Blue Tower Asset Management, an investment Management Company, released its third quarter, 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the Blue Tower Global Value had a -2.19% return net of fees (-1.94% gross). The rates on US government treasuries rose sharply this quarter as the Federal Reserve pushed back their predictions for interest rate decreases. This drop in long-term bond prices triggered a selloff in equity markets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Blue Tower Asset Management highlighted stocks like Enova International, Inc. (NYSE:ENVA) in the third quarter 2023 investor letter. Headquartered in Chicago, Illinois, Enova International, Inc. (NYSE:ENVA) is a financial services company. On December 19, 2023, Enova International, Inc. (NYSE:ENVA) stock closed at $54.77 per share. One-month return of Enova International, Inc. (NYSE:ENVA) was 36.48%, and its shares gained 44.17% of their value over the last 52 weeks. Enova International, Inc. (NYSE:ENVA) has a market capitalization of $1.636 billion.
Blue Tower Asset Management made the following comment about Enova International, Inc. (NYSE:ENVA) in its Q3 2023 investor letter:
“The moat of these tech companies then is not their code but their proprietary data built up over decades, the scale and infrastructure investment of their data centers, and their distribution ability for any resulting AI products or services. This dynamic means that the main winners of the new generative AI boom will be the incumbent tech giants.
Other potential winners will be companies with large propriety datasets that are unique within their industry. For example, I do not believe that there are any companies in the US with as large of a dataset of the borrowing behavior of short-term, subprime borrowers as Enova International, Inc. (NYSE:ENVA), a portfolio holding of our firm. Companies that fail to take advantage of newly developing AI tools will be at a great disadvantage to their competitors who do.”
A smiling business owner looking over their bank loan agreement.
Enova International, Inc. (NYSE:ENVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Enova International, Inc. (NYSE:ENVA) at the end of third quarter which was 23 in the previous quarter.
We discussed Enova International, Inc. (NYSE:ENVA) in another article and shared the list of quality undervalued non-cyclical stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
