Blue Tower Management LLC, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. While we may have hoped that with the end of Covid-related restrictions, 2022 would be a return to economic normalcy, it is now clear that the extreme market volatility that began in 2020 will continue for at least another year. The fund’s strategy composite returned -15.87% net of fees in the first quarter (-15.62% gross) driven primarily by our Russian equity holdings. Excluding its Russian securities, its composite would have had a gain despite the decline in overall equity markets. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.