EA - Blue Tower Asset Management Q3 2021 Commentary

• Blue Tower Asset Management provides portfolio management services to individuals, financial advisers, and institutions.
• The Blue Tower Global Value strategy registered a decline in Q3 of -4.89% net of fees (-4.61% gross).
• Fears over Covid variants, including the Delta variant, were negatively affecting consumer and investor sentiment. Additional factors were persistent supply chain issues, energy price increases in Europe and Asia, and inflation pressures and labor shortages in the US.
• One type of company that is able to deal with inflation pressures better than most are entertainment media businesses such as video game developers. One video gaming company recently added to our portfolio isthe Nihon Falcom Corporation.

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