<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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And it’s about to get worse. Even Sam Altman, the founder of OpenAI, issued a stark warning: “The future of AI depends on an energy breakthrough.” Elon Musk was even more blunt: “AI will run out of electricity by next year.” As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity. And that’s where the real opportunity lies… One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike. As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity. 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ARCH

黑熊价值合伙公司在 2025 年第二季度的投资者信中强调了核心自然资源公司（Core Natural Resources, Inc.，简称 CNR），该公司是由 Arch Resources 和 CONSOL Energy 合并而成。CNR 是一家主要的冶金煤和热煤生产商，报告了一个月的回报率为 3.95%，但在过去一年中损失了 28.27%。该公司通过回购和分红向投资者分配了 1.066 亿美元，强调了早期合并协同效应和强劲的现金流。尽管存在风险，黑熊认为人工智能股票可能提供比 CNR 更好的回报

核心自然资源（CNR）是否有望在未来实现上涨？