Black Bear Value Fund, an investment advisor, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In December, the Black Bear Value Fund returned +0.2%, bringing 2025 returns to -12.6%. The S&P 500 returned +0.1% in December and +17.9% in 2025. In a rising market environment, the Fund has lost 10-15% over the two years. The Fund does not aim to replicate the Index, so some performance variation is expected. Heading into 2026, the firm has several strong names in i ...

Group 1 - Black Bear Value Fund reported a return of -7.1% in September, -1.0% in the quarter, and -12.7% year-to-date, contrasting with the S&P 500's returns of +3.6% in September, +8.1% in the quarter, and +14.8% year-to-date [1] - Builders FirstSource, Inc. (NYSE:BLDR) experienced a one-month return of -11.61% and a 52-week loss of 32.44%, with a market capitalization of $14.32 billion as of October 8, 2025 [2] - The investment letter highlighted a structural shortage of housing in the USA, with higher mortgage rates limiting existing home supply as homeowners remain locked into low-rate mortgages [3] Group 2 - Builders FirstSource, Inc. (NYSE:BLDR) saw a 5% decrease in second-quarter sales, totaling $4.2 billion, while the number of hedge funds holding the stock increased from 58 to 74 [4] - Despite the potential of Builders FirstSource, certain AI stocks are considered to offer greater upside potential and less downside risk [4]