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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 9, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, HCC, LXU, POU.TO | Buybacks, Coal, credit, cyclicals, energy, small cap, value | ARCH and Warrior are leading US producers of high-quality metallurgical coal used for steelmaking. Met coal demand is projected to climb for the next 25 years driven by economic development and urbanization in India and Southeast Asia. There has been severe lack of investment in met coal due to ESG concerns with investment peaking in 2014. | LXU |
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| 2023 Q1 | Nov 4, 2023 | Black Bear Value Partners | -6.7% | -1.4% | AAPL, ABG, BLDR, BRK-A, CVEO, POU.TO | Auto Dealers, Banking, energy, Homebuilders, Short Selling, value | Concentrated investments in energy have been a drag on YTD performance but the manager maintains conviction. The thesis is that insufficient energy resources have been developed to satisfy near and medium-term global needs. Paramount Resources joins Civeo in the top 5 holdings, with energy being a main investment theme. | POU.TO CVEO BLDR BRK.A ABG |
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| 2024 Q3 | Oct 8, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, CEIX, HCC, POU.TO | Coal, credit, energy, Hedging, Homebuilders, rates, value | Manager expects rates to remain higher than the post-GFC period, with 10Y treasury likely in 4-4.5% range versus current 3.8%. Maintains short positions in long-term interest rate instruments and credit, believing market is too optimistic about return to 2% rates. | POU.TO BLDR HCC CEIX ARCH |
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| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU.TO | Auto Dealers, Coal, credit, energy, Homebuilders, Long/Short, value | Manager has large investments across energy and commodity spaces, believing the world hasn't developed enough energy resources to satisfy near and medium-term needs. Positions include CONSOL Energy (coal export producer) and Paramount Resources (E&P with no debt and management owning 47%). | HCC POU.TO CEIX BLDR ABG |
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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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| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, BLDR, CEIX, POU.TO | Auto Dealers, Coal, concentrated, energy, Homebuilders, royalties, Short Selling, value | Auto dealerships operate a razor-razorblade model with over 50% of profits from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. While GPU margins will normalize, volume increases should offset some pressure as used car prices drop. | ALS.TO POU.TO CEIX BLDR ABG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Paramount Resources | Energy | Oil, Gas & Consumable Fuels | Bull | TSX | Canada, debt-free, energy, exploration and production, Free Cash Flow, Management alignment, oil and gas | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Paramount Resources Ltd | Energy | Oil & Gas Exploration & Production | Bull | TSX | Canada, debt-free, Energy Prices, Exploration & Production, Free Cash Flow, management ownership, Oil & Gas | View Pitch |
| Apr 27, 2026 | Fund Letters | Black Bear Value Partners | Paramount Resources | Energy | Oil & Gas Exploration & Production | Bull | TSX | Canada, cash position, China Reopening, debt-free, Energy Development, free cash flow yield, management ownership, Oil & Gas E&P | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | Paramount Resources | Energy | Oil & Gas Exploration & Production | Bull | TSX | balance sheet strength, Canada, defensive, energy, Exploration & Production, Free Cash Flow, Growth Reinvestment, Management alignment, net cash | 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. | ||||||||