I am happy to report that the Blue Tower Global Value returned 13.76% net of fees (14.09% gross) in Q4 2022 and 4.12% net (5.31% gross) for the year as a whole. 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.