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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 10, 2025 | Black Bear Value Partners | -10.5% | -11.7% | ABG, AN, BLDR, CNR, FLG, HCC | catalysts, Concentration, free cash flow, Shorts, turnaround, value | Auto dealerships generate strong free cash flow even in soft markets with over 50% of profits from parts and services. The businesses are priced as if there will be no growth despite scale advantages and consolidation runway with 90% of dealerships privately owned. | View | |
| 2025 Q1 | Apr 8, 2025 | Black Bear Value Partners | -1.3% | -1.3% | ABG, BLDR, CNR, FLG, HCC | Auto Dealers, Banking, Coal, Homebuilders, Opportunistic, tariffs, value, volatility | Tariffs will likely slow economic growth, decrease corporate confidence, increase prices and shake up supply chains. This creates opportunities for companies with pricing power, healthy capital structures, staying power, low cost advantages and capable management. The manager is repositioning the portfolio in anticipation of tariff announcements. | CNR |
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| 2026 Q1 | Apr 14, 2026 | Black Bear Value Partners | 13.2% | 13.2% | BLDR, FLG, FPH, PSK.TO, TDW | commodities, energy, Housing, Long/Short, private credit, Regional Banks, value | TDW PSK.TO FLG FPH BLDR TDW PSK.TO FPH |
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| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, PSK.TO, TDW | banks, Coal, energy, Housing, Shorts, turnaround, value | Structural shortage of housing in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. New homebuilders capturing increasing share of home sales as they can buy-down mortgages to lower rates. Significant underinvestment in metallurgical coal which is a needed input for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Minimal worldwide met coal resource development over the last 10 years could lead to tight supply when steel production improves. Significant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades, not years. Lack of global investment in energy development creates opportunities. Flagstar has exceptional management and board that are ahead of the game in turning their business around after balance sheet issues. Trading at significant discount to conservatively marked balance sheet compared to similar banks. While AI will have an impact on lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. Weak business fundamentals should become more apparent over time. The space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. | LXS GR HCC FLG PSK CN TDW BLDR |
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| 2025 Q3 | Oct 8, 2025 | Black Bear Value Partners | -1.0% | -12.7% | BLDR, FLG, HCC, LXS.DE, TDW | Banking, Chemicals, Coal, cyclicals, energy, Homebuilding, Shorts, value | Structural housing shortage in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. Homebuilders can buy-down mortgages to lower rates and accept healthy margins. Local governments beginning to loosen red tape for home construction which should help. | HCC TDW LXS FLG BLDR |
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| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU.TO | banks, Coal, Concentration, energy, Foreign, Housing, Long/Short, value | Met coal demand projected to climb for next 25 years driven by economic development in India and Southeast Asia. Severe underinvestment since 2014 due to ESG concerns while 60% of world's population lives in Asia where local sources are limited. | FLG ABG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Black Bear Value Partners | Flagstar Financial | Banks - Regional | Regional Banks | Bull | New York Stock Exchange | Balance sheet repair, Banking Crisis, Equity, Management Change, regional bank, tangible book value, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | Flagstar Financial | Financials | Regional Banks | Bull | NYSE | Balance sheet repair, Conservative Reserves, Equity, Joseph Otting, regional bank, Steven Mnuchin, tangible book value, turnaround | View Pitch |
| Feb 21, 2026 | Fund Letters | Adam Schwartz | Flagstar Financial | Financials | Regional Banks | Bull | New York Stock Exchange | Bank Turnaround, Management Quality, recapitalization, tangible book, valuation gap | View Pitch |
| Jan 24, 2026 | Fund Letters | Vic Cunningham | Flagstar Bank, N.A. | Financials | Regional Banks | Bull | New York Stock Exchange | banking, Bookvalue, Credit, restructuring, turnaround | View Pitch |
| Nov 29, 2025 | Fund Letters | Adam Schwartz | Flagstar Financial Corp. | Financials | Banks | Bull | NYSE | banking, Credit, management, recovery, regional banks, turnaround, valuation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Trapping Value | Flagstar Financial Inc. | Financials | Banks - Regional | Bear | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||