| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 1.62% | 1.62% |
Blue Tower Global Value gained 1.62% net in Q1 2026 amid the Persian Gulf conflict, which the manager views as creating the largest commodity supply disruption in history. The closure of the Strait of Hormuz has removed 20% of global oil supplies and 20% of LNG flows, with Qatar's LNG capacity reduced by 17% for three to five years due to infrastructure damage. The manager believes markets are underestimating both the breadth and duration of disruptions, suffering from normalcy bias. Beyond oil and gas, the crisis affects fertilizers, polymers, helium, sulfur, and aluminum supplies. Iran's horizontal escalation strategy and proxy network suggest a drawn-out conflict rather than quick resolution. The portfolio was repositioned by selling companies exposed to input cost increases including Air Canada, Core Molding Technology, and TFI International, while adding Petrobras and SM Energy as the fund's first oil and gas exploration investments. The crisis will likely accelerate the energy transition as countries seek domestic energy sources not subject to geopolitical chokepoints.
The Persian Gulf conflict has created the largest commodity supply disruption in history, affecting oil, LNG, fertilizers, and critical materials, with infrastructure damage requiring years to repair regardless of when peace arrives, while markets are underestimating both the breadth and duration of these disruptions.
The manager expects commodity disruptions to persist longer than market consensus believes, with infrastructure repairs taking years rather than months. The conflict's episodic nature and Iran's horizontal escalation strategy suggest a drawn-out confrontation rather than quick resolution. However, the crisis will likely accelerate energy transition and infrastructure expansion in new geographies.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 11 2026 | 2026 Q1 | ACDVF, CGEO.L, CMT, PBR, SM, TFII | commodities, energy, Fertilizers, Geopolitical, Iran, LNG, oil, Supply Chain |
PBR SM PBR |
Blue Tower repositioned for the Persian Gulf crisis by selling input-cost-sensitive names and adding oil producers Petrobras and SM Energy. The manager sees markets underestimating the duration of commodity disruptions, with infrastructure damage requiring years to repair. The Strait of Hormuz closure affects 20% of global oil and LNG supplies, creating historic supply shock. |
| Jan 12 2026 | 2025 Q4 | 4028.T, BELFB, CGEO.L, ENVA, WCC | AI, Banking, Buybacks, Fintech, growth, international, productivity, value |
ENVA CGEO LN |
Blue Tower delivered 53% returns in 2025 through global value investing, led by fintech Enova's transformative bank acquisition and Georgian conglomerate Georgia Capital's exceptional growth. The manager sees favorable conditions ahead as extreme valuation spreads between cheap and expensive stocks create tailwinds for their value approach, while AI productivity gains accelerate economic benefits. |
| Oct 25 2025 | 2025 Q3 | CGEO.L | Deficit, Dollar, global, gold, international, value, volatility |
CGEO LN CGEO LN |
Blue Tower delivered strong Q3 returns of 6.02% with Georgia Capital leading performance. The manager positions for structural de-dollarization and international outperformance as US markets trade at bubble-level valuations while international stocks remain cheap. Expects volatility from AI and technological changes to create active management opportunities despite potential shorter-term underperformance. |
| Jul 29 2025 | 2025 Q2 | CGEO.L, TBCG.L | Banking, emerging markets, Fintech, frontier markets, Georgia, Uzbekistan, value | TBCG.L | Blue Tower's 17.66% Q2 return was driven by Georgian investments, particularly TBC Bank Group. TBC combines emerging market growth with developed market governance, dominating Georgian banking while rapidly expanding in liberalizing Uzbekistan. Despite 26.4% average ROE and serving half of Uzbekistan's population in under five years, it trades at only 7.47x earnings, representing compelling frontier market value. |
