2 months ago
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Soumya Eswaran
Wed, April 15, 2026 astatine 9:47 AM CDT 4 min read
Black Bear Value Partners, an concern advisory firm, issued its first-quarter 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. The Black Bear Value Fund gained 1.9% successful March, bringing the year-to-date instrumentality to 13.2%. Meanwhile, the S&P 500 dropped -5.0% successful March and has a YTD instrumentality of -4.4%. So acold successful 2026, some agelong and abbreviated investments successful the Fund person been profitable. The portfolio includes companies with beardown maturation prospects and debased hazard of semipermanent superior loss. Long-term trends are expected to favour these businesses for years ahead. Although abbreviated positions are nether scrutiny for their fundamentals, suggesting further declines. Issues specified arsenic chronic underinvestment and caller developments successful Iran endanger the vigor and commodity sectors. Concerns astir the backstage recognition marketplace besides remain. Overall, the portfolio outlined however semipermanent concern ideas tin make important profits if successful. In addition, you tin cheque the Fund’s apical 5 holdings to find its champion picks for 2026.
In its first-quarter 2026 capitalist letter, Black Bear Value Fund highlighted Five Point Holdings, LLC (NYSE:FPH). Five Point Holdings, LLC (NYSE:FPH) is simply a starring existent property improvement institution that designs, develops, and owns mixed-use planned communities successful California, the United States. On April 14, 2026, Five Point Holdings, LLC (NYSE:FPH) closed astatine $5.00 per share. One-month instrumentality of Five Point Holdings, LLC (NYSE:FPH) was -0.40%, and its shares gained 3.31% implicit the past 52 weeks. Five Point Holdings, LLC (NYSE:FPH) has a marketplace capitalization of $546.12 million.
Black Bear Value Fund stated the pursuing regarding Five Point Holdings, LLC (NYSE:FPH) successful its Q1 2026 capitalist letter:
"Five Point Holdings, LLC (NYSE:FPH) is simply a existent property improvement institution focused connected creating large-scale, master-planned communities successful immoderate of the astir supply-constrained and high-demand markets successful California. They specialize successful transforming underutilized onshore into residential and mixed-use environments. Their flagship properties are successful Orange County, greater Los Angeles and San Francisco. This is simply a long-duration, asset-heavy concern that is driven by monetizing their onshore implicit time. Clearly this is rather delicate to the lodging situation successful California which has been plagued by underbuilding and costly/slow regulatory timelines. While alteration takes time, the deficiency of lodging proviso is becoming much of an contented each time and is present gaining much attraction astatine the authorities and section level.
Their astir meaningful currency generative plus is held successful a Joint Venture obscuring the cash-flow procreation of the business. Using blimpish assumptions, we cipher a NAV estimation that is up to 3x higher than today’s stock price. There are a wide scope of possibilities, and the timing is hard to predict. Like BLDR, the request for affordable lodging is extreme, particularly successful the metro communities of California. As the landowners, FPH stands to payment from immoderate affirmative displacement successful regulation/red tape. Our downside is good protected successful the meantime. I americium not providing overmuch fiscal item arsenic we person continued to accumulate banal fixed the caller weakness."
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