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Black Bear Value Fund Aligns with the Long-Term Thesis for Builders FirstSource (BLDR)
The Black Bear Value Fund released its Q4 2025 investor letter, affirming its long-term thesis for Builders FirstSource (BLDR) despite a 28% decline in the stock during 2025 due to a weak housing market. The fund projects significant free cash flow for BLDR in 2025, translating to a 7-9% trailing yield, and believes the company’s shift to value-added services and the structural housing shortage in the U.S. will drive future growth. While acknowledging short-term fluctuations, Black Bear remains confident in BLDR’s potential for significantly higher cash flows as housing starts recover.