| Apr 30 2025 | 2025 Q1 | - | global, Onshoring, Russia, small caps, tariffs, Trade Policy, value | - | Blue Tower delivered 8.49% Q1 returns despite market declines, benefiting from Russian holdings and Georgian positions. Trump's 28% average tariffs are permanently reshaping global trade, favoring small-cap domestic companies over vulnerable multinationals. With US markets priced for perfection at 95th percentile valuations, the fund's small-cap global value approach appears well-positioned for trade war disruptions and reshoring trends. |
| Jan 25 2025 | 2024 Q4 | ARM, ENVA, MSFT, NVDA, ORCL, WCC | AI, global, infrastructure, Russia, Sanctions, technology, Ukraine, value | - | Blue Tower delivered 22.27% returns in 2024 through global value investing, benefiting from post-election financial rallies and AI infrastructure themes. The strategy positions for AI transformation over 20 years while anticipating Russia-Ukraine war resolution that could unfreeze sanctioned investments and benefit regional holdings including Georgian exposure. |
| Oct 12 2024 | 2024 Q3 | ARW, AVT, ENVA, GWW, RXL.PA, WCC | Buybacks, Distribution, Energy Transition, Rate Cuts, small caps, value | WCC | Small cap value fund returned 8.80% in Q3, led by Enova. Fed rate cuts benefit floating-rate debt heavy small caps. Wesco International offers indirect exposure to energy transition and AI infrastructure boom through electrical distribution at reasonable valuations. Company executing major buybacks while benefiting from reshoring trends and operational leverage from recent acquisition integration. |
| Jul 13 2022 | 2024 Q2 | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | CGEO.L | Blue Tower's global value strategy lost 5.89% in Q2 due to small-cap weakness and Georgian political turmoil affecting largest holding Georgia Capital. Russian investments remain sanctioned. Manager made portfolio adjustments, exiting healthcare names and adding four new positions. Early Q3 recovery following Fed inflation data suggests value stocks may be turning. Portfolio positioned for long-term success at attractive valuations. |
| Apr 28 2024 | 2024 Q1 | BERY, META, SCHW | Banking, Behavioral Finance, Meta, Plastics, Psychology, value |
SCHW BERY |
Blue Tower returned 13.78% in Q1 2024 by applying behavioral finance principles to find undervalued companies. The fund targets ugly duckling stocks like Charles Schwab where markets overreact to risks, and boring companies like Berry Global that trade cheaply despite stable fundamentals. Meta contributed from AI sentiment while maintaining value characteristics. |
| Jan 20 2024 | 2023 Q4 | AAPL, EBIX, EZPW, GCAP.L, MASI, SBRCY | global, Retrospective, Russia, Sanctions, value |
CNR SBER.ME CGEO.L EZPW EBIX |
Blue Tower delivered 32.44% net returns in 2023, marking 10 years of 15.0% annualized outperformance through global value investing. Russian sanctions freeze key positions while Georgia Capital trades at deep NAV discounts. Manager expects continued opportunities from geopolitical volatility and technological disruption, maintaining concentrated positions in undervalued companies across frontier and developed markets. |
| Oct 21 2023 | 2023 Q3 | ENVA | AI, Data centers, innovation, productivity, semiconductors, technology, value | ENVA | Blue Tower outperformed in Q3 despite market selloffs from rising yields. The extensive AI analysis reveals the manager's skeptical view of AI for investment decisions while embracing it for productivity. The core thesis combines human judgment with technology tools, positioning in companies with unique datasets like Enova International while avoiding pure AI-directed strategies. |
| Jul 22 2023 | 2023 Q2 | ENVA, META, SBER.ME, TCS.ME | Corporate Governance, Japan, Russia, Sanctions, small caps, TSE Reforms, value | - | Blue Tower returned 7.08% in Q2 driven by Meta and Enova strength. Manager bullish on Japanese small-cap value stocks benefiting from Tokyo Stock Exchange reforms targeting companies trading below book value. New disclosure requirements and tradable share minimums expected to drive improved capital allocation and potential acquisitions. Russian holdings remain frozen but saw local currency gains offset by ruble weakness. |
| Apr 15 2023 | 2023 Q1 | DHI, LEN, SCHW | Banking, Crisis, Homebuilders, rates, Russia, value | SCHW | Blue Tower returned 14.10% in Q1 2023, exiting homebuilders ahead of recession concerns and buying Charles Schwab during the banking crisis. The manager sees Schwab as a high-quality business trading cheaply at 11.3x forward earnings, planning to add on weakness while Russian holdings remain sanctioned but performing. |
