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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
Blue Tower Asset Management's Global Value composite generated a net return of 0.54% for the third quarter of 2026, bringing its year-to-date net performance to 21.50% net of fees. Portfolio returns benefited from first-quarter energy investments as Western Texas Intermediate crude oil advanced more than 30% during the period. These gains were partially offset by share price weakness in the fund's largest position, Enova International, following the termination of its proposed merger with Grasshopper Bank. The manager emphasized the performance durability provided by maintaining non-correlated risk exposures across a concentrated book. Macroeconomic commentary focused on the structural transformation underway in South Korea, drawing direct parallels to Japan's corporate governance renaissance that began over a decade ago. While broad Korean equity benchmarks rallied sharply on the back of mega-cap semiconductor demand driven by global artificial intelligence infrastructure spending, market breadth remained heavily bifurcated. The manager highlighted legislative amendments to Korea's Commercial Code—including the expansion of board fiduciary duty to all shareholders, mandated treasury share cancellations, and preferential dividend tax treatment—as powerful catalysts to eliminate the long-standing 'Korea discount.' Portfolio activity centered on evaluating new opportunities within South Korean equities, marking the strategy's first capital deployment into the country. The manager is actively screening for high-return, cash-generative small-cap businesses trading below intrinsic value where improving capital allocation and foreign research neglect create attractive risk-adjusted entry points. Meanwhile, top holding Enova International was maintained with high conviction despite merger headwinds, supported by resilient organic lending momentum and an accelerated share repurchase program.
Blue Tower invests in high-quality, cash-generative businesses with durable competitive advantages and shareholder-aligned capital allocation when they trade at a substantial margin of safety to intrinsic value.
Blue Tower expects corporate governance reforms and shareholder return legislation to drive a durable valuation re-rating in South Korean equities, while Enova's earnings growth and accelerated repurchases should unlock significant fundamental value.
High Conviction Bullish
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