsic value. Their investment process combines long periods of solitary research with an intensive company visitation program, aiming to generate long-term risk-adjusted returns by investing in companies that focus on producing high-quality earnings and operate in industries that exhibit favorable long-term growth prospects. The investment style blends both value and growth strategies within one portfolio, maintaining style-neutral portfolios based on bottom-up fundamental research focusing on quality of earnings and sustainability of balance sheet metrics.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Conviction is rated at 0.60, representing moderate conviction. While the manager lists several core holdings across Materials and Healthcare and discloses a 20% overweight in Materials, they do not provide specific individual position sizing or extreme concentration metrics.
Growth Outlook
The manager describes the market backdrop as 'finely balanced' at 0.50. Concerns over elevated valuations, persistent inflation, and slowing global growth are balanced by encouraging improvements in consensus earnings expectations, particularly in materials and industrials.
Risk Appetite
The manager maintains a balanced risk appetite scored at 0.50. While they are selectively adding to resources (like South32) and maintaining an overweight materials exposure, they are highly cautious of historical valuation extremes in sectors like financials.
Capital Deployment
Capital deployment is neutral at 0.50. The manager notes the recent addition of South32 to complement existing materials holdings, but there is no indication of significant overall changes in cash levels or aggressive portfolio restructuring.
Forward Guidance
Forward guidance is neutral at 0.50 as the manager is not indicating aggressive near-term capital deployment or massive liquidation. They are focused on maintaining resilience and waiting for market leadership to broaden as earnings growth recovers.
Language Signal
The language signal is balanced at 0.50. The letter contains a mix of constructive terms such as 'improving momentum', 'earnings recovery', and 'structural growth' alongside cautious warnings including 'valuation compression', 'elevated valuations', and 'persistent inflation'.
Perceived Risk
Perceived risk is scored at 0.65, reflecting elevated macro risks. The manager dedicates significant discussion to risks surrounding persistent inflation, delayed interest rate cuts, elevated equity valuations relative to historical averages, and slowing global growth.
Opportunity Density
Opportunity density is scored at 0.55. The manager sees a highly selective environment where broad index multiples are elevated, but specific opportunities are emerging from earnings inflections in Materials and structural trends in energy, utilities, and healthcare.
Time Horizon
Time horizon is scored at 0.70. The investment thesis heavily emphasizes 'long-duration structural themes' such as the energy transition, electrification, AI-driven infrastructure, and demographic shifts in healthcare, indicating a multi-year investment horizon.
Top Conviction Themes
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
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