| Jan 20 2023 | 2022 Q4 | - | - | - | |
| Aug 10 2022 | 2022 Q3 | ENVA | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilThe closure of the Strait of Hormuz has removed close to 20% of global oil supplies from the market, with 80% of affected supplies normally shipped to Asia. Oil importers unable to access Persian Gulf oil have turned to alternative suppliers, putting upward pressure on global oil prices. The manager believes this disruption will persist longer than consensus expects. |
Crude Oil Energy Security Supply Disruption Persian Gulf Strait of Hormuz |
LNGRoughly 20% of global LNG flows through the Strait of Hormuz, mostly from Qatar. QatarEnergy halted output following Iranian drone attacks, and unlike oil, LNG is more difficult to redirect with more geographically concentrated production. Two of Qatar's 14 LNG trains were damaged, sidelining 12.8 million tons per year for three to five years. |
Liquified Natural Gas Qatar Energy Infrastructure Supply Chain Gas Prices | |
FertilizersRoughly one-third of global fertilizer trade transits the Strait of Hormuz, including large nitrogen exports. New Orleans fertilizer hub urea prices have risen from $475 to $680 per metric ton. With disruption occurring during spring planting season for Midwest soy and corn, downstream food price risks are acute. |
Urea Nitrogen Agricultural Inputs Food Security Crop Production | |
Energy TransitionThe crisis will likely accelerate growth in solar and wind power as domestic energy sources not subject to geopolitical maritime chokepoint risks. Renewables now make up 49.4% of world energy capacity, with over 90% of new renewable projects cheaper than fossil fuel alternatives. High commodity prices will push infrastructure expansion in new geographies. |
Solar Wind Renewable Energy Energy Security Grid Storage | |
Exploration & ProductionThe manager added Petrobras and SM Energy to the portfolio, marking the first time Blue Tower has invested in oil and gas exploration and production stocks. Despite typically avoiding commodity stocks due to preference for companies with strong barriers to entry and lower maintenance capex, current prices and idiosyncratic company strengths make these attractive opportunities. |
Oil Production Gas Production Commodity Exposure Energy Companies Portfolio Positioning | |
| 2025 Q4 |
AIManager believes AI innovation is real and already having measurable productivity impacts. Uses AI tools for research and cites Federal Reserve study showing 1.1% aggregate productivity gains from generative AI usage. |
Artificial Intelligence Productivity Innovation Tools |
ValueManager notes the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a tailwind for their value investment style after years of underperformance. |
Value Investing Valuations Spreads International | |
BuybacksEnova continued aggressive share buybacks, reducing share count by more than 5% over 12 months and by over 32% since Q3 2021. Georgia Capital also pursued aggressive share repurchases as part of their excellent 2025 performance. |
Share Repurchases Capital Allocation Share Count | |
| 2025 Q3 |
DollarThe manager discusses weakening USD appeal as global reserve asset due to sanctions, tariffs, and large federal deficit. USD reserves as percentage of global reserves have declined to mid-1990s levels while gold increases as reserve asset. |
De-dollarization Reserve Currency Gold Trade Settlement Sanctions |
GoldGold is increasingly used as neutral settlement medium for trade imbalances and reserve asset diversification. Gold price has risen 55% in 2025, with emerging markets doubling their gold reserves share from 4% to 9% over the past decade. |
Reserve Asset Trade Settlement De-dollarization Central Banks Price Appreciation | |
ValueUS stocks trade at extremely high multiples near dot-com bubble peaks, while international stocks remain significantly cheaper even when controlling for sector composition. The manager advocates for global value investing at bargain valuations. |
Valuation Multiple Expansion International Bargain Outperformance | |
