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] - The HFRI Value Index showed returns of +1.3% in September, +5.9% in the quarter, and +13.7% year-to-date [1] Group 2 - Tidewater Inc. (NYSE:TDW) experienced a one-month return of -11.73% and a 52-week loss of 21.45%, with its stock closing at $52.96 and a market capitalization of $2.621 billion on October 8, 2025 [2] - Tidewater Inc. operates one of the world's largest fleets of offshore support vessels, providing services to the energy industry, including transporting crew and supplies, towing and anchoring drillships, and supporting offshore construction projects [3] Group 3 - The long-term outlook for international and offshore markets is strong, although the near-term outlook is less certain due to a slowdown in current resource plays like the Permian [3] - Global demand for oil is expected to grow, leading to a rebound in offshore capital commitments in the next 1-2 years [3]