I am happy to report that the Blue Tower Global Value returned 14.10% net of fees (14.40% gross) in Q1 2023. The primary cause of our outperformance this quarter was a rapid recovery in the prices of our Sberbank and Meta Platforms holdings. Please review your individual account statement to see the returns on your account as it will differ from the composite return. The sanctions on Russian investments, which prevent us from buying or selling Russian stocks, caused a dramatic increase in the internal dispersion of returns for our composites.