VolatilityPolitical, economic, and technological changes including AI investments will create heightened market volatility. This volatility creates dislocations and opportunities for active managers but may cause shorter-term underperformance. |
AI Dislocations Active Management Drawdowns Opportunities | |
| 2025 Q2 |
Frontier MarketsBlue Tower is capitalizing on the reversal of the pullback from frontier market investments that began in 2018. The firm sees attractive opportunities in frontier markets like Georgia and Uzbekistan, where they can access emerging market growth prospects with developed market corporate governance standards. |
Georgia Uzbekistan Emerging Valuation Growth |
FintechTBC Bank Group represents a digital banking transformation story, successfully reducing physical branches while growing customers and deposits through their digital super-app strategy. The company's fintech approach includes 10 different online platforms and has enabled rapid customer acquisition in Uzbekistan. |
Digital Banking Payments Mobile Technology | |
| 2025 Q1 |
Trade PolicyThe Trump administration announced Liberation Day tariffs with emergency declaration under Executive Order 14257, creating systemic risks that will permanently change global trade patterns. Current average effective tariff rate estimated at 28%, highest since 1901, though may be negotiating tactic to settle at lower levels. |
Tariffs Trade War Reshoring Supply Chain Protectionism |
OnshoringSmall-cap US companies positioned to benefit from production reshoring to US, with 77% of small-cap revenue domestic and more resilient domestic supply chains. Just-in-time inventory giving way to just-in-case strategies after Covid supply disruptions revealed vulnerabilities. |
Domestic Production Supply Chain Manufacturing Resilience | |
Small CapsSmall-cap US stocks underperformed but positioned for trade war resilience due to domestic revenue focus and supply chains. Russell 2000 fell faster than S&P 500 but small-caps less dependent on foreign trade than large multinational mega-caps. |
Russell 2000 Domestic Revenue Trade War Outperformance | |
RussiaRussian holdings currently segregated in OFAC escrow accounts contributed to strong Q1 performance. Russian ruble rallied 36.7% against USD in Q1 on market hopes that Russia-Ukraine war will end later this year. |
Ruble OFAC Ukraine War Sanctions | |
| 2024 Q4 |
AIAI continues as the most important technology theme in 2025, with DeepSeek's breakthrough demonstrating superior reasoning capabilities using reinforcement learning at a fraction of US training costs. The $500 billion Stargate Project will build massive AI infrastructure across the US. AI will transform the entire economy over 20 years, with the biggest beneficiaries potentially being companies with proprietary data or deployment capabilities rather than AI technology suppliers. |
DeepSeek Stargate Infrastructure Data Centers Reinforcement Learning |
SanctionsThe Russia-Ukraine war appears moving toward conclusion due to Ukrainian equipment shortages and Russian economic strain from 21% interest rates failing to control 9.52% inflation. Prediction markets give 28% chance of armistice by April 2025 and 64% chance by year-end. A ceasefire would likely reduce sanctions, potentially unfreezing Russian securities in OFAC escrow and benefiting regional stocks including Georgian investments. |
Russia Ukraine OFAC Georgia Ceasefire | |
| 2024 Q3 |
Energy TransitionElectric vehicle adoption, solar energy expansion, and data center growth are driving huge secular demand for electrical equipment distribution. These trends create new opportunities in charging infrastructure, photovoltaic components, and power infrastructure while benefiting distributors through operational leverage. |
Electric Vehicles Solar Data Centers Infrastructure Components |
AIAI workloads require significantly more energy than traditional computing tasks, serving as an accelerant to data center power consumption growth. Goldman Sachs projects 160% increase in data center power consumption by 2030, creating opportunities for power infrastructure providers. |
Data Centers Power Infrastructure Computing Energy | |
OnshoringDue to supply chain disruptions starting in 2020, many corporations are resourcing parts of their supply chain from North America. This reshoring trend acts as a tailwind for North American distributors like Wesco. |
