Group 1 - Black Bear Value Fund reported a return of +0.2% in December 2025, resulting in a total return of -12.6% for the year, while the S&P 500 returned +0.1% in December and +17.9% for 2025 [1] - The Fund has experienced a loss of 10-15% over the past two years in a rising market environment, indicating a divergence from the S&P 500 index [1] - The Fund is optimistic about its portfolio holdings, anticipating a significant rerating as they are at the end of a capital-investment cycle [1] Group 2 - Tidewater Inc. (NYSE:TDW) is highlighted as a key investment, providing offshore support vessels and marine services to the offshore energy industry [2][3] - Tidewater Inc. achieved a one-month return of 15.90% and an 18.82% increase over the last 52 weeks, with a stock price of $66.35 and a market capitalization of $3.289 billion as of February 6, 2026 [2] - The long-term outlook for international and offshore markets is strong, with expectations of a rebound in offshore capital commitments in the next 1-2 years despite a cloudier near-term outlook [3]