Blue Tower Asset Management's Q3 2026 investor letter highlights portfolio performance and key market updates. A copy of the letter can be downloaded here. The Global Value composite returned +0.54% net in Q3 and +21.50% YTD. Energy investments drove returns, while Enova International's abandoned merger with Grasshopper Bank, along with regulatory delays and political opposition, weighed on performance. Despite Enova's share price decline, its standalone business remains strong, with Q2 revenue growth of 22%. The letter also details Blue Tower's entry into South Korean equities, prompted by sweeping corporate governance reforms, commercial code amendments, and tax incentives intended to eliminate the historic "Korea discount".
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