Supply Chain North America Manufacturing Distribution Reshoring | |
BuybacksWesco is deploying significant capital on share repurchases, purchasing $350 million in Q1-Q2 2024 and retiring over 4% of outstanding shares. This is part of a $1 billion share repurchase program announced in 2022. |
Share Repurchase Capital Allocation Shareholder Returns Stock Buybacks | |
RatesThe Federal Reserve's 50bp rate cut in September benefits the portfolio as small cap companies typically hold floating rate debt. Rate cuts spur economic growth and small caps historically outperform following rate cuts, providing portfolio tailwinds. |
Interest Rates Federal Reserve Small Caps Economic Growth Monetary Policy | |
| 2024 Q2 |
SanctionsRussian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. |
Russia OFAC Sanctions Expropriation |
ValuePortfolio contains great businesses with strong fundamentals trading at bargain prices. Georgia Capital trading at 3x normalized operating cash flow and 41% of NAV represents biggest bargain in portfolio. |
Bargain Fundamentals NAV Undervalued | |
AIAI euphoria has gripped tech stocks, driving extreme concentration in mega-cap names. While AI will create economic value over 10 years, emotions may have overtaken fundamentals and index may pull back. |
Euphoria Technology Concentration Fundamentals | |
Small CapsSmall-cap and value stocks had flat performance year-to-date through Q2 but improved in first two weeks of Q3 following Fed inflation reports and improved investor sentiment. |
Performance Recovery Sentiment Fed | |
| 2024 Q1 |
ValueBlue Tower focuses on undervalued companies that trade below fundamental value. The manager discusses ugly duckling companies with low-probability, high-magnitude risks that create opportunities when markets overreact. Examples include Charles Schwab trading at discounts due to unrealized losses fears and Berry Global as a boring, stable company trading cheaply. |
Undervalued Discount Fundamental Cheap Mispriced |
AIMeta Platforms benefited from the AI boom which has improved sentiment toward major tech giants. The AI theme contributed to strong performance in the quarter as markets recognized the value creation potential in artificial intelligence technologies. |
Artificial Intelligence Tech Giants Sentiment Boom | |
| 2023 Q4 |
SanctionsTCS Group came under blocking sanctions from the US in the 2nd half of 2023 when it was added to the SDN list. The fund will likely be unable to exit any Russian investments until there is a bilateral ceasefire in Ukraine and a mutual easing of sanctions. Sanctions have frozen Russian investments, leading to high levels of dispersion among accounts in the composite. |
Russia Ukraine Geopolitical |
ValueThe strategy focuses on undervalued companies trading at deep discounts. Examples include Georgia Capital trading at a deep discount to net asset value, Cornerstone Building Brands undervalued due to one-time expenses and high debt levels, and Sberbank's extremely cheap valuation with high returns on equity. |
Undervalued Discount NAV Cheap | |
| 2023 Q3 |
AIThe letter extensively discusses the generative AI boom of 2023, driven by transformer models like GPT-4. While AI has revolutionized training speeds and capabilities, the manager believes the best current applications are for productivity enhancement rather than investment decision-making, as AI-focused investment funds have historically underperformed. |
Transformers GPT Neural Networks Machine Learning Productivity |
| 2023 Q2 |
JapanTokyo Stock Exchange reforms targeting companies trading below book value through new disclosure requirements and tradable share minimums. These changes will pressure Japanese management teams toward better capital allocation and shareholder-friendly behavior, particularly benefiting small-cap value stocks through potential acquisitions and improved governance. |
Corporate Governance Value Small Caps Buybacks M&A |
ValueFocus on Japanese small-cap value stocks trading below book value that will benefit from TSE reforms. Manager expects these undervalued positions to be rewarded through improved capital allocation, potential acquisitions, and better disclosure practices targeting foreign investors. |
