CMEIF - Tao Value Q3 2021 Letter

October, 28 2021 05:05 AM China Meidong Auto Hldgs Ltd

I typically hold 10 to 15 instruments, with each position consisting between 5-10% of the portfolio. My typical holding period is 1 to 3 years, with special situation and distressed ideas on the short side, and great operations ideas on the long side.
For the quarter ended September 30th, 2021, Tao Value recorded a return of -7.53%, compared to -1.26% of MSCI All Country World Index (ACWI).
Our top contributors this quarter are Atlassian, Sea Ltd. and Credit Acceptance Corp., adding 355 bps, 194 bps and 86 bps, respectively.
As of the end of this quarter, our top 3 positions are Alphabet, Sea Ltd. and Atlassian. Collectively, they are 39 % of the portfolio.

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