<div id="readability-page-1">Black Bear Value Partners, an investment management firm, published its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. Black Bear Value Fund returned -3.0% in June and -10.5% in the quarter, and -11.7% YTD. The S&amp;P 500 returned +5.1% June, +10.9% in the quarter, and +6.2% year-to-date. HFRI Value Index returned +3.1% in June, +7.7% in the quarter, and +7.1% year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2025. In its second quarter 2025 investor letter, Black Bear Value Partners highlighted stocks such as Core Natural Resources, Inc. (NYSE:CNR). Core Natural Resources, Inc. (NYSE:CNR) was formed by merging Arch Resources and CONSOL Energy in January 2025. Core Natural Resources, Inc. (NYSE:CNR) is a US-based company involved in the production, distribution, and export of metallurgical and thermal coals. The one-month return of Core Natural Resources, Inc. (NYSE:CNR) was 3.95%, and its shares lost 28.27% of their value over the last 52 weeks. On July 11, 2025, Core Natural Resources, Inc. (NYSE:CNR) stock closed at $75.60 per share with a market capitalization of $3.981 billion. Black Bear Value Partners stated the following regarding Core Natural Resources, Inc. (NYSE:CNR) in its second quarter 2025 investor letter: <blockquote> “Core Natural Resources, Inc. (NYSE:CNR) is the result of the merger between Consol and Arch Resources. As a combined entity they are one of the leading producers of metallurgical coal (steel) and thermal coal (energy). The Company is heavily dependent on exports so retaliatory tariffs would be damaging. At the same time, there has been a reduction in global capacity so many countries may not have much choice, especially if they need higher quality coal. Following its January 2025 merger of Arch Resources and Consol Energy, Core Natural Resources reported Q1 2025 revenue slightly outpacing revenue forecasts. The company allocated $106.6 million to investors via buybacks and dividends and bolstered financial flexibility by refinancing its revolving credit facility. Management emphasized early merger synergies, robust free cash flow, and prudent capital deployment through shareholder returns and site-led efficiencies…” (Click here to read the full text) </blockquote> <div id="attachment_1238359"><img src="https://imageproxy.pbkrs.com/https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/12/15113624/CNRD-insidermonkey-1702658181963-768x430.jpg/query-YXV0bz1mb3J0bWF0JmV4cGlyZXM9MTc4Mzk4NzIwMCZmaXQ9Y2xpcCZoZWlnaHQ9MjY5JndpZHRoPTQ4MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="830" height="465" original-src="https://imageproxy.pbkrs.com/https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/12/15113624/CNRD-insidermonkey-1702658181963-768x430.jpg/query-YXV0bz1mb3J0bWF0JmV4cGlyZXM9MTc4Mzk4NzIwMCZmaXQ9Y2xpcCZoZWlnaHQ9MjY5JndpZHRoPTQ4MA"/>A tugboat crew navigating a harbor, inching closer to a massive cargo ship.</div> Core Natural Resources, Inc. (NYSE:CNR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Core Natural Resources, Inc. (NYSE:CNR) at the end of the first quarter, which was 39 in the previous quarter. While we acknowledge the risk and potential of CNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CNR and that has 10,000% upside potential, check out our report about this cheapest AI stock. In another article, we covered Core Natural Resources, Inc. (NYSE:CNR) and shared billionaire David Einhorn’s stock picks with huge upside potential. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors. 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Black Bear Value Partners' Q2 2025 investor letter highlights Core Natural Resources, Inc. (CNR), formed from the merger of Arch Resources and CONSOL Energy. CNR, a major producer of metallurgical and thermal coal, reported a one-month return of 3.95% but has lost 28.27% over the past year. The company allocated $106.6 million to investors through buybacks and dividends, emphasizing early merger synergies and strong cash flow. Despite risks, Black Bear suggests AI stocks may offer better returns than CNR.

Is Core Natural Resources (CNR) Poised for a Future Upside?