Small Caps Japan Corporate Governance Buybacks | |
RussiaRussian investments remain frozen due to sanctions preventing buying or selling. Holdings in Sberbank and TCS Group saw price increases in Q2 but were undermined by ruble weakness against the dollar. No significant changes in status during the quarter. |
Sanctions Emerging Markets | |
| 2023 Q1 |
Credit StressThe 2023 banking crisis created opportunities as banks face liquidity pressures from inverted yield curves and unrealized losses on held-to-maturity securities. The Federal Reserve's Bank Term Funding Program helps banks avoid forced liquidations of underwater securities. |
Banking Liquidity HTM BTFP Yield Curve |
HomebuildersRising interest rates caused contract cancellations to explode and construction backlogs to shrink significantly. Lennar saw a 33% decrease in construction backlog and 18% decline in new orders, with cancellation rates doubling to 21%. |
Construction Rates Cancellations Backlog | |
SanctionsRussian investments remain frozen due to sanctions preventing buying or selling. Sberbank shares appreciated this quarter and the company recommended a dividend, though proceeds will be held in escrow accounts. TCS Group came under EU sanctions in February. |
Russia OFAC Escrow Dividends | |
RatesThe inverted yield curve is more extreme than any point since 1981, historically suggesting a probable recession in 2024. Rising rates help Schwab's long-term profitability but create near-term pressures as customers move cash to higher-yielding money market funds. |
Fed Inversion Recession Spreads |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 11, 2026 | Fund Letters | Blue Tower Asset Management | PBR | Petróleo Brasileiro S.A. - Petrobras | Oil & Gas Integrated | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Brazil, commodity, energy, Exploration, geopolitical, Oil & Gas, Production, Supply Disruption, Value | Login |
| Apr 11, 2026 | Fund Letters | Blue Tower Asset Management | SM | SM Energy Company | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | commodity, energy, Exploration, Midland Basin, Oil & Gas, Production, Supply Disruption, US shale, Value | Login |
| Apr 11, 2026 | Fund Letters | Blue Tower Asset Management | PBR | Petróleo Brasileiro S.A. - Petrobras | Oil & Gas Integrated | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Brazil, commodity, energy, Exploration, geopolitical, Oil & Gas, Production, Supply Disruption, Value | Login |
| Jan 12, 2026 | Fund Letters | Andrew Oskoui | ENVA | Enova International, Inc. | Financials | Consumer Finance | Bull | New York Stock Exchange | Accretion, buybacks, Deposits, Fintech, Margins, underwriting | Login |
| Jan 12, 2026 | Fund Letters | Andrew Oskoui | CGEO LN | Georgia Capital PLC | Financials | Diversified Financials | Bull | New York Stock Exchange | buybacks, conglomerate, deleveraging, NAV, undervaluation | Login |
| Oct 25, 2025 | Fund Letters | Andrew Oskoui | CGEO LN | Georgia Capital | Financials | Investment Holding Companies | Bull | NYSE | buybacks, conglomerate, discount, diversification, Emerging markets, NAV, valuation | Login |
| Oct 25, 2025 | Fund Letters | Andrew Oskoui | CGEO LN | Georgia Capital | Financials | Investment Holding Companies | Bull | NYSE | buybacks, conglomerate, discount, diversification, Emerging markets, NAV, valuation | Login |
| Jul 29, 2025 | Fund Letters | Blue Tower Asset Management | TBCG.L | TBC Bank Group | Financials | Banks | Bull | London Stock Exchange | Banking Deregulation, consumer lending, digital banking, Emerging markets, Fintech, Georgia, market share, Mobile payments, ROE, Uzbekistan | Login |
| Oct 12, 2024 | Fund Letters | Blue Tower Asset Management | WCC | Wesco International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | AI, data centers, Digital transformation, Distributor, Electric Vehicles, electrical equipment, infrastructure, margin expansion, Operational Leverage, Rate Sensitive, Share Buybacks, Solar Energy | Login |
| Jul 13, 2024 | Fund Letters | Blue Tower Asset Management | CGEO.L | Georgia Capital PLC | Financials | Diversified Financial Services | Bull | London Stock Exchange | banking, conglomerate, contrarian, Emerging markets, Georgia, NAV discount, political risk, Share Buybacks, Value | Login |
