PDD - Tao Value Q4 2021 Letter

• 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 December 31st, 2021, Tao Value recorded a return of -4.82%, compared to +6.98% of MSCI All Country World Index (ACWI).
• Our top contributors this quarter are Roblox, Alphabet and Credit Acceptance Corp., adding 154 bps, 125 bps and 68 bps, respectively.
• As of the end of this quarter, our top 3 positions are Alphabet, cash and China MeiDong Auto. Collectively, they are 38% of the portfolio.

For further details see: