October 10, 2025 - Black Bear Value Partners, an investment management firm, published its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Black Bear Value Fund returned -7.1% in September and -1.0% in the quarter, and -12.7% YTD. The S&P 500 returned +3.6% September, +8.1% in the quarter, and +14.8% year-to-date. HFRI Value Index returned +1.3% in September, +5.9% in the quarter, and +13.7% year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Black Bear Value Fund highlighted stocks such as Warrior Met Coal, Inc. (NYSE:HCC). Warrior Met Coal, Inc. (NYSE:HCC) produces and exports non-thermal metallurgical coal for the steel industry. The one-month return of Warrior Met Coal, Inc. (NYSE:HCC) was 10.58%, and its shares gained 6.64% of their value over the last 52 weeks. On October 8, 2025, Warrior Met Coal, Inc. (NYSE:HCC) stock closed at $64.89 per share, with a market capitalization of $3.411 billion.

Black Bear Value Fund stated the following regarding Warrior Met Coal, Inc. (NYSE:HCC) in its third quarter 2025 investor letter:

"Warrior Met Coal, Inc. (NYSE:HCC) is a leading metallurgical coal producer (coal used to steel production). Currently the bulk of HCC’s FCF is being invested in a capital project that will be concluding this year. Once the business winds down their investment period they will gush cash.