| Apr 13, 2024 | Fund Letters | Blue Tower Asset Management | SCHW | Charles Schwab Corp | Financials | Investment Banking & Brokerage | Bull | NYSE | Brokerage, contrarian, financial services, interest rate risk, Ugly Duckling, Unrealized Losses, Value | Login |
| Apr 13, 2024 | Fund Letters | Blue Tower Asset Management | BERY | Berry Global Group | Materials | Paper & Plastic Packaging Products & Materials | Bull | NYSE | Boring, defensive, low volatility, Low-cost producer, manufacturing, Packaging, Plastics, Value | Login |
| Oct 21, 2023 | Fund Letters | Blue Tower Asset Management | ENVA | Enova International | Financials | Consumer Finance | Bull | NYSE | AI, analytics, competitive moat, consumer finance, machine learning, proprietary data, subprime lending, technology | Login |
| Apr 15, 2023 | Fund Letters | Blue Tower Asset Management | SCHW | Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | NYSE | banking, Brokerage, contrarian, Crisis Opportunity, financial services, interest rate sensitivity, oligopoly, Scale Economics, Value | Login |
| Jan 20, 2024 | Fund Letters | Blue Tower Asset Management | CNR | Cornerstone Building Brands | Materials | Building Products | Bull | NYSE | Automation, Building Products, construction, debt reduction, Housing Boom, LBO, Merger Synergies, Value | Login |
| Jan 20, 2024 | Fund Letters | Blue Tower Asset Management | SBER.ME | Sberbank of Russia | Financials | Banks | Bull | Moscow Exchange | banking, Emerging markets, geopolitical risk, high ROE, Russia, Sanctions, Technology Expansion, Value | Login |
| Jan 20, 2024 | Fund Letters | Blue Tower Asset Management | CGEO.L | Georgia Capital | Financials | Diversified Financial Services | Bull | London Stock Exchange | conglomerate, diversified portfolio, Frontier Markets, Georgia, Management Quality, NAV discount, Share Buybacks, Value Realization | Login |
| Jan 20, 2024 | Fund Letters | Blue Tower Asset Management | EZPW | EZCORP | Consumer Discretionary | Consumer Finance | Neutral | NASDAQ | consumer finance, Counter-cyclical, Margin Improvement, pawn lending, trading strategy, turnaround, undervalued, Volatility | Login |
| Jan 20, 2024 | Fund Letters | Blue Tower Asset Management | EBIX | Ebix | Information Technology | Software | Bull | NASDAQ | Bankruptcy, Contrarian Investing, Insurance Technology, Regulatory Investigation, Share Buybacks, short-seller attacks, Software, Timing | Login |
| TICKER | COMMENTARY |
|---|---|
| ACDVF | In March, we reacted to this crisis by selling off the positions that appeared to be most exposed to input cost increases or demand disruption due to larger macroeconomic headwinds. This included Air Canada (ACDVF) |
| CMT | In March, we reacted to this crisis by selling off the positions that appeared to be most exposed to input cost increases or demand disruption due to larger macroeconomic headwinds. This included Core Molding Technology (CMT) |
| TFII | In March, we reacted to this crisis by selling off the positions that appeared to be most exposed to input cost increases or demand disruption due to larger macroeconomic headwinds. This included TFI International (TFII) |
| CGEO.L | We also reduced our exposure to Japanese equities and sold some of our Georgia Capital (CGEO) holding which had grown significantly |
| PBR | We added two new companies to the portfolio, Petróleo Brasileiro, better known as Petrobras, (PBR). Although we have invested in other types of energy sector companies in the past, this is the first time that Blue Tower has invested in oil and gas exploration and production stocks. Given the idiosyncratic strengths of these two companies and current prices, we believe they are attractive opportunities and also help balance out the risk exposures in the rest of the Global Value portfolio |
| SM | We added SM Energy (SM). Although we have invested in other types of energy sector companies in the past, this is the first time that Blue Tower has invested in oil and gas exploration and production stocks. Given the idiosyncratic strengths of these two companies and current prices, we believe they are attractive opportunities and also help balance out the risk exposures in the rest of the Global Value portfolio |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
