Blue Tower Asset Management first quarter letter to shareholders dated, April 13, 2015.
I am pleased to report that the Blue Tower Global Value strategy composite has returned 9.84% gross of fees (9.63% net) in Q1 2015 as compared to the US stock market return of 1.81% (CRSP Total Market TR)1. This has been our best quarter yet on both an absolute and relative basis. This performance has been achieved without the use of leverage since the strategy’s inception. It is my hope that the managed accounts in our strategy continue to experience excellent outperformance in the future, but I also acknowledge that there will be some periods of poor performance and ask for your patience during those times.