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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Powered by stellar operational developments and cheap valuations in core holdings Enova and Georgia Capital."
Blue Tower Asset Management delivered its best year of performance on record in 2025, with its Global Value strategy gaining 53.11% net. Key performance contributors were Enova (up 64%) and Georgia Capital (up 178%). Enova announced a highly accretive acquisition of Grasshopper Bank, which is expected to yield over 25% EPS growth through synergistic deposit funding. Georgia Capital enjoyed strong growth in the Georgian economy, completed aggressive share buybacks, and executed early bond redemptions while continuing to trade at a deep discount to its NAV. The fund manager highlights the transition of historical headwinds into value-investing tailwinds and refutes the idea of an AI bubble, emphasizing real productivity gains of roughly 1.1% from generative AI integration.
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