Blue Tower Asset Management 4Q20 Commentary

Blue Tower Asset Management commentary for the fourth quarter ended December 31, 2020. Q4 2020 hedge fund letters, conferences and more The extreme volatility of 2020 continued into the fourth quarter with our strategy recording a gain of 21.95% net of fees (22.31% gross) in Q4 giving a 2020 full-year return of 10.99%, net of fees. The biggest contributor to our performance this quarter was Joban Kaihatsu (Tokyo: 1782) due to a takeover bid that I will elaborate on further in this letter. 2020 has certainly been the most memorable for our strategy since we launched in 2